Feedback for London flat

[onpills4godsake]

A good friend of mine is selling her property in London, and is struggling to get traction.

I live in the north west, in the country so I am not familiar with the London market and what is and is not good value.

can anyone give any fed back I can pass on please?

The building and the area look nice, but the layout would make it a non-starter for me, regardless of price and decor.

the second bedroom is a large double with a huge iPax type wardrobe

Both the bedrooms have double beds against the wall, which doesn't suggest "huge" it suggests "too small to really be a double". Can they be rearranged with the beds away from the wall?

This has been an interesting thread but the most consistent things seems to be the absolutely horrendous reputation of Foxtons. I’m interested to know how they are in business if they are as bad as posters suggest and if people really avoid looking at properties because they are involved?

No buyer will use the space as is. They will knock the walls down and remodel the whole thing.

I wasn’t really aware of their reputation until recently. I looked at one of the houses they had on, and the photos were a mix of relatively nice looking new ones, and horrible old ones, obviously the efforts of a previous marketing / rental. I just thought, how could an EA be so incompetent? It completely put me off getting in touch with them, although I was vaguely interested in the house.

Agree, most likely making it a one bedroom. Not to mention that doing substantial renovations to a leasehold flat can come with its own set of difficulties and challenges.

I think they have a reputation for being aggressive and not entirely transparent. Their business seems driven by volume rather than quality, although a friend bought a house through their private office and had a very good experience.

Can"t imagine they are getting much volume at these prices, they must be staying afloat on lettings?

Well the prices are just asking, so they may well end up selling for considerably less.

I believe they still turn a pretty nice profit, but suspect lettings make up a good percentage of their business.

Didn"t they nearly go bust a few years ago?

Foxtons overprice everything. This flat will likely go for around £700K to £730K to price in remodelling and a lease extension.

What they've done to the flats has been to make them into bland modern boxes. They were probably much nicer originally. Seven Dials is a short walk away and this actual street is a great option if you want somewhere that isn't clogged up by tourists who can't work London all the time. Nobody buying here is going to be worried about how busy it is, in any case.

"Tourists who can"t work London" LOL, those tourists will be soiling themselves laughing at the people buying student HMO"s for 800k I bet.

It’s a nice little flat but way overpriced for the size. Surely if she bought it in the 90s she’ll be making a fuck tonne of profit anyway

Was it once upon a time a one bedroom flat, and the bathroom used to be what is now bedroom 2 ? - as that ' kitchen ' is very small and while it is nice that the bathroom has a window it would be a far better kitchen with 2 windows and the bathroom relocated elsewhere.

Shame the 1st photo from the estate agent made me wonder which actual building the flat is in, until I was able to read the word ' Victorian ' then I knew it wasn't the shiny new glass / concrete building in the immediate right of the photo - or is it ?

They are normal here. Nobody thinks a standard terrace should cost £1.0m but that is what they’re selling for.

Well, maybe £1m in a cheap part of London 😉

There's still a lot of envy around London and some seem desperate for prices to drop. Of course, flat prices in many areas have stagnated but demand to live in London remains high and always will, which is why prices are high. I think perhaps it's hard to understand for some on the outside looking in.

Prices in London ARE dropping, for flats and houses.

Any interest in the flat yet?

Very true, they have dropped quite significantly and are expected to drop further.

https://moneyweek.com/investments/property/london-house-prices

https://ottaproperty.co.uk/trends this shows average sold prices per area and you can also select by type of property- flats in particular are down.

(I'm a Londoner btw.)