Reduction in property price?

sticko24

Hiya GDB222 

Happy to share more info. 

Area was up and coming when I bought and I paid a very fair price of 130k in 2015, albeit definitely with the new build premium 

Since then bypass has been built linking it to M4 for travel and it’s boomed a bit for property hence all the ones in the area now priced at 150k upwards.

Im happy to accept a lower offer than 170k. It’s up for this as, rightly or wrongly, all of the other comparable ones are this price and we’re all following each other! 

Just bearing in mind costs of moving / deposit for next home when making my calculations is all 

NinjaTune

sticko24 said:

Ninja tune 

Yes that’s mine

Thank you for your feedback on this. 

I will be repainting the black I think. EA said no negative feedback on that but agrees probably worth doing.

Any input why the bathroom would put you off? It’s actually brand new since the old one starting cracking and failing after 5 years since new built. 

But nothing is ever going to appeal to everyone’s taste, I understand this. 

Leasehold 125 years 
Ground rent £295 per annum 
Maintenance £68 per month paid quarterly 

Flat with the same charges as above, similar size and even more wildly painted colours has just sold for £160k so maybe this is a more reasonable price point for current market 

Painting the wall a neutral colour is a good idea, it often helps to make the room look larger as well.

I find the bathroom quite dark and oppressive - probably just not to my taste.  To be fair it looks less dark in the video tour than it does in the photo.  Personally I'd be factoring in the cost of re-doing the bathroom if I was thinking of buying it purely as it's not to my taste though I'm sure others would love it.

What is the piece of equipment (looks like a cooker) in the front room on the video tour?

ETA:  Ground rent is £295 pa?  I think I've read that ground rent over £250 pa can sometimes be a problem for lenders

Snuggles

sticko24 said:

Ninja tune 

Yes that’s mine

Thank you for your feedback on this. 

I will be repainting the black I think. EA said no negative feedback on that but agrees probably worth doing.

Any input why the bathroom would put you off? It’s actually brand new since the old one starting cracking and failing after 5 years since new built. 

But nothing is ever going to appeal to everyone’s taste, I understand this. 

Leasehold 125 years 
Ground rent £295 per annum 
Maintenance £68 per month paid quarterly 

Flat with the same charges as above, similar size and even more wildly painted colours has just sold for £160k so maybe this is a more reasonable price point for current market 

I think the bathroom looks lovely - but as you say, you can't appeal to everyone.

I personally would never choose to paint walls black but I think it actually looks good in that room. I'd be surprised if it put off any serious buyer. Even if they don't like it, it's just a bit of paint, which most people can manage themselves. Yes it takes a bit more effort to cover black, but really if someone likes the property, that's not going to stop them buying - price, and all the  concerns around EWS1, leasehold etc, will.

sticko24

Hi Ninja 

Thanks for this! 

It’s a dishwasher 😂 it’s just there until I can move it in a few weeks. Unfortunate I know, but tried to tuck it away in a corner at least. 

Yes it’s £295.

it’s always been £295 and I think it increases in about 15 years by a few pounds. 

Wasn’t an issue with my lender but I have heard that yes. I was a bit concerned. 

I don’t think I can do anything about that though. It’s just set in the lease by the developer. 

numbercruncher8

https://www.rightmove.co.uk/properties/87967684

Is this one in the shared ownership bit as well? Just think the size difference is too much considering that they are the same price.

AdrianC

AdrianC said:

sticko24 said:

feedbacks I got so far were : x2 said it’s small. I mean it’s a 1 bed flat but not tiny. “Small” I suspect correlates to “small for 170k” if you ask me.

I presume there's a dimensioned floorplan, including floor area, on the listing?

Looking at the listing that my stealthy friend in black provided, your floor area is definitely going to be a showstopper for many. Just under 39m2 really is tiny.


Yes, there's dimensions (In FEET, with metres as an afterthought? Really? For a one-bed FTB flat, in 2021? C'mon!) - but I'd far rather see them on a clear 2d floorplan than that pretentious, pointless 3d guff.

There's government standards for property sizes.
The minimum for a single-occupant property is 37m2 - but 39m2 with a bath instead of a shower. Yours has a bath...
Minimum for a two-occupant property is 50m2.
A double bedroom has to be at least 2.75m wide and 11.5m2. Yours is 2.57m and 9.66m2.

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/524531/160519_Nationally_Described_Space_Standard____Final_Web_version.pdf

sticko24

Hi number cruncher

Nope it’s two doors down from mine! Also struggling to sell as you can see 

Maybe I was conned then, as when they were sold off plan the “middle ones” (that one) were cheaper due to being supposedly smaller and less windows than the “end ones” (mine)! 

sticko24

Hi Adrian C 

Thanks for your information. 

It’s actually bigger than many that I’ve seen believe it or not I didn’t realise it was considered tiny. 

Am I reading it wrong? Metres is listed first? 

I also wasn’t aware of the standards, thanks for educating! Perhaps they were a bit smaller in 2015 when it was built 🤷🏼‍♀️

Not a lot I can do about that, I suppose, apart from make it look the best I can 👍🏼

numbercruncher8

I think you've already presented it as well as you can.
The bigger issue probably is, there is a much bigger flat available at the same price, and that one is selling either.....

sticko24

Hi Adrian C 

Thanks for that info it’s very helpful. 

And you know what the more I think on it those sizes don’t seem right. 

Next doors is literally directly in line with mine internally. 

It’s also flush externally.

They are in rows of 4

Unless he’s significantly wider than mine internally I can’t see how so much difference in size. 

One of the other “middle” ones in the same block is listed on RM as 41m2. 

I’ll do a bit of sleuthing 😂👀