Have I missed my chance to buy in London?

Crashy_Time

RoisinDubh_2 said:

HNHN said:

RoisinDubh_2 said:

HNHN said:

I just recently bought an one bedroom flat in zone 2. There are plenty of properties in your budget. I saw this one (listed for only £250k) after my offer has been accepted, loved it but did not want to mess things up. It went under offer just 2 days after. Mine was agreed for £50k less than the asking price, so the price you see may not be what the property ends up selling for.

https://www.rightmove.co.uk/properties/108494132#/

I would never consider an ex-council flat no matter how spacious it is. Walking into an ex-council buidling just never feels good for me.

That's a very, very busy main road but yeah, good price. What was yours listed for, if you don't mind saying? 50K off is huge...I was assuming I'd be paying very close to the asking price, maybe 10K less. 

Yeah, I know what you mean about ex-council....they just feel very grim, don't they? Bad vibes or something. 

My budget was around the same as the OP, so it was a huge knock-off. One thing I learned is that you should not offer based on the asking price but what you think the property is worth or what you are willing to pay.

Exactly what you said about ex-council flats, they always feel very gloomy to me. In my initial searching stage, I booked 4-5 ex-council viewings as the flats looked really nice inside, spacious, modern and newly refurbished. Then the moment I stepped my foot in the building, I knew right away that it was not for me, I did not want to come back again let alone living there.

There is a line though...I don't think a one-bed flat in London zone 3 is even worth £250K but the market dictates a certain amount. I guess I worry that I will go too low, not get the offer accepted and then never find a place, but perhaps I'm overthinking and should just go for it?

How many are sitting unsold?

Crashy_Time

bouicca21 said:

Crashy_Time said:

https://www.rightmove.co.uk/properties/39367518#/

30k drop and TONS of supply if you widen the search area.

Flats in that area are suffering from WFH making them less attractive to financial sector workers and high service charges (onsite  gyms don’t come cheap). OTH  transport connections are great, safely cyclable into  central London, short distance from Greenwich.

i think OP’s requirements mean that Penge, Clock House and Kent House would be better locations - just a short bus ride to Crystal Palace, good main line connections plus access to the tram to East Croydon and Wimbledon.

Meaning that potential buyers already have a home and that demand in London is falling sharply?

bouicca21

Meaning that people working in the financial sector no longer need to be quite so close to Canary Wharf and the City, and are looking elsewhere.

Crashy_Time

bouicca21 said:

Meaning that people working in the financial sector no longer need to be quite so close to Canary Wharf and the City, and are looking elsewhere.

Most big banks are saying they want people back in the office?