Feedback for London flat

It is simply overpriced.

The market for flats in London is slow in general and this property is not going to sell at that price.

Also changing estate agents might be a good idea.

I think Zoopla estimate is smth they could start with. It should be based not only on data for this building, but for the area - Zoopla can't be too dumb. Or maybe, just go to a mortgage brocker and ask for a valuation.
OP should also compare what people can get for 800K in the area. It doesn't look like a fancy accommodation for the rich but maybe has airbnb potential? I don't know.

the second bedroom is a large double with a huge iPax type wardrobe

@onpills4godsake then she really needs better photographs as it doesn't look like the flat has any wardrobes!

It's definitely overpriced but Zoopla estimaates are completete nonsense tbh particularly when it has so little data to go on. They are often out by hundreds of thousands!

Sorry, 704K

If you look up sold house prices for wc2b 5nb ( Powis house) - nothing ever sold there for 800K. The most generous Zoopla estimate for flats sold previously is 633K.

Feel free to read my posts.

There won"t be any serious buyers at 800k, good bones or not (whatever that means) The only bones buyers are interested in are the debt bones the banker is willing to throw them.

This seems to have gone a bit bad-tempered @onpills4godsake.

But as I said up-thread, I love the flat and there will be others who do as well. It's in a fabulous spot. I like the quirky little landing outside the front door, lovely windows, nice communal spaces, good bones. Don't spend any money on it, don't empty it out/declutter or try to second-guess what people might want, as it's likely they'll do their own renovations (if that's what they want). Most serious buyers really can see beyond this sort of thing.

But do find out the cost of extending the lease so that you can give potential buyers that information, and perhaps get another estimate from a local agent, to get another view on what price to market it at. It will definitely sell at the right price.

Good luck to your friend.

So worth every penny of the 800k then?

Bear in mind Pumping lives in deepest Scotland afaik, she likes to pitch up on London property threads and talk cobblers.

Who dreamed up the price I wonder? Was it Foxtons, I thought they went bust?

There are not enough of those buyers to support the overpriced London flat market, the London market ran on cheap debt same as the rest of the country, a lot of previous "cash buyers" were extracting the cash from equity in another property sale, as the funny money dries up so does the equity, and genuinely smart cash buyers don"t overpay for flats at the tail end of the biggest housing bubble in history, they pick up bargains once it pops.

It’s massively overpriced and not enticing - that’s a huge price tag and just doesn’t seem worth it. Lower the asking price

Not quite sure what the answer is because it really isn't a 2 bed. The kitchen/bath should be converted into a bedroom, the bedroom on bottom left should become a bathroom and lounge/other bedroom should be opened out into a kitchen/dinner/lounge.

People searching for 2 beds will not see it as a 2bed and people who really want a one bed/studio will miss it because of the way the rightmove search engine works. It actually has loads of potential for someone with imagination - and a good EA will see that and look for the right buyers (we dealt with Foxtons in London when searching and I’m afraid they were not great.

@onpills4godsake I’d recommend that your friend considers moving to another one and that they are more creative in their marketing?

Except many buyers looking for a crash pad or similar are used to be cash buyers for whom 100k one way or the other isnt wasn't the end of the world. Approx 50-70% of zone 1 sales are used to be to cash buyers.

Ftfy

Someone didn't get the memo....

Except many buyers looking for a crash pad or similar are actually cash buyers for whom 100k one way or the other isn't the end of the world. Approx 50-70% of zone 1 sales are to cash buyers.

Sounds totally bonkers doesn"t it?

"neutralising and decluttering,"

Won"t make it worth 800k, London prices are run by demand and the bond market i.e how much people can borrow, arse is already falling out of the higher end in London as the funny money dries up globally. Location is something but not everything, how much people can spend (borrow) is everything.

I’m currently looking at flats re are several I’ve discounted cos the kitchen leads straight onto the bathroom. Can’t believe people actually design flats with this layout, it’s a complete dealbreaker for me.

@YourWildAmberSloth

It's listed as Covent Garden but it's not Covent Garden proper imo. It's the Holborn side of Drury Lane and stupidly quiet. So no, not surrounded by tourists, and surprisingly free from bars/restaurants/shops open until the early hours. It's not like living on Old Compton Street or Neal Street. Every time I walk down Macklin St, I'm usually the only person on it, and I walk down there most days. I live 15 minutes walk away in Barbican which is probably noisier than Macklin St!

She doesn’t need that she just needs a better agent and priced to sell.

One thing she could do OP is ensure she has the LPE1 (lease management pack) ready to go. It can take 3-6 weeks to come.

Your insane. If a "landlord" bought it with a 100k deposit repayment mortgage the repayments are nearly 4.5k a month !!

Plus they will likley loose that 100k deposit over the next year or two as prices bslance out. Please explain how that could possibly be anything other than a disastrous investment ?

I tried a couple of those when I was selling my late mother's house. I wanted it sold quickly. But the prices they offered were risible, and reviews mentioned that at the last minute they'd drop it even further.

I'd only ever approach these people in a dire situation, and when the property has been on the market for a long time.