One and two bedroom flats

anon_private · 29 November 2017 at 8:32PM

Hello,

I am keen to live in a certain area. I have noticed that there seem to be many more one bedroom flats on the market compared to two bedroom, and they (one bedroom) appear not to be selling.

Are one bedroom flats harder to sell, and, therefore, a purchase should be made with caution.

I would prefer to buy a two bedroom flat, but in this area they are much more expensive.

I am wondering if it is better to buy a two bedroom flat in another area although it will not be so nice (the area); or, stay with the idea of the one bedroom flat in the better area.

I note the problem of storage in a one bedroom flat.

Thanks

davidmcn · 29 November 2017 at 8:37PM

anon_private wrote: »

Are one bedroom flats harder to sell

Yes. I think first time buyers are older than they used to be, and so either already need a larger property or anticipate needing one in the short term.

bouicca21 · 29 November 2017 at 8:47PM

I think it depends on the market and the area. When the market either sinks or is static it seems that 1 beds suffer the most. OTH if you are in a very expensive area a 1 bed might be the only way to get on the ladder.

They also vary a lot in size - and as you have indicated in storage, though lots of bigger modern places suffer from a lack of storage space too. There are nice ones to be had if you look hard enough, but there are also some dreadful pokey holes.

As to changing area to get something with 2 beds, that's a decision only you can make. You have to balance location against facilities and only you can know which matters most.

boliston · 29 November 2017 at 9:10PM

In any sort of major city often a 1 bed or studio is literally all many people can afford if they wish to live in the city centre - once you move away from the centre (unless it's london!) then i would imagine very little demand for anything but a 2 bed flat as people start looking for houses rather than flats.

JoJo1978 · 29 November 2017 at 10:53PM

It depends on the area and whether they are purpose built 1 beds, 1 beds in period conversions or a previously non-period house that's been carved into flats.

If you're noticing this in purpose built blocks is it across the board, or is it the top/ground floor ones that aren't shifting? Depending on the demographics of the area different position flats in a purpose built block will be more/less attractive to some people.

When I bought my flat in 2002 (London, early 80s purpose built block) it was possible to get a mortgage for it on a single salary with a small deposit and scary income ratio.

Now deposits required are larger more buyers club together. Some will be able then to afford more than a 1 bed. Others buying "together" in London for sure are not couples (friends, siblings, single buyers plus lodger. So more than one bedroom is a must have.

melanzana · 29 November 2017 at 11:00PM

If you can afford a two bed go for that.

It is a no brainer. Even for storage (as you mentioned), having visitors, lodgers whatever. A lodger could pay half or more of your mortgage tax free too!

A one bed as others have said is fine in a high end area but even then might not be a great buy given the uncertainty of THAT word coming down the tracks.

anon_private · 29 November 2017 at 11:18PM

Thanks to all for the advice.

Best wishes

anon_private · 30 November 2017 at 6:03PM

I have just looked at a flat. The agent told me that the ground rent doubles every 10y. He warned me that if I decided to sell that some building societies would not agree a mortgage.

Should this influence my decision to buy

lisyloo · 30 November 2017 at 6:10PM

He warned me that if I decided to sell that some building societies would not agree a mortgage.

This all sounds really odd.
Are you saying the agent selling it is trying to put you off?
Why is he wasting his own time doing that????

Are you buying for cash?
If not how would you get a mortgage?

I am quite suspicious.

JoJo1978 · 30 November 2017 at 6:17PM

If you place an offer and instruct a solicitor they will look into these potential issues for you.

There will be documentation on how much ground tent has been for the last few years, and the lease will confirm whether the agents facts on the level and frequency of increase are correct.

The warning about difficulty selling is probably related to the current lease length, do you know what it is? They can be costly to extend if a property is not mortgageable without doing so. Unless the seller extends the lease before putting it on the market, buyers will either drop their offer price to cover the cost of the extension. Or not be viable buyers at all because they can't find a provider who will lend.

Both should influence your decision to buy

anon_private · 30 November 2017 at 6:23PM

lisyloo wrote: »

This all sounds really odd.
Are you saying the agent selling it is trying to put you off?
Why is he wasting his own time doing that????

Are you buying for cash?
If not how would you get a mortgage?

I am quite suspicious.

The agent told me because he thought I should know. He was just being honest

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One and two bedroom flats

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