London Market - flats

[kirinm]

I know this topic has been done to death but I'm just wondering how people currently selling flats in London are getting on? We are finishing off some work and hopefully will get sign off by building control in the next few weeks. So we need to finally decide if we are going to sell now or not.

Are flats selling or is it still slow (if it ever was)?

Priced right, flats are selling - at least in my part of SE London. The problem is that many sellers have seen the general market rise and want their flats to rise accordingly - so flats which would have been valued at £475k in late 2019/early 2020 are now hitting the market at £550k or more, and then sellers wonder why they aren’t selling.

More employers are now signalling that they’ll soon expect staff to be back in the office at least half the time, which has put paid to a lot of speculation about whether people could leave London altogether, so the market is beginning to move again. But many would-be FTB buyers in particular are still waiting to see if prices will drop once the effect of the stamp duty holiday wears off, so if you can wait until later in the year to sell you’ll probably find it easier.

Thanks @ComtesseDeSpair we are still dithering about doing the bathroom up and if we do that, we won't put it on the market for a while yet anyway.

I'm SE London too. Nothing much seems to come up on rightmove so really hard to get an idea of what is or isn't selling. We have a figure in our head of what we think it could be worth but really have no idea if that is what we are likely to get.

I've said this on other threads but I'll say again here. 1 bedroom flats, particularly those with no outside space, and ones with any potential cladding issues don't seem to be selling. Larger period ones with space for things like partial wfh and garden that are reasonably priced - definitely are still selling.

My friend has been trying to sell her 1 bed flat with a balcony in SE London for 10 months! Offers have fallen through and some banks have problems lending on some flats too. She has had to drop the price considerably just to get on with her life as the viewings can be soul destroying!

Is your friend's place a new build?

We have a balcony in our Victorian conversion but also have quite a large garden so I'm hoping that is what makes ours sellable. I'm a bit put off selling because we would then have to try and buy and that sounds like a bit of a nightmare at the moment.

I am in Balham and it took me a year to sell my two bed flat, and it sold for 25k less than the flat below me did at the end of 2019 :-( I don’t have any outside space other than a large communal garden. Hopefully you’ll fare better with your balcony!

@kirinm no its not a new build its ex local authority.

SW London here and the flat above me is being marketed is what I paid for mine 4 years ago. It's in much better condition and they have had no viewings.

@ClingFilmAndGafferTape

SW London here and the flat above me is being marketed is what I paid for mine 4 years ago. It's in much better condition and they have had no viewings.

We are still no closer to putting ours on. The whole process is anxiety inducing!