Have I missed my chance to buy in London?

RoisinDubh_2

okigen said:

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).

All the ones I viewed have now sold. I will have to remember to go back and see how much they sold for, as it could have been well below asking price. I fell in love with one listed at 275K but it was only about 33 square metres, and it just seemed too small. The living room wasn't even big enough to put a desk in! It was a great location and really beautiful, but I think I'd struggle in that size of flat even if I weren't working from home 3 days a week tbh. 

leypt1

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. 

Beckenham junction is a really good station just FYI...it has trains to Victoria, London bridge and Blackfriars, with stops in between. The SE Overground just takes you through various suburbs. Also beckenham itself is meant to be really nice. Now that you're in the area why not visit for the day?

I've been in your position and it's hard to stomach the idea of moving further out, but not all zone 4 locations are equal! Our biggest lesson was keeping an open mind and doing proper research on places - we wrote off several places (Penge!) while they were still affordable (a house in Penge!!) only to kick ourselves months later when they weren't any longer...

LAD917

Ally_E. said:

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. 

I agree, it really depends, I've had mixed experiences with both. 

In my current period conversion, I can literally see through to the downstairs flat via gaps in the wood floorboards.  When the neighbours turn on their halogen spot lights, it feels like I have underfloor heating.  I'm going to lay a soundproofing layer and wood on top of the existing wood, and I hope that will be enough.  It's a shame to cover antique wood floors, but 1) they're in violation of the lease (which requires soundproofing or carpet), and 2) I'm seriously afraid that I could cause a leak in the downstairs flat if I spill a glass of water or even mop the floors with a little too much water.

My previous period conversion was great with sound, other than hearing the upstairs neighbours flushing their toilet or showering.  A lowered ceiling with insulation in the kitchen/bath solved that problem to a large degree.

OTOH, I lived in a duplex newer build, and when anyone was walking around upstairs, it sounded like an earthquake downstairs.  Even with carpet. 

lonibra

RoisinDubh_2 said:

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. 

Yes, getting a mortgage on an ex-council flat, especially at high-LTV can be very hard / impossible. It's just lender criteria, no other reason.

It's much better in London compared to other places but they're still not like getting one for a private flat.

RoisinDubh_2

leypt1 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. 

Beckenham junction is a really good station just FYI...it has trains to Victoria, London bridge and Blackfriars, with stops in between. The SE Overground just takes you through various suburbs. Also beckenham itself is meant to be really nice. Now that you're in the area why not visit for the day?

I've been in your position and it's hard to stomach the idea of moving further out, but not all zone 4 locations are equal! Our biggest lesson was keeping an open mind and doing proper research on places - we wrote off several places (Penge!) while they were still affordable (a house in Penge!!) only to kick ourselves months later when they weren't any longer...

Yes but the thing is that most of my friends and hobbies are in those various suburbs and the Overground gives me a direct route to work, so it's considerably better than having to rely on the mainline trains and faff about with changing lines. It's not Zone 4 itself that puts me off (I've lived in Zone 4 in the past and am very much looking into Crystal Palace/Penge/Anerley) but more the transport links and walkability to places. I won't write off Beckenham though! I'm looking at all of South East, really.

RoisinDubh_2

LAD917 said:

Ally_E. said:

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. 

I agree, it really depends, I've had mixed experiences with both. 

In my current period conversion, I can literally see through to the downstairs flat via gaps in the wood floorboards.  When the neighbours turn on their halogen spot lights, it feels like I have underfloor heating.  I'm going to lay a soundproofing layer and wood on top of the existing wood, and I hope that will be enough.  It's a shame to cover antique wood floors, but 1) they're in violation of the lease (which requires soundproofing or carpet), and 2) I'm seriously afraid that I could cause a leak in the downstairs flat if I spill a glass of water or even mop the floors with a little too much water.

My previous period conversion was great with sound, other than hearing the upstairs neighbours flushing their toilet or showering.  A lowered ceiling with insulation in the kitchen/bath solved that problem to a large degree.

OTOH, I lived in a duplex newer build, and when anyone was walking around upstairs, it sounded like an earthquake downstairs.  Even with carpet. 

Yikes...you can see through? So they haven't even painted the ceiling or anything? 
This pandemic and lockdowns have made me realise just how bad it can be when you can hear your neighbours constantly. It kind of takes over your entire life. In my last place, if my neighbours were awake, I was awake. There was no concept of going to bed and waking up when I wanted to. They would sit talking in bed for ages every night and kept me awake. I would hear if they went to get a glass of water, or clicked their bathroom light on. I could hear every word of their conversations, phone calls and work meetings (they talked SO loud, almost shouting, all the time). I felt self conscious if I ever had a sensitive phone call or wanted some privacy because I didn't feel like I could talk without being overheard. It felt like living in a shared house, not a self contained flat. The thing is, you can't really know what it's like until you're living there. You can try to see signs (creaky floorboards) but you don't really know when you view.

RoisinDubh_2

lonibra said:

RoisinDubh_2 said:

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. 

Yes, getting a mortgage on an ex-council flat, especially at high-LTV can be very hard / impossible. It's just lender criteria, no other reason.

It's much better in London compared to other places but they're still not like getting one for a private flat.

I wonder why that is? 

woodsford

Have you tried to look in the Lee area?

I've just moved here and loving it so far.

okigen

RoisinDubh_2 said:

okigen said:

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).

All the ones I viewed have now sold. I will have to remember to go back and see how much they sold for, as it could have been well below asking price. I fell in love with one listed at 275K but it was only about 33 square metres, and it just seemed too small. The living room wasn't even big enough to put a desk in! It was a great location and really beautiful, but I think I'd struggle in that size of flat even if I weren't working from home 3 days a week tbh.

275k for 33 meter square  i.e. 8.3k per m2 is quite expensive.  Are you looking at Central London? It is still expensive even to central London's standard to be honest (unless it's one of the fancy historic cool looking ones?).

Given the size I don't think it will sell soon anyway,  so they may reduce the price in a couple of months time. Good luck

GDB2222

Some council blocks were system built. Those are often hard to mortgage.