Are flat prices still falling in Central London?

[Fettaheese]

It’s always been my dream to own a flat in Central London. I mean nice old areas of Zone 1/2. Our budget is low, maybe £600k for a one bedroom, which rules out most areas. We have seen flats listed for £650k during covid sell for £525k. Obviously they were overpriced.

But are prices still falling?

I sold a two bed flat just a smidge into zone 2 for £415k at the height of the post Covid market so am assuming you’ve got dreams slightly bigger than just ‘a flat in central’!

i don’t think you’ll ever get a beauty in Fitzrovia for 600, no. But give us some ideas of what you’re after and I could def find you some flats within budget right now.

Yes prices are still falling and will likley continue to do so in the short term.

Did they sell for that then?

During the Covid buying and selling frenzy one and two bedroom flats were the hardest to sell. Everyone wanted somewhere bigger to work from home from, everyone was moving to the coast, the country, wanted a garden to socialise outdoors in, to exercise the new lockdown dog in.

Is property in Central London dropping from below that? It’s a specific market.

No

Yes, you could get a nice little one bed (maybe even 2) in Pimlico for that - zone 1, v well located. Prices are stagnant or falling. You will see some that have been recently reduced on Rightmove.

I wouldn't call zone 2 central London - by definition that is solely zone 1.

600k would get you a really nice 1 bed in zone 2. But the 1 beds I have seen in zone 1 for about that price always have big compromises, like being very close to major roads.

Whether prices in Central are are still falling or not I don't know. They fell during and after Covid due to the lack of international buyers. I think these are starting to return but probably not yet in the numbers we had pre Covid.

Depends what you mean by Central because it's a market made up of lots of little areas driven by their own supply/demand.

Anyone answering 'yes' or 'no' just lacks any intelligence at all and probably has some kind of vested interest. Most areas have asking prices less than covid for sure but I'd expect some areas to be a bit more resilient as some aren't that reliant on mortgages. Others will be.

So back to the question, in my view 600k isn't low if you accept that you might only get a small property. The apartments over by Battersea have huge supply as blocks are always going up. Prices have been falling and I suspect will continue to fall there because interest costs mean BTL is not economic and international buyers also have somewhere else to put money. As with most new builds they were also overpriced to start with.

Some people might not regard that as proper Central London though, but at 600k you could buy something right in the centre. New builds are way less common there, but you easily buy a 1 bed in for 600k in near Covent Garden/Leicester Square, but I guess it'll an older building and smaller than average, for example this:
https://www.rightmove.co.uk/properties/132688139#/?channel=RES_BUY

This has been the same price for almost 5 months now and was already reduced, so you can only presume its asking price will be likely to drop further if it wants to be sold.

@usertaken try harder

usertaken Charing Cross Road is a noisy polluted and very busy road! No wonder the flat isn't selling.

@usertaken That's a housing association building though, a lot of people are put off by ex HA or LA properties.

Anyone answering 'yes' or 'no' just lacks any intelligence at all and probably has some kind of vested interest

Or, you know, they just live here.

Maybe not central enough for OP but this is share of freehold. I used to rent in this area years ago and loved it

Had a little look, there’s plenty

https://www.rightmove.co.uk/properties/139594535

Very close to a major road.

It’s central London. I feel expecting not to be close to a major road is slightly beside the point?

Actually just looked at a map, I know that building well. Very peaceful little street!

I don’t agree, there are lots of properties not so close to main roads in central London but they would normally cost over 600k even for a 1 bed.

Up to OP if they mind that level of air pollution or not but most people would find the proximity to an A road offputting.

Exactly, the roads are not the reason these flats are not selling.

Fair point, you don`t need to be right on a main road everywhere in central London, but before the price of debt went up these flats WERE selling, and people stupidly thought they had done the right thing buying them!