Feedback for London flat

Who said the farm was in Scotland? There still seems to be a lot of denial concerning the London property bubble, absolutely fascinating to observe.

👏🏼

sorry @KeepPumping you cannot compare a flat in Covent Garden with a farm in Scotland

You cannot even compare a property in W4 with a property in W3 and they’re 3 mins drive apart … good 1-2M difference minimum between them

feel free though to keep on adding links on decreased sales or rents , this time with evidence pls, preferably using price history 😎

@KeepPumpingi don’t know if you’re a man but you’ve got a massive mansplaining vibe.

You live in Scotland (which doesn’t even have leasehold does it?), you’re not buying or selling, I don’t think you have ever bought, and you know little about English property law. And yet you’re all over the Property threads giving your opinions, which all boil down to sellers should sell for less.

Do you think you’re influencing property prices by posting in the way you do, dropping in remarks about yields and bonds to sound authoritative?

If I didn’t live in London it would make a great 1 bed pied a terre with low service charges and outside space which is gold dust. You can just walk to the theatre and restaurants. OP said it comes with an outbuilding which is not mentioned on the particulars. It’s a good buy for someone but not at that price,

Yes, the seller maybe doesn"t really want to sell?

Really? When was the flat built and what is the price history?

I think this is a quirky flat and you need someone who is on board with that. Artists simply won’t be able to afford that area anymore.

I don’t think the flat is that expensive given how much flats cost where I am (zone 2) but the flat market is slow.

I also wouldn’t even consider seeing anything with foxtons. They have a terrible reputation for over valuing.

I actually wouldn't consider either of those flats bland modern boxes - they have high ceilings and lovely windows. The Grenville Street one is a 30s build. And, yes, the service charges are high but it comes with a porter, which can be a bonus. We're looking for a flat for DD at the moment, so I've seen quite a lot recently.

The thing is that Covent Garden is more central, but I don't know if you've been to 7 Dials at night lately? It's completely bonkers (and I like a bit of buzz). I do think it's a good flat for the right person, but as someone who's thinking about potential resale value, I wouldn't touch it for anything near what she's asking. The pp/sq foot just makes no sense for a flat where the door opens straight into the living room, the two tiny bedrooms are right off the living area, and the only bathroom is through the kitchen.

That’s not true though. Mortgage companies would be uncomfortable at anything less than 80 years.

@KeepPumping what you can buy a farmhouse for has zero relevance to the price of a flat in Central London. I just sold a small terraced house in outer London for £800k. That proves nothing except indicating the price level for terraced houses, in my particular part of London.

I agree £800k is too high when you look at what is on offer for that price for other flats nearby. A lot depends on what the lease extension would cost as to how low the prices needs to go. £600k though is pretty much giving it away, whatever the bond market is doing.

I think, who would pay £800k for that? Like I said before, it just isn’t good value. I’m surprised the seller even agreed to that ridiculous price.

You can buy a farmhouse with land in many parts of the UK for 600k, it is very realistic. When the bond market crisis kicks off it will be like winning the lotto to get 600k for that. The people who would pay silly money for a crash pad near their London office tend to get thinner on the ground as well when things get difficult globally with interest rates etc. because deals fall through, less deals are made, people who positioned badly get shaken out etc. The recent big drop in London prime prices was blamed on a couple of big hedge funds going pop, as people scrambled for cash to cover liabilities, but as someone else said there are bigger better flats nearby just not in such a "trendy" postcode so the 800k price tag is just absolute nonsense really?

£700k would be a reasonable starting point. £600k is not realistic at all.

Not after people realise interest rates are going up and staying up, if the OP is smart they will reduce now and snag a mug before everyone else catches on.

Don't be ridiculous. £600K would just about get you one bedroom in this area.

600k is a sensible starting price, anything else is just blinkers on to reality IMO.

It's not just ten minutes walk, though, it's ten minutes walk and a vastly bigger service charge (one of them is nearly £700 a month). I could afford all those flats (if I sold my house) and I wouldn't consider either of the bland modern boxes. I far prefer the one in the OP which has a lot more charm and a wonderful location.

I would, however, expect a hefty price reduction to cover the cost of extending the lease!

Oh, I agree. But considering the size and limitations of the flat, I'm not sure how many people wouldn't compromise on a 10 minute walk for a bigger and better flat. I'm sure there is a buyer for this one, but I think the price is hard to justify.

I think you’re paying for the specific location here. There are only so many flats in Covent Garden.

It's a great location but Foxtons are terrible and it is very over priced.
The flat market in London, in many areas, has been falling for several years. There are far less wealthy, foreign buyers now.

If I were your relative/friend, I would find a better estate agent asap and reduce the price significantly to bring in interest.

Did you check out the service charge ?
triple OPs flat

its incomparable on so many factors

https://www.telegraph.co.uk/money/property/house-prices/biggest-price-fall-london-postcodes-since-financial-crash/

It's true, they are. But when you look at comparable flats for sale in the area, this one doesn't look like a great bargain.

This one is freehold and a better flat for not much difference in price
https://www.rightmove.co.uk/properties/171786443#/?channel=RES_BUY

And this one is a bit further east, but truthfully, a lot of people would prefer Farringdon
https://www.rightmove.co.uk/properties/92679732#/?channel=RES_BUY

OP, I agree that Foxton's is an agent to avoid. I think her best bet is to significantly drop the price and sell as is. Any changes are going to be a lot of hassle for likely a very low return. Wishing her luck for a sale.

Foxtons are the agents and they are awful. The flooring throughout is awful.
It’s just all a bit miserable.

People going on about « 800k » as if thousands of properties in London aren’t selling for millions.