London Flats opinion in zone 2 NW6

[Kaykaykaykay]

I bought 6/7 years ago 2 bed and looking around my area similar sized flats seem to be on market for 80-90pc of my purchase price. I guess I could have over paid originally slightly though was surprised that it wasn't at least holding his value.

Just wondering if it is general market conditions eg affordability/interest rates (and perhaps I bought unluckily at "peak") v flats are less desirable?

www.rightmove.co.uk/properties/85710411

For comparison, I did view a flat in this block back then which was on offer at 400k . List price now 465k. This one does have access to communial garden space. I can't fathom why my flat would reduce 20pc whilst this one has gone up 10pc.

But it's been up for sale since last June and hasn't sold yet so hasn't really gone up in value?

As PP said, it's worth what the market will pay- it hasn't sold at that price for 6 months so it's not worth that, rather what the vendor wants it to be worth!!

From what I’ve seen, that area had a big house price spike - certainly very high asking prices - 6-7 years ago and then it dropped off just after the Brexit announcement. If you hold on to your place the price will go up again, but it’s not going to happen imminently as the market has slowed in many places. Do you need to move?

Flats have gone down in value from a peak. The cladding issue has caused huge problems and put people off. Increased wfh means more people would rather have larger places with a longer commute. Also Brexit/COVID has impacted people's choices about where in the world to live, which may have had a smaller impact.

Sadly the people I know a few people who have sold flats in the last few years who have made a loss. They have had to take any offer as it might be the only one. There are still flats on for money but not necessarily selling. It's rubbish.

Oops edited that badly!

Someone on another thread pointed out that wfh/ hybrid means people are more likely to live a bit further out and get a house as they don’t need to commute every day. That could be a factor.

I'm thinking that hybrid working is bringing people certain depts back in at least three days a week so perhaps reverse the trend in moving out as previously people thought remote working was permanent and five days a week.

Also no cladding issues as most of the flats round here are converted semis/terraces...

Flats make up a lot of the market and are more affordable so think there should be some demand.

If it is currently 20pc from peak how far can it drop?

Was yours a new build? They don't always go up in value.

Get some agents round to value yours.

It's an flat in converted pre 1940s semi...not ground floor unfortunately

our neighbours in NW6 have been trying to sell for the last year and reduced the price by more than 10% and still haven't sold. big house.

I think the vast majority of flats in London haven’t gone up in price since about 2017, unless you have a ground floor one with a garden, in my area (zone 2 NE) those have gone up a bit.