Has anyone broke even or profited from selling their new build flat in London?

l_f_w

demontfort said:

Here's an example for you, I bought my 2 bed flat in lovely Leyton, 10 years ago. The vendor had bought if from new 8 years before and made a £2k profit when he sold it to me, mind you he agreed to leave all his furniture so he wasn't exactly laughing all the way to the bank.

Leyton like most of East London is grossly overpriced right now especially the new builds with 2 beds going for more than double what I paid. A lot of people who bought the costly period flat conversions only stay for a few years when they wise up and figure that Leyton is another East London dump. As for new builds a number of people who bought into the Leyton Central development on the former Glynn Hopkin's site in 2016 have been burnt and lost money when selling later down the line.  See this link showing the price changes.

https://www.rightmove.co.uk/house-prices/e10-5fa.html

I'd say £300k is a fair price for a one bed in Leyton, £350k and above you should be moving into 2 bed territory, £400k plus you can bag yourself a pokey house.  Happy to provide more perspective on Leyton property.

Many thanks for this. Great to see the example for Rookery Court - was struggling to find recent new build sale history in Leyton. Concerning about the losses people have made, I can see some are being sold now and have been listed for 3+ months with no sale. 

After doing all my research, I’m 90% certain I’m not going to buy a new property. From a what I’ve seen so far, you can get an OK 1 bed in Leyton/Walthamstow/Stratford for £300k but outside space is unlikely. If you’re looking for that, you’re looking at £325k minimum. Can’t believe how small some of the properties I’m seeing are (less than 400sqf). 

Going to continue the search over the next 6-12 months. I’m not in a desperate rush, so going to take my time to find a good deal.

silvercar

My son is buying a 3 yr old flat in this area. The current owner bought it with HTB, purchase price is slightly higher than what the current owner paid. After stamp duty and legal, current owner will have about broken even.

Sarah1Mitty2

steampowered said:

I bought a 2-bed flat in Greenwich in 2016 for £470k. The flat was 3 years old when I bought it.

Just sold it for £475k.

That's a loss after estate agent fees, conveyancing costs and stamp duty costs are factored in. However if I did not own the flat I would have needed to be paying rent, so after taking that into account I worked out that I was still better off buying (just!) 

If I had bought one of the new builds on the nearby development, similar 2-bed new build flats were going for £650k or thereabouts, I reckon I would have made a c. £100k loss. 

Why the loss?