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

Very dodgy indeed. Er illegal actually!

outkidmolley do you mean vendor “helping” with SD?
I imagine they are referring to something like, if buyers are willing to offer £520K and the SD would jump from £10K to £17K, the vendors would be willing to have some of that extra £7K deducted (but I doubt it would be that much). Vendors would end up receiving £513K instead of £520K, but would still be £13K better off than if they’d sold for £500K, and buyers would of course have to pay more in deposit and mortgage but not so much in SD... in my mind that sounds like a compromise from the vendor’s end, but how would it be illegal if full SD is paid to the government?

The big problem with some areas of London is that an underground station is 1/2 mile away, and more. That’s why the Sisters Avenue one has had to reduce. If it was handy for one of the Clapham undergrounds it would have maintained its price but £600,000 was highish anyway.

DD has bought in Kennington and good property there is still selling if it’s close to the underground and in a desirable road. Waiting for the northern line at Battersea seems like a long wait! DD was in the Clapham Junction area for a bit and could not wait to move. Hopeless for multiple connections if you have early starts and trains to catch. If Clapham Junction suits then its ok.

Zone 1 prices are holding up as long as the area isn’t swamped with new builds, the selling price is reasonable, the flat is a decent size, well maintained, and preferably has two bathrooms, there’s a good underground service nearby and the area retains character but £500,000 won’t get a 2 bed unless it’s ex local authority.

As a FTB I wouldn't go above £500k either. Agree with most comment re buying above a shop. It is ok for renting or purely investment but may encounter issues trying to get a mortgage or sell in the future.
I am curious exactly how buyer would contribute to SD and either way that is still you finding at least another £3.5k more???
I have my reservations about foxtons too. DM is selling through them and they do know how to talk the talk and they charge quite high fees compared to other agents. They may just be using tactics to up the price. Is there any other agents listing the same property?

Bubbles Half a mile away in London is not far at all! I am roughly that distance from East Putney tube. Clapham Junction has routes to Victoria and Waterloo (and onwards) so pretty good location esp with Northcote Road shops and eateries close by I would have thought.

Hold firm... can't see them getting over 500k in this market.
The northern line extension to Battersea has already been priced in by the developers.. And I think they have overdone it by about 100k

Alexalee do you mean the one in Battersea (Sisters avenue) or clapham/Stockwell (Clitheroe Rd)?

EA for Clitheroe rd has been pestering me to make another offer, but I’d only go as high as £500 as I feel I am being pushed into offering £520K... the psychological aspect of feeling bullied and throwing £7K on additional SD are making me want to stick to £500K max...

I thought the Sisters Avenue flat on two floors was lovely and the house and location very good. It all depends on whether you can afford it. It is a fair bt larger than Clitheroe Road which looks over priced to me and if the EA is pushing you I'd back off - it's only worth what you feel you want to pay esp with the extra SD involved (in both cases).

I thought the Sisters Avenue flat on two floors was lovely and the house and location very good

Same.

I really don’t like the Queenstown road one. Tiny kitchen and ackward bedrooms.

I’d be wary of buying over commercial - a shop doesn’t always stay a shop and it’s nit too difficult to change licenses / planning permission categories eg from travel agent into a restaurant.

serbska that’s very true. I’m not really keen on that one, but I’ve been so frustrated with having offers turned down that for a moment I thought I’d consider it. I think the small kitchen would be the biggest problem for me, and perhaps the distance to the nearest station.

So it looks like most people liked the Battersea/Clapham Junction flat (£550K) more than the Clitheroe road one. The pros and cons of each, for me, are:

Battersea:
Pros:
Bigger flat
Very nice reception room, bigger rooms
Nice road, close to Northcote Rd and the common
Beautiful building, exterior and communal area are well maintained
It’s a higher floor so the view is nicer

Cons:
Asking price is higher; it was reduced recently so vendors (allegedly) not keen on lower offers
Longer walk to station (just under 15 min, whereas the Clitheroe Rd flat is very close to tube and overground)
It would be more work to clean it as it is bigger
It has carpets- they are fine and brand new but I don’t like the maintenance this involves!
High energy rating (currently E but with potential to be a C) - it would cost some ££ to change this
Open plan kitchen (I don’t love this because I cook a lot and the whole flat would smell of onions etc)

Clitheroe road:
Pros:
(Slightly) Lower asking price
Lovely dark wood floors
Very close to two tube stations (Victoria and Northern line), overground and rail
A bit smaller and not carpeted, therefore easier to clean
Separate kitchen (easier to contain the food smells)

Cons:
A bit smaller - not currently a big problem as it’s just the 2 of us and the cats, but it’s always good to have more space and you never know what the future holds! (As in, DCs, though no plans at the moment!)
Area/road not as “nice”
It seems like this thread is saying that this is worth a bit less than the Battersea flat - just thinking ahead of time if I do decide to sell in the future
View from the bedroom isn’t great - it faces the back of a large estate (not a dealbreaker for me, but DP did notice this!)
The EA for this one is worse than average - unhelpful, not v knowledgeable (or can’t be bothered to find stuff out for us), lied to us about it being “company policy” that we had to be “assessed” by their mortgage broker (I didn’t fall for that, but it still annoyed me that she was so adamant that it was required), doesn’t return calls promptly, is pushy etc.

What they have in common:
Both are 2 bed
Both have a decent (not amazing, but OK) bathroom with a bathtub
Neither have external space (which I really don’t mind, I don’t have time or inclination for gardening atm)
Both have share of freehold
Both at the type of building I like (Victorian conversion, though Battersea one is a bigger one with 5 or 6 flats I think, whereas Clitheroe is just 4 flats)
Both are OK to commute by bike or train for me and DP
Both are accessed via stairs (no lift) - ok for me and DP at the moment but worth noting

I would still like to stay within my budget of £500K, though I could potentially go up to £520 but only if it’s really worth it and it is the actual property value ie not inflated.

Of course I know a lot of this is down to personal preference, but you are more experienced than us (FTBs) and any insight is appreciated!

When you went to view how did you feel when you walked inside these two flats? That sense of 'this is the one' would prevail for me and has done with each home I've bought. My current home has a roof terrace that is larger than the flat itself lol but that was the wow factor that swung it for me.

If your top budget really is £520K isn't the £550K flat out of your reach anyway esp if it's recently been reduced? Worth making an offer though if you really do love it but you'd have to be honest and say this is your first and final offer as it is the top of your budget and not let the vendor think you are negotiating and can go in with a higher offer.

Agree with @sunshinesupermum that if max budget is 520 then you are unlikely to get the Battersea one, I do not think it is especially overpriced at 550 TBH but we shall have to see where the market goes, I'm no expert. The £/sq ft looks good at that price. No harm in trying tho I guess.

Could you see yourself living in either of them? Which had a nicer 'feel'?

Which could you see having a cosy night with DP in front of the TV, or having friends round for dinner?

I have to say that the Clitheroe Road one is growing on me. I too prefer a separate kitchen (as long as there is room for someone to hang out in there with me, which it looks like there is).

I do really like the location of Clitheroe Road, super close to lots of tubes and bus routes and v easy stroll to Brixton for all the cool restaurants etc

BTW I wouldn't say there was a difference in how easy it is to clean a 626 sq ft flat to a 711 sq ft flat!

serbska Agree with you about cleaning lol but depending on how the footage is divided up that extra almost 100 sq ft could make all the difference in how long OP and her DP can live there without feeling cramped though.

I don't like the way the EA is behaving over Clitheroe Road - unless the sellers are prepared to cover the extra cost of SD I wouldn't be paying over the odds for it.

OP In the end it is down to how you feel when you are inside the flat as a potential home.

Thanks all. I do like both properties. Clitheroe Rd is more what I have in mind for our first home, the reception room is smaller so it has a more intimate feel to it. The Battersea property looks more upmarket and I was surprised it was close to my budget. I think DP likes Battersea more, and apart from lack of a local tube station, it’s location is better.

As for the budget, technically we can go up to £550k BUT we would be nearly wiped out of savings after paying 20% deposit, SD, solicitor, survey, mortgage fee etc. Monthly mortgage costs would go up minimally. Being out of cash for a few months would not be the end of the world as the mortgage repayments are about the same (or even lower) as our current rent so we would be able to start saving again after a few months. DP is also selling his car, which will help a bit. But I would only do it if I thought the property was really worth the price I’m paying, because I’d be giving up on the FTB SD relief 🤔

It’s annoying that the EA is unwilling to give details on SD “contributions” by seller and is saying we need to make an offer to “start the discussion”...

Thanks all for your feedback so far - one more question, would the energy ratings (Battersea is an E and Clitheroe rd is C) be a dealbreaker for you?

Ty!

I meant Clitheroe rd is more what I had in mind as our first property - it’s nice but mid-sized and in a “normal” building, as opposed to Battersea which is a bigger flat & posher street. Which is still good though!

Energy ratings E or C wouldn't really be a consideration for me.

Lots of Victorian conversions are E. Especially if they were done 50 years ago! It means the freeholders have not upgraded windows and walks might be single brick so leak heat. If you want better, you often have to buy newer or updated with energy saving technology more recently.

I do realise plenty of London properties are more than 1/2 mile from a tube. However, all things being equal, the one nearer the tube usually sells quicker or holds price better. Obviously you would need the same type of road, sq ft and quality of fittings to compare, but for time poor people, a quick walk to the tube will always be better than a 15 minute slog in deep winter.

I think it comes down to where you really want to live. I think the Battersea one is priced to sell. I cannot see them needing to accept £520,000 unless they are desperate. I also think you are overstating the open plan kitchen. Many people now do not want small cut off kitchens. I and DD have a London flat each with open plan kitchens. We have extractors. It’s a very minimal inconvenience for what is otherwise a good property. You can talk to your guests. Only have an enclosed kitchen if you can get a table in it!

How long has the Battersea one been on ? It’s the best I think. Doesn’t really matter about being wiped out of savings in the short term in my opinion.

It’s annoying that the EA is unwilling to give details on SD “contributions” by seller and is saying we need to make an offer to “start the discussion

Make a low offer, start the discussion. You don't HAVE to buy it.

We are selling our house and I'd go nuts if the EA was trying to be a smart arse like this.

I would be surprised if anything sells for just over £500k in the London FTB bracket and the price point will be sticky going forward because of this also. Rents are falling and so are house prices, loads of availability, especially flats in London so I am struggling to understand why you wouldn't just bide your time unless a seller was bending over backwards to sell to you.

Of your choices I would think about whether I really wanted a flight of internal stairs to clean and the likelihood of having to deal with a leaky roof.

Posher street will hold its value as even in troubled times people will still want to live there IME. If you know you will be able to restart savings in a few months Battersea is a good bet. My flat has a small separate kitchen. It would be far better if it was part of a larger room as I've had in the past but I compromised to have the large roof terrace. There's always something to compromise on.

If you hope to make larger profit then an 'up and coming area' would be one to go for but there are few up and coming areas left in London in any FTB price range!

Energy ratings wouldn't be a deal breaker for me but you could ask to see previous fuel bills to check how expensive the flats are to heat. C is better than E (eg the house may have poorer insulation = higher heating costs and freeholder isn't prepared to upgrade)

How long has each property been on the market?

I agree with shutupsidney - the EA sounds twattish. If he's like this now he won't get any better further down the line.

howabout OP has explained why she wants to buy now rather than wait further up thread

How about this one OP - just on the market today
www.zoopla.co.uk/for-sale/details/48736133?search_identifier=cb2a2b452b0dd29b26e9fd1c8557a02c