How much for my north London flat?

[northlondon1]

We bought our 3-bed flat, a Victorian conversion, in Archway in 2016 for £815k. I'm getting such different views from two estate agents as to how the local market for flats is doing, and how much our flat would fetch now. One is saying as low as £750k, the other £850k. It's a beautiful flat, spacious (1200 sq ft), terrace but no garden.

We're looking to sell to buy a bigger place. It feels like the market for terraced houses in the area is on the up, and quite significantly.

Would anyone in the local area, particularly any estate agents, care to comment?

@TerryHearn

Archway is a dive isn’t it. Not sure why you would argue against that.

Can’t be a dive if the flats go for 800k.

Thanks wonder, I think terry might be a troll...

Sorry, saw it was KFH. We bought and sold through them, I found their valuation realistic.

I think that's a good idea. I'll call up a couple more agents to get a valuation, thank you

I love Archway - it's next door to the very upmarket HIghgate so although it's more down to earth, with some 'practical' shops, the whole area is great and uite chilled out (much prefer it to the hectic Camden).

Yes, that's perfect, OP - two top floors, civilised neighbours (there is always a risk that tou'll get a noisy downstairs with the garden below you) but obvs you can also get that in terraces/semi houses next door.
I wish I had the money, I'd live there FWIW - huge flat with good size ter and no neghbours above, very good tube line.
I think you will probably not get a profit as yo uwere buying at the peak an even great flats have a ceiling now. Might be a small loss but probably not as 750! Unless it does need a lot of renovating (kitchen etc).
I'd go 830 and see what offers if any you get, but expect lower offers. If nothing, then probably best to try later on. It's not just the spring houses come on btw, Sept can be very active. Dpends on what do you need to get.

Oh, do you mean Whitehall park?

www.rightmove.co.uk/properties/86933902#/

Interesting this hasn’t sold though despite going on in November. Maybe £850k is high. Very little on the market though.

Whitehall Park is lovely

I know a few people who left london recently and didn't get what they expected price wise. I would get more valuations but gird yourself for the lower one. I don't think the lack of garden is that big an issue with a terrace and access to lovely green spaces.

www.whitehalls.co.uk/sales_fulldetails2.php?id=1010856

So similar to this but with a terrace? I’d say in that area Whitehall’s know exactly what they’re doing - I guess they’re pricing it to get people biting, may go for higher than they suggested after all.

Former South Londoner here but we sold our Zone 2 flat for above asking price a few months ago. Also bought in 2015 and sold for £100k over what we paid. We had a small garden, but we’re on a busy road. We had a lot of viewings and lots of offers, so in our experience the London market is still busy busy busy. We were surprised, we thought we’d really struggle (baby on the way so had urgent need to move). So I’d definitely recommend getting a few more agents in to help you decide on the price point, doesn’t feel like you need to lose money on your sale to me.

So our place is nicer than the Miranda road property, and a LOT nicer than the Dresden one. It's fully modernised, so no renovation required. Miranda road is also noisy and closer to the main road.

Anyone in the Archway area want to recommend an estate agent?

Whitehall Park is lovely but I don’t think it has quite the pull in terms of schools as it’s surroundings? Is the local primary school the new academy? I’m sure it’s great but it doesn’t seem to set the MC on fire like some others. Maybe housing stock is therefore less expensive? What would the secondary school be?
Sorry, not much help but that’s my thoughts as a local.
Have you tried Chestertons and Buchanan Rae Wilson?

So this is NOT our place, but we have this sort of decor vibe. I'd say it presents very well (so sorry, I know I sound like a dick here, but genuinely think it presents well).

Thanks Camden, you're absolutely right re school. The new(ish) academy is the local primary closest to us, though you have a few others that are possible, especially if you are religious. The secondaries... probably less promising unless you want to pay for private. But I haven't investigated this yet.

If it's like that then it will attract interest. Only way to know for sure is to put it in the market. As a pp said, £830K might be a good first gamble.

Just to say I think I recognise that pic (Apartment Apothecary?) and approve of your decor if similar!

Cazelets yes! I love her decor and follow her on Insta. When we buy our next place I will probably just completely copy her house

Secondaries would be Highgate Wood for co-Ed and Parliament hill for girls. Primary is new academy, or Ashmount, which is in a lovely setting.

I like the area but Archway isn’t everyone’s taste and it’s all about location, size and outside space, I suppose.

I think the issue with 3 bed flats/maisonettes is that the people buying them probably have or want kids and therefore probably would really like a house, and probably care more about schools than people buying 1 or 2 bed flats. We had a very similar-sounding flat to yours in central Islington, but it was 2 bed and sold to a 'young professional' for whom kids/ schools were not on the radar. I think at the moment a family-sized flat without a garden is a tougher sell than it would normally be, especially if the local schools are not the ones people go mad for.

Cazelets yes! I love her decor and follow her on Insta. When we buy our next place I will probably just completely copy her house

Me too - I have even pondered whether her amazing-sounding builders would come over to my bit of London!

Thanks Cazelets. Do you think our flat wouldn't appeal to a couple, as it's too big?
We have two little ones under 3, so some might say we should've thought it through more before buying this place, but we didn't envisage staying here forever. Sigh.

Not London, but 3 years ago we sold my mum's house. Valuations were 495, 550 and 670! Not really an exact science then... She went with the EA who had valued it the highest, but got them to put it on the market for lower than that, and it sold at I think 620.

They had sold one in the same street for 695 a few months previously, but it was much improved compared to my mum's, so I think we got a good price for it.

Yes get a few more agents in. I’ve sold all of my previous 3 London properties through KFH and always found them realistic in pricing. Ok sometimes a smidge over to then need a £25k price drop but not way off the mark. In my experience they aren’t interested in overpricing at the outset to create a difficult sell as it serves no purpose to them or the vendor. They quite aggressively market a property as well and hold the chain together.

As said previously if your top price point had been quoted from Foxtons I would have a different view.

It may be that you just break even albeit without factoring in the dreaded stamp duty cost that you incurred in your 2016 purchase.

Potentially I would say that people who want a three-bed place in today's climate and with 850k to spare would probably go for a house if both can WFH at least part of the time and am not sure whether a couple would really choose to buy a three-bed flat. So yes it might be a bit of a hard sell but realistically it's a nice enough area and it might work

Oh god, the stamp duty... I try not to think about that. Thanks for the KFH intel - good to know they don't tend to inflate.