Feedback for London flat

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.

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

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?

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.

@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.

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

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.

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.

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

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

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,

@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?

👏🏼

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 😎

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.

I agree with all of that. But not at that price.

Honestly, don't bother. I've always assumed that @KeepPumping (fka @CrashyTime and @DeadHouseBounce) is a man living with his mum, desperate to be able to afford to move to London.

Yep.

The flat needs a complete refurb. It would make a decent one bed. The way the bathroom has been carved out of the kitchen is awful and nobody spending the best part of a million wants that (I say this as a Londoner who is well versed in London prices).

She needs to cut the price substantially. I'd also suggest a different agent as Foxtons are dreadful- expensive, dishonest and these days more interested in cross-selling financial services than selling flats.

Wherever the farm is, it's most certainly not in WC2. And it is very clear that you have no clue about London property.

The way the bathroom has been carved out of the kitchen is awful and nobody spending the best part of a million wants that (I say this as a Londoner who is well versed in London prices).

Hah. I remember many years ago, looking at apartments in NY and being shown one where the bedroom was off the kitchen and the bathroom was on the other side of the bedroom. But the bedroom was so small that if you put a bed in it, you would have had to literally climb over it to get to the bathroom. We didn't buy it 😅

Totally agree e.g there was a thread on here recently where the seller wanted £250k for a two bed leasehold flat in Woolwich on a council estate two miles from Woolwich centre. All a bit crazy.

The fact it’s with Foxtons would put me off enquiring.

The 800k wouldn"t bother you then?

Most of the people on forums trying to promote London prices as "normal" are probably up to the eyeballs in mortgage debt IMO.

And quite a few of us aren't.

op if youre still here, I dont think the ad explains the communal outside space, is it actually for all residence or just a sneaky pic of the ground floor flats' space? It needs to be more specific. (Im pretty sure foxtons showed me the "outdoor space" in a flat once that was literally just the roof of the flat below