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.

@robotcollision it's all personal preference. I would rather have the flat with a third bedroom over the 2 bed house with garden. I don't really spend time outside (typing this while it is pelting with rain)..also building costs have gone up massively due to Brexit so in the past, it was easier to market a 2 bed house as a potential 3 bed (with price uplift) as one could easily remortgage to afford the extension cost. Now that the cost of extension is higher, I am not sure how it works out so the price of the 2 bed house has to come down to accomodate the cost of extension.

My 1-bed flat is in West London and I think it’s held it’s value or increased by 2.5-5% on the basis it has a good sized garden which is now more in demand.

@GrandmasCat that's interesting about your friends coastal flat. I'm desperate to live by the sea but we wanted to wait a few yrs. I'm worried we will priced out in a few years!

@countrytown.

Interestingly, it has become more expensive to buy but the rents are still tiny, but then, once these little places are more “gentrified”, I think they will become unaffordable.

I sold my two bed flat in central Balham for £470k in June this year (after trying for months and dropping the price 3 times). The exact same flat below me sold for £495k in Nov 2019 just before Covid. So it’s gone down in value by £20k.

The flats don’t have private outside space, which was the reason for the fall in value I think. There is a lovely communal garden but I don’t think that makes much difference.

Ooops can’t do maths - £25k!

Interesting thoughts about houses vs flats.

I think lots of people who can afford a small house, will always choose that over a flat, even if the flat has larger floor space. The house will have outside space, even if small and also is likely to be freehold, which avoids a lot of the ongoing and much publicised issues related to leasehold properties. Even a small house feels to many like it has growth potential, not necessarily in terms of size, but for housing a family which might come later, largely because there is a garden.

That said, I can see that the race for space which has been happening, also involves moving from smaller houses in the city to larger ones outside. It is detached houses which have seen the biggest price growth. And I guess in prime locations of London, people often pay well over £500k for a flat (often much more) rather than buy a smaller hosue further out. There are still certainly people who want the London centrally based lifestyle, but perhaps just not quite so many as before, and perhaps with home working etc and the cost of moving, the affluent first time buyers who might have purchased city flats think twice now and instead some choose to buy their first property further out (house) and commute for the one or two days that they need to be in the office.

@Charlottemh I have a friend who struggled to sell in balham despite garden. She did sell but barely any profit once you factor what work she did & SD she paid. I have another friend in Wandsworth who had similar with her house. They are the areas that have suffered I think as the prices have been high for years & there isn't much room to grow. Plus that demographic is more likely to be able to remote work.

Yes, I think communal gardens can be beautiful and large, but people ideally want some private outside space. It doesn’t have to be large or even particularly lovely for lots of people, as many don’t want the bother of much gardening anyway, but they do want somewhere to sit outside with a small table and chairs, and to feel the fresh air in private. Communal gardens can be absolutely beautiful, but you can never guarantee you’re alone, or a neighbour won’t come along ….and people just want some private space.

I’ve seen flats with a tiny ugly balcony, or the smallest terrace imaginable, which really will only fit a tiny table and 2 chairs and one or 2 potted plants, and they have sold faster, even if the terrace seems to be fronting onto the car parking spaces. People like to have their back door or patio doors open onto private open space, letting the fresh air in and being able to move outside. Most flats only have the one door and not only is the private outisde space missing, but also that ability to fully open a door to the outside and ‘let the outside in’ as the expression seems to be. Being couped up in lockdown made being able to do that seem more important. And once people could meet outside and still not inside, unless you had that small outside space, you had no ability to have friends round. Even a tiny terrace could mean a friend sitting there for coffee, which felt more of a step forward than meeting in a park or communal space.

Yes you’ve both hit the nail on the head. In fact, it’s the lack of private outside space, and the ability to home work, which is why I was so determined to sell up. Lockdown was certainly tricky without so much as a balcony, safe to say I know the local parks like the back of my hand now!

[quote onlychildhamster]@robotcollision it's all personal preference. I would rather have the flat with a third bedroom over the 2 bed house with garden. I don't really spend time outside (typing this while it is pelting with rain)..also building costs have gone up massively due to Brexit so in the past, it was easier to market a 2 bed house as a potential 3 bed (with price uplift) as one could easily remortgage to afford the extension cost. Now that the cost of extension is higher, I am not sure how it works out so the price of the 2 bed house has to come down to accomodate the cost of extension.[/quote]
That's a really interesting point about building costs. I hadn't thought of that.

@WombatChocolate good point re outdoor space & socialising. We did our garden last year to turn it into a proper "space". Loads of neighbours did the same.

also building costs have gone up massively due to Brexit

That's a good point that I think will hit houses & flats. A lot of people assume if they spend X on a new kitchen, loft etc they will automatically get it back when selling.

@Charlottemh where did you decide to go if you don't mind me asking?

Bought our flat for 187k in 2016, had it valued late 2019 at 260k and the flat below us has just sold for 295k!

We have the benefit of a private garden as we’re upstairs, and flat is in better condition as just been refurbished - so I assume worth the same as the one below if not slightly more!

I’ve had to move in with relatives as my buyer wanted to beat stamp duty. Looking at Sevenoaks or Reigate - the market is completely different there though - barely anything on the market and the decent houses going for more than they’re worth. I’ve actually started looking for at listings in balham/wandsworth again as there’s more on the market and prices are almost comparable!

That does tends to be the traditional direction & both people I know ended up in Reigate! I like it there.

Yes & true what you say as I've been looking & there is a real lack of supply in some areas but lots for sale in Wandsworth (I live there too). Lots also been up a while too.

@WombatChocolate I hope what you say re flats Vs houses is true but for now, the large flats are more expensive than the tiny 2 bed Hampstead garden suburb houses in my area!

Maybe it's lack of supply...

@robotcollision

Angel Islington

clapham

The Islington one is about a 15 minute walk from me, my flat is significantly bigger (and a three bed) looking at the pictures, all of our bedrooms are large doubles. It was significantly cheaper than that property

The Islington one is about a 15 minute walk from me, my flat is significantly bigger (and a three bed) looking at the pictures, all of our bedrooms are large doubles. It was significantly cheaper than that property

Yep exactly.

My estate agent (West London) is really struggling with anything that doesn't have any outside space (my flat).

She is showing my two bed flat which is split level and large (over 1100sq ft), high ceilings, big victorian windows, lovely street , alongside much smaller properties with none of the character but tiny balconies, and these are getting snapped up first.

Outside space has never been at such a premium in London.

A family member bought their 2 bed flat in SE1 (had outside terrace area) in 2016 for £600k and sold this year for £590k........ 😏

I’m guessing people are not prepared to go out of zone 1-2 to get more for their money in terms of space.

They should say ‘are prepared to go out further!’

Our renovation project (not really started yet) in Cornwall with fields has supposedly gone up by £100k in 18months.

Just saw that you were asking specifically about flats, sorry. I guess we are at the other end of that spectrum though.