Thoughts on a property

Miiri

I'm hopefully in the position to start looking to buy in the next couple of months (yipee!) so I've been keeping an eye on property in my area.. I keep seeing this flat which to my mind looks a nice clean little property - the odd thing is that its been on for ages and has dropped from 175k down to 160k

http://www.rightmove.co.uk/property-for-sale/property-31851958.html

Any thoughts on why it would drop so much and isn't selling- I know the area and its not bad - crime stats are pretty low so I'm a bit puzzled as to what the issue might be.

Miiri

seven-day-weekend

Have you checked the length of the lease? Anything below 60 years could be problematic.

drummer_666

it's not that big a drop

it says no chain, so it could well be empty and they want a quick sale

abankerbutnotafatcat

It looks like it's ex LA and if it is that means it's unlikely to be a lease issue (only 30 years since RTB was introduced and leases were 100 or 125 years). Could the low price be a combination of it being ex LA (if it is) and needing a quick sale.

I agree that it looks quite nice and good value for the area.

ankspon

Check the soundproofing,you will regret it if not and it turns out to be a problem

DannyboyMidlands

That's only about 10% so not a very big drop at all. Especially if it's been on the market for ages.

Also, looking at previous sold prices for the block, £160k ish seems the most any of these have ever sold for. The initial price of £175k was a bit ambitious, especially if local prices have been falling.

Panda78

Looks like a nice flat worth viewing. The price drop is not significant, in my experience, the first sale price is usually a "lets try our luck" figure, so the £160K is now more realistic price.

Ex LA's are usually much bigger than private builds, but some people are put off by the prospect of bad neighbours, as other flats in the building are usually a mixture of council and private rented tenants, which change hands more often.

I rented in a similar block with no problems at all and this flat has the added bonus of a garden. Good luck.

london-dog

Yes I agree with most here...looks decent, and don't be too suspicious of the modest price drop. Doesn't necessarily mean there's a catch...just do your research

It's not as fast paced a market out there as it is in London...I suspect even the outer London suburbs are a bit sluggish at the mo. Though zones 1-3 is a different story!

edgex

ground floor, with bedroom & living room at the front, so not much privacy

main bedroom is next to entrance (noise)

gardens, but with no real/private access