How much did your London flat actually sell for?

[ilovesouthlondon]

We know that flats are moving slowly but for those who have sold in London how much did it actually sell for/how far did you drop the price? Also how many bedrooms are in the property and did you have a garden? Please state north, east, south or west London. People are saying many sales are falling through at the last minute and prices are being slashed. It's difficult to shift flats at the moment so I'm interested in actual sale prices. Thanks in advance!

Also new build or old solid build?

We’ve just sold a flat in Hampstead. 2 beds, new build development, large communal gardens. Listed for £675, offer for £655 within a week. Cash buyer with no chain.

SW London, listed 210, sold 200. Studio. Took 2 months to find a buyer.

Sold an ex-council one-bed in a brick block in Woolwich in December 2020 for £155k, which was £5k over the asking price. Was advertised as cash buyers only due to height of the block, and several landlords expressed an interest. It was “priced to sell” because I wanted it to sell quickly, and it went under offer within two weeks. Then our two-bed with a very small terrace in a period conversion in Shoreditch completed at the end of April at £522k - listed it at £550k and it was on the market for about a month and a half.

I think sellers who are pricing realistically are still managing to sell, whereas those who have tried to jack up their prices in similar vein to houses are struggling to a) get offers and then b) have lenders and surveyors agree with the valuation, so sale falls through. I have several friends all currently looking to buy two bedroom flats with a balcony or terrace in areas like Bethnal Green, Stoke Newington and Walthamstow and they’re finding it difficult even to get viewings for anything decently priced, agents just have too many interested candidates lined up.

Interested in this. Very few places seem to come on in my area and I've no idea what the market is doing in my area (SE, zone 2).

We have no idea where to move to so have delayed putting it on the market.

You sold a one bed flat in London for £155! Now that is priced to sell!!

When you say they can't get viewings for anything decently priced does that mean their budget doesn't go as far or the properties they wish to view are sold/over run with viewings so they miss out?

@ilovesouthlondon

When you say they can't get viewings for anything decently priced does that mean their budget doesn't go as far or the properties they wish to view are sold/over run with viewings so they miss out?

The latter. Anything coming to the market at a “sensible” price for a quick sale e.g. around what it would have been marketed as in mid-late 2019 seems to end up with a dozen viewings booked in the day it hits the market.

One friend viewed a flat in autumn 2019 priced at £425k and decided not to offer because Brexit worries, it sold for £410k; an identical flat in the same block has just been listed at £495k. I doubt that one will sell at that price - but it demonstrates that agents are still encouraging flat owners to aim high.

NW London, Z2 - 2 bed conversion, I'd been hoping for 450K, agents valuations were in region 425-440K (last summer). There was v little interest, I eventually had to drop my price to 400K.

Lack of outside space was a real negative, as was affordability/mortgages for FTBs. I was also v unhappy with the agent who was more interested in selling houses vs my flat so might have done better with someone else

Flat was in perfectly ok condition, repainted etc, but had a tired kitchen (it was put in new to sell at time I bought, so around 10 yrs old & cheap standard): the feedback I got was no one wanted to replace kitchen etc so that also held things up. If was doing it again I would have done a cheap tart up job (new flooring/kitchen doors etc)

One bed masionette in sw london. On market for 335 sold within a week at 337

3 bed in a small ex-council block in SW London (zone 6), was on for £410k, we sold for £395k. Someone in the same block but only a one bed was on for £325k and dropped the price a couple of times and sold for £245k in the end, which sadly was £5k less than they had bought it for in 2016.

We sold our 2 bed maisonette in SE London zone 2/3 border for 10k less than we bought it for in 2017. It took around 3 months to go under offer and this was last summer/autumn.

@butterflycatcher

We sold our 2 bed maisonette in SE London zone 2/3 border for 10k less than we bought it for in 2017. It took around 3 months to go under offer and this was last summer/autumn.

Ooof. I thought maisonettes might be okay. Did you have outside space?