How soon do you get viewings for London flats

[onthefencesitter]

Flat just went up over the weekend. Understand its a slow market for flats (next step is a bigger flat which is still on the market and selling at a reduced price) but I do need to sell my flat in order to buy the next flat.

But just interested to hear other experiences...

Everyone I know buying or selling flats has found the market pretty fast moving in recent months so I’m not convinced it’s the full story that the market for flats is currently difficult. I think it depends far more on whether you’re attractively priced, the location, have outdoor space and so on. Our neighbours went under offer at asking price within two weeks after about fifteen viewings - they didn’t go with the estate agent who gave the highest valuation though.

Depends on what you are pricing it at. If it’s small flat for FTB, I don’t believe they have more money then you had couple of years back. So if you are pricing it high, there aren’t many that could afford it. And they probably can find bigger one for same money, just like you said you did.

the bigger flat is above the budget for most FTB- £600k and much more expensive than my current flat (which is below the 500k threshold for FTB stamp duty discount) Perhaps not all as it is north london and a lot of FTB are older these days. But I think its going cheaper because you can buy a decent house for £600k in the Home Counties (and most people don't factor in commuting costs). For me however, the commuting costs would be a big deal as my DH cycles to work and we don't have a car.

we sold a large flat a few months ago, had viewings before it went on market officially & offers straight away.

If the bigger flat has been reduced is your flat priced to match?

I priced it at the same price as another flat in my block which has STC.

I don’t foresee anyone willing to pay 500k for one bed flat in north London at this climate, sorry. I’m seeing same situation in popular areas of SE . Developers pricing 1 bed flats at 500k, yet people only manage to resell older ones, in same block for 300-350k, but they don’t get more than that. More expensive ones just sit there.

When I talk about FTB for 1 bed flats, I’m talking about single or very young couples. They definitely won’t be in the market for 500k flat, unless it is via HTB.

Older FTBs are skipping 1 bed flat purchase these days, because it makes no sense anymore. I.e. we are FTBs in our 30s and our budget is 750-800k. The only way I would be looking at 1 bed flats is if I’d become single.

Its a 2 bed flat that I am selling to upgrade to a 3 bed flat for around £600k.

I am 30 this year, bought the flat when I was 27 and DH was 29. We didn't use HTB, it was a 1930s flat. I didn't understand the concept of HTB anyway as if I couldn't save up a 15% deposit, i definitely would not be able to shoulder a 95% mortgage on our flat

And the 2 bedflat is for £450k. in zone 3 north london.

Does it have a garden? I've heard flats with a garden shift fast, but if it doesn't have any outdoor space then it may be tough. August is also the quietest period for viewings etc as so many people are on holiday. You might have done better to put it on at the start of Sept

It has a communal garden.

A link would be helpful!

@onthefencesitter when did they sell? do you know what price was accepted. We accepted a little under to go with fast cash buyer.

A link is helpful to give targeted advice.

They’ve more likely accepted lower offer. To put into perspective you can now find 1 bed flats in Chelsea, Battersea, Clapham for very similar price. Hence why I doubt this pricing gets people through the door. But I’ve seen people try plenty of times.

In my part of N London people with 1/2 bed flats are getting plenty of viewings in the first few weeks, but offers are harder to come by. 3 bed flats and houses are going quickly, partly because there are so few coming on to the market, but 1/2 beds are harder to shift. What is selling is often going for less than people bought 3/4 years ago (a friend recently lost 40k on a 1 bed she bought in 2018).

the price of flats in my part of SW London haven't changed much since Brexit tbh

Is that the same for 3 bed flats as well?

I don't mind selling lower if I can also get the 600k flat a bit cheaper as well. Of course it needs to work for my finances.

The reason why I am moving is because I want to get a mortgage before i have a baby and I do want to start TTC soon.

@onthefencesitter mine was 3 bed with private garden

i think smaller without garden has probably lost money, definitely on some new build blocks

tbf houses didn't increase in value much until the stamp duty pause.

Pls note cladding crisis means many flats cannot be sold at the moment.

My flat isn't affected by cladding crisis though...

Thats true for my area too. I think affordability is stretched in all areas to be honest. Most people I know are getting help from family (whether they are buying flats and houses) plus getting a big mortgage but that is by no means a magic money pot!