Anyone else selling a London flat?

sturgeon

Sarah1Mitty2 said:

sturgeon said:

gwynlas said:

Are you prepared to provide a link for constructive feedback? High St agents should be able to word descriptions to influence viewers to visit your flat as opposed to others, Buyers might see all properties on Rightmove but are not yet convinced that on line platforms offer the reassurance of dealing with a High St agent despite their dodgy reputations. Property is a huge investment and few people as yet would purchase a vehicle from an on line buyer rather than a dealers forecourt.

Sure, the link is here:

https://www.rightmove.co.uk/properties/135075116

It looks well presented, are you using PropertyLog to see what other sellers are doing?

I am now! Didn’t know this existed until now, thanks. 

sturgeon

hazyjo said:

Are you comparing prices with those that have sold, or with those still on the market? Remember, if the latter, that's prob not much help as they're also the ones not selling.

£5k drop will keep in in the same rightmove bracket, so not much point. People also hate (and usually ignore) offers over, so I'd not try that yet. Some also ignore properties up with online agents.

Give it longer... not really long enough to judge. Good luck.

Mostly with those that are on the market. As we haven’t been able to sell for years due to the remedial/fireproofing works so many leaseholders have to endure. 

If I changed it from OIEO £450k (the current strategy) to £449k, would this make an iota of difference? It indicates I’m not expecting over £450k necessarily plus wouldn’t it also refresh on all the property portals? I’d mainly do this to show I want £445-450k and not expecting £460k etc. 

lika_86

sturgeon said:

I think it holds its own when it comes to the size and quality of the flat vs others similarly or lower priced. For anyone visiting (and obviously getting viewers through the door is key) they’ll see the development itself feels particularly premium in the communal spaces, gardens etc and the amenities including concierge aren’t offered at all (ie the one above for £425k+ which is in an older building). 

...

Not sure why the service charge isn’t showing but I’ll look into that. It’s £300 ish a month, a bit inflated due to the electricity costs this year like all developments so will come back down.  

Maybe I wouldn't mention the service charge then (but equally as mentioned before I would pull back on all the luxury/premium references). The fact that the gardens are being landscaped to restore their condition just six years in would give me pause as to how much I'd end up paying for things in the future that actually probably have little impact on day to day life. A nice entryway for example is all well and good, but how much does it actually enhance your life?

The problem is that this is probably a first time buyer home, a landlord will likely prefer to have two bathrooms for a similar price. I just did a quick mortgage calculation and with a 15% deposit over 30 years, the best deal the Halifax calculator gives is just under £2k for the mortgage. Plus £300 service charge, plus council tax of around £160 a month, you're in for nearly £2.5k before regular bills. That's a lot and will limit your target buyer. 

Jaybee_16

Biggest problem for me would be the high traffic area. Practically above an Aldi, Asda opposite and Morrisons around the corner on the main A5 road. Remember that area before the apartments were built. 

sturgeon

lika_86 said:

sturgeon said:

I think it holds its own when it comes to the size and quality of the flat vs others similarly or lower priced. For anyone visiting (and obviously getting viewers through the door is key) they’ll see the development itself feels particularly premium in the communal spaces, gardens etc and the amenities including concierge aren’t offered at all (ie the one above for £425k+ which is in an older building). 

...

Not sure why the service charge isn’t showing but I’ll look into that. It’s £300 ish a month, a bit inflated due to the electricity costs this year like all developments so will come back down.  

Maybe I wouldn't mention the service charge then (but equally as mentioned before I would pull back on all the luxury/premium references). The fact that the gardens are being landscaped to restore their condition just six years in would give me pause as to how much I'd end up paying for things in the future that actually probably have little impact on day to day life. A nice entryway for example is all well and good, but how much does it actually enhance your life?

The problem is that this is probably a first time buyer home, a landlord will likely prefer to have two bathrooms for a similar price. I just did a quick mortgage calculation and with a 15% deposit over 30 years, the best deal the Halifax calculator gives is just under £2k for the mortgage. Plus £300 service charge, plus council tax of around £160 a month, you're in for nearly £2.5k before regular bills. That's a lot and will limit your target buyer. 

Thanks for this. I will review the wording for sure. As it’s such a big purchase I wasn’t sure that mentioning enhanced soundproofing, hidden cabling, underfloor heating etc was overtly pushing luxury as you feel you’re getting a lot of nice touches included. 

The costs are unavoidably expensive but even a £10k reduction makes almost no difference to monthly mortgage costs at this point. 

The landscaped gardens being redone is actually due to the building work (fire proofing) and neglect but I can see why this appears negative if someone wasn’t aware. Saying that, all leaseholders paying service charges contribute to a sinking fund that could be dipped into years after they’ve sold and moved on so these contributions can’t only be for the here and now. 

sturgeon

Jaybee_16 said:

Biggest problem for me would be the high traffic area. Practically above an Aldi, Asda opposite and Morrisons around the corner on the main A5 road. Remember that area before the apartments were built. 

Absolutely. It really is down to the buyer. Personally I find the absolute abundance of retail and shops literally on the doorstep and an M&S food a few seconds from the front door are ridiculously convenient. Some won’t like the built up area. There are other large developments in the area severely lacking in retail and food outlets. 

lika_86

sturgeon said:

lika_86 said:

sturgeon said:

I think it holds its own when it comes to the size and quality of the flat vs others similarly or lower priced. For anyone visiting (and obviously getting viewers through the door is key) they’ll see the development itself feels particularly premium in the communal spaces, gardens etc and the amenities including concierge aren’t offered at all (ie the one above for £425k+ which is in an older building). 

...

Not sure why the service charge isn’t showing but I’ll look into that. It’s £300 ish a month, a bit inflated due to the electricity costs this year like all developments so will come back down.  

Maybe I wouldn't mention the service charge then (but equally as mentioned before I would pull back on all the luxury/premium references). The fact that the gardens are being landscaped to restore their condition just six years in would give me pause as to how much I'd end up paying for things in the future that actually probably have little impact on day to day life. A nice entryway for example is all well and good, but how much does it actually enhance your life?

The problem is that this is probably a first time buyer home, a landlord will likely prefer to have two bathrooms for a similar price. I just did a quick mortgage calculation and with a 15% deposit over 30 years, the best deal the Halifax calculator gives is just under £2k for the mortgage. Plus £300 service charge, plus council tax of around £160 a month, you're in for nearly £2.5k before regular bills. That's a lot and will limit your target buyer. 

Thanks for this. I will review the wording for sure. As it’s such a big purchase I wasn’t sure that mentioning enhanced soundproofing, hidden cabling, underfloor heating etc was overtly pushing luxury as you feel you’re getting a lot of nice touches included. 

The costs are unavoidably expensive but even a £10k reduction makes almost no difference to monthly mortgage costs at this point. 

The landscaped gardens being redone is actually due to the building work (fire proofing) and neglect but I can see why this appears negative if someone wasn’t aware. Saying that, all leaseholders paying service charges contribute to a sinking fund that could be dipped into years after they’ve sold and moved on so these contributions can’t only be for the here and now. 

It's all just a bit flowery and seems like you're trying a bit too hard to sell it. My suggestion would be:

This well presented 2-bedroom flat is located in the NW9 0BR area and offers a range of features and amenities. This particular dual aspect unit stands out as one of the largest 2-bedroom layouts available.
 
The entire building has recently completed full internal and external fire safety works and has been certified with an A2 status EWS1 form.
 
Residents of this flat benefit from a concierge service that handles the safekeeping of packages and provides additional services. The building ensures a high level of security, featuring video entry phones and requiring fob access for each floor. The property also offers a private, gated, and secure car park, with an allocated space included, and electric charging points available.
 
The flat benefits from an FTTP internet connection, which includes high-speed data cabling in the living space and bedrooms, facilitating data speeds of up to 10 gigabits per second.
 
An underfloor hot water heating system extends to all rooms, with a heated towel rail in the bathroom.

Sound insulation between and within the apartments surpasses building code standards.

The light and bright open plan living area features a private balcony, ideal for al fresco entertaintment
 
Stylish and elegant finishes adorn the interior, such as high-quality engineered oak timber flooring in the living room, kitchen, and hallway. The bedrooms feature fitted wardrobes and storage units with internal lighting and the hallway also offers fitted storage and a desk unit. A fitted AV cabinet features hidden cabling to enable the easy installation of a wall-mounted TV speakers in the living room.
 
Commuting into central London is easy, as Colindale station is less than a 10-minute walk away (or a 5-minute bus ride), with a journey time of only 20 minutes on the Northern Line to central London. Additionally, a bus stop is conveniently located just 60 seconds from the front door.
 
The surrounding area offers an array of amenities and conveniences, including an M&S Food store just a 10-second walk away and Asda, Morrisons, Aldi, and Wilko stores all within a 1-2 minute walk. There are also various dining and fitness options nearby, including Nando's, Anytime Fitness (offering resident rates), and two other gyms within a 5-minute walk. A Starbucks is set to be added to the development later in 2023. Food enthusiasts will also appreciate the Bang Bang Oriental food hall, London's largest Asian food court, a mere 2-minute walk away.

[Deleted User]

Just for general info as very different properties but relates to London market. I am a buyer of a London "flat" (Feb 22) before the interest rate rise. The property had been on the market for over six months and the seller accepted 8k off, although compared to original listing this was a reduction of 30k or so they would not go down anymore.

An established estate agent previously sold the identical flat above for 325k the year before. I did not pay above 270k. This was a fluke as whoever paid that was nuts (it's a 1980s studio zone 2. 360 square foot) make of that what you will. Studios are also tricky so not a fair comparison. It takes time but someone will come along. Depends how much you want to sell if you accept less. My seller wanted out so did. I expect due to rate rises it will take even longer but will happen. I don't doubt however there were a lot of flukes! people overpaying crazy amounts and now the market is readjusting in some areas. 

Personally I think the value of my property will decrease by another 30k but I am in it for the long run. Just to add service charges are also a major factor. Looking at your property personally I would not pay above £375,000-£385,000. That's just my personal view doesn't mean you won't sell for what you want, but there are many factors, location, wary of new builds, opposite a shop etc. If there is a shop below this can also cause trouble for mortgage applications. General stores should not be too bad. Restaurants are bad. Sorry to be negative.

sturgeon

[Deleted User] said:

Just for general info as very different properties but relates to London market. I am a buyer of a London "flat" (Feb 22) before the interest rate rise. The property had been on the market for over six months and the seller accepted 8k off, although compared to original listing this was a reduction of 30k or so they would not go down anymore.

An established estate agent previously sold the identical flat above for 325k the year before. I did not pay above 270k. This was a fluke as whoever paid that was nuts (it's a 1980s studio zone 2. 360 square foot) make of that what you will. Studios are also tricky so not a fair comparison. It takes time but someone will come along. Depends how much you want to sell if you accept less. My seller wanted out so did. I expect due to rate rises it will take even longer but will happen. I don't doubt however there were a lot of flukes! people overpaying crazy amounts and now the market is readjusting in some areas. 

Personally I think the value of my property will decrease by another 30k but I am in it for the long run. Just to add service charges are also a major factor. Looking at your property personally I would not pay above £375,000-£385,000. That's just my personal view doesn't mean you won't sell for what you want, but there are many factors, location, wary of new builds, opposite a shop etc. If there is a shop below this can also cause trouble for mortgage applications. General stores should not be too bad. Restaurants are bad. Sorry to be negative.

Thanks for this, all useful and interesting feedback. There are no issues at all with mortgages here, the retail is M&S food and I’ve not even heard of this possibly causing an issue let alone it happening as 100’s of residents have mortgages here. 

What I find fascinating is where I’m looking there are 2 bed flats for £100,000s more. For example London city island in Canning Town, 2 beds for the same size sell for £650k. And that’s a regeneration area with not much going for it, new build and the service charges are £500+ a month for a 2 bed. How on earth is that all justified compared to mine at £200k less and significantly lower service charges?

So it’s hard to just guess a value by looking at a listing and not knowing the area, as obviously this hugely varies in London. As you’ll know many people wouldn’t buy a studio flat these days yet 1000’s do!

silvercar

You really aren’t comparing like for like if you are comparing Colindale with Canning Town. It really is comparing apple and pears. 

Commuters will buy in Colindale because they get more for their money than Canning Town, are prepared to commute from zone 4, with a longer journey on the Northern line than from Canning Town.

 Others will buy in Colindale because they want to be in North West London, or because they want to be on the outskirts of London and near the green belt, want easy access to the road links out of London etc.

Some because they want NW London but can’t afford Hendon or GG etc

Yet again others because they’ve seen and bought into the development potential of Colindale/ the Northern Quarter/ the future Brent Cross Town etc. 

All of which will attract people to Colindale, that has improved considerably in recent years. You just need to hold fire and wait for your buyer.

At the moment there is an slight excess of sellers over buyers due to the EWS issues, but this will get worse when the other blocks that still have issues eg the Pulse and Edition developments get sorted. Then you will have even more sellers and many of those blocks are much nearer the tube station so will be seen as more attractive by commuters. Now is a good time to be on the market at your price point.