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?

I'm in north London too and in the process of buying a 3 bed flat in Crouch End with a garden as I'm downsizing. The estate agents I've been dealing with are also saying that flat prices particularly without gardens are tanking as a result of lockdown. The agencies I've been dealing with cover Finsbury Park, Holloway, Archway, Crouch End, Muswell Hill, highgate and East Finchley.

I sold a house in zone 5 recently with small garden, was easier to sell than I expected though had to cut price to get to sell quickly but was interesting that of the 10 that viewed, around 7 said no due to small garden and nothing else. The house was opposite the forest but EA said in lockdown people wanted their own space. I think as people return to work this event will go a lot but market was strange. Though for me it balanced out as other things which might have been an issue in normal times no-one mentioned. It was very much like people were seeing lockdown as permanent in their thinking.

If its KFH in Highgate the EA website said they've been achieving 93.7% of asking on sales, think its past 6 months so that would be around £800k on yours if on at £800k. They seemed to be slower than average to sell, think it said 13 week average but if you aren't in a rush will be OK. I don't think you have to go on in Spring, we went on in September and was fine, sold in October.

on at £850k

I hear and read a lot about everyone wanting houses with gardens and prices are going up in certain more suburban areas....had our rental house in redbridge valued recently as selling next year....papers had reported increases of 15% in that area...valuation was very low...about 200k less than in 2016..!!...we bought it in 1972 and paid 12k so not too bothered but its pension money !....flats are slow to sell in some areas but at right price and location it will sell...we wont be stuck at home forever...sit it out a few years.

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 make the area roughly 1.1mile from Parli. I’m not sure that would have got you a place this year. I like Highgate Wood but it isn’t a school of choice for many.
And yes, the primary is no longer new. It’s probably had one cohort. I feel old!
Lovely decor!

@northlondon1 our experience- and that of many we know- is that KFH always always overvalue to get the listing and then keep properties on the market for ages, eventually talking the buyers down.

Across the road from us, KFH had a property on for more than two years. sellers finally took it off the market, relisted lower with another local agent, sold right away. KFH are shits.

Put it on the market and see. I agree with others that the market has dipped: people are more focused on the need for outside space and are likely to be travelling into the office less.

However, if it's rare that properties like yours come on the market, then it's really hard for an estate agent to value. The bonus of having a property which is less usual on the market is that can then drive up the value.

I would also look at the space (outdoor and in) that you could get with the next level up and the next level below and see where you fit in that pricing ie someone who would have to pay 200k more for a three bed house may be very interested in your flat.

I also think prices will rise/ stabilise as people who can afford flats in that price bracket realise that their employers want them back in the office more than they think.

I had KFH significantly overvalue my flat too a year ago.

Luckily I realised and moved to the more local knowledgable agent who marketed better and for me a reasonable sale.

I've also found KFH to be quite high with their pricing.

KFH around my area of SW London are worse for overvaluing than Foxtons, but I know people in NW who found them spot on. I'm dreading valuations/estate agents when we sell.

No wind up here. Reality!

Value would have dropped a lot.

Lockdown shows that there is no need for most people to live or travel into london every day to do their job.

For those still following, EA #3 has come back with £900-£925k. Clearly they haven't seen the place yet, but I did give the dimensions and previous seller's marketing photos. The differences are staggering.

Their view was that the 3bed maisonette market has held steady, because the £ step-up to a 3bed HOUSE is quite significant. And that the terrace would satisfy flat-buyers' need for outside space. I won't take this as gospel of course, but interesting nonetheless.

FWIW, we sold my parents' place in a similar area and had radically different valuations from 4 agents. We went with the highest one and it sold within weeks. So at the very least, try it at the higher end for a couple of months.

I think you really need to know the local market to know what you are talking about and certainly in North London things like schools are a big factor.
I’m currently looking in your area @northlondon1 and I’d say £850k with a terrace is expensive but not unknown for a flat, you would pay more if you were nearer Highgate, however, there is such a big jump in price between house and flat that lots of people do have to consider flats. I’m sure you aren’t going to get a house for less than £1 million, even with £1.25k you would be lucky to get a good house in Whitehall park.
Well that’s what I’m finding and I’ve been keeping an eye since we sold our house last year, we are moving back to London, so downsizers, but we still need 3 beds for uni aged kids.
We sold about 10 years ago in Muswell Hill with KFH and I’d say they overvalued by about £25k but we still sold at the highest price they had got for a house on our street at the time, so I think they aren’t anywhere near Foxtons (sold our house before that one in Islington with them, they are Sharks!).
There currently isn’t much on the market, so it may be worth giving it a go, as long as you know there are places on the market where you want to move to/buy, I’m finding the lack of availability very very frustrating.

Thanks cowbells. I suppose the risk of going on the market too high is that if you don't sell within a few weeks, it starts to look bad.

Itscold- absolutely, a house will be £1.1m minimum, for the Shakespeares. The houses closer to Highgate are bigger, so will be more. I hope you manage to find something soon. Quite a few houses have listed and sold in nearby streets in recent months, it's more lively than it's been for houses, but not flats. Could be a good or bad thing, who knows.

Hey! 850K seems pretty high to me for a three bed flat in Archway with no garden. I live just off Green Lanes, near to Manor House, and a smaller three or four bedroom house with decent garden is 650-850k. Of course, without seeing your flat it's hard to say, but I do know that flats in London have tanked (especially those without gardens), and houses haven't.

Hello
You should ask the agents for data to back up their valuations eg sold in the area price per square foot, current trends etc Then ask them how they would market your property, how are they different to their competitors? And remember the cheapest agent is not necessarily the cheapest agent!! If you need a recommendation let me know. Best of luck. Clare

Thanks for the advice Clare, that's really helpful. I'll definitely do that when we properly market our place. What's your recommendation?

I work for a property company. The flat market is very very tricky in London at the moment. Some agents won't take on instructions for 1 & 2 beds with no outside space at the moment because they won't sell. You'll be in a slightly better position as it's a 3 bed with terrace, but keep in mind other local market data - transaction volumes in the borough are down about 35% against 2016 (which was already a suppressed market due to the EU vote), and average transaction values across all types of property are basically flat over the same period. I think you're looking at £800k as a reasonable starting point if you don't want it to sit on the market for ages.

Yes you could get a house near Manor House, Bounds Green, etc for £850k and flats are more in the £500-£650k bracket, but it isn’t the same as Archway, to get a house in Archway it’s over £1 million so the areas don’t really compare.
@northlondon1
Do you know the estate agents Brickworks? (Who I believe are an excellent estate agency). They currently have a nice/interesting 3 bed flat (no outside space) near archway for £800k and a 3 bed flat with terrace in Alexandra Park for £880k so I think you are definitely not off course with £850k.

@northlondon1

Thanks for the advice Clare, that's really helpful. I'll definitely do that when we properly market our place. What's your recommendation?

Simon Taylor will be able to help you, a highly experienced independent agent

Thank you itscold and Clare, I'll check out those two agents.

Yeah I also don't think Manor House is comparable at all. In London, you can barely even compare houses one street apart, e.g. Cressida Road and St John's Way.