Anyone else selling a London flat?

[Deleted User]

It's pretty normal for crazy prices in London. As I say my studio was just under 270k. The new studios (luxury) being sold off plan for 675k but a big studio. An old standard house in my area, you prob need about 600/700k for a small house. Or 500k for a decent two bed flat. But that is zone 2. One million plus for a decent house. Anything new add 100k on top. 

As I also say, I personally think this property is only worth 380k roughly. It is not that close to central so i would question why someone would pay 450k when you can get more for your buck elsewhere (not new but is that a bad thing?). But it's about what you are looking for, clearly people have done in the past. Curious to know how much the OP paid for it. 

sturgeon

[Deleted User] said:

It's pretty normal for crazy prices in London. As I say my studio was just under 270k. The new studios (luxury) being sold off plan for 675k but a big studio. An old standard house in my area, you prob need about 600/700k for a small house. Or 500k for a decent two bed flat. But that is zone 2. One million plus for a decent house.

As I also say, I personally think this property is only worth 380k roughly. It is not that close to central so i would question why someone would pay 450k when you can get more for your buck elsewhere. But it's about what you are looking for, clearly people have done in the past. Curious to know how much the OP paid for it. 

It’s a 20 min northern line ride to Euston, King’s Cross and 25 mins to Tottenham Court Road so pretty close to central vs commute times around Greater London. I’m keen to see where you can buy a similar condition new build flat for less with the equivalent distance. 

Sarah1Mitty2

[Deleted User] said:

It's pretty normal for crazy prices in London. As I say my studio was just under 270k. The new studios (luxury) being sold off plan for 675k but a big studio. An old standard house in my area, you prob need about 600/700k for a small house. Or 500k for a decent two bed flat. But that is zone 2. One million plus for a decent house. Anything new add 100k on top. 

As I also say, I personally think this property is only worth 380k roughly. It is not that close to central so i would question why someone would pay 450k when you can get more for your buck elsewhere (not new but is that a bad thing?). But it's about what you are looking for, clearly people have done in the past. Curious to know how much the OP paid for it. 

It was normal, and the reasons were many but cheaply available debt was a big one, that no longer being available is the reason that sales transactions are falling. I agree with you though that the price of this flat probably needs to come way down from where it is now.

[Deleted User]

sturgeon said:

Deleted_User said:

It's pretty normal for crazy prices in London. As I say my studio was just under 270k. The new studios (luxury) being sold off plan for 675k but a big studio. An old standard house in my area, you prob need about 600/700k for a small house. Or 500k for a decent two bed flat. But that is zone 2. One million plus for a decent house.

As I also say, I personally think this property is only worth 380k roughly. It is not that close to central so i would question why someone would pay 450k when you can get more for your buck elsewhere. But it's about what you are looking for, clearly people have done in the past. Curious to know how much the OP paid for it. 

It’s a 20 min northern line ride to Euston, King’s Cross and 25 mins to Tottenham Court Road so pretty close to central vs commute times around Greater London. I’m keen to see where you can buy a similar condition new build flat for less with the equivalent distance. 

New build, you would not get one in zone 2 I agree with that. But as I say, new build you are paying likely 100k extra for the new. If I had 450k budget, i'd buy something like below and forget about the new.

https://www.rightmove.co.uk/properties/133036571#/?channel=RES_BUY

This is not new, but it's not bad. And its in zone 2 and a similar size. Like I say, depends what you want, I don't want new, others would. Lick of paint etc, 15/20k on new bathroom. New furniture, can you really tell the difference! I just see the core, because nothing is new forever. 

As anyone who travels on TFL in rush hour will know, 25 minutes on a train "just". Indeed!

Sarah1Mitty2

[Deleted User] said:

sturgeon said:

Deleted_User said:

It's pretty normal for crazy prices in London. As I say my studio was just under 270k. The new studios (luxury) being sold off plan for 675k but a big studio. An old standard house in my area, you prob need about 600/700k for a small house. Or 500k for a decent two bed flat. But that is zone 2. One million plus for a decent house.

As I also say, I personally think this property is only worth 380k roughly. It is not that close to central so i would question why someone would pay 450k when you can get more for your buck elsewhere. But it's about what you are looking for, clearly people have done in the past. Curious to know how much the OP paid for it. 

It’s a 20 min northern line ride to Euston, King’s Cross and 25 mins to Tottenham Court Road so pretty close to central vs commute times around Greater London. I’m keen to see where you can buy a similar condition new build flat for less with the equivalent distance. 

New build, you would not get one in zone 2 I agree with that. But as I say, new build you are paying likely 100k extra for the new. If I had 450k budget, i'd buy something like below and forget about the new.

https://www.rightmove.co.uk/properties/133036571#/?channel=RES_BUY

This is not new, but it's not bad. And its in zone 2 and a similar size. Like I say, depends what you want, I don't want new, others would. Lick of paint, 15/20k on new bathroom. New furniture, can you really tell the difference! 

For the price it is a terrible deal, and they have already knocked 50k off the price.

[Deleted User]

Sarah1Mitty2 said:

Deleted_User said:

sturgeon said:

Deleted_User said:

It's pretty normal for crazy prices in London. As I say my studio was just under 270k. The new studios (luxury) being sold off plan for 675k but a big studio. An old standard house in my area, you prob need about 600/700k for a small house. Or 500k for a decent two bed flat. But that is zone 2. One million plus for a decent house.

As I also say, I personally think this property is only worth 380k roughly. It is not that close to central so i would question why someone would pay 450k when you can get more for your buck elsewhere. But it's about what you are looking for, clearly people have done in the past. Curious to know how much the OP paid for it. 

It’s a 20 min northern line ride to Euston, King’s Cross and 25 mins to Tottenham Court Road so pretty close to central vs commute times around Greater London. I’m keen to see where you can buy a similar condition new build flat for less with the equivalent distance. 

New build, you would not get one in zone 2 I agree with that. But as I say, new build you are paying likely 100k extra for the new. If I had 450k budget, i'd buy something like below and forget about the new.

https://www.rightmove.co.uk/properties/133036571#/?channel=RES_BUY

This is not new, but it's not bad. And its in zone 2 and a similar size. Like I say, depends what you want, I don't want new, others would. Lick of paint, 15/20k on new bathroom. New furniture, can you really tell the difference! 

For the price it is a terrible deal, and they have already knocked 50k off the price.

What's terrible about it? 

I'm not surprised if they knocked money off, would not pay 500k, i'd say 400-420k, maybe 435k. Depends on what it's like inside. The bath panel looks water logged so i'd argue you are taking 20k off at least for a new bathroom. I was just using it as an example that there are properties much closer to central for a similar price that you can work with if you had that budget. 

Sarah1Mitty2

How about this one, 35k off so far, I still think they are wishing to get 400k in this economic climate though.

https://www.rightmove.co.uk/properties/86109936#/?channel=RES_BUY

[Deleted User]

Sarah1Mitty2 said:

How about this one, 35k off so far, I still think they are wishing to get 400k in this economic climate though.

https://www.rightmove.co.uk/properties/86109936#/?channel=RES_BUY

I would not pay more than 370k for that! Possibly 340 looking at that bedroom!

jimbog

Sarah1Mitty2 said:

PartyOfFive said:

Sarah1Mitty2 said:

450k is a LOT of money for a small flat, not a good investment at all in my opinion, and remember these "London Prices" were built on near zero interest rates which are no longer with us.

All your comments just betray how ignorant you actually are about the London market.
Unless you have actually bought or sold a property there, your opinions are essentially worthless.

I sold my 2 bed flat at the end of April for 900k - bought at 375k 8 years ago.

Quite a different area area of London to Colindale granted, desirability wise, but when I bought it was probably considered in the same breath.

PartyOfFive said:

Sarah1Mitty2 said:

450k is a LOT of money for a small flat, not a good investment at all in my opinion, and remember these "London Prices" were built on near zero interest rates which are no longer with us.

All your comments just betray how ignorant you actually are about the London market.
Unless you have actually bought or sold a property there, your opinions are essentially worthless.

I sold my 2 bed flat at the end of April for 900k - bought at 375k 8 years ago.

Quite a different area area of London to Colindale granted, desirability wise, but when I bought it was probably considered in the same breath.

How much did the next house cost, did you downsize to lock in the profit? Can you link to the area so we can check out the price rises with PropertyLog?

PropertyLog doesn't give prices sold, simply the changes in the listing price

Sarah1Mitty2

[Deleted User] said:

Sarah1Mitty2 said:

How about this one, 35k off so far, I still think they are wishing to get 400k in this economic climate though.

https://www.rightmove.co.uk/properties/86109936#/?channel=RES_BUY

I would not pay more than 370k for that! Possibly 340 looking at that bedroom!

Yes, they are being VERY ambitious with the price, especially where it started.