Can you tell me how much you’d offer... (link) (South London)

[Mcmcmcmc]

I liked it, but the external area isn’t that well maintained. Would an offer of £480,000 be too low?

www.rightmove.co.uk/property-for-sale/property-54860085.html

480 would be a good opening bid. 490 is probably the market price. They probably want an offer beginning with a 5 just because psychologically it's different

Also selling a flat in SW London, and these folks rejected an offer @ £500k in June... I know because the same people also looked at my flat....

I'd go 475. The market around there is stuck.

Northsouthmoggie87 that’s interesting - good to know so I don’t get too disappointed if they say no again!

gower4 that’s what I’ve been told, but in my experience of making offers around 5-10% less than the asking price, the vendors can be quite inflexible! I guess some may not need to sell quickly and prefer to wait around for better offers...

They also might think they were too quick to turn down the previous offers, really depends on their circumstances and yours. Anything can happen in this market tbh. Go for it, but be careful to not take the mick, or be disappointed if they say no straight off. Good luck!!

Don’t be dismayed if they turn you down. Sometimes it takes a bit of time for vendors to realise the change in the market (no higher offer, slow down in viewings etc)

We had that with a house we liked. They were holding out for an extra 2%. We said no, it isn’t worth more. 6 weeks later, the EA called me to say that the vendor wanted to accept our offer. Unfortunately for them, we’d found a better house, better location for less by that point. Good luck with your offer!

June was a few months ago... they may have realigned their expectations and might accept 500k or less now. 480k is within 10% in a stagnant market that has a glut of property unsold... so definitely don't feel you are taking the piss

Market has definitely tanked in small flats in London. Friends who rejected £500k last year, reduced to £480k in March, have now accepted £445k and lucky to get it. Any seller who got greedy last year is paying the price now.

There is a massive excessive of flats in the 500k range. It needs to be something really special to distinguish it.
Or you reduce the price.

Just shows the market is really dropping, 2 years ago that would have flown off at £550k.

It’s zone 2 and close to the tube. Very popular area. Rooms are decent sizes and it’s not super-small. Nice new kitchen and bathroom. No outside space though and you said the outside wasn’t well maintained.

I’d offer £480.

Thanks everyone... really appreciate your help.
I also saw this one that ticks many of my boxes - I’d have preferred a separate kitchen, but this one is in a well-maintained apartment block with a nicer exterior.
The asking price was £600K a few months ago, then it was reduced to £575k and more recently to £550K. The EA said that offers much below that are likely to be turned down.
How much would be a fair offer?

search.savills.com/com/en/list#/r/detail/gbndrsndr180073#fpCarousel

Thats nice, decent size. Master bedroom really big so you can actually have enough storage for 2 people.

£530?

550 seems a fair price.
Bare in mind that Battersea has a huge volume of unsold new builds and if the market does correct then this will probably be one of the worst hit areas

The whole battersea/Fulham/Putney area is hopelessly inundated with 1-2 bed flats. I think prices here will take a battering particularly after brexit.

Thanks all... I made an offer on the first one as I liked it better. Only 5% below asking price, but it was rejected 😔

I’m getting tired and frustrated, and really keen to move out of rental... also I start a very demanding job in a couple of months and will not have the time or the energy to go on viewings etc.

There is one EA who is really keen to sell this to us... I wasn’t keen initially as the kitchen is small-ish and it’s above a commercial property (furniture shop) but it has good space and storage. Can you critique it for me please?

www.foxtons.co.uk/property-for-sale-in-diamond-conservation-area/chpk0141636

I wouldn't go for the one above the shop partly because the kitchen is narrow and small and also the bathroom isn't the same floor as the bedrooms. It might not bother you but could be a problem when you want to sell on.

The second flat near Northcote Road is in a fab location and if you are planning to live there mid to long term I wouldn't worry too much about any drop in price in near/Brexit future as long as you allow for increases in mortgage payments if rates go up.

Coincidentally I've always bought at the top of the market (last time was June 2007) and the first three years 'lost' money but after 5 years the price was back on track and even rose. I'm in Putney and we suffer from a surplus of expensive new build flats!

foxtons one is quite far from tube but if you are looking to get into the west end and can go by bus or overground or cycle then commute would be pretty okay.

Kitchen is tiny, really teeny tiny. It would be quite a lot of work to reorg it but you could knock the kitchen into the living room and have an open plan space instead. Bathroom right by the door is also not ideal and I can't see how you could move it upstairs - not really enough space. I wouldn't worry too much about being above a shop - that road is commercial but very quiet commercial IYKWIM. I'd be more worried about traffic noise as it is a busy thoroughfair.

I'd say the sisters ave one is the best one -excellent location, quiet street, decent size and although the bathroom is a little outdated, it's solid and you could live with it for many years if necessary. If you got stuck there with kids, then you could manage okay for a few years - the common is so close that the lack of outside space isn't a real issue.

The one above the shop is much nicer, but you've just got no control over the shop underneath - what if it changes to a take-away or a bar after you move in and then you're stuck with a nicer flat that's harder to shift in the future

It's more difficult to get a mortgage over a shop, as pp said you have no control over what kind of shop is there, it's already cheap for the area, foxtons hugely over value everything compared to Other agents. So I'd be wary... bathroom on a different floor, small kitchen, looks kinda run down in the pics etc. Also any estate agent would happily flog you anything if they could. The one is sisters Avenue is much nicer, much better layout etc. The foxtons one reminds me of a student rental.

So you offered 499ish? That was a very fair offer. Just wait and see what happens. Did they give a counter offer?

Very generous offer in the current climate. I think lots of sellers are trying to get £500k plus, but these flats are now selling under that threshold. We have a couple in this range (let, we aren’t selling) and I wouldn’t expect more than £500k if we were selling now. Sellers may need some time to readjust expectations.

For a 2 bed in Clapham? Yes

The EA we are dealing with seems very dodgy. We offered £490K on the one in Clapham (first link in the thread) and explained that we are FTB, have an AIP and a cash deposit ready. We are not keen on going above £500K as we would lose the stamp duty relief.
EA said vendors received 2 offers, mine and another one via another EA for a bit more, and rejected both saying that they want something around £520K.
EA also said buyers would consider “contributing to extra SD costs if SD is a factor”... not sure what to make of this as she was unwilling to give more details. She said that if we wanted to discuss that option further, we would need to make another offer in writing. All well and good (well, not really, but still), but now we discovered that the EA website closed our account and we are not able to make another offer online (which is the only way the offers are made in this agency). What the hell?!

Another issue is, I really liked the flat/location and there are planned works (already paid for) to improve the external area, but going above £500K would cost that extra £7K in stamp duty...

Am about to sell a 2 bed nearby so following with interest! It seems like a terrifying time to sell, but needs must, and I suppose in any market things will move for the right price.