What is the demographic for buyers of 3 bed flats in London

[onlychildhamster]

This is just my observation but generally-

1. 1/2 bed flats- first time buyers/BTL investors
2. Terraced houses/semi-detached houses- Young families/ some BTL investors for the cheaper houses
3. Detached houses: Families with a lot of equity
4. 3 bed flats- mixture of BTL investors and downsizers i.e. fewer families and young people buying for personal use esp compared with 2 bed flats.

These observations are with regard to non new build properties as I don't really look at modern flats and houses given that my area has very few. My observation is that owner occupiers prefer houses to flats as many first time buyers are in their 30s and so want a house rather than what they deem to be a starter flat; and they also want the outdoor space. So hence the premium on houses as opposed to flats.

I guess I just want to understand the trends cos I am thinking of upgrading to a 3 bed flat (from my 2 bed flat which I have owned since 2019) in the next few years. I have less interest in gardens (though many 3 bed flats in my area have gardens) so I am just looking for the cheaper option which also gives me an extra bedroom. It is my perception that 3 bed flats are less popular and hence cheaper, but at the same time, some 3 bed flats can be more expensive than small houses in my area (maybe cos of downsizer cash).

Just interested to know Mumsnets' thought of it. If you don't live in london but have 3 bed flats in your area, would also be interested to hear your experiences

If you don't live in london but have 3 bed flats in your area, would also be interested to hear your experiences

We live in a flat with two dcs. Our whole area is full of flats - 2beds on the ground floor then 3-4beds on the upper floor, pairs of flats for rows and rows of streets

The whole area is full of families, couples, HMOs, singletons, etc.

@emmathedilemma Interesting. I thought WFH meant people moving out into the sticks and into houses...
Of course 'the sticks' mean different things to different people. For someone in z1/2, z3 suburbs could very well be the sticks which is why z3 houses would probably hold their value...z1 large flats and houses would probably fall in value but thats for a different market!

I thought WFH meant people moving out into the sticks and into houses...

😆 I think there is a middle ground between a flat share in z3 & house in the sticks.

I'm in z3 & count it as the suburbs but not as suburban as z5/6. Weirdly people get offended by living in suburbia. z3 is not central london though.

@onlychildhamster might just be me but I'd take a 3 bed flat close to amenities over a house in the sticks any day! There's some completely soulless new housing developments going up round here with no amenities at all, just swathes of hard landscaping and cars parked outside.

I think it really depends on the rooms to be honest. 2 doubles and a box room is probably still going to be a young couple, so bedroom, spare and an office for wfh. It three evening sized rooms and you are into flat share territory or young families who want a bedroom each for two kids.

I've lived in two different three bed flats (admittedly zones 5 & 6 though). Once was as a student and once renting with friends. All bedrooms were equal-ish sized doubles.

I’m in London and the majority of families I know live in flats - usually two-beds, or the occasional three-bed - one of the bedrooms was subdivided to make an extra bedroom. Those families that have bought in the last few years also have bought flats -two-beds, usually ex-local authority. I don’t know any family with the funds in London to buy a house - except my neighbour who downsized to a smaller house.

@Wnkingawalrus

I think it really depends on the rooms to be honest. 2 doubles and a box room is probably still going to be a young couple, so bedroom, spare and an office for wfh. It three evening sized rooms and you are into flat share territory or young families who want a bedroom each for two kids.

We couldn't find a house that gives as much space as we have in this flat.

We currently have 4 bedrooms, 2 reception rooms, plus utility on top of dining kitchen etc.

We toyed with moving and selling our cheap flat for a more expensive 3bed semi and stood to lose So much space that it just wasn't feasible.

@fillitup I don't really like most of the areas in z5/6, would almost rather move to somewhere like St Albans. But the rail season tickets hold me back and i guess WFH would make that less of a dilemma. I am too insecure about my career progress to make that jump though; i know someone who picked her new job based solely on door to door commute i.e. needed to be based in City rather than Mayfair because having to change tube/trains adds so much time to the daily commute which meant that she wasn't at home for bedtime. So made a lateral job move instead.. She lives in the Home Counties. I feel like in z3, its a lot easier to work in different areas in london; i know a single working mum who commuted from muswell hill to canary wharf daily with no problems!

Not even talking about the people who moved to cornwall or yorkshire...

I agree, I actually think places like St Albans or Bristol are fab as you get to be much more central to excellent amenities. Whereas most z5 & 6 areas don't have theatres, excellent restaurants, etc.

I'm in z3 but close to z2 & would only commute into z1 as opposed to N london z2 or z4 west London. I just work locally now as can't be bothered for any commute!

once dc are in primary a tiny commute makes life so much easier

Sorry can’t tag who asked but I think so, might move when it comes to secondary.

We have a garden and two big parks in walking distance plus a nature reserve, and both sets of grandparents within three miles. Not having anymore DC. We chose our location very carefully- lots of green space was important to us.

We sold our 3 bed Victorian maisonette in London 2.5 years ago to a young (late 20's) couple who recently had their first baby.

It sold for £500k

To add, mine was in zone 3, near excellent primary and secondary schools, and we lived there until our DC's were 9 and 6.

We sold a 3 bed ex-council flat in a low rise block last year to a youngish couple with a baby on the way. We were in the catchment for one of the borough's best schools there so I think that our flat was probably the biggest property under £450k within the very small catchment. Also it was a good sized flat and had two reception rooms and two bathrooms with nice communal gardens, so I guess in answer to your question, it depends a lot on the flat and a lot on the area!

@Borland

We sold a 3 bed ex-council flat in a low rise block last year to a youngish couple with a baby on the way. We were in the catchment for one of the borough's best schools there so I think that our flat was probably the biggest property under £450k within the very small catchment. Also it was a good sized flat and had two reception rooms and two bathrooms with nice communal gardens, so I guess in answer to your question, it depends a lot on the flat and a lot on the area!

We are zone 6 btw, nearish to Richmond.

Three-bed Z2 flat here. I'd stay here forever if we had direct access to the (massive) garden, but we don't. But it's the size of a house and is a wonderful place to live, even with three young kids.

I live in a 3-bed flat in West London. There are lots of foreign families (American, French, Middle Eastern mostly from what I can tell) and foreign investors in our block.

Zone 1, I should add.

A relative bought a 3 bed flat in Clapham as a FTB - rented rooms to friends. Common among that group I believe.

Are the square footages comparable? I'd rather a three bed flat if it meant more space and still had a garden. Being all on one level may also make a flat more appealing, plus maintenance may be lower.

Lots of families live in 3 bed flats near me because 3 bed flat = £750k and 3bed house = £1.3m for only around 300 extra square footage (which is mostly taken up by stairs and hallways).

@goteam the difference is crazy! I get that people want freehold but you can get share of freehold or residents managed which gives you control over costs. And you need to have savings for repairs and a new roof even if it's your own house.

We live in zone 1, although we’re only just in Z1, the next road is Z2, we live in a three bed, however it’s actually a two bed we have converted by knocking the bedroom walls down and creating three smaller (but still big enough) rooms.

Here people living in a purpose built three bed are generally very wealthy, we have some bigger flats in this block which sell for around £1.4-1.8m. A two bed did recently sell for just over £2m, but it was the penthouse, is absolutely huge and it has a very very large roof terrace.

These flats weren’t that expensive when built, so the people who have lived here longer in the big flats just have fairly normal jobs like me and the other residents in the smaller flats. We have a couple of well known famous residents, I’m not sure who has bought the penthouse.