London flat not selling. Why? Why? Can you plz help me to understand.

[Mypizzicato]

My 3 bedroom flat is not selling. It has been on the market since a week before the 1st National lockdown in March.
Had a few viewings but not offer. Price was reduced twice since March.

www.rightmove.co.uk/properties/68930043#/

I think it's a nice flat in a great location. We also extended the lease till 2197
I know that London at the moment can be a difficult market but this would be still a nice flat when things would be back to normal.
Thanks for any suggestions

The outside is what it is but that's a nice flat layout-wise IMO. I'm not familiar with the exact area in terms of local deprivation etc which an owner/occupier will care about, but assuming no issues there. Unfortunately I think it's still too expensive to attract such a buyer right now.
As you probably know, no BTL investor will currently be interested which is a huge dent on historical demand.

It seems all the posters from London are convinced o it's worth

I’m in London and not convinced but not Maida Vale area, but SE

If it was in my area and budget the lack of bath and dated kitchen would put me off.
On the plus side you do have a balcony. Wish I had one in my flat.

The location is fantastic, but the flat itself is unappealing (dated and has that ex-council look). The street looks good and the fact that you have extended the lease is great.

I'd say it mostly comes down to the market. Plus I think with central London ex-council flats designed for a family you can run into problems selling because a family who can afford that price will tend to buy further out rather than pay a premium to live in a council block.

If you wanted to buy an ex-council flat you could get this one for less than half price in Sheffield

Hmm. I wonder why Sheffield is half the price of Maida Vale....

Oh wait, no, it's really obvious.

We are looking to buy a three bed in a good location like yours OP. That was pre-Covid. Now I know I don’t need to commute for a very long time and I cannot face flats anymore. That money will buy me a four bed in an area with excellent schools and and additional 30 minutes on train. That can be my long term home so I think it’s just that the London premium is coming down rather sharply. Pre-Covid, I would have considered your flat probably. Not now.

One problem with Maida Vale is that yes, the area bounded by roughly:

• paddington rec to the north
• the canal to the south
• abbey road to the east
• maida hill to the west

is really nice (though not exactly trendy!).

But that's a pretty small area and if you venture north, south or west then large parts of Kensal Town, West Kilburn and South Kilburn are fairly grim tbh.

When we were looking at selling a couple of years ago, we were told the benchmark for Maida Vale was £1000 per square foot. I imagine it's gone down a little since then but prices in the block I live in are generally around that level still albeit it's very slow moving. It's basic supply and demand though isn't it. Properties might look expensive compared to other places but they're worth what someone is willing to pay for them (albeit I realise that's a bit of a moot point in this case!)

Do people on this thread think that working ftom home is going to last forever? I sincerely hope not.

I wouldn't pay over half a million quid to live somewhere that looks like it's from the Shameless estate.

The London flat market is crashing - fast. I would drop the price by £50k and see what happens.

If you wanted to buy an ex-council flat you could get this one for less than half price in Sheffield

Perfect for commuting to London for work. 😂😂

Hmm. I wonder why Sheffield is half the price of Maida Vale....

Because it's not overpriced

Two important boxes not ticked for me:

1. No garden.
2. Parking must be a nightmare in that area.

And also, the price a bit steep.

It’s looks like you’re relying on the location doing a lot of the heavy lifting with regards to the price.

The inside is really unappealing- it makes sense that it’s a rental property as it just looks a bit unloved. Dated decor and mismatched furniture doesn’t exactly sell the idea of an aspirational lifestyle for people with a budget of over half a million pounds to spend on a flat.

It’s the price. It’s always the price.

I'd love to live in Maida Vale, a great part of almost central London. I had no idea it has a reputation as being "not hip"??

I don’t think it’s the price. It’s the decor and furnishings. It looks unloved and unlived-in. A few licks of paint and a bit of TLC and you’d have more interest. Some cushions, some plants, a bit of art on the walls and a few hipster blankets left lying about. People want to envisage themselves living in the property and it’s ALWAYS easier to do this when a person is currently living there who takes pride in their home.
And I say this as someone whose London Zone 2 flat was snapped up last month after 2 days of viewings. I think people will definitely pay half a million for Maida Vale.

@Volcanicorange

Hmm. I wonder why Sheffield is half the price of Maida Vale....

Because it's not overpriced

Yeah that’s the only reason

It's lovely op. I can only assume that maybe flats aren't as popular because of lockdown?

I think it's lovely op. I have no idea about London prices/ areas but assume it's competitive. Flats probably aren't easy to sell at the moment due to lockdown, that's all I can think?

I think it's lovely op. I have no idea about London prices/ areas but assume it's competitive. Flats probably aren't easy to sell at the moment due to lockdown, that's all I can think?

Hmm. I wonder why Sheffield is half the price of Maida Vale.

No money launderers from China, Russia etc.

You don’t do history do you? In the 1980s they were giving big terraces away in London. No one wanted to live there. London prices being as high as they were until recently, is a new phenomenon.

Perfect for commuting to London for work. 😂😂

Depends where you work in London. It’s 2 hours from Sheffield to Kings Cross.

Did you know that London is connected to the rest of the U.K. by train? Every day is a school day on mumsnet, really it is 😂😂

Spot the posters with huge debts secured on rapidly falling in price assets.

Property prices never drop do they.

Perfect for commuting to London for work. 😂😂

Depends where you work in London. It’s 2 hours from Sheffield to Kings Cross.

Did you know that London is connected to the rest of the U.K. by train? Every day is a school day on mumsnet, really it is 😂😂

My friend's mum was almost given (she paid a token price for it) one of those big terraces in Camden, back in the early 1980's. Beautiful house. She did well out of London property prices over the last 35-40 years. Bet she's glad she sold it 4 years ago and moved to Devon.

No one wanted to live in London back in the 1980's, everyone wanted to live in the Home Counties. Things then changed from the late 80's onwards. Perhaps they are changing back again, and London is becoming unpopular again, pushing house prices down.