Should I accept lower offer for my London flat?

RubySuzylondon

Hi everyone

I've got a converted studio flat for sale in N14 London, the suburbs. I bought it 20 years ago, I was the first to buy after it was converted from a warehouse. It's got a lovely white facade, it's unique. 

There's one main living/sleeping room 16 foot by 16ft, a separate large kitchen big enough for a table for 2,  modern bathroom and private balcony (no parking space).

It's got 10 ft high ceilings so the main room is really light and spacious, fully fitted kitchen, spacious modern bathroom, intercom. Double glazing and central heating.

 It's on a safe quiet cul-de-sac & and at the top of our road over the bridge is Marks and Spencer's foodhall. The whole high Street is literally 30 second walk away with leisure centres, tube station etc. Fab location near M25. It's perfect for the first time buyer, and it's very safe for a woman living on her own. 

Its still got a long lease (minus 20 years), the ground rent is about £150/year, the service charge is about £160 per month variable. So it's average bills. 

 There's 24 purpose built flats in the block, and mine being the smallest means I pay the smallest percentage for service charge out of everyone. 

 Its pretty cheap to run because it's small, it's only a studio flat, there's no separate bedroom. 

I planned to sell it. 

It had been rented out after I'd lived there for 10 years so I completely redecorated the whole place, got the professional painters in and put in new kitchen worktops, got the cupboards re-sprayed professionally. You name me, I updated everything I could. It now looks much better than it did when I bought it.

I had 5  valuations of between £200k and £265k. There's a lack of other comparable purpose-built studio flats in N14, hence the big range.  

 I put it up for sale in November last year for £265k,  took it off in December (because there's no traffic) put it back on in January 2025 so it's only been for sale for two and a half months.

I reduced it to £260k in January (£5k reduction) because I had to sell it quick. 

I'm a first -time Seller.

Just had my first offer from a first time buyer with cash, £240k. After 2 weeks of negotiation the highest she wants to lay out is £250k. (The estate agent says her max budget is £270k).  My minimum is £255k, having come down £10k. So we're still £5K away for me to feel comfortable about selling.

Also offered to chuck in the 4 white goods - fridge, separate freezer, washing machine and dishwasher for free. Hence It's move-in ready. 

She won't budge, she won't compromise anymore. I feel I've bent over backwards and if it's not appreciated I should move on.

Also, My circumstances have changed and I'm not in a rush to sell anymore. 

Ive attached my flat link on Rightmove. It's actually larger than many one-beds due to the separate large kitchen, so it's comparable size-wise and cheaper than some 1-beds. 

Do you think I should accept the £250k even though I could get more for it if I wait for another buyer? Maybe £260k. (And advertise it for £275k, IE increase it by £10k). 

The increase in stamp duty rules in April don't affect me because I'm selling below £300k. £300k being the new amount to pay tax stamp duty on (for first time buyers only). There's a lack of investors around who would pay stamp duty from £125k. 

That's why I thought I might wait for another first time buyer who wants to buy a studio flat like mine, below £300k after April. To save on the hike in stamp duty spending over £300k. 

I'm torn, so let me know your thoughts, what would you do? very appreciated. 

Thanks 👍🏼 

RubySuzylondon

Here's the Rightmove link to my studio 

RubySuzylondon

So sorry it won't let me post the URL, any ideas guys?

RubySuzylondon

Ps it's 373 ft square

RelievedSheff

There will always be a limited market for a studio apartment. They really don't suit a lot of people.

I personally think you should seriously consider the offer you have on the table. 

EssexHebridean

Yours is lovely, I wouldn't disagree. However also listed in the same area at the moment is an actual 1 bed flat which is on at £260k - you have to assume that the sellers there might be open to a small reduction on that too, and given the choice between a studio and a 1 bed at a very similar price point, most folk are probably going to go for the 1 bed, in all honesty.

It comes down to how much you're willing to gamble - you could give your current interested party a straight no and continue to market it, but then you are at the mercy of what the market does from there. If prices continue to go up, you might get lucky with a better offer, if things stagnate a bit though, you will then have a property which could only get offers below the one you are considering turning down...  Flats can be a funny one, and all the more so when the "flat" is a studio, even a lovely one! 

Newbie_John

Long lease is 105 years - so not that long really.
Close to the zone 4 station - great, but also close to the tracks - I would imagine it being very loud - sleeping 5/10m from the train line


I personally wouldn't pay that much - so if someone is willing to buy for £250k cash I'd sell it.

RubySuzylondon

Thanks for your observation, because the flat is at the front of the block you actually can't hear the tubes at all because there's a few thick concrete walls in between. It's a very quiet flat (apart from being next to the front door with the door slamming shut 50 times a day)

MSE_ForumTeam5

Please could we draw Forumites' attention to the yellow banner at the top of the page that says "Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address."

RubySuzylondon

Its a rental property, I don't live there. I live elsewhere. 

RubySuzylondon

Please can you put the link back up because it's been removed?