Will our South East London conversion flat be hard to sell?

[RunningOnVibes]

So my partner and I bought our first three years ago in South East London. We managed to buy before they increased the stamp duty, so having seen several posts re flats, I am worried we have paid an inflated price and will struggle to sell. I would be interested to hear people’s thoughts.

It’s an Edwardian conversion, share of freehold, own entrance, split level 3 bed, two bathroom with a private garden accessed by double doors and a parking space on a private driveway (with electrical hookup). No ground rent or service charge. Newly renovated 5 years ago.

I would be happy to get what we paid for it but is that now unlikely? Is this the type of flat that is also not selling?

We can stay here for another 3 years but we’re then hoping to relocate closer to family as we now have a child and no family nearby! I almost wish we hadn’t bought!!

I think the bigger the flat, if with outdoor space, and no service charges it is likely to be ok.

There is a lot of rental stock on the market, which unfortunately means prices are low and buyers are flaky.

Have a look on a Rightmove at similar flats, and see how long they are on the market for/whether there are reductions. It will depend a lot on where you are - I know the market is definitely slow in Forest Hill and Brockley (because I know people trying to sell there). Could be completely different in Peckham or Greenwich.

The property market is difficult at the moment even for houses. You should be fine because you have a garden - it’s the gardenless flats that are the hardest to sell as people still have covid lockdowns in their head

Are there any similar flats either for sale or recently sold. how much did you pay? Which part of se london, are you near shops, schools, public fransport

There’s a lot of plus points about your flat, but how much are you selling it for? Ground floor will put some people off and three bedders have always been less popular than two bedders. Some people will want to live further out and buy at the same price for a two or three bed house. It will ultimately be about price.

Thank you so much for your replies. We are in the Crystal Palace boarders (Bromley borough). We bought it for £550,000 - no other flats similar to ours nearby however houses that need work on the road next to us have been going for £600k currently…
There is an outstanding primary school 2 mins away and next to multiple stations including the overground (10 mins walk).

I think we will have to start throwing everything at getting the mortgage down in case we have to sell at a loss eventually.

£550 is a lot for a flat when you can buy a small house for not much more. However it sounds like it has a lot going for it with 3 beds and the garden. Does it have a separate kitchen and lounge? Maybe post a link as not all areas of Crystal Palace are good.

https://www.rightmove.co.uk/properties/89825586

Not sure this is near yours but for the same price you can get a house close to both Penge East and Penge West stations.

Thank you. @Dilemma999 - Yes this is my thought, we are on the other side (closer to Anerley station) but it is now possible to get a house for the price of our flat. Ours does have 2 bathrooms and off street parking but aware that may not matter that much. We have a large kitchen diner with an open plan living space - not separate.

We could have swung for a house at the time (and now wishing we had) but our utilities are so much lower in the flat and wanted something turnkey after renting doer-uppers for so long. Oh well, luckily we love the place and hopefully someone in the future will love it as much as we do - will start overpaying the mortgage so we are in the best position we can be.

Thank you so much for the replies everyone - I am feeling a little less anxious now!