Anyone interested in a 2-bed in South-East London?

[WarmSwan]

Evening all, I am trying to sell my two-bed flat in Shooters Hill, London (Woolwich). It was previously under offer twice, but buyer 1 had mortgage issues, and buyer 2 got cold feet. Now I am struggling to get people to look at it. Any advice/hugs much appreciated. Thank you! Zoopla Listing

What price was it on at before?

I think it looks really nicely decorated. Maybe the blue feature paper could be slightly less prominent?

I personally wouldn't be into anything that wasn't freehold. And also is there any outdoor space? That would be important to me.

But I can't see much wrong with it if someone wanted that type place.

£265,000 originally.

Thank you so much for your thoughts. I agree that the feature wallpaper is not for everyone, and I may get rid of it. No outdoor space, just a communal lawn.

Is it on Rightmove?

Freehold is not available in many flats in London and the extended lease is fine. Monthly charges might not be.

It is very small for a 2 bed and as a result bed 2 is a single because it’s narrow. The nearest station is over a mile away so not a quick commute anywhere. Like most flats it’s saleable at the right price but there’s no floor plan and is the wardrobe in bed 2 compromising a double bed going in there?

If I win the lottery I'll buy it...love the wallpaper!

I think it’s a nice flat and seems a reasonable price but I am no expert. Just have to be patient.

Unfortunately, I think it's the price. Not much wrong with it that you can change.

Honestly I would, save for it being leasehold. Sorry.

For London it’s a reasonable price. Very small for a 2 bed though.

Any opportunity to purchase the lease? It’s a lovely flat.

The freehold comments just don’t reflect London. It’s a very long lease but there are annual management charges but you expect these. I think the bigger issue is transport.

Lovely flat but the service charge would put me off.

Thanks. 😊 Yeah I think keep the blue paper but maybe just on one wall? I actually like it! Tbf most folks will put their own coloured walls etc up anyway. But it looks really nice. But think the lack of outdoor space is obviously a negative.

Are there others fairly close with small garden/terrace nearby on at similar price?

It’s a great flat, but the maintenance charge would put me off.

What is the point of these leasehold comments? In London you either have (a lot more) money to buy a house or you might find one of the v few 'share of freehold' conversions , when you effectively have a lease with your neighbours and argue about maintenance. Or you buy a leasehold flat. As countless thousands of people in London do.

OP, the market is against you. Loads of flats on the market, people are very cautious about potential Gvt changes, about mortgage interest rates. So it will take patience. And of course people will balance price against public transport etc. I don't think tinkering with wallpaper will make any difference.

Do you have to sell now? Is renting it out a possibility?

It looks like a lovely flat and I think a lot of it is just the market right now. It’s great that the lease has been extended and the service charge seems reasonable. In terms of price - I think you do need to accept that a 2 bed flat won’t sell for what you paid for it in 2020 when the market was nearing its peak. (Not sure if you have done any improvements apart from carpet in the bedrooms?)

In terms of presentation, I think the blue in the kitchen is awful - it wouldn’t really put me off as it’s only paint and easily painted over, but it’s being marketed as “freshly painted” (which it may be, but not to everyone’s taste). In fact, why is the kitchen the first image on the listing - I’d probably use the exterior for that.

I also wonder if you’re better selling it furnished given that it’s a smaller place - I think sometimes it helps people visualise what fits where, rather than just seeing “empty box”. (My own house is exactly the same - neighbours currently listing identical house unfurnished so it looks like “small empty box” but it can actually be made to look quite nice!) The
older photos that are on there from 2020 are an interesting comparison, even though it was not
particularly well-presented.

I like it. It is small but nicely maintained. Without an outside space, it will be more suitable for a single professional or couple, maybe working relatively locally (nearby Queen E Hospital?). Price and location.

OP, what was the profile of the previous buyers?

It is a buyers market. There is an oversupply of London flats making flats even harder to sell as people avoid leaseholds and open-ended service charges. At least you do not have cladding issues. I am not surprised the previous sales fell through. It sounds like a jittery market out there.

In other words, I don't think it is the property. It is the market and the fact you are selling a flat with service charges. Cannot advise on price.

@Tabarnak People read bad press about some leases and then think all
leaseholds are bad. In London it’s very much the norm. I agree, wallpaper isn’t the issue it is weighing up price, transport links, neighbourhood and attractiveness of the flat and it’s building.

No, I think you'd find it difficult to get a 2-bed with a garden for anything less than 350K in this area. Crazy, I know.

Thank you again.

Thanks a lot for your thoughts. I agree that the market is against me, haha!

I rented out the property previously and need to sell now.

The second bedroom isn’t big enough to call it that, really, and all the rooms are on the bijou side. Unfortunately the bottom has fallen out of the market for flats in London, so without something a bit extra to recommend it, I think this will be a struggle to sell unless you are ruthlessly realistic about the price. It depends on whether the amount you sell for is more important than getting rid of it as to what you do next.

The second bedroom actually had a double bed in it (with a small frame) when I was living there. I think it is a reasonably sized bedroom for a child.

I will likely reduce the price further.

I think that's really nice and I really like the decor. The thing that would put me off is the 2nd bedroom looks tiny - maybe you could put in some furniture so people could see it's potential?

Yeah, sorry I don't really know the market that well. My family sold a property recently but it was abroad. I used to have plenty of friends in that area though.

It's a lovely flat. Decent area. It's just service charges and lack of outdoor space are negatives.

Hope you get it sold soon x