Why aren’t properties in this block selling?

Tabieth

Ybe said: What is it about district heating and cladding that puts you off out of interest?

The cladding is obvious. I’d mainly worry about the fire risk and the potential risk to life and property. I’d also be very concerned about how long it will take them to remove it, or even if they will ever remove it. (I’d question why it’s still there so many years after Grenfell). It may also make getting a mortgage harder. Having risky cladding is an absolute hard-no as far as I’m concerned. 

The district heating isn’t something I know very much about but it’s the lack of control that bothers me. What happens if there’s a fault? I don’t know but I imagine it’s far harder to fix that getting in a trade to fix the boiler. Thinking about it, this is less of a deal breaker than the cladding. But it still makes me nervous. 

GDB2222

This is a somewhat older block, in an even busier position, but you get a second bedroom and 50% more space for much the same price.

https://www.rightmove.co.uk/properties/151861091#/?channel=RES_BUY

Ybe

Are modern blocks like these also more costly to maintain. I believe a lot of them have mechanical ventilation. I suppose a lot of people might just prefer to have larger openable windows and more windows. 

user1977

Ybe said:

Are modern blocks like these also more costly to maintain. I believe a lot of them have mechanical ventilation. I suppose a lot of people might just prefer to have larger openable windows and more windows. 

It's expensive things like lifts, concierges, contract cleaners etc which are more common in modern blocks.

And you'll be looking far and wide if you restrict your search to flats which don't have any internal bathrooms or kitchens...

SarahB16

Tabieth said:

Ybe said: What is it about district heating and cladding that puts you off out of interest?

The cladding is obvious. I’d mainly worry about the fire risk and the potential risk to life and property. I’d also be very concerned about how long it will take them to remove it, or even if they will ever remove it. (I’d question why it’s still there so many years after Grenfell). It may also make getting a mortgage harder. Having risky cladding is an absolute hard-no as far as I’m concerned. 

The district heating isn’t something I know very much about but it’s the lack of control that bothers me. What happens if there’s a fault? I don’t know but I imagine it’s far harder to fix that getting in a trade to fix the boiler. Thinking about it, this is less of a deal breaker than the cladding. But it still makes me nervous. 

District heating isn't something I know very much about either and rather than this thread go off on a tangent I'm going to start a new thread on the topic as I have searched tried to understand if it's the same thing as a 'Local Energy Network' and I don't know if it's the same thing but just going by a different name.  

Murphybear

I wouldn’t buy a flat that had an open plan kitchen.  According to our local Fire Brigade open plan kitchens are a fire hazard.  

[Deleted User]

No idea, but that's just across the road from where I and my parents lived when I was a baby, 68 - 70. My parents sold the flat for, I think, £1,200.

RHemmings

I find it curious that the price estimates listed for flats on the following website are a lot less than the asking prices for those flats. I'm not saying that the following esimates are accurate; I'm just curious about the difference. As far as I can see, 896 High Road Finchley is within that block. 

https://www.bricksandlogic.co.uk/place/building/896-high-road-london-n12

ReadySteadyPop

Ybe said:

https://www.rightmove.co.uk/properties/154184303

https://www.rightmove.co.uk/properties/156791921

Flats in this block seen quite nice. Yet, I’ve seen many come and go in this block on Rightmove and they don’t sell. The 2 currently on the market (links above) have been on the market for over 6 months with big price drops. And still not selling.  Why? 

I know the block has cladding but I know that the housing association is covering the costs of getting it sorted and they also have an EWS1. It’s also shared ownership but these sellers are selling on full ownership basis by back to back staircasing. And it’s also on pay as you go district heating but I’ve been told it’s not more than £30 a month on average. 

Other 1 bed flats in the area sell so it’s not the location or the fact it’s a 1 bed flat. 

Demand is down, borrowing costs are up, London has a surplus of basic flats etc. etc. or it could be a reason more specific to the block like service charges or another reason.

Ybe

Another one on sale (still during the housing association first refusal period) is worth £315k. This would be the RICS valuation figure. 

https://www.peabodynewhomes.co.uk/developments/high-road-1-bedroom/