What’s wrong with this property

ReadySteadyPop

Herzlos said:

Convenience of stuff is a huge deal and most of the reason property in cities is worth more. 

Being able to walk to a shop is much better than being able to order online. 

I would disagree, in what way do you think it is "better"? I have at least five major supermarkets/stores nearby, one is 24 hours plus all the small shops that sell booze, snacks etc and still find online more convenient One reason is that people`s stress levels are off the dial nowadays (is it the "debt for everything" life that many have adopted?) even a few minutes in a busy shop now is unpleasant (IMO) Trust me, having a Waitrose nearby isn`t going to get someone a silly price for their flat, a lender won`t care too much about that in this climate.

ReadySteadyPop

Ybe said:

ReadySteadyPop said:

Ybe said:

GDB2222 said:

For example, this is a two bed apartment, 600 sq ft, 100 year lease, for £275k asking price. 

https://www.rightmove.co.uk/properties/1616183272 bedroom flat for sale in Beech Lawns, London, N12

You really need to be asking yourself whether you want to pay an extra £80-90k for a smaller one bedroom apartment which is newly built. 

There could be some issue with the flat I’ve mentioned, but unless you make enquiries you won’t know. 

I don’t think that’s comparable - it’s from the 1930s, EPC E, 102 year lease, needs modernisation, has a section 20 major works notice on it. 

Are you buying the flat to live in or as an investment?

To live in

Some  interesting stuff in here, higher end of the market though.

https://www.msn.com/en-gb/money/other/london-home-sellers-are-being-forced-to-knock-thousands-of-pounds-off-their-house-prices-so-they-can-move/ar-AA1IjsXz

ReadySteadyPop

Ybe said:

ReadySteadyPop said:

Ybe said:

GDB2222 said:

For example, this is a two bed apartment, 600 sq ft, 100 year lease, for £275k asking price. 

https://www.rightmove.co.uk/properties/1616183272 bedroom flat for sale in Beech Lawns, London, N12

You really need to be asking yourself whether you want to pay an extra £80-90k for a smaller one bedroom apartment which is newly built. 

There could be some issue with the flat I’ve mentioned, but unless you make enquiries you won’t know. 

I don’t think that’s comparable - it’s from the 1930s, EPC E, 102 year lease, needs modernisation, has a section 20 major works notice on it. 

Are you buying the flat to live in or as an investment?

To live in

If it is new-builds you are looking at this is also interesting

https://www.telegraph.co.uk/business/2025/07/11/london-property-sales-lowest-since-financial-crisis/?msockid=05aecaa6dc7c666a2f48dc94dd066775

Ybe

ReadySteadyPop said:

Ybe said:

ReadySteadyPop said:

Ybe said:

GDB2222 said:

For example, this is a two bed apartment, 600 sq ft, 100 year lease, for £275k asking price. 

https://www.rightmove.co.uk/properties/1616183272 bedroom flat for sale in Beech Lawns, London, N12

You really need to be asking yourself whether you want to pay an extra £80-90k for a smaller one bedroom apartment which is newly built. 

There could be some issue with the flat I’ve mentioned, but unless you make enquiries you won’t know. 

I don’t think that’s comparable - it’s from the 1930s, EPC E, 102 year lease, needs modernisation, has a section 20 major works notice on it. 

Are you buying the flat to live in or as an investment?

To live in

If it is new-builds you are looking at this is also interesting

https://www.telegraph.co.uk/business/2025/07/11/london-property-sales-lowest-since-financial-crisis/?msockid=05aecaa6dc7c666a2f48dc94dd066775

Yes I’ve seen all these articles. Thanks 

Ybe

ReadySteadyPop said:

Ybe said:

Thank you for all your help, it’s very useful and I’m learning so much. 

A question on the new build at the former Homebase site - If I can get 5% off on these flats, would that bring it in line with market value? Or would it still be overpriced? I remember these initially being priced starting at 420k when they were first released at the end of last year. Now starting price is 380k so if I can get 5% off which is apparently standard with big developers, that would take it down to about 361k. 

https://www.taylorwimpey.co.uk/new-homes/north-finchley/the-tramworks?utm_source=google&utm_medium=cpc&utm_campaign=TWNT%20-%20The%20Tramworks%20-%20Search&infinity=ict2~net~gaw~cmp~TWNT%20-%20The%20Tramworks%20-%20Search~ag~Finchley~ar~706588395258~kw~new%20property%20finchley~mt~p&gad_source=1&gad_campaignid=21496349279&gbraid=0AAAAADyYQbEBTsGM-FVRcuZ4iEHNFuAd_

So around a 60k reduction, you can see for yourself that "market value" is a very fluid concept, you just don`t want to be in the group that borrowed 420k for flats with doubtful re-sale value.

What I want to know is will they go down further 

Herzlos

Ybe said:

ReadySteadyPop said:

Ybe said:

Thank you for all your help, it’s very useful and I’m learning so much. 

A question on the new build at the former Homebase site - If I can get 5% off on these flats, would that bring it in line with market value? Or would it still be overpriced? I remember these initially being priced starting at 420k when they were first released at the end of last year. Now starting price is 380k so if I can get 5% off which is apparently standard with big developers, that would take it down to about 361k. 

https://www.taylorwimpey.co.uk/new-homes/north-finchley/the-tramworks?utm_source=google&utm_medium=cpc&utm_campaign=TWNT%20-%20The%20Tramworks%20-%20Search&infinity=ict2~net~gaw~cmp~TWNT%20-%20The%20Tramworks%20-%20Search~ag~Finchley~ar~706588395258~kw~new%20property%20finchley~mt~p&gad_source=1&gad_campaignid=21496349279&gbraid=0AAAAADyYQbEBTsGM-FVRcuZ4iEHNFuAd_

So around a 60k reduction, you can see for yourself that "market value" is a very fluid concept, you just don`t want to be in the group that borrowed 420k for flats with doubtful re-sale value.

What I want to know is will they go down further 

Possibly. How long are you prepared to wait and see? Are you prepared to act fast if prices start climbing?

Are you renting now?

Do you gain sufficient quality of life improvements by making the plunge now even if you may be paying more than you might later?

I'm assuming your current living situation is comfortable enough that you're not in a rush. 

Herzlos

ReadySteadyPop said:

Herzlos said:

Convenience of stuff is a huge deal and most of the reason property in cities is worth more. 

Being able to walk to a shop is much better than being able to order online. 

I would disagree, in what way do you think it is "better"? I have at least five major supermarkets/stores nearby, one is 24 hours plus all the small shops that sell booze, snacks etc and still find online more convenient One reason is that people`s stress levels are off the dial nowadays (is it the "debt for everything" life that many have adopted?) even a few minutes in a busy shop now is unpleasant (IMO) Trust me, having a Waitrose nearby isn`t going to get someone a silly price for their flat, a lender won`t care too much about that in this climate.

Being able to grab fresh food on the walk between the tube and home gives you pretty good quality food with minimal hassle or planning. 

Being a short walk from a shop means that if you realise you're missing something part way into preparing a meal you can just pop down and get it. 

Having a few drinks with company and deciding you want to go and get some snacks is brilliant. 

Needing  a car journey, to go grab an onion is a pain. Waiting or paying for an online delivery is a pain.  Taking that further, and if it means he doesn't even need a car, then he's still got the freedom but saves a lot of monthly costs. 

I can't believe you seriously think proximity to shops isn't a big bonus when looking at flats. Even doing some research seems that you've got a minority opinion here. 


This link: https://lovepropertyuk.co.uk/blog/are-local-amenities-still-important-to-buyers-and-renters/6812

Says:

"Unsurprisingly, a supermarket within walking distance was the most in-demand local essential, with 49% of those surveyed saying they would need a major retailer nearby to consider moving to an area."

I don't know why you insist on giving out such bad, uninformed advice. 

thegreenone

ReadySteadyPop said:

Ybe said:

ReadySteadyPop said:

Ybe said:

GDB2222 said:

For example, this is a two bed apartment, 600 sq ft, 100 year lease, for £275k asking price. 

https://www.rightmove.co.uk/properties/1616183272 bedroom flat for sale in Beech Lawns, London, N12

You really need to be asking yourself whether you want to pay an extra £80-90k for a smaller one bedroom apartment which is newly built. 

There could be some issue with the flat I’ve mentioned, but unless you make enquiries you won’t know. 

I don’t think that’s comparable - it’s from the 1930s, EPC E, 102 year lease, needs modernisation, has a section 20 major works notice on it. 

Are you buying the flat to live in or as an investment?

To live in

Some  interesting stuff in here, higher end of the market though.

https://www.msn.com/en-gb/money/other/london-home-sellers-are-being-forced-to-knock-thousands-of-pounds-off-their-house-prices-so-they-can-move/ar-AA1IjsXz

They should have thought the travel through before applying to the school.

GDB2222

Ybe said:

ReadySteadyPop said:

Ybe said:

Thank you for all your help, it’s very useful and I’m learning so much. 

A question on the new build at the former Homebase site - If I can get 5% off on these flats, would that bring it in line with market value? Or would it still be overpriced? I remember these initially being priced starting at 420k when they were first released at the end of last year. Now starting price is 380k so if I can get 5% off which is apparently standard with big developers, that would take it down to about 361k. 

https://www.taylorwimpey.co.uk/new-homes/north-finchley/the-tramworks?utm_source=google&utm_medium=cpc&utm_campaign=TWNT%20-%20The%20Tramworks%20-%20Search&infinity=ict2~net~gaw~cmp~TWNT%20-%20The%20Tramworks%20-%20Search~ag~Finchley~ar~706588395258~kw~new%20property%20finchley~mt~p&gad_source=1&gad_campaignid=21496349279&gbraid=0AAAAADyYQbEBTsGM-FVRcuZ4iEHNFuAd_

So around a 60k reduction, you can see for yourself that "market value" is a very fluid concept, you just don`t want to be in the group that borrowed 420k for flats with doubtful re-sale value.

What I want to know is will they go down further 

How do you propose to determine that? I agree with you that it's a good question, but it's very hard to get the timing right.

Is there a cost in waiting? For example, are you paying a lot more in rent than the ownership costs of your own place? 

Ybe

GDB2222 said:

Ybe said:

ReadySteadyPop said:

Ybe said:

Thank you for all your help, it’s very useful and I’m learning so much. 

A question on the new build at the former Homebase site - If I can get 5% off on these flats, would that bring it in line with market value? Or would it still be overpriced? I remember these initially being priced starting at 420k when they were first released at the end of last year. Now starting price is 380k so if I can get 5% off which is apparently standard with big developers, that would take it down to about 361k. 

https://www.taylorwimpey.co.uk/new-homes/north-finchley/the-tramworks?utm_source=google&utm_medium=cpc&utm_campaign=TWNT%20-%20The%20Tramworks%20-%20Search&infinity=ict2~net~gaw~cmp~TWNT%20-%20The%20Tramworks%20-%20Search~ag~Finchley~ar~706588395258~kw~new%20property%20finchley~mt~p&gad_source=1&gad_campaignid=21496349279&gbraid=0AAAAADyYQbEBTsGM-FVRcuZ4iEHNFuAd_

So around a 60k reduction, you can see for yourself that "market value" is a very fluid concept, you just don`t want to be in the group that borrowed 420k for flats with doubtful re-sale value.

What I want to know is will they go down further 

How do you propose to determine that? I agree with you that it's a good question, but it's very hard to get the timing right.

Is there a cost in waiting? For example, are you paying a lot more in rent than the ownership costs of your own place? 

Well the building isn’t complete until the end of the year anyway so even if I reserve I won’t be moving until the end of the year. Also it’s been on the market since November last year and they’ve sold 5 plots.