nobody buying one bed flats anymore?

mqandy

I've always thought there is a Huge over-supply of small (1 bed) flats in most areas.

My theory has always been that vast numbers were bought en masse by banks and investment groups to stand empty and prop up balance sheets - certainly none of the ugly (yellow render, !!!!!!?) new towers round here look very lived in.

Hopefully a good number of BTLers have lost lots of cash in the process, and ordinary buyers will eventually be able to afford a home.

Sorry to hear you've been caught up in it all!

kmmr

Have you put up some details about how much rent you get from the flat to show the yield? Might help with BTL investors.

Good luck with it all. I read your other thread when you initially put it up, and the photos are much better.

Maybe a silly question, but any way you can try to present it as a two bed? How big is that kitchen area, could you fit in a small living area? My one bed is only 30sqm, and I have seen plenty of 2 beds with similar floor space to yours. Could appeal even more to investors if they can see a better yield with two renters.

Fire_Fox

Does the flat still have a 77 year lease?

Cannon_Fodder

Deja vu, anyone ?

boliston

Another thing to bear in mind when comparing flats if if it's purpose built or a conversion.

I once rented a converted flat and it's a case of "never again" as I could literally hear my neighbor's every footstep. I would now only EVER consider a purpose built flat.

Eric1

stellaforstar wrote: »

are people just not buying one beds anymore? are ftb now only focused on houses or 2 beds?

From what I see in my area, even 2 beds are difficult to sell.
With the average age of FTBs around 40 or something, and huge deposits needed, no wonder they are focused only on family houses

Running_Horse

Don't normally get involved in these, as price is always the answer...

However...just out of interest, how much did you pay for it, and when?

During the boom people will pay silly money for anything. Although prices have firmed up, people expect more for their money now.

Edit. Bought for £140,000 in 2006? I personally wouldn't pay more than 2006 prices at the moment. Maybe your local area is different from everywhere else?

Fire_Fox

boliston wrote: »

Another thing to bear in mind when comparing flats if if it's purpose built or a conversion.

I once rented a converted flat and it's a case of "never again" as I could literally hear my neighbor's every footstep. I would now only EVER consider a purpose built flat.

Depends when the conversion was completed. There is now strict legislation governing both new builds and conversions but clearly that is not retrospective.

neas

Just like to say putting in an offer of 140k on a 149k property thats been on market for 6 months etc.... is not a silly offer. a 'silly offer' woud be offering 110k on a 149k property... a cheeky offer would be offeringh 130k on a 149k property... and offering 140k on a 149k property would be normal negotiation in if property was liked.

Every seller usually pushes up asking price as the buyer will most times try to negotiate 5-10% off the price (7.5k -> 15k off yours) so using these figures a normal negotiation would be offering 135k-140k.....which they would negotiate up to 140-143k....


As your property is higher than others with gargens... and if i was interested in your property i'd put in an offer of 125-130k.... with a view of paying 132k.

Now.... its all psychological.... if everyone is willing to knock off 5% (approx 6-7k) off price.... and theres better properties with lower asking prices... then those properties will be more likely to be negotiated down than your higher asking price.

Its why when looking at houses if you had two very similar properties.. you'd offer on the lowetr one wouldnty you? someone with a 160k semi and a 180k semi.... which is more likely to accept an offer of 150k? a 10k drop for 160k and a 30k drop for 180k..

I know which i'd do.... its simple logic.

birduk

OK FTB perspective here. We have been watching the property market (and associated programs) for the last few years where people end up offering OVER the asking price. Yes, we know we are in the middle of a recession and that house prices are/were falling (add debate here). However, I know my budget is £150k max. I am not even looking at things over £160k as I don't think my offer would be accepted. You want £140k, put it up for that! It is the psychology of FTBs that you are appealing too, not those experienced in the market.

Why on EARTH would I want to buy a 1 bedroomed flat for the price of 2? Just madness! You can't even have people over to stay. Age old debate- it's price again. If you can't listen to the same advice as last time, don't bother asking the question.