Feedback for London flat

I think the rental market is still strong as there are fewer properties available due to landlords selling, it’s no longer as lucrative as it once was, especially if you have a buy to let mortgage. Tax implications and the new Renters Rights Bill has also resulted in landlords selling.

As long as there's a basin in the bathroom/toilet it meets current building regs.

Flats are not selling well at the moment but that's in a good location. Interest rates are higher than they were in 2020 so maybe the type of buyers ( young professions?) are priced out .

Its probably a bit over priced as decor is a bit dated.

The dark carpets in the lounge do nothing for the space.

Also how many years left on the lease,?
Most property will sell if the price is attractive enough to entice buyers. Has she had many in person viewings and any offers. If no,then it's probably the price

Odd layout bathroom/kitchen.
Lease only 89 years she should extend it or find out cost
Foxtons notoriously over price
Might suit rich overseas investor f9r their LSE attending off spring but declutter

It’s a great central location but the local streets are full of drug addicts and undesirable behaviour https://www.camdennewjournal.co.uk/article/open-dealing-and-drug-taking-its-save-our-street-all-over-again . I work a few metres away and my colleagues and I have experienced people openly smoking crack in front of us, attempted office breakins and more.

Way overpriced. That kitchen is really outdated.

These days there's plenty of instagram-perfect spacious flats featuring underground parking, pool, gym and spa on the opposite side of the river, so I can't imagine wealthy foreign offspring choosing unremarkable pokey flat because of the postcode or low service charge.
https://www.zoopla.co.uk/new-homes/details/42530358/

Aw OP, I really like it. These threads are always rough! Unfortunately I need more bedrooms and I don't have £800k, but in another life I'd be interested, and the decor wouldn't put me off. (I wonder if this is part of the problem; the kind of people who can see themselves living in a curio artist's flat in Covent Garden are exactly the people who will never be able to afford it.)

I've had a look on Rightmove and I can't see your relative's flat on there -- is this a Foxtons thing? (Or am I just missing it somehow?) It might explain some of the lack of interest. Or maybe I'm being a twit. Worth checking though; a lot of people use Rightmove.

And get her to have a look at other two-bed flats in that price bracket in that area. I can see one in Marconi House on Aldwych about a ten minute walk away, two beds and two bathrooms no outside space, but twice the size and also on for £800k. And one in Villiers St that's the same size as this one (i.e. weeny) but has a fitted kitchen and a separate entrance to the (rather nice) bathroom, and is on for £755. I know Covent Garden is lovely (even on the Holborn side), but I do think the price might be taking the piss a little bit.

@PacificState
https://www.zoopla.co.uk/for-sale/details/73684793/

As if Battersea was anything like Covent Garden. 😄

800k for a student HMO next to that is ridiculous.

800k really is not going to be taken seriously by any buyer now.

https://blockonomi.com/global-bond-markets-plunge-as-japanese-yields-hit-historic-3-milestone/

The offer to sell it furnished isn't an attractive proposition. The carpets are hideous, and although the yellow/wooden kitchen is quite charming, it's incredibly small, and from what we can actually see of the cabinets, very dated.

It's in a fantastic location, and would make an amazing crash pad for someone, but really it needs a full redecoration to make it much less studenty and much more modern.

I really like it. I think she needs to put a few houseplants (in those seagrass type vases) around just to soften everything up and give it a more 'airy' feel. She could hang some by the living room window.

The bathroom being off the kitchen wouldn't bother me, I have this myself downstairs in my house.

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

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

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.

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

Did you check out the service charge ?
triple OPs flat

its incomparable on so many factors

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.

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

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.

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!

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

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