Have I missed my chance to buy in London?

RoisinDubh_2

bouicca21 said:

There are often posters on here discussing whether ground floor flats are a good idea.  I live in one and think it’s no different to being in a bungalow.  Plus I get direct access to the garden.  Many years ago my house was burgled. Never been without a burglar alarm since.

it’s a buyers’ market for flats in SE London (and I suspect in other parts of London too).  I’m sure you can get something nice - maybe even a 2 bed. Even if your budget is £300 tops, I’d be looking at stuff listed up to £325k and go in with an offer.

I live in one and absolutely hate it. I get woken up every morning by the neighbours stomping around and hear everything they do, pretty much. I also really dislike being on ground floor with a shared garden...it feels so intrusive when I open the bathroom window after a shower and there's someone standing 10 cm away smoking a cigarette! Also have had issues with rodents here. Definitely would not get a ground floor period flat again if I could help it. 
I hope it still is a buyers' market for flats because it doesn't feel like it right now! There are still a few nice places, though. Hard to know whether to go in now or wait and see what happens in a few months. I'm renting a place in SE London for a bit to get to know the area better and perhaps find some bits that are nice but less pricey. There are actually a few 2 beds but they tend to be in blocks on busy roads, which is obviously the trade off for getting a 2 bed in this price range. I wouldn't rule it out, as the flexibility would be good.

bouicca21

Grief, that does sound awful.  Maybe I’m lucky, or being in an old but purpose built block is better than a conversion.

this might be worth an offer https://www.rightmove.co.uk/properties/107181350#/. Really good location.
as is this https://www.rightmove.co.uk/properties/80480850#/. Not sure if this next one is the same flat!
https://www.rightmove.co.uk/properties/108352607#/

RoisinDubh_2

bouicca21 said:

Grief, that does sound awful.  Maybe I’m lucky, or being in an old but purpose built block is better than a conversion.

this might be worth an offer https://www.rightmove.co.uk/properties/107181350#/. Really good location.
as is this https://www.rightmove.co.uk/properties/80480850#/. Not sure if this next one is the same flat!
https://www.rightmove.co.uk/properties/108352607#/

Yes, purpose built is way better. I don't even remember hearing my upstairs neighbours when I lived in an ex-council block. These period houses just amplify every sound...it's awful. 
I think Beckenham looks nice but a bit far out...it's quite important to me to at least be on the Overground network if I'm going out to Zone 4, I think. 

okigen

Nope. You haven't missed the boat at all. I noticed that new flats posted in Many/June time started to ask for more aspirational price - or at least in the area I'm buying (central London). But they couldn't sell, and was £25k reduced 1 month later. There was a two-bed that I was very close to making an offer on, and it got reduced by £50k (from 450k to 400k) in one go!

One bed flats in London at the moment are as unpopular as it can get.

RoisinDubh_2

okigen said:

Nope. You haven't missed the boat at all. I noticed that new flats posted in Many/June time started to ask for more aspirational price - or at least in the area I'm buying (central London). But they couldn't sell, and was £25k reduced 1 month later. There was a two-bed that I was very close to making an offer on, and it got reduced by £50k (from 450k to 400k) in one go!

One bed flats in London at the moment are as unpopular as it can get.

That makes me happy! There were a glut of samey one-beds with no balcony in purpose built blocks in the £250-280K range a few months back and there just don't seem to be many now. Perhaps it's just a bad few weeks. I also saw some massive reductions, so it seems like maybe people are just being cheeky. 

K_S

@RoisinDubh_2 I'm quite surprised by your experience to be honest. I only have 2 clients looking to buy small flats in the greater London area and they both pretty much have a glut of very reasonably priced (compared to pre-covid) properties to choose from and very motivated sellers.

Perhaps once you actually start viewing and making offers you will see that some of the properties listed at 300k will have some room for negotiation built in. Good luck!

Ally_E.

I've lived in purpose built block in Forest Hill on top floor and I could hear every single thing downstairs neighbours did. It was unbearable. Also lived in Victorian conversion in Brockley, it was converted after a lot of building regulations came into place, so it had proper soundproofing between floors and we couldn't hear anything. Downstairs neighbours had a baby and we never heard him cry. 

lonibra

RoisinDubh_2 said:

bouicca21 said:

Grief, that does sound awful.  Maybe I’m lucky, or being in an old but purpose built block is better than a conversion.

this might be worth an offer https://www.rightmove.co.uk/properties/107181350#/. Really good location.
as is this https://www.rightmove.co.uk/properties/80480850#/. Not sure if this next one is the same flat!
https://www.rightmove.co.uk/properties/108352607#/

Yes, purpose built is way better. I don't even remember hearing my upstairs neighbours when I lived in an ex-council block. These period houses just amplify every sound...it's awful. 
I think Beckenham looks nice but a bit far out...it's quite important to me to at least be on the Overground network if I'm going out to Zone 4, I think. 

Tell me about it! Ex-council flats are a tough buy on a mortgage but the best built and roomiest.

In my younger days, I've lived in a lot of converted flats in E and S London and other than the odd exception, they were terrible for sound insulation and noisy floors. 

RoisinDubh_2

lonibra said:

RoisinDubh_2 said:

bouicca21 said:

Grief, that does sound awful.  Maybe I’m lucky, or being in an old but purpose built block is better than a conversion.

this might be worth an offer https://www.rightmove.co.uk/properties/107181350#/. Really good location.
as is this https://www.rightmove.co.uk/properties/80480850#/. Not sure if this next one is the same flat!
https://www.rightmove.co.uk/properties/108352607#/

Yes, purpose built is way better. I don't even remember hearing my upstairs neighbours when I lived in an ex-council block. These period houses just amplify every sound...it's awful. 
I think Beckenham looks nice but a bit far out...it's quite important to me to at least be on the Overground network if I'm going out to Zone 4, I think. 

Tell me about it! Ex-council flats are a tough buy on a mortgage but the best built and roomiest.

In my younger days, I've lived in a lot of converted flats in E and S London and other than the odd exception, they were terrible for sound insulation and noisy floors. 

Why are they tough to buy on a mortgage? I hadn't considered that at all!
I do prefer period buildings...they are so beautiful and I love the high ceilings and everything, but I would be very wary about soundproofing now after some really bad experiences! It really does feel so intrusive and claustrophobic to hear everything your neighbours are doing. 

okigen

RoisinDubh_2 said:

okigen said:

Nope. You haven't missed the boat at all. I noticed that new flats posted in Many/June time started to ask for more aspirational price - or at least in the area I'm buying (central London). But they couldn't sell, and was £25k reduced 1 month later. There was a two-bed that I was very close to making an offer on, and it got reduced by £50k (from 450k to 400k) in one go!

One bed flats in London at the moment are as unpopular as it can get.

That makes me happy! There were a glut of samey one-beds with no balcony in purpose built blocks in the £250-280K range a few months back and there just don't seem to be many now. Perhaps it's just a bad few weeks. I also saw some massive reductions, so it seems like maybe people are just being cheeky. 

I think people saw the headlines about house price and thought they could fetch the same for flats. Or they think the pandemic is over so people will be ready to go back to small one bed flats in London again. I viewed a converted two bed flats, advertised in Jan at 390k for 65 square meters. That one was sold. Then in May the one bed right next to it also went to the market, asking 370k for only 51 sq metres (!) and in worse condition. Needless to say it can't sell, so now it has been reduced to 350k (which I still think will not sell).