Feedback for London flat

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.

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

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

So worth every penny of the 800k then?

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.

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.

Feel free to read my posts.

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.

Sorry, 704K

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!

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!

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.

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.

The first three key features are rubbish: bright reception room, separate fitted kitchen and bathroom with window. These are to be expected! I stopped reading the ad immediately. Change estate agents.

Even my local very small chain of estate agents does videos of their properties. I thought Foxtons was a high status (albeit a rip off) EA, so why such rubbish photos and nothing else?

Flats with reasonable SC and price still sell quickly in London. People stop and think when SC+grount rent hit I'd say £3500 a year, and most relatively new properties in London are already there unfortunately.

I wouldn’t buy somewhere with the bathroom off the kitchen either. I thought there had to be 2 internal doors between them? Or has that changed?

For airbnb it doesn't matter if the price is right.
For a rich person to live in it's a very overpriced 1 bedroom needing a lot of reno on top so an unlikely choice.
I can't see who else might be interested.

Definitely the short lease, the bathroom location and the shape of the kitchen, which doesn't appear to allow fitted cupboards. For 800k one might like a fitted kitchen and modern bathroom.

Too much like hard work is my first impression - I would have to extend the lease, modernise it …all a bit of a ball ache and the small second bedroom is unappealing. I don’t think it’s great value at £800k.

Your relative needs to bland it out a bit, change agent and drop the price. The location is terrific, there’s outdoor space and the ground rent and service charge are low, so even in this generally grim market for flats, it will eventually sell.

I've just spotted them as can see the mirrors from one of the living room photos. But I had to really search 👀 for them.

So 1 wardrobe for 2 bedrooms and still nowhere to keep food!?!

I thought it was a typo when OP said there was “so much storage” and asked the question but not had a response.

I think if she's living elsewhere, strip all the clutter and furnishings out, neutralise the colours and try to make it appear a little bigger.

It’s very hard to have internet strangers critiquing your home but I agree with the others about the decor.

Buyers need to be able to see themselves and their own stuff in a new home and the best way to do that is by going as neutral as possible. If your friend has some cash to spare, she could paint the kitchen and remove all the shelves with clutter, swop out the carpets and with everything else, think ‘neutral, neutral’ - neutral duvet cover and neutral curtains. All the dark colours make it feel like it’s a bit grubby (hopefully it’s not!) but at that price, I’d just want to be able to buy and walk straight in.