What is the value of your flat compared to pre-Covid/year ago?

[WombatChocolate]

I keep reading about property price rises of over 10% in this last year. However I know that it hasn’t been even across the country and houses have been in big demand and city flats (esp without gardens) have struggled.

What do you think has happened to your flat’s value and where is it?

Mine is a Home Counties maisonette - 1 bed with good transport links and small private garden. Zoopla is pricing it at about 15% more than when I bought it 2 years ago. Realise Zoopla not always accurate.

Most flats round here seem to be about £10k more than a year ago, but lots appear to be reduced.

I’m not selling, but just wondered what people are finding.

North London, zone 3, 1930s block with communal garden. Similar flat in my development sold for £430k in December 2020, I bought it for 392k in 2019.

North London zone 1, another flat in the block sold very recently, slightly smaller than mine but similar level of finish inside, it sold for 8% more than I paid for mine about three years ago.

We have family who bought a two bedroom flat in 2013 for 100k (in a popular northern student city) and they sold it at the end of last year for 125k. They listed it originally at 135k, dropped the price once (to just under 130k) then accepted a sensible offer. It didn't have a garden or any outdoor space, but did have off street parking and wasn't affected by any cladding issues.

I'm in the Midlands. The price for mine and similar has remained static for the best part of ten years, but two have sold this year for 20% over the usual price. Even the less desirable ones have increased. I don't understand the sudden demand for them.

Mine has risen by at least £20k since I bought it in February! Going by the prices of similar properties on the market now (even accounting for inflated asking prices) I could definitely get £20k more than I paid and maybe more than that...it's a bit nuts.

South east London, 2 bed ground floor flat in purpose built complex of apartments. Huge sprawling communal gardens so lots of accessible outdoor space.

According to national price index, zoopla and other sold comparison places, it’s gone up around 60k. Which is about 20% ish.

Sorry meant to say bought it v early 2020.

@GorgeousLadyofWrestling

South east London, 2 bed ground floor flat in purpose built complex of apartments. Huge sprawling communal gardens so lots of accessible outdoor space.

According to national price index, zoopla and other sold comparison places, it’s gone up around 60k. Which is about 20% ish.

That's interesting because I've seen quite a steep fall in London flat and house prices. Some 3-bed terraced houses now on the market within zone 2 for under £750k. 2-3 bed flats in conversions or low rises for around £350k.

The flats in my area of Sw z3 london are similar prices to last few yrs. If someone has done work eg loft then they sell for more but lots of stagnation. This was post Brexit actually when prices started to stagnate.

I think having the garden makes a huge difference in saleability for flats. Mine is a flat but has a decent private garden and a driveway so very competitive compared to other flats of a similar size.

I've been looking at houses in SW London as was contemplating a move & lots reduced. I think cheaper areas have increased but toppy areas probably stagnated. It will be interesting to see what SD & furlough ending will do.

A lot of friends moved as last yr as the SD cut helped them move up the ladder.

@robotcollision yeah I expected the same because I kept hearing that about flats. I don’t know if it makes any difference but we’re zone 4 in south London that’s very green so perhaps that along with the gardens makes lockdown feel less hemmed in? The gardens really are massive. It’s a huge purpose build estate and feels huge but also private. It’s apparently a desirable place within our little corner of SE London. Because the flats are all identical it’s easy to get a realistic sense of prices. There’s about 96 in total and the ones that have sold in the last year/18 months have all massively increased.

Purpose built Edwardian maisonette, SW 17, two good sized double bedrooms, good sized eat-in kitchen.
The crazy peak was around summer 2016, when some were priced at nearly £600k. They’ve come down since then but don’t think they’ve have changed much since 2019 but maybe £500k instead of £525-550k if nicely done up.

These do have small gardens though, so are still selling.
Plus (usually) very low ground rent and typically no service charges.

Deffo stagnated/fallen here.

West London large two bed flat across top two floors of Victorian house. No outside space.

Valued (by two agents pre COVID) at approx £675. Possibly worth more a year before that.
Struggling to sell for £600 now.

Bought in 2005 for £75k so can't complain.

Just sold my flat in SW London for 10% more than we paid for it 6 years ago. We bought in a bit of a bubble, and it's an area that had already come up, so there's been a bit of stagnation both in flats and houses. It went very quickly - could possibly have got more but we had a brilliant buyer.

There's a lack of supply in the area apparently, which I think is keeping prices inflated. A lot of people left very quickly last year

Where in zone 2 is this??

Sorry - my post was meant to refer to the comment about houses for under 750k in zone 2…

@Notcontent

Sorry - my post was meant to refer to the comment about houses for under 750k in zone 2…

Archway

Bow

Stamford Brook

Queen's Park

Limehouse

and loads more. These are just a few from the first of 16 pages Rightmove showed.

Angel Islington

clapham

@robotcollision what I find interesting about those houses is that they are often not much bigger than flats, esp when accounting for the staircase. They are up to 200k more expensive than the flat, because they are houses with a small garden albeit with similar floor area. For a FTB, they are quite expensive and for a second stepper, it wouldn't be much of an upgrade! So it makes sense that in the time of a pandemic, people with a larger budget would prefer to buy further out where they have genuine choice of large properties while people with apartment budgets often don't get as much bang for their buck in the home counties. I can see therefore why small terraces are just as affected by the London exodus as flats.

[quote onlychildhamster]@robotcollision what I find interesting about those houses is that they are often not much bigger than flats, esp when accounting for the staircase. They are up to 200k more expensive than the flat, because they are houses with a small garden albeit with similar floor area. For a FTB, they are quite expensive and for a second stepper, it wouldn't be much of an upgrade! So it makes sense that in the time of a pandemic, people with a larger budget would prefer to buy further out where they have genuine choice of large properties while people with apartment budgets often don't get as much bang for their buck in the home counties. I can see therefore why small terraces are just as affected by the London exodus as flats.[/quote]
I agree. I think you could get way more spacious flats for a similar price, maybe even in nicer areas. But I suppose they are freehold, which has some value. And there's no annual fees to maintenance or ground rent etc.

Although I think the one is Bow is good value. I know that street and it is very quiet, backing onto a play park. Easy walking distance of QE park, Victoria Park, Lee river, canals and Docklands - so lots of lovely green and open spaces nearby. I'd be tempted if I was moving back to London.

I think that's one reason people do less moves now. Each step is expensive for not much more space. In many cases I think houses are preferable even when smaller because garden, freehold, easier to add value etc

My friend has a little nice flat in the coast, which was valued 2-3 years ago. The price has gone up by 40%

My house is up by 20%.

I was thinking of downsizing just before they announced the 95% mortgages… good decision I didn’t, any benefit if selling would have been wiped out by the time I found my smaller house.

@robotcollision oddly i viewed the clapham house as it was the only house in my price range in the immediate area!
I ended up buying a 2 bee garden flat between clapham junction and clapam common which had a converted basement and larger floor space. Agree that buyers will chose a larger space over a house