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?

OP said she is in a Victorian conversion so the EWS1 would not affect her

OP it isn't going to sell if it isn't on the market. Maybe it just needs time.

Don't despair. You are absolutely right about Victorian conversions being preferred, and for many couples a small second bedroom is ideal as it can be used for storage, the odd guest, drying laundry etc...whereas a larger second bedroom is just out of their price range.

I think the market is what it is right now, and I agree from what you say it is not the flat, it's the market. You can't control that. You only have three choices, take a big hit and sell it for a much lower price...even if that really changes what you do next. Stay, which I agree sounds impractical. Or rent it out in some form. You stand a good chance of getting nice, problem free tenants. On the plus side if you wait a bit the downturn in the london market might start to affect the prices on the type of house you want to move to.

Whatever happens, try to put your mental health first, it isn't worth this.

We currently rent in SE London but wfh for the foreseeable due to covid. It is crazy but for various reasons we can't move right now. Also, if we were going to move out of London, we would not look at commuter belt. Those places are either depressing or totally out of our price range. We'd go further afield and face a longer commute if coming in one or two days a week.

I think it's fair to assume that many wealthier people leaving London might end up getting a city bolthole esp for the commuter. That could work in your favour OP, having a smaller property.

How much is the property you waNt to buy in bristol?
What s the minmum you need from your sale?
Maybe you can afford to drop your price in order to move

OP, have you considered trying to do a part exchange on a new build around Bristol? I just googled quickly and this one came up as an example

www.barratthomes.co.uk/new-homes/south-gloucestershire/h770401-ladden-garden-village/

350K would mostly be aiming at FTBs - does this mean then that all the FTBs out there are sitting tight and not buying at all?

We're FTBs who are just waiting to see what happens in Autumn. We've saved for 5 years and have a really decent deposit, so I don't mind waiting another 6 months or so if we could get somewhere cheaper. Things seem to be crazy inflated rn, especially with the stamp duty holiday, and I do think it will have to go down a bit once furlough ends and redundancies strike.

We were about to buy a flat before lockdown but pulled out and now would prefer a house.

Also, if you really want to move then just take a hit on price, if you go low enough someone will always buy.

There simply isn't the variety of food you get in cities in commuter belts or the surrounding countryside. It isn't criticism, just a fact.

I'm sorry but this is bollocks. Have you been to places like St Albans, Hitchin, Guildford, Reading, Marlow, Windsor? So many commuter towns have buzzing high streets and dozens of independent restaurants from every cuisine, as well as bars. I swear people in London think there is either London or some dead village with 1 pub in.

I'm sorry but this is bollocks. Have you been to places like St Albans, Hitchin, Guildford, Reading, Marlow, Windsor? So many commuter towns have buzzing high streets and dozens of independent restaurants from every cuisine, as well as bars. I swear people in London think there is either London or some dead village with 1 pub in.

I moved from London to St Albans and spend loads of time in Hitchin and Guildford. The idea that either of those places is even close to London it its variety and quantity of food is laughable

@BeijingBikini those places you listed have london-esque house prics with the possible exception of Reading. i agree, i have considered moving to those places but then realized I wasn't saving much money (as a FTB) and could possibly have a huge season ticket cost on top of it which isn't really mitigated by wfh as going in 2-3 times is the same price as a season ticket. Unless you have a fully wfh job.

I think that in time, zone 3-6 london and those commuter towns would come to have roughly equal property prices.

I am in the same position but my flat in SE London has a lovely wrap around garden and is a conversion! It has two good sized doubles and is on for £400-425k which is perfectly placed in the market. We put it on during lockdown and it was so quiet and now I think it has just been on too long. Also I am hearing that FTBs are holding off a bit and also banks are being a bit though with lending criteria. But it's really annoying as I have moved towns (was always planned pre-covid) and we cannot buy a place ourselves until this has sold. I have rented elsewhere and am probably going to have to rent out the London place if it doesn't sell soon. I am going to try to refresh it with another agent and new photos soon but it's not the price or the look apparently, just one of those annoying things.

I also don't understand why people on MN freak out about being landlords saying it is so much stress, bla bla bla. It really isnt if you check your tenants properly. We've rented out our London flat for 4 years now.

It will sell. If you can hold out, I would try the renting out and renting elsewhere option for now (though income tax issues make that tricky).

I feel your pain- this is not what you need with a DC2 on the way. But little babies don’t take up that much room, so maybe moving in a year will be easier?

We moved at start of lockdown and made our flat btl as there were 18m of building works starting opposite and we didn’t think that was a good time to sell. Since then a neighbour has listed their flat for way more than we think it’s worth and they’re getting lots of interest.

Don’t keep reducing the price. That signals there is something wrong with the property which it doesn’t sound like there is. Are you getting interest, just not offers?

I think it’s mainly a lifestyle choice whether someone goes for zones 2-3, outer London or the commuter belt. Living somewhere you don’t want to just for a bit of extra sq footage sounds depressing.

We may well leave st Albans and go back to London tbh. I don't understand why everyone raves about it. It is so bland.

huge season ticket cost on top of it which isn't really mitigated by wfh as going in 2-3 times is the same price as a season ticket.

Apparently the government are working with rail companies to come up with pro rata season tickets, in an attempt to get people back to the office part time.

Apparently the government are working with rail companies to come up with pro rata season tickets, in an attempt to get people back to the office part time I’m all for this but find it a bit odd considering the rail companies will need to recoup as much money as possible and would probably rather people pay full price to travel 3 times a week than a discounted 3/4 times a week

@JoJoSM2 i think in the past, the price difference justified moving out a zone or moving to somewhere like st albans with an easy commute but no london postcode. but now that the prices have balanced out, i don't really see the point. St Albans is more expensive than Sutton, but with the extra season ticket cost.

The only thing is that older family members are more likely to be further out so i understand that many people would want to move further out for the sake of childcare but my husband's family is in zone 3 and moving to st albans (even if its a few stops away from her on national rail) isn't really going to facilitate childcare.

@primabloodydonna St Albans is the only town outside london my DH would consider. He also discounts anything that is south of the river as he is a north london boy.

I look at the prices and i think its not that different from north london, we might as well stay in north london and go to St Albans for weekends. Thats what we do a lot as we have two together railcard. We go there to chill at the Peahen, or get ice cream at Darlish. walk around the town and the park.

I moved from London to St Albans and spend loads of time in Hitchin and Guildford. The idea that either of those places is even close to London it its variety and quantity of food is laughable

Obviously it's not going to be the exact same as Soho, but it's hardly 1 chippy and 1 Indian. We have probably over 100 restaurants here from most cuisines, so unless you go out for dinner constantly, it's enough to keep an average couple entertained without having to leave that often.

I live SW London, not far from a station. Neighbour put her flat up for sale below £400k and it went in days. She had quite a few viewings too. No garden, no balcony, nothing special.

Oh Lewisham
Yes, wrecked by high rises and people who would have turned their noses up at the area in the 80s and 90s !!

You are right OP , its not Upmarket, no matter how much these developers try to sell it as such !! Ruined Lewisham big time .

Are you in one of those high rises ?

Only thing I would probably love is a good view you must get from some flats.

Oh I note from an earlier post you are in a Victorian conversion so scrap my last post .

@OnlyFoolsnMothers

True but hopefully they’ll see sense and realise that getting a 3 day a week season ticket out of 50% of the population is better than nothing. Not holding my breath though.