What’s wrong with this property

ReadySteadyPop

GDB2222 said:

Ybe said:

Herzlos said:

Ybe said:

ReadySteadyPop said:

Ybe said:

ReadySteadyPop said:

Ybe said:

Tabieth said:

Ybe said:

Tabieth said:

Ybe said:

Thank you. All very good advice. There’s so many things to think about! I also keep thinking about 1 bed vs 2 bed especially as it seems the price of 2 beds are getting closer to 1 beds now. 

If you can, go for 2-beds. You’ll get more use out of it (guest room, storage etc.), it will likely suit your needs for longer (you will be less likely to grow out of it), and 2-beds hold value more than one. 

Good point. I suppose there’s always a trade off somewhere. 

For example, I’m looking at this 2 bed on rightmove. https://www.rightmove.co.uk/properties/86889840

But I’ve also found Taylor Wimpey are reducing this developments 1 bed to about 360k. https://www.taylorwimpey.co.uk/new-homes/north-finchley/the-tramworks

The 2-bed on Rightmove looks to be electric central heating - I wouldn’t touch it with a barge pole (far, far, far too expensive to heat). 

Is that why it hasn’t sold for nearly a year despite 2 price drops? I wouldn’t be able to afford a more expensive 2 bed, it would be too much of a stretch. I like the low running costs for the new build 1 bed (although I expect the service charge to at least double in a few years from the estimate). However, it’s a 1 bed. 

Also is the 2 bed electrical central heating or electric convection heaters? 

They have dropped the price by 75k, they seem keen to sell, but it is still way overpriced. The bigger a discount you can get the better because the re-sale value might not be there in future.

They purchased for 405k in 2017. I don’t think they’ll go below 400k as it’s offers in excess of.

this makes me think the Taylor Wimpey 1 bed might be better.    

Interest rates were well under 1% back then, and there has been a LOT of these cheap shoebox type flats thrown up since then, I think they would be doing well to get 300 - 350k. TW will be cheaper maybe but neither deal offers great value for money.

Really?  I find that hard to believe.  1 bed flats in the area have sold for 300-350k. 

Anything he says is hard to believe, because it's 100% provably nonsense. Any house to him is at least £100k overpriced, even if it just sold. 

Honestly, I'd ignore him entirely, and don't focus on previous sale prices because there are too many variables*. Look at what you can afford, what you want to spend, what similar goes for locally and most importantly look for somewhere you want to live for the next few years. 

*It may have sold cheap in 2017 because it needed a work, or was a quick sale due a messy divorce or bankrupcy or whatever.  The only exception when looking at historical prices is stuff that's only been bought and resold really quickly because there's a risk it's a flipper or there's something wrong with it. 

It is that trade off that I’m finding difficult to find. 2 beds cost more per month which means less discretionary spending but are more future proof and more versatile.

the difference between a 1 bed and 2 bed now is about £100-£200 per month for me doing a rough calculation. 

What we don’t know is what your future pay prospects are like. If your income is likely to increase in future, you might decide that the extra £100-200 a month would be a squeeze for a couple of years, but will then become more affordable. It’s expensive to move home, so don’t let short term considerations affect your long term decisions.

GDB2222 said:

Ybe said:

Herzlos said:

Ybe said:

ReadySteadyPop said:

Ybe said:

ReadySteadyPop said:

Ybe said:

Tabieth said:

Ybe said:

Tabieth said:

Ybe said:

Thank you. All very good advice. There’s so many things to think about! I also keep thinking about 1 bed vs 2 bed especially as it seems the price of 2 beds are getting closer to 1 beds now. 

If you can, go for 2-beds. You’ll get more use out of it (guest room, storage etc.), it will likely suit your needs for longer (you will be less likely to grow out of it), and 2-beds hold value more than one. 

Good point. I suppose there’s always a trade off somewhere. 

For example, I’m looking at this 2 bed on rightmove. https://www.rightmove.co.uk/properties/86889840

But I’ve also found Taylor Wimpey are reducing this developments 1 bed to about 360k. https://www.taylorwimpey.co.uk/new-homes/north-finchley/the-tramworks

The 2-bed on Rightmove looks to be electric central heating - I wouldn’t touch it with a barge pole (far, far, far too expensive to heat). 

Is that why it hasn’t sold for nearly a year despite 2 price drops? I wouldn’t be able to afford a more expensive 2 bed, it would be too much of a stretch. I like the low running costs for the new build 1 bed (although I expect the service charge to at least double in a few years from the estimate). However, it’s a 1 bed. 

Also is the 2 bed electrical central heating or electric convection heaters? 

They have dropped the price by 75k, they seem keen to sell, but it is still way overpriced. The bigger a discount you can get the better because the re-sale value might not be there in future.

They purchased for 405k in 2017. I don’t think they’ll go below 400k as it’s offers in excess of.

this makes me think the Taylor Wimpey 1 bed might be better.    

Interest rates were well under 1% back then, and there has been a LOT of these cheap shoebox type flats thrown up since then, I think they would be doing well to get 300 - 350k. TW will be cheaper maybe but neither deal offers great value for money.

Really?  I find that hard to believe.  1 bed flats in the area have sold for 300-350k. 

Anything he says is hard to believe, because it's 100% provably nonsense. Any house to him is at least £100k overpriced, even if it just sold. 

Honestly, I'd ignore him entirely, and don't focus on previous sale prices because there are too many variables*. Look at what you can afford, what you want to spend, what similar goes for locally and most importantly look for somewhere you want to live for the next few years. 

*It may have sold cheap in 2017 because it needed a work, or was a quick sale due a messy divorce or bankrupcy or whatever.  The only exception when looking at historical prices is stuff that's only been bought and resold really quickly because there's a risk it's a flipper or there's something wrong with it. 

It is that trade off that I’m finding difficult to find. 2 beds cost more per month which means less discretionary spending but are more future proof and more versatile.

the difference between a 1 bed and 2 bed now is about £100-£200 per month for me doing a rough calculation. 

What we don’t know is what your future pay prospects are like. If your income is likely to increase in future, you might decide that the extra £100-200 a month would be a squeeze for a couple of years, but will then become more affordable. It’s expensive to move home, so don’t let short term considerations affect your long term decisions.

The problem with this type of flat is that people won`t want to call it "home" for multiple years, they might want to sell up in a few years and move somewhere else, but if they overpay now they might not be able to get their money back.

Ybe

ReadySteadyPop said:

Ybe said:

Herzlos said:

Ybe said:

ReadySteadyPop said:

Ybe said:

ReadySteadyPop said:

Ybe said:

Tabieth said:

Ybe said:

Tabieth said:

Ybe said:

Thank you. All very good advice. There’s so many things to think about! I also keep thinking about 1 bed vs 2 bed especially as it seems the price of 2 beds are getting closer to 1 beds now. 

If you can, go for 2-beds. You’ll get more use out of it (guest room, storage etc.), it will likely suit your needs for longer (you will be less likely to grow out of it), and 2-beds hold value more than one. 

Good point. I suppose there’s always a trade off somewhere. 

For example, I’m looking at this 2 bed on rightmove. https://www.rightmove.co.uk/properties/86889840

But I’ve also found Taylor Wimpey are reducing this developments 1 bed to about 360k. https://www.taylorwimpey.co.uk/new-homes/north-finchley/the-tramworks

The 2-bed on Rightmove looks to be electric central heating - I wouldn’t touch it with a barge pole (far, far, far too expensive to heat). 

Is that why it hasn’t sold for nearly a year despite 2 price drops? I wouldn’t be able to afford a more expensive 2 bed, it would be too much of a stretch. I like the low running costs for the new build 1 bed (although I expect the service charge to at least double in a few years from the estimate). However, it’s a 1 bed. 

Also is the 2 bed electrical central heating or electric convection heaters? 

They have dropped the price by 75k, they seem keen to sell, but it is still way overpriced. The bigger a discount you can get the better because the re-sale value might not be there in future.

They purchased for 405k in 2017. I don’t think they’ll go below 400k as it’s offers in excess of.

this makes me think the Taylor Wimpey 1 bed might be better.    

Interest rates were well under 1% back then, and there has been a LOT of these cheap shoebox type flats thrown up since then, I think they would be doing well to get 300 - 350k. TW will be cheaper maybe but neither deal offers great value for money.

Really?  I find that hard to believe.  1 bed flats in the area have sold for 300-350k. 

Anything he says is hard to believe, because it's 100% provably nonsense. Any house to him is at least £100k overpriced, even if it just sold. 

Honestly, I'd ignore him entirely, and don't focus on previous sale prices because there are too many variables*. Look at what you can afford, what you want to spend, what similar goes for locally and most importantly look for somewhere you want to live for the next few years. 

*It may have sold cheap in 2017 because it needed a work, or was a quick sale due a messy divorce or bankrupcy or whatever.  The only exception when looking at historical prices is stuff that's only been bought and resold really quickly because there's a risk it's a flipper or there's something wrong with it. 

It is that trade off that I’m finding difficult to find. 2 beds cost more per month which means less discretionary spending but are more future proof and more versatile.

the difference between a 1 bed and 2 bed now is about £100-£200 per month for me doing a rough calculation. 

Do you have an example of the 1 beds that are selling, are they selling fast or have sales volumes deteriorated like many other parts of the country? Be wary of advice that says interest rates don`t matter, if say you bought the 400k flat (the one that has had to reduce by 75k so far) and you used a mortgage to do so, that is a LOT of debt to be stuck with if interest rates start gong up again (or even at present interest rates)

Yes check land registry for any london 1 bed. They are selling at that price range. 

MeteredOut

Ybe said:

ReadySteadyPop said:

Ybe said:

Herzlos said:

Ybe said:

ReadySteadyPop said:

Ybe said:

ReadySteadyPop said:

Ybe said:

Tabieth said:

Ybe said:

Tabieth said:

Ybe said:

Thank you. All very good advice. There’s so many things to think about! I also keep thinking about 1 bed vs 2 bed especially as it seems the price of 2 beds are getting closer to 1 beds now. 

If you can, go for 2-beds. You’ll get more use out of it (guest room, storage etc.), it will likely suit your needs for longer (you will be less likely to grow out of it), and 2-beds hold value more than one. 

Good point. I suppose there’s always a trade off somewhere. 

For example, I’m looking at this 2 bed on rightmove. https://www.rightmove.co.uk/properties/86889840

But I’ve also found Taylor Wimpey are reducing this developments 1 bed to about 360k. https://www.taylorwimpey.co.uk/new-homes/north-finchley/the-tramworks

The 2-bed on Rightmove looks to be electric central heating - I wouldn’t touch it with a barge pole (far, far, far too expensive to heat). 

Is that why it hasn’t sold for nearly a year despite 2 price drops? I wouldn’t be able to afford a more expensive 2 bed, it would be too much of a stretch. I like the low running costs for the new build 1 bed (although I expect the service charge to at least double in a few years from the estimate). However, it’s a 1 bed. 

Also is the 2 bed electrical central heating or electric convection heaters? 

They have dropped the price by 75k, they seem keen to sell, but it is still way overpriced. The bigger a discount you can get the better because the re-sale value might not be there in future.

They purchased for 405k in 2017. I don’t think they’ll go below 400k as it’s offers in excess of.

this makes me think the Taylor Wimpey 1 bed might be better.    

Interest rates were well under 1% back then, and there has been a LOT of these cheap shoebox type flats thrown up since then, I think they would be doing well to get 300 - 350k. TW will be cheaper maybe but neither deal offers great value for money.

Really?  I find that hard to believe.  1 bed flats in the area have sold for 300-350k. 

Anything he says is hard to believe, because it's 100% provably nonsense. Any house to him is at least £100k overpriced, even if it just sold. 

Honestly, I'd ignore him entirely, and don't focus on previous sale prices because there are too many variables*. Look at what you can afford, what you want to spend, what similar goes for locally and most importantly look for somewhere you want to live for the next few years. 

*It may have sold cheap in 2017 because it needed a work, or was a quick sale due a messy divorce or bankrupcy or whatever.  The only exception when looking at historical prices is stuff that's only been bought and resold really quickly because there's a risk it's a flipper or there's something wrong with it. 

It is that trade off that I’m finding difficult to find. 2 beds cost more per month which means less discretionary spending but are more future proof and more versatile.

the difference between a 1 bed and 2 bed now is about £100-£200 per month for me doing a rough calculation. 

Do you have an example of the 1 beds that are selling, are they selling fast or have sales volumes deteriorated like many other parts of the country? Be wary of advice that says interest rates don`t matter, if say you bought the 400k flat (the one that has had to reduce by 75k so far) and you used a mortgage to do so, that is a LOT of debt to be stuck with if interest rates start gong up again (or even at present interest rates)

Yes check land registry for any london 1 bed. They are selling at that price range. 

RSP doesn't do any research. He knows which way house market is going. He's been waiting years (literally) for a crash, but it will happen one day.

ReadySteadyPop

Ybe said:

ReadySteadyPop said:

Ybe said:

Herzlos said:

Ybe said:

ReadySteadyPop said:

Ybe said:

ReadySteadyPop said:

Ybe said:

Tabieth said:

Ybe said:

Tabieth said:

Ybe said:

Thank you. All very good advice. There’s so many things to think about! I also keep thinking about 1 bed vs 2 bed especially as it seems the price of 2 beds are getting closer to 1 beds now. 

If you can, go for 2-beds. You’ll get more use out of it (guest room, storage etc.), it will likely suit your needs for longer (you will be less likely to grow out of it), and 2-beds hold value more than one. 

Good point. I suppose there’s always a trade off somewhere. 

For example, I’m looking at this 2 bed on rightmove. https://www.rightmove.co.uk/properties/86889840

But I’ve also found Taylor Wimpey are reducing this developments 1 bed to about 360k. https://www.taylorwimpey.co.uk/new-homes/north-finchley/the-tramworks

The 2-bed on Rightmove looks to be electric central heating - I wouldn’t touch it with a barge pole (far, far, far too expensive to heat). 

Is that why it hasn’t sold for nearly a year despite 2 price drops? I wouldn’t be able to afford a more expensive 2 bed, it would be too much of a stretch. I like the low running costs for the new build 1 bed (although I expect the service charge to at least double in a few years from the estimate). However, it’s a 1 bed. 

Also is the 2 bed electrical central heating or electric convection heaters? 

They have dropped the price by 75k, they seem keen to sell, but it is still way overpriced. The bigger a discount you can get the better because the re-sale value might not be there in future.

They purchased for 405k in 2017. I don’t think they’ll go below 400k as it’s offers in excess of.

this makes me think the Taylor Wimpey 1 bed might be better.    

Interest rates were well under 1% back then, and there has been a LOT of these cheap shoebox type flats thrown up since then, I think they would be doing well to get 300 - 350k. TW will be cheaper maybe but neither deal offers great value for money.

Really?  I find that hard to believe.  1 bed flats in the area have sold for 300-350k. 

Anything he says is hard to believe, because it's 100% provably nonsense. Any house to him is at least £100k overpriced, even if it just sold. 

Honestly, I'd ignore him entirely, and don't focus on previous sale prices because there are too many variables*. Look at what you can afford, what you want to spend, what similar goes for locally and most importantly look for somewhere you want to live for the next few years. 

*It may have sold cheap in 2017 because it needed a work, or was a quick sale due a messy divorce or bankrupcy or whatever.  The only exception when looking at historical prices is stuff that's only been bought and resold really quickly because there's a risk it's a flipper or there's something wrong with it. 

It is that trade off that I’m finding difficult to find. 2 beds cost more per month which means less discretionary spending but are more future proof and more versatile.

the difference between a 1 bed and 2 bed now is about £100-£200 per month for me doing a rough calculation. 

Do you have an example of the 1 beds that are selling, are they selling fast or have sales volumes deteriorated like many other parts of the country? Be wary of advice that says interest rates don`t matter, if say you bought the 400k flat (the one that has had to reduce by 75k so far) and you used a mortgage to do so, that is a LOT of debt to be stuck with if interest rates start gong up again (or even at present interest rates)

Yes check land registry for any london 1 bed. They are selling at that price range. 

 Are sales volumes up or down though?

If you think they are selling fast at that price point surely the 2 bed reduced by 75k is an absolute must buy at 400k?

Some good points here.....

https://propertyrescue.co.uk/useful-guides-articles/why-flats-arent-selling-2023-what-you-can-do/

RedFraggle

Ybe said:

Tabieth said:

Ybe said:

Tabieth said:

Ybe said:

Thank you. All very good advice. There’s so many things to think about! I also keep thinking about 1 bed vs 2 bed especially as it seems the price of 2 beds are getting closer to 1 beds now. 

If you can, go for 2-beds. You’ll get more use out of it (guest room, storage etc.), it will likely suit your needs for longer (you will be less likely to grow out of it), and 2-beds hold value more than one. 

Good point. I suppose there’s always a trade off somewhere. 

For example, I’m looking at this 2 bed on rightmove. https://www.rightmove.co.uk/properties/86889840

But I’ve also found Taylor Wimpey are reducing this developments 1 bed to about 360k. https://www.taylorwimpey.co.uk/new-homes/north-finchley/the-tramworks

The 2-bed on Rightmove looks to be electric central heating - I wouldn’t touch it with a barge pole (far, far, far too expensive to heat). 

Is that why it hasn’t sold for nearly a year despite 2 price drops? I wouldn’t be able to afford a more expensive 2 bed, it would be too much of a stretch. I like the low running costs for the new build 1 bed (although I expect the service charge to at least double in a few years from the estimate). However, it’s a 1 bed. 

Also is the 2 bed electrical central heating or electric convection heaters? 

Electric heating is fine if it's storage heaters and an off peak immersion or thermal store. My large 2 bed flat (65 SQM) uses 300 to 1500 kWh monthly depending based on January and May this year. That's heated at 21C all day every day. 

ReadySteadyPop

MeteredOut said:

Ybe said:

ReadySteadyPop said:

Ybe said:

Herzlos said:

Ybe said:

ReadySteadyPop said:

Ybe said:

ReadySteadyPop said:

Ybe said:

Tabieth said:

Ybe said:

Tabieth said:

Ybe said:

Thank you. All very good advice. There’s so many things to think about! I also keep thinking about 1 bed vs 2 bed especially as it seems the price of 2 beds are getting closer to 1 beds now. 

If you can, go for 2-beds. You’ll get more use out of it (guest room, storage etc.), it will likely suit your needs for longer (you will be less likely to grow out of it), and 2-beds hold value more than one. 

Good point. I suppose there’s always a trade off somewhere. 

For example, I’m looking at this 2 bed on rightmove. https://www.rightmove.co.uk/properties/86889840

But I’ve also found Taylor Wimpey are reducing this developments 1 bed to about 360k. https://www.taylorwimpey.co.uk/new-homes/north-finchley/the-tramworks

The 2-bed on Rightmove looks to be electric central heating - I wouldn’t touch it with a barge pole (far, far, far too expensive to heat). 

Is that why it hasn’t sold for nearly a year despite 2 price drops? I wouldn’t be able to afford a more expensive 2 bed, it would be too much of a stretch. I like the low running costs for the new build 1 bed (although I expect the service charge to at least double in a few years from the estimate). However, it’s a 1 bed. 

Also is the 2 bed electrical central heating or electric convection heaters? 

They have dropped the price by 75k, they seem keen to sell, but it is still way overpriced. The bigger a discount you can get the better because the re-sale value might not be there in future.

They purchased for 405k in 2017. I don’t think they’ll go below 400k as it’s offers in excess of.

this makes me think the Taylor Wimpey 1 bed might be better.    

Interest rates were well under 1% back then, and there has been a LOT of these cheap shoebox type flats thrown up since then, I think they would be doing well to get 300 - 350k. TW will be cheaper maybe but neither deal offers great value for money.

Really?  I find that hard to believe.  1 bed flats in the area have sold for 300-350k. 

Anything he says is hard to believe, because it's 100% provably nonsense. Any house to him is at least £100k overpriced, even if it just sold. 

Honestly, I'd ignore him entirely, and don't focus on previous sale prices because there are too many variables*. Look at what you can afford, what you want to spend, what similar goes for locally and most importantly look for somewhere you want to live for the next few years. 

*It may have sold cheap in 2017 because it needed a work, or was a quick sale due a messy divorce or bankrupcy or whatever.  The only exception when looking at historical prices is stuff that's only been bought and resold really quickly because there's a risk it's a flipper or there's something wrong with it. 

It is that trade off that I’m finding difficult to find. 2 beds cost more per month which means less discretionary spending but are more future proof and more versatile.

the difference between a 1 bed and 2 bed now is about £100-£200 per month for me doing a rough calculation. 

Do you have an example of the 1 beds that are selling, are they selling fast or have sales volumes deteriorated like many other parts of the country? Be wary of advice that says interest rates don`t matter, if say you bought the 400k flat (the one that has had to reduce by 75k so far) and you used a mortgage to do so, that is a LOT of debt to be stuck with if interest rates start gong up again (or even at present interest rates)

Yes check land registry for any london 1 bed. They are selling at that price range. 

RSP doesn't do any research. He knows which way house market is going. He's been waiting years (literally) for a crash, but it will happen one day.

Which flat would you buy out of the various linked properties?

Herzlos

ReadySteadyPop said:

Be wary of advice that says interest rates don`t matter, if say you bought the 400k flat (the one that has had to reduce by 75k so far) and you used a mortgage to do so, that is a LOT of debt to be stuck with if interest rates start gong up again (or even at present interest rates)

RSP will bang on about rates going up causing problems, whilst in the real world rates have just dropped again. Since I bought my mortgage rates have varied between 5.7% and 1.9%.The jump for 1.9% to 5.5% (now) hurt, but it's not the end of the world unless you're overextended. Still a better long term bet than renting and waiting. 

Buying any property is going to involve some risk, and you don't want to overpay, but you need to be rational about it. Automatically assuming against all evidence that everything is overpaid, rates are going to fly up and the markets going to crash is just going to leave you renting a teiny bedsit whilst the rest of the country gets on with their life.

You don't want to overextend yourself though, so whilst a 2 bed may be a better long term option a 1 bed may be more affordable, but it all depends on the flat. You could easily find a 1  bed that's bigger than a 2 bed , etc. So the best thing to do is go and view a few and see if there's any that you feel you could happily live in. 

Herzlos

MeteredOut said:

Ybe said:

ReadySteadyPop said:

Ybe said:

Herzlos said:

Ybe said:

ReadySteadyPop said:

Ybe said:

ReadySteadyPop said:

Ybe said:

Tabieth said:

Ybe said:

Tabieth said:

Ybe said:

Thank you. All very good advice. There’s so many things to think about! I also keep thinking about 1 bed vs 2 bed especially as it seems the price of 2 beds are getting closer to 1 beds now. 

If you can, go for 2-beds. You’ll get more use out of it (guest room, storage etc.), it will likely suit your needs for longer (you will be less likely to grow out of it), and 2-beds hold value more than one. 

Good point. I suppose there’s always a trade off somewhere. 

For example, I’m looking at this 2 bed on rightmove. https://www.rightmove.co.uk/properties/86889840

But I’ve also found Taylor Wimpey are reducing this developments 1 bed to about 360k. https://www.taylorwimpey.co.uk/new-homes/north-finchley/the-tramworks

The 2-bed on Rightmove looks to be electric central heating - I wouldn’t touch it with a barge pole (far, far, far too expensive to heat). 

Is that why it hasn’t sold for nearly a year despite 2 price drops? I wouldn’t be able to afford a more expensive 2 bed, it would be too much of a stretch. I like the low running costs for the new build 1 bed (although I expect the service charge to at least double in a few years from the estimate). However, it’s a 1 bed. 

Also is the 2 bed electrical central heating or electric convection heaters? 

They have dropped the price by 75k, they seem keen to sell, but it is still way overpriced. The bigger a discount you can get the better because the re-sale value might not be there in future.

They purchased for 405k in 2017. I don’t think they’ll go below 400k as it’s offers in excess of.

this makes me think the Taylor Wimpey 1 bed might be better.    

Interest rates were well under 1% back then, and there has been a LOT of these cheap shoebox type flats thrown up since then, I think they would be doing well to get 300 - 350k. TW will be cheaper maybe but neither deal offers great value for money.

Really?  I find that hard to believe.  1 bed flats in the area have sold for 300-350k. 

Anything he says is hard to believe, because it's 100% provably nonsense. Any house to him is at least £100k overpriced, even if it just sold. 

Honestly, I'd ignore him entirely, and don't focus on previous sale prices because there are too many variables*. Look at what you can afford, what you want to spend, what similar goes for locally and most importantly look for somewhere you want to live for the next few years. 

*It may have sold cheap in 2017 because it needed a work, or was a quick sale due a messy divorce or bankrupcy or whatever.  The only exception when looking at historical prices is stuff that's only been bought and resold really quickly because there's a risk it's a flipper or there's something wrong with it. 

It is that trade off that I’m finding difficult to find. 2 beds cost more per month which means less discretionary spending but are more future proof and more versatile.

the difference between a 1 bed and 2 bed now is about £100-£200 per month for me doing a rough calculation. 

Do you have an example of the 1 beds that are selling, are they selling fast or have sales volumes deteriorated like many other parts of the country? Be wary of advice that says interest rates don`t matter, if say you bought the 400k flat (the one that has had to reduce by 75k so far) and you used a mortgage to do so, that is a LOT of debt to be stuck with if interest rates start gong up again (or even at present interest rates)

Yes check land registry for any london 1 bed. They are selling at that price range. 

RSP doesn't do any research. He knows which way house market is going. He's been waiting years (literally) for a crash, but it will happen one day.

Even if a crash does happen (It'll happen every now and then), it's only a problem if you need to sell before it's recovered. I bought right before the 2008 crash and was underwater for a few years on it, but the mortgage was about half the rent would have been and I still sold it for 25% more 15 years later. 

Here's some actual data:

https://www.nationwidehousepriceindex.co.uk/reports/strong-end-to-the-year-for-uk-house-prices 

MeteredOut

ReadySteadyPop said:

MeteredOut said:

Ybe said:

ReadySteadyPop said:

Ybe said:

Herzlos said:

Ybe said:

ReadySteadyPop said:

Ybe said:

ReadySteadyPop said:

Ybe said:

Tabieth said:

Ybe said:

Tabieth said:

Ybe said:

Thank you. All very good advice. There’s so many things to think about! I also keep thinking about 1 bed vs 2 bed especially as it seems the price of 2 beds are getting closer to 1 beds now. 

If you can, go for 2-beds. You’ll get more use out of it (guest room, storage etc.), it will likely suit your needs for longer (you will be less likely to grow out of it), and 2-beds hold value more than one. 

Good point. I suppose there’s always a trade off somewhere. 

For example, I’m looking at this 2 bed on rightmove. https://www.rightmove.co.uk/properties/86889840

But I’ve also found Taylor Wimpey are reducing this developments 1 bed to about 360k. https://www.taylorwimpey.co.uk/new-homes/north-finchley/the-tramworks

The 2-bed on Rightmove looks to be electric central heating - I wouldn’t touch it with a barge pole (far, far, far too expensive to heat). 

Is that why it hasn’t sold for nearly a year despite 2 price drops? I wouldn’t be able to afford a more expensive 2 bed, it would be too much of a stretch. I like the low running costs for the new build 1 bed (although I expect the service charge to at least double in a few years from the estimate). However, it’s a 1 bed. 

Also is the 2 bed electrical central heating or electric convection heaters? 

They have dropped the price by 75k, they seem keen to sell, but it is still way overpriced. The bigger a discount you can get the better because the re-sale value might not be there in future.

They purchased for 405k in 2017. I don’t think they’ll go below 400k as it’s offers in excess of.

this makes me think the Taylor Wimpey 1 bed might be better.    

Interest rates were well under 1% back then, and there has been a LOT of these cheap shoebox type flats thrown up since then, I think they would be doing well to get 300 - 350k. TW will be cheaper maybe but neither deal offers great value for money.

Really?  I find that hard to believe.  1 bed flats in the area have sold for 300-350k. 

Anything he says is hard to believe, because it's 100% provably nonsense. Any house to him is at least £100k overpriced, even if it just sold. 

Honestly, I'd ignore him entirely, and don't focus on previous sale prices because there are too many variables*. Look at what you can afford, what you want to spend, what similar goes for locally and most importantly look for somewhere you want to live for the next few years. 

*It may have sold cheap in 2017 because it needed a work, or was a quick sale due a messy divorce or bankrupcy or whatever.  The only exception when looking at historical prices is stuff that's only been bought and resold really quickly because there's a risk it's a flipper or there's something wrong with it. 

It is that trade off that I’m finding difficult to find. 2 beds cost more per month which means less discretionary spending but are more future proof and more versatile.

the difference between a 1 bed and 2 bed now is about £100-£200 per month for me doing a rough calculation. 

Do you have an example of the 1 beds that are selling, are they selling fast or have sales volumes deteriorated like many other parts of the country? Be wary of advice that says interest rates don`t matter, if say you bought the 400k flat (the one that has had to reduce by 75k so far) and you used a mortgage to do so, that is a LOT of debt to be stuck with if interest rates start gong up again (or even at present interest rates)

Yes check land registry for any london 1 bed. They are selling at that price range. 

RSP doesn't do any research. He knows which way house market is going. He's been waiting years (literally) for a crash, but it will happen one day.

Which flat would you buy out of the various linked properties?

None, because I'd not want to live in London.

ReadySteadyPop

Herzlos said:

ReadySteadyPop said:

Be wary of advice that says interest rates don`t matter, if say you bought the 400k flat (the one that has had to reduce by 75k so far) and you used a mortgage to do so, that is a LOT of debt to be stuck with if interest rates start gong up again (or even at present interest rates)

RSP will bang on about rates going up causing problems, whilst in the real world rates have just dropped again. Since I bought my mortgage rates have varied between 5.7% and 1.9%.The jump for 1.9% to 5.5% (now) hurt, but it's not the end of the world unless you're overextended. Still a better long term bet than renting and waiting. 

Buying any property is going to involve some risk, and you don't want to overpay, but you need to be rational about it. Automatically assuming against all evidence that everything is overpaid, rates are going to fly up and the markets going to crash is just going to leave you renting a teiny bedsit whilst the rest of the country gets on with their life.

You don't want to overextend yourself though, so whilst a 2 bed may be a better long term option a 1 bed may be more affordable, but it all depends on the flat. You could easily find a 1  bed that's bigger than a 2 bed , etc. So the best thing to do is go and view a few and see if there's any that you feel you could happily live in. 

How much do you think the 400k flat cost in 2008?