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 think that is hefty price even for the location and it is not the prettiest street in London (cus I live on that one)

Has OP actually confirmed it's Primrose Hill?!

@prancer1 no they haven’t! And based on their description I’m inclined to think it’s not the right one 😂

No! I'm sitting here watching with popcorn and amusement. I'm not drawn to the Camden area, although it was fabulous a couple of decades ago. My friends are mainly south of the river I so want to remain that side of town.

Thanks to some of the nice replies with your advice, sounds like my offer will be fair.

I think it's a reasonable offer and good starting point considering it's been on the market a couple of months. I'd prepare for a flat no, but then you can decide what's next.

It’s certainly not a rude offer.

But unless it has already been on the market for at least a few weeks, expect it to be rejected. People don’t generally drop by 10% until they have begun to realise that they aren’t getting the viewings /offers and the EA probably overpriced the property.

Agree!!

If it's south of the river, then £600K for a studio above a shop is completely overpriced.

Give your head a wobble OP and keep looking!!

Also a studio flat? Even if you don't want to buy a house which I don't think is a sensible position I think if you can afford a house in London, everyone should buy a house in London because leasehold is just a nightmare. But you could probably get a 2/3 bed for that price.

I think if I was young, single and could afford it, I'd much rather live in an eye waveringly expensive studio in an amazing area than a house somewhere else. I still remember my teeny tiny apartment in Paris pre DH and children with all the love in the world. So, I wouldn't worry about offending them OP, that's more of a worry for family sized houses anyway, I would just decide how much you want it and how much you are prepared to pay. The worst that can happen is they say no and you either offer more or someone else does quicker, in which case, it wasn't meant to be.

wateringly not waveringly!

I’m guessing Greenwich?

You get it Rockstar! I won't be purchasing anywhere that won't be likely to sell for a modest profit in a few years. I've viewed several larger properties at a similar price - some with two floors and 3 bedrooms - and would love the extra space, but we all have different priorities, and just as you said, I thrive on being in a glorious area, close to the action of a lively community, people watching and meeting and pubs on the doorstep. London workers at the local bars after hours on a Friday...

In an ideal world, I'd love to have a couple of spare bedrooms for guests, and yes, I could afford them if I sacrificed the location, but my guests will have to shuffle past my bed and dine and drink with me under the sun and stars (and rain) on my terrace! And morning coffee on my own, overlooking a neighbourhood I love every day would thrill me, I'd never get bored of it. I totally understand why others would take a more practical route and plump for more space. But like you, I want the romance of beauty and life happening around me. It would be wonderful to have both, but we can all dream for our next rung on the ladder can't we?!

Good luck OP, tell us how it goes! It sounds like you know what will make you happy, and if you can afford it then really that’s all that matters.

Depends if she’s going for property over location.
in terms of walkable central London it pretty perfect. PH is pretty spenny and it’s good area

I thought the same thing!! 😂

Beautiful? Nope!

I hear you, OP.
But it does rain rather a lot. Add in to the fact winter can be cold.

How often would you really use the balcony?

Surely somewhere to eat your meals would be preferable?!

Eating meals on a tiny table in the one room is a no go for me.

A studio for £600k is a bit mad. A separate bedroom and lounge needs to be a thing for that price.

Yes I agree.

I did wonder about Chelsea / Belgravia, which do still have some small pockets with a village-y feel, pastel houses, near-ish a Royal Park (but nowhere near as close as Primmy Hill). But that's zone 1.

I can't think of a single area in Zone 2, south of the river where that wouldn't be overpriced. So OP should definitely be making an offer.

If you want to make a tidy profit when you sell, you’ll be expecting someone to spend £600,000+ on a studio flat. Above a shop. That’s a vanishingly small market. There are not that many single people with that kind of money to spend on a studio flat. Bank of mum and dad will certainly not be wanting their child to live above a shop for that kind of money.

I think you have a romantic idea in your head which just isn’t grounded in reality. Sorry, I think you’re being very silly.

I agree and I think OP is actually being a bit coy here on purpose… would bet that the property upthread in Primrose Hill is actually the one they’re talking about. It too closely matches what they said to be a coincidence and south of the river just doesn’t make sense for that spec and price. If OP wanted advice on the specific property then they would have included it in the OP itself, so now someone has effectively outed her I think she’s denying it even though it is the actual property she wants to offer on. And I don’t blame her I’d do the same!

i do love how quickly it escalated though and the collective detective powers of MN…
OP: “if in theory a property is £X is it ok to offer £Y?”
MN: immediately finds specific property, checks lease history, looks up Bagel shop on companies house 😂

The Primrose Hill flat is in a gorgeous spot and I would love to live somewhere like that. The outside looks like a film set. I know you said it's not that one OP, but good luck!

That's the only zone 2 royal park south of the river but the price point doesn't sound right for Greenwich.

TBF, OP didn't quite say it was south of the river. Almost but not quite. She said her friends were south of the river and she wanted to stay "that side of town".

There's a red herring in there somewhere. I don't think she wants the flat identified.

As an aside, I think the PH (which is my Lottery win area btw!) property is Sarah Hardings old flat 😢. Used to see her on the balcony.

And on the off chance the OP is bluffing and this IS the property, there’s no way the bagel shop will become a fast food place - PH residents tried to stop Space NK opening there as it was too much of a chain!

South zone 2 you’re basically talking Greenwich or black Heath or dulwich village, maybe Camberwell grove at a stretch.

https://www.rightmove.co.uk/properties/129023105 ?

None of those places would ever be more than about 1k per sqft. So 350sq ft = 350k. This was the top level pricing at market peak 2 years ago and it’s dropped somewhat since.

600k south of river z2 you’re talking a 2 bed not a studio. And leasehold only too? No way.

You’ll overpay and not be able to sell. They’re a reason it’s not shifted 2 months in.

if it was that dreamy it would have flown so the main issue is price or a hidden problem.

if that is your budget and location though do keep looking as you will get something great!

I’d buy that flat in a heartbeat if it suited my life of life - reminds me of flats I lived in in London in my 20s having an amazing time. If that’s all the space you need and that view brings you joy, go for it!