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

@goteam

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).

It’s like that here, our flat is around 1,200 square foot and I paid just shy of £700, houses here of a similar size are around £1.6m without a parking space (we have two).

We're in a 2 bed flat in zone 1. The 3 bed flats around here are all purpose-built, either ex-council or new build. Very few houses within half a mile, none up for sale at the moment, and conversion flats are rare. The ex-council flats sell from around £500k and are usually BTL, but sometimes young professionals, often from overseas, who aren't bothered about the ex-council label. The most expensive flats are shiny newbuilds, in high rise developments, going for up to £9.5M (!) - foreign buyers I'd assume. There are some smart new developments which aren't quite so pricey, but still over £1.5M - these buyers could easily afford a 3 bed house in zone 3, so it's professionals (couples or sometimes with dc) who want a central London lifestyle - a flat is the only way to get it here, because there are hardly any houses (and the ones that exist are smaller and not modernised).