Anyone have any insights on property market in central (ish) London for flats?

[Tikityboo]

We are looking to move back in to central London as our DCs have now all left home. We will have retired so dont need to be close to a tube station or inadvertently pay ££££ for a school catchment we dont need. We want to live somewhere green and leafy and have a budget of £1.3m for a 2 bed flat. We want to be a 20 min walk max from a large green space and we dont want to be committed to a hefty annual service charge.

We are thinking maybe Marylebone, Fitzrovia, Primrose Hill, Belsize Park works for us as easy access in/out of London for visiting friends and family in that direction.

Does anyone have any market insights on whats been happening in the market for flats recently in these areas.

And if anyone can recommend any property market analysis sites which compare areas and trends that would be great.

Go and speak to (or phone!) a pan-London estate agent like KFH or Foxtons (urgh) and a couple of local ones listing things you like on rightmove. From those you will get an idea of market. I live East but sold prices don’t include most of the last few months which is what you really need for trends in pricing

The obvious point would be to stick to period house conversions to avoid high service charges - which does narrow your choices somewhat as many central apartments tend to be in serviced mansion houses and blocks or new purpose built blocks, and will largely rule out Fitzrovia and Marylebone.

A property finder might be a good idea as you don’t have recent local knowledge of the area. Friends recently used Stacks for a similarly “low end” apartment search (no shade implied - just that you aren’t in the category of oligarchs with £10million plus to splash around) and found them helpful.

Is there any reason you’ve ruled out a house? It would be the obvious choice bearing in mind your particular concern around service charges, and heading even a mile further out from the areas you’ve identified towards Camden, Gospel Oak etc would get you a small house in your price bracket. I personally really rate central apartment living but I think you do have to have a somewhat “fuck it” attitude towards service charges to do it.

I moved to Westminster. Great flats here at less than that- 20 minutes walk to Covent Garden. St James and Hyde Park on your doorstep plus the river
No gardens though generally.

Market wise- probably depends where you are but property prices have been pretty stagnant post covid. They are selling for 2016 prices around here.

I would avoid a Victorian conversion. Whilst service charges may be lower you may end up footing 50% of a new roof.

Avoid concierges to reduce service charges.

Check the council tax- Westminster is really low but others vary.

Free travel over 60 and low living costs - Ocado delivery fee is 0.99 or even free most days as they want to fill slots- can always get a next day slot. Fortnums ham is cheaper than Waitrose and much nicer.

You need to be brutal and downsize everything. We moved with almost nothing and bought to fit the new space and the new life.

Loads to do.

Thank you - we have thought about Pimlico - what other areas of Westminster would you recommend? I actively dont want a garden but want a great park near by and the river is another bonus.

Yes I tried to follow sale prices and not seen much of an up tick since 2016 in some of the areas I have been looking in ie post Brexit, post Covid, WFH etc.

Not sure if all the new build investment properties have swamped the market and diluted prices or BTL is now not very viable anymore?

I think I am looking for a property 'black hole' rather than 'hot spot' as dont want schools, transport links but maybe these criteria dont really apply to dynamics of central London property market?

https://www.rightmove.co.uk/properties/141465287#/?channel=RES_BUY

I live in the Millbank estate -next to Tate Britain. It is ex LA-listed property - about 20% are still council tenants - next to Chelsea College of Arts and so loads of student renters. Managed through a company- not Westminster directly. Vey much city centre living with all the pros and cons! Pimlico tube is a few minutes walk away and Victoria 15 mins max.

These are all in the Millbank- as you can see they vary immensely depending on size, location and how done up they are

Walk the dog past Houses of parliament, Westminster Abbey and Buckingham Palace in the morning.

https://www.rightmove.co.uk/properties/152337179#/?channel=RESBUY

https://www.rightmove.co.uk/properties/147685463#/?channel=RESBUY

https://www.rightmove.co.uk/properties/152979968#/?channel=RESBUY

https://www.rightmove.co.uk/properties/155034137#/?channel=RESBUY

https://www.rightmove.co.uk/properties/152980712#/?channel=RESBUY

https://www.rightmove.co.uk/properties/147599240#/?channel=RESBUY

https://www.rightmove.co.uk/properties/152983655#/?channel=RESBUY

https://www.rightmove.co.uk/properties/154627493#/?channel=RESBUY

https://www.rightmove.co.uk/properties/154627493#/?channel=RESBUY

https://www.rightmove.co.uk/properties/149955626#/?channel=RES_BUY

Wow that looks great @JollyHollyMe .... I have just been rummaging on RM and it looks cheaper than PH & BP.

I had assumed that being further in meant more expensive so out of our price range.

Millbank is beautiful. The blocks are/were originally social housing but I suspect a significant proportion are privately owned now. I rented in one of those buildings and our neighbour was a retired MP! It was very peaceful

80% are privately owned- a lot are barely used 2nd homes and a lot are rented privately. There are 800 plus in total.

I think my neighbour is something to do with the Lords- as I have only seen them 6 times in 3 years and twice was state opening of parliament.

Wish I still lived there! Hard to believe how you can be so central and yet it’s so quiet. Very jealous

Period conversions sounds great but the sound proofing can be a nightmare as they were never designed to be flats. Same for older ex LA flats. If you can live with service charges then new purpose built blocks are great for not only sound proofing but are also energy efficient. Our flat is 10 years old and heating costs are next to nothing, in summer clothes year round. Someone will say how hot it gets in summer. Yes but realistically how many super hot days are there in a typical year vs sub 10 degrees. AC is also becoming easier to access and fit in such places.

No lifts- that is the downside but wide steps up (certainly in ours)
the 1st floor onto the park are generally seen as the most desirable.

I hadnt considered a small house - but I am keen to embrace apartment living as I want to be as central as possible but walkable to a large green space. I would be concerned about poor conversions and sound proofing - and maybe need to look closer at my aversion to service charge more closely as the lack of one is maybe 'baked in' to the share of freehold property prices anyway.

How is the sound-proofing in your block @JollyHollyMe - I always thought that pupose built ex LA were structurally very well built.

Mine is excellent but due to the construction (and they all vary) I dont have an adjoining immediate neighbour. I think it must be ok overall as the management company like to send out reminders about being a considerate neighbour and sound is rarely on there.

Airbnb is also illegal in ex LA and very restricted in Westminster as a whole.

Daily bin collections- even Christmas Day!

Thats a good point - about considering the floorplan and neighbours. Brilliant news about Air BnB as that would be horrific to endure....but also means I can't rent one for a couple of weeks to 'try before I buy' ...

As stated services charges are the killer. Plus read the managing agents pack very very carefully. I own a converted Victorian flat - one if six in a pillared house (not in London) and all of us were surprised that we had to, as specified in the head lease, get the outside redecorated at the cost if £6k per flat. With the annual service charge on top that was a £8k expenditure in one year which wiped out all the rent earned on it. So even if the service charge is reasonable there will be extra charges along the way.
As for location - people will always recommend the areas they know best. I know Fulham and Chelsea. You could get a decent two bed for your price with service charges between £4-6k.

Thanks @mondaytosunday - ouch....looks like a contingency fund is required either way.

We moved to a 2 bed mews house near Camden Town as a pp suggested. Walkable to Primrose Hill but far cheaper, 12 mins walk to Regent's Park and 30 mins walk to Hampstead Heath, 5 mins walk to the tube. Being close to a tube was important to me despite being retired (or even more so, because now I have time on my hands to explore all of London and free transport too). It's small but the freehold was important to me - we lived in leasehold flats when we first bought and I like having full control over the property. It's a lively area but that suits our personalities, and it's within easy reach of all the mundane but useful things like supermarkets, banks and DIY stores.

Thankyou @jeramiahfords .... thats funny as we had exactly a 12 min walk circumference to RP ie 1km as our criteria to access 'green'. I didnt even think that freehold would be an option. I will take a look.

Slightly less central, but have you considered Queens Park at all? Lovely little high street, nice park, great butcher, farmers market and independent bookshop, 15 minutes to Oxford Circus on the Bakerloo, access to the overground. Walkable to Notting Hill, Maida Vale, St Johns Wood, Kensal Rise.

I think this house is between QP and Kensal Rise, but I'm sure you could find something very nice more centrally located

https://www.rightmove.co.uk/properties/155775782#/?channel=RES_BUY

The babrican? Although that might have a hefty service charge.

I love that house - and lived in one excatly the same on Fifth Avenue in the 1990s. Its good to know whats in budget but the area is not central enough or near enough to expansive green space. I plan to ditch the car. Today I went to check out Westminster and Pimlico and really liked them both with added benefit of access to the river.

Thats my DH favourite. He loves the architecture of the apartments and also access to culture - again for me its not leafy enough or near to a large green space. I need my daily nature fix.

I think you need to look where parks are located! There’s plenty in London. We have a flat within 5 mins of Ravenscourt Park and DD is near Kennington Park. Many people trade central living for places like Greenwich and Clapham for the open space. I’d always be near a bus route or tube/overground station though. Seeing London is what living there is about! Uber obviously available too. Parking is a bummer in some areas! Hampstead is great but not sure of prices.