I thought house prices in London were supposed to be dropping...

[alazuli]

www.rightmove.co.uk/property-for-sale/property-47608407.html

www.rightmove.co.uk/property-for-sale/property-47753289.html (saw this was actually on for £200k but appears to have been bumped up post offer)

It's a repossession - you can tell from the wording in the blurb. They are obliged (in theory) to get the best price for the lender, hence inviting offers over what they've already got. I would suspect that the price was set a bit low at first to encourage bidders.

Still seems a daft price for a studio flat, albeit in what has be one an expensive area, given that the lease is only 69 years. Will be expensive to extend since the cost goes up substantially once the lease goes below 80 years.

They're not dropping round here...

They're definitely not dropping where I live

I do see quite a few reductions in one area I keep an eye on - SW17 - but then when people start asking £500k+ for a 2 bed maisonette in Tooting - one which would have been priced at more like £250-275k only a few years ago, then it's hardly surprising. How many people can afford them?

This isn't overseas investor territory, either - they want shiny new, not Edwardian/Victorian.

GETTING - I realise it's a repo but I was just surprised they were over the asking price by so much. But like you said they probably priced low.

Flogging and Sky - which parts of London are you in?

SW17/SW18 they're definitely dropping! But I think it's a very mixed picture in London.