You could be forgiven for thinking you’ve missed the boat when it comes to the property ladder. The water has been choppy recently. But there is still value to be found in the market – you just need to know where to look.
We talk to Paul Sulkin (Sales Director), Joe Le Beau (Sales Manager) and Jack Bateman (Assistant Manager) of Kay & Co for their tips and properties that represent good value in the current market. They all agree on one thing: there’s an increasing number of motivated sellers in the market with many people keen to sell before the summer holidays start in August.
“It feels as if the market has bottomed out and values will start rising again after Brexit,” explains Joe Le Beau. “It’s all about getting the timing right. I believe that time is now. Some people are scared to commit, but they may be missing an opportunity.”
The team has these tips for house-hunters:
• Always search in the price bracket above what you can afford to spend. It gives you a fuller picture of the market and more opportunities.
• Check what nearby or similar properties have sold for, so you can compare like-for-like.
• Don't be put off by the asking price.
• Is the seller motivated? A keen seller may give you some room for negotiation.
• And don't be shy about making an offer, especially if you are in a position to move quickly.
Joe, Paul and Jack pick nine properties that offer good value in the current market.
Connaught Street, London W2 (£1m)
This two-bedroom apartment is on the market for £1m, but bear in mind a nearly identical one with the same lease, layout and condition sold in 2015 for £1.35m. “This flat is one of five properties in a handsome period property managed by Kay & Co. It’s a great central location, with excellent transport links,” adds Joe Le Beau.
Crawford Street, London W1H (£1.125m)
“This is probably the cheapest flat in Marylebone - and it comes with two bedrooms, two bathrooms and a separate kitchen, not to mention the parking space in the underground garage,” says Paul Sulkin. It works out at £1,216 per sq. ft. The building has a porter, gym and communal garden. Above all, the seller is very motivated.
Luxborough Street, London W1U (£820,000)
“This property is a completely blank canvas. It’s on the market for £849,950, but if it had come to market this time last year, it would have commanded an extra 15%,” adds Paul Sulkin. It is a property with potential: it’s near the high street, and it’s an unmodernised flat in Marylebone with some room for negotiation on price.
Canal Reach, London N1C (£875,000)
(https://www.kayandco.com/property-for-sale/apartment-for-sale-in-tapestry-apartments-1-canal-reach-london-n1c/10549) “This award-winning development is at the heart of King’s Cross,” explains Jack Bateman. At approximately £1,000 per sq. ft, this spacious one-bedroom apartment offers a good letting opportunity. It would rent out for around £2,700 per calendar month. Plus the vendor is keen to sell.
Homer Street, London W1H (£825,000)
This recently refurbished two-bedroom property on the raised-ground floor is a large flat for the price. It’s in a good position near Hyde Park and has been reduced from £850,000 to £825,000. With a motivated seller hoping to sell, it is best to move fast.
Junction Mews, London W2 (£1.495m)
Mews houses are highly sought-after and this one is a gem. It’s a three-bedroom cottage in a cobbled close, just a stone’s throw from Hyde Park. The living accommodation is very flexible offering a self-contained studio on the ground floor. A house of very similar size sold recently for £1.675m. This one has been reduced from £1.6m to £1.495m and the seller is keen to secure a sale, as it has been on the market for a while.
Edgware Road, London W2 (£349,950)
“You really can't buy much for under £500,000 in Zone 1, yet this studio flat in Park West, an attractive red-brick mansion block, is for sale for £349,950,” explains Joe Le Beau. “It could be a good buy-to-let opportunity (renting out at around £350 per week) or it would make an ideal pied-à-terre.” The property is a few minutes’ walk from Oxford Street. A year ago, this flat would have been marketed at £425,000, so it won’t be on the market for long.
Hyde Park Gardens, London W2 (£1.7m)
This sunny two-bedroom apartment sits at the top of the glorious Hyde Park Gardens terrace. It’s one of the most prestigious addresses in W2 and for good reason. Not only does it overlook the park, it’s part of an attractive period building. Kay & Co sold a similar property for £2.1m last summer, and this is on the market for £1.7m. According to Joe, when the market rebounds, this property is sure to be in demand.
Hyde Park Gardens, London W2 (£1.13m)
This is another glamorous property in a sought-after building, on the market for £1.13m. Originally, it was a two-bedroom apartment, but it has been converted into a generously sized one-bedroom flat. You could convert it back to two bedrooms. The remaining lease is short, but that offers an extra buying opportunity.
• Contact the team at Kay & Co for properties for sale and to let in Marylebone, Bayswater, King’s Cross, Paddington, Notting Hill, Mayfair, Hyde Park, Fitzrovia, Regents Park, Paddington and the West End on 020 7262 2030.