Is this offer on a £600,000 flat rude?

[ScillyGirls]

I want to go in at £550,000. I've read that knocking 10% off asking price is acceptable, I just don't want to appear insulting at the first offer and it has been on the market for 2 months. Has anyone had success with something similar?

It's a 1st floor studio flat in a desirable area of Zone 2 London, tiny (350 sq ft) with main room, a small kitchen and a bathroom. So it's a small, period terrace flat above a cute shop in immaculate condition, very high ceilings, but the clincher and why I'm going for location over size and space is the terrace/balcony overlooking one of the most beautiful streets in London, with a royal park 30 secs in one direction and a village-feel street of shops, delis, cafes, pastel houses and al fresco dining all around.

This flat hasn't been on the market for a couple of decades, so the asking price can't compared to any recent sale, but the length of the lease is generous and not a problem. What would you offer?

I wouldn’t say that’s insulting as such, more a reasonable starting point.

No, I don't think so. Are you able to share the area? That being said you may be overpaying. It may be difficult to resale due to sq ft and it above the shop. Do

That sounds like Primrose Hill. A bargain at £550k but I imagine you'll have competition to be honest. Rare for something that cheap to pop up in the area.

I wouldn't worry about offending anyone champ - you do you. If you lowball it (which it doesn't sound like it) the only risk is if you kick yourself for missing out on your dream home if someone else pips you to it.

Without seeing the property don't expect anyone to give you any helpful advice on pricing as all anyone can do is say a number relative to asking price - and that's just a number the seller has pulled out of their proverbial as an amount of money that they'd like for it; it doesn't necessarily have a connection to intrinsic value.

Good luck

This one?
https://www.rightmove.co.uk/properties/144742829#/?channel=RES_BUY

£600k 🥲🥲🥲

It’s not a very nice view from the balcony!

However I don’t think it’s an insulting offer. Unlikely to be accepted but a good starting point.

I was just about to suggest Primrose Hill

Location, Location,Location.

The OP can get a better property for that price.

Yes - my immediate guess was Primrose Hill as well. What’s the market like there? Do things go for asking or usually less?

I would absolutely love people watching from that balcony

Wow.

Where would you sit to eat your meals? Or to watch TV? If you had friends round, where would you all gather? Where would you store anything?

All that said, 10% off an asking price seems perfectly reasonable; think of it like a Turkish bazaar - as a buyer you don't go in with your best offer, and if the vendor is even remotely interested they'll engage with you in the hope that you'll increase your offer.

You'd also need to check what type of licence the shop premises below has. If it is the flat in the picture, a bagel shop may be fine. But if the bagel shop goes bust, you may be less happy with it being taken over by a late-opening fast food takeaway!

Oh it's lovely!!! If you can afford it, and you love it, don't mess about OP, just secure it.

(I know, £600k, but that's a pretty special location!)

Me too. I recently stayed in Cardiff in an apartment with a roof terrace (very similar looking street to the op's property, probably about a quarter of the price) and I was transfixed, people watching.

@saveforthat yes I still think it's madness haha. That could get you a 6 bedroom detached house with land where I live!

One of the most beautiful streets? I think we are looking at different things 😂

Lovely location but it’s shocking that it’s only a sofa / sofa bed 😫

@neverknowinglyunreasonable @saveforthat I love a bit of people watching but it’s just not an especially nice view imo. Just concrete really. Road, cars, buildings. Think it was described in the op as one of the most beautiful streets in London - it’s a bold claim 😂
Suppose we all like looking at different things though!

I love it! Not sure I could live there full time though without a separate bedroom. Fab area.

Love the way it's been staged with a tiny table in the corner! Bet they just normally slob out on the bed. Agree about the bagel shop changing to something noisy or smelly, bit risky. Shocked at price! But that's London for you.

Looking at google maps, the bagel shop is quite new; the previous business was a butchers which seems to have closed less than 2 years ago.

You could get a house for this in London. I actually think you need to reconsider.

I live in SW London and I still cannot believe London prices. £600K for what exactly?? My gosh what a rip off.

OP have you looked around? Surely you can at least get a one bedroom somewhere closer?

Not in primrose hill