Has anyone in London sold a one-bed flat recently?

[lalalonglegs]

My husband has a one-bedroom flat that is let out. It is the wrong side of London from us so every time something needs doing it is a bit of a pain getting things fixed. Our tenants are planning to move out in the spring so we were thinking about putting it on the market then but we can't afford to have it sitting empty for ages.

A friend who works in property says that there are FTBs and BTLs in London and if the price isn't too toppy it will sell quite happily but he is always rather bullish about these things. I thought I would try to get some other opinions: so has anyone tried to sell a one-bedroom flat (or similar for FTB market) - reasonable condition and quite nice area (border of Highbury and Islington)? Was it agony? Should we just find other tenants?

Well, that kind of confirms what I was thinking...

:D I do know a couple of people who've just bought one beds though if that's any help.

Have you been looking on RightMove/Zoopla to see what's shifting around the area?

I sold my 2 bed in six weeks in the summer

No idea about London personally but i pay quite a lot of attention to my local pwopertee market and flats are hanging around a lot.

Some of them are so over priced it would be funny if it wasn't such a human problem. There are a few 2 bed flats for sale on a new estate priced higher than 2 bed houses and one even higher than a 3 bed detached.

I imagine London is very different though, flats being something to aspire to in many walks of life not just the young/ftb's.

It doesn't hurt to put it on an agents books even if you just want to gauge reactions.

That's encouraging LadyB.

The problem is, awubble, if we put it on with an agency and it doesn't sell, by the time we get new tenants in we could be seriously out of pocket. I dunno, might be better renting it out again.

If your tenants are moving out and that side is all all arranged then put it on the market now.

You don't have to wait until they are gone.

Obviously you will have to liase with both the current tenants and any viewers to show it but it is quite normal.

Mine has just gone on the market today and is also in Islington. My tenants are in until July so hopefully it will sell by then.

The 1-bed flat below ours sold within two weeks for asking price of £280K. It's a lovely pad with roof terrace but it is very small.
We're in Islington too - though more Holloway/Tufnell Park end.

BIL buying one in fancy area of SW London for c.£350k at the moment. I think there's always a market in London.

The area you describe is highly desirable and isn't bonus season upon us? If I were you I'd look to see what estate agents in that area have on their books. Lots of 1 bed flats = they're not selling! It isn't the best time of year to sell (wait for late spring onwards) so perhaps get tenants in with 6 month break and reassess the market then?

Not sure that this flat is quite posh enough to tickle the bonus boys' fancy... We can't put it on until spring because our tenants are, ahem, not the tidiest and we would have to wait for them to ship all their crap stuff out. It really doesn't look at its best at the moment.

Anyway, that's encouraging, thanks very much.

We tried to sell our 3 bed flat with no interest a year ago, but when we gave up on selling, we had people literally competing to rent it out.

EA in west London says they can't sell flats at all only family houses. You aren't going to get the best price now, I would rent it out again as rental yields are high and there is huge demand.

I think you're right - I don't mind not getting the BEST price for it but I just don't want it sitting around empty for months. We'll see what the EAs quote and then knock 5-10% off, I think.

We sold our small 2 bed flat in Islington in a week in Nov. Got the asking price from a FTB. It's nicely done up, but not in an amazing area. I think the London market is still moving quite swiftly. Good luck.

My friend just sold his 1 bed raised ground floor pre-marriage flat in west London.

The SDT was a sticky point for him though: a year ago he'd have easily got £300 grand for it, the EA valued it at £275 but said he'd be an idiot to sell it at this if he wanted a quick sale. So it went on at £250,000 and it went under offer within ten days.

there is a huge shortage of rental properties in london at the mo and you should be able to get it let pretty quickly.

i let my one bed by kings cross 2nd viewing, but had 12 viewings lined up within a day of posting it on gumtree!

anyway worth considering as if you don't need to sell then i would keep it and get a good local handyman to fix things when needed. i have one in n4 that is great if you want to pm me and i can send you his details.

Completely agree with rental market in London. We had near on 100 calls in response to our gumtree advert and I had to vet who could come to viewings.
First viewer wanted it straight away if we'd have let them