What’s wrong with this property

Ybe

https://www.rightmove.co.uk/properties/160803176

Why has this property gone from £410k in March to £395k in April to £380k now with the EA claiming mass interest since it dropped to 380k? The identical layout and size property above sold for £358k and that’s an open market one. This is ex-SO being sold back to back staircasing. 

Emmia

It's a one bed with that horrendous kitchen/lounge/diner combo. I think one beds are hardest to sell, as many people want a second bedroom to work in if they work from home.

If one with the same layout (and presumably in similar condition) sold for ~£20k less recently, it's probably still overpriced.

Ybe

Emmia said:

It's a one bed with that horrendous kitchen/lounge/diner combo. I think one beds are hardest to sell, as many people want a second bedroom to work in if they work from home.

If one with the same layout (and presumably in similar condition) sold for ~£20k less recently, it's probably still overpriced.

They all sold as a new build 5 or so years ago for over 400k, some well over. But I guess new builds tend to be overpriced and the market has cooled since then. 

bobster2

Ybe said:

Emmia said:

It's a one bed with that horrendous kitchen/lounge/diner combo. I think one beds are hardest to sell, as many people want a second bedroom to work in if they work from home.

If one with the same layout (and presumably in similar condition) sold for ~£20k less recently, it's probably still overpriced.

They all sold as a new build 5 or so years ago for over 400k, some well over. But I guess new builds tend to be overpriced and the market has cooled since then. 

When sold as new builds there could have been some buyer incentives that are not reflected in the sold price recorded with Land Registry.

E.g. developer pays legal fees, stamp duty, some forms of deposit contribution.

So the developer benefits from having higher sold prices recorded (to help with future sales).

Emmia

Ybe said:

Emmia said:

It's a one bed with that horrendous kitchen/lounge/diner combo. I think one beds are hardest to sell, as many people want a second bedroom to work in if they work from home.

If one with the same layout (and presumably in similar condition) sold for ~£20k less recently, it's probably still overpriced.

They all sold as a new build 5 or so years ago for over 400k, some well over. But I guess new builds tend to be overpriced and the market has cooled since then. 

5 years ago was pre pandemic? I'd say one beds are much less desirable now as people work at home more and often want a separate space for that.

I know of a zone two, one bed flat on at £300k,  no cladding issues and a 3 minute walk to a well connected tube station with a frequent service that's had no offers, and limited viewings. 

Section62

Finchley Central is horribly congested, and the only good thing (other than Tesco's) about the location is the ability to more-or-less roll out of bed and be on the Northern Line.

Go one stop further to Mill Hill East (same zone, albeit reduced service) and there's a whole development at Millbrook Park where a 1-bed could be found for roughly the same price, with the added benefits of space, oxygen, and Waitrose.

Finchley Central will suit some people, but there's plenty similar to it much closer to Central London.  So for me there would need to be something special about a property there for me to pay what they are asking.

BrilliantButScary

It's in London, not in a million years!

RHemmings

Ybe said:

https://www.rightmove.co.uk/properties/160803176

Why has this property gone from £410k in March to £395k in April to £380k now with the EA claiming mass interest since it dropped to 380k? The identical layout and size property above sold for £358k and that’s an open market one. This is ex-SO being sold back to back staircasing. 

The property that sold for £358k sold in May 2019. Looking at nominal house prices in London, since 2019 they went up and then went back down again, and are currently (on average) no more expensive than they were in 2019. And, that's nominal. 

https://www.plumplot.co.uk/London-house-prices.html

It is possible that certain types of property may have out-performed the London average since 2019. But, given the comments above, there doesn't seem to be any indication of that having happened for single bedroom flats near Finchley Central. 

Hence, my conclusion based on the above is that £380k is still expensive for that property. 

Jaybee_16

I can see nothing going for it. Opposite a car wash, a very busy road in a congested area and not a desirable part of Finchley.
I often stay at the Travelodge on the other side of the tube line and certainly wouldn't consider this property.

Albermarle

Jaybee_16 said:

I can see nothing going for it. Opposite a car wash, a very busy road in a congested area and not a desirable part of Finchley.
I often stay at the Travelodge on the other side of the tube line and certainly wouldn't consider this property.

Also apparently no Waitrose 

BikingBud

When buying property is fundamentally about compromises, what you might want v what you can actually afford this is skewed very definitely towards costing lots and offering very little.

In a bizarre and perpetual market where HPI is accepted as the norm, reality often strikes very hard.