Is anyone trying to sell a London flat at the moment?

[shesaidshesleavingonasunday]

Specifically, a flat with no garden. Ours has been on since March just before lockdown with sporadic viewings and no offers. Price lowered as much as it can go. Totally de cluttered.

The problem is not the flat, the problem is the market. If you look at rightmove, no similar flats within a 3 mile radius of mine have sold since the beginning of August. None. We are talking about hundreds of flats.

I am honestly terrified and devastated in equal measure right now.

Please don't tell me oh everyone is moving out of London for the countryside, bla bla bla - I know that full well. It doesnt change how awful I feel about it.

Anyone in the same situation and want to commiserate?

Hither Green has always been popular (is it on the right side of the tracks?). However, your sale has unfortunately coincided with much stricter lending and the withdrawal of 90%+ lending which has badly affected first time buyers in London. I also think as JoJo says that people can go out a zone or two and get a two bed house with a garden near a station for £375-£400 in somewhere like Mottingham or New Eltham.

Are you top floor? Can you go into the loft? - I've seen properties converted like that quite a bit in HG/Forest Hill to add value/space. The box room becomes the staircase and a large bedroom and bathroom added in the loft. £50K investment though and you might not get your money back but it would make it more liveable and more saleable.

If not, then it's sit it out and chase the market down if you can afford to lose £10K plus or rent it out which comes with a lot of responsibility. A pp idea of letting to Lewisham Council is a good one - I think Southwark and Greenwich Councils might be interested too. The rent won't be as high as a market rent but it will be guaranteed and they do all of the maintenance.

@Turnedouttoes From Orpington to LB it’s only 15m by train so you’ll hardly have much of a commute lol

I’m so sorry, OP. I was stuck with a flat five years ago, and the stress was excruciating. I honestly believe London will bounce back in autumn. The countryside is glorious in summer, but it’s shit at 4pm in November when it’s dark already and there’s nothing to do for the next six months. The suburbs are just the suburbs. London’s seen off the Blitz, the Plague and fire - it’s one of the best cities in the world, and it’ll bounce. (And as an aside, I genuinely don’t know why some people are desperate to talk London down. U.K. minus London is a really dire offer. It benefits every single person in the U.K. that London maintains its global city status!)

I'm afraid I think the market will grind to a halt pretty soon. The excitement of the stamp duty holiday is going to give way to fears over brexit, we've a little over 3 months before we leave and little sign of any trade deals, so it'll probably be under WTO rules. Throw in the fears over redundancies and I expect only those with hard cash will be looking to buy.

And as an aside, I genuinely don’t know why some people are desperate to talk London down. U.K. minus London is a really dire offer. It benefits every single person in the U.K. that London maintains its global city status

Me neither. I love London. Born and bred. 10 mins to London Bridge from where I am.

Watching this thread eagerly as we had our sale fall through the day before we exchanged. All our stuff is packed and flat is in disarray, we now have to put it back on the market and just don't know if it'll sell in time to save our purchase.

It's a 900ft 3-bed with a large shared lawn. I'm in Ealing, albeit outskirts. On at £390K, we'll take lower if we can get it done quickly. Paperwork all ready to go.

@JoJoSM2 yes I realise that. I was just trying to demonstrate that where we are currently we could probably afford a 2 bed flat but by being slightly further out we can get a much nicer 3 bed flat with a garden.
It may be that we actually end up moving even further out now I don’t need to prioritise the commute. One of my colleagues has just moved to Bath due to only having to go back 2 days a week

I don't think everyone will leave cities but if you're not going to be in the office 5 days a week & now realise the importance of outdoor space plus are worried about the economy so want to future proof as much as possible it makes much more sense to buy a house in the outer zones for the same price as a flat in the inner zones. Plus there are just so many flats, drive around Battersea & even before Covid I used to think who will buy all these flats.

I do think the combination of increased remote working & the fact in many areas of London prices are already toppy & it's harder to gain equity in recent yrs mean the London market will suffer. I know lots of people who were stuck on the ladder because they couldn't afford bigger anywhere close who are now moving out.

I really think from listening to friends & family p/t remote working will be the norm.

Things are crazy right now OP. I feel for you and others in your position, desperate to sell and no market for the type of property you have. I think I'd take a deep breath and try to accept to that you can't move right now and just try to make the best of it. I suspect that 2021 there will be an improvement, not just in the pandemic, but also in people returning to work in London, the housing market settling down, etc. As you know, babies don't take up a lot of space. Can you fit a cot in your room? We had DS2 in with us for 18 months and I know lots of families who do the same in urban areas with little space. It won't be forever

I don't think everyone will leave cities but if you're not going to be in the office 5 days a week & now realise the importance of outdoor space plus are worried about the economy so want to future proof as much as possible

Genuinely I am really not bothered by outdoor space. We have three massive, lovely parks within walking distance.

I'd just like more living space and a bigger kitchen.

I think I'd take a deep breath and try to accept to that you can't move right now and just try to make the best of it

Well we won't do that just yet, we will put it back on the market with the changes we've made and see what happens.

I do wonder about all this remote working. It’ll save businesses money if they don’t need to have huge spaces for everyone to be in all the time. However, DH loves working with people and he’s going in every day this week. He can’t be the only person like that so I also do wonder if it’s a blip that might last a few years rather than a permanent shift in working patterns.

OP, you sound a complete city girl if you don’t fancy a garden even with a toddler :)

OP, you sound a complete city girl if you don’t fancy a garden even with a toddler

I really am and my DS is a total city kid!

I'd like a garden, but I am not fussed by one. It is not the thing that bothers me the most about living here IYSWIM.

However, DH loves working with people and he’s going in every day this week. He can’t be the only person like that so I also do wonder if it’s a blip that might last a few years rather than a permanent shift in working patterns.

I agree with this. My DH is the same. A lot of people at his office have chosen to go back even though they don't have to.

Personally, I love WFH (but then I've done it for 10 years!), but it isn't for everyone.

I'm not bothered by a big garden hence why I live where I do however with 2 dc I find a garden invaluable & I live opposite a common.

@JoJoSM2 DH & I both enjoy socialising & working with other people hence why I think a mix of home & office working will become the norm. I already wfh part of the time anyway. Look at Schroders, PWC etc offices will have their place although DHs firm are looking at hubs dotted about but I don't think lots of places will go back to 5x a wk in the office. Also from a cynical point of view if productivity is unaffected & costs are reduced businesses will be happy with it.

To be fair my eldest DS is incredibly introverted and a massive homebody, and mostly just wants to be indoors with a book.

Awh bless him 😊

Oh OP I completely sympathise.

We had this a few years a go and couldn’t sell at all. You’ll always have people telling you that the price just isn’t right but considering the market and rental yield etc the price was the price and nothing was shifting higher and lower than that too.
We bought again and rented out and it worked ok but I don’t want to be a landlord really and we’re going to give selling another go but honestly whenever I think about it I almost have a panic attack.

I bought because at the time you sort of had to buy and get on the ladder ASAP, everyone seemed to be in agreement. Now I just cry thinking about it.

I think JP morgan has said they are looking at a permanent combo of home/office & they are pretty influential in terms of setting trends.

I know a family who are looking to buy a large flat (3 full-size bedrooms) in Central London. They are currently renting in Notting Hill and would be very interested In that area or nearby. If you PM me your Rightmove links, I'll pass them on.

I think JP morgan has said they are looking at a permanent combo of home/office & they are pretty influential in terms of setting trends.

Yes, I heard, but it still doesn't necessarily follow that everyone is going to permanently desert London for more space. Some of us actually like living here because it is London, not because it is a short commute. I've always worked from home and yet I've still chosen to live here and buy here.

I know a family who are looking to buy a large flat (3 full-size bedrooms) in Central London. They are currently renting in Notting Hill and would be very interested In that area or nearby. If you PM me your Rightmove links, I'll pass them on.

As I'm in a small 2 bedroom in South East London, I don't think they will be interested!

zigaziga

It is shit isn't it. How has renting your flat out been for you? That will definitely be our plan B but it does really worry me.

This was always going to happen with flats as the market is saturated with them, never mind covid. In your shoes I would sit tight, and plan to rent the place out. Eventually students etc will return and need somewhere to live in inner London boroughs.

@shesaidshesleavingonasunday I haven't said everyone is going to desert London & as a born & bred Londoner there are a number of things I love about the city. However that doesn't change the fact that lots of people might want more for their money in outer zones, may want to move to the home counties or the coast &/or may not like living in London.
Lots of the younger generations aren't on the housing ladder & can't get on it surely it's a no brainer that no matter how much they might love London if the opportunity to pay a mortgage rather than higher rent presents itself some will take it.