Nobody wants flats. That's the line doing the rounds, and for once the numbers back it up. But here's the thing. When everyone runs one way, it's worth asking whether the bargain is going the other.
So what's happening?
The cold hard facts:
- In June, Zoopla said over two-thirds of one and two-bed flats listed this year were still unsold. First-time buyers stepped back as borrowing costs rose.
- Zoopla's September index has flats down 1.3% on the year, the only property type falling.
- Closer to home, the official UK House Price Index puts the average Wandsworth flat at £532,028 in August, down 6.5% in a year.
Why? Leasehold, service charges and cladding. Nine years after Grenfell, the government is monitoring 4,724 buildings of 11 metres and over with unsafe cladding. Work hasn't started on 46% of them, and around 103,000 homes sit in those blocks. In Wandsworth, which covers Battersea and Nine Elms, between 101 and 200 buildings are on the list: 43% finished, 8% under way and 49% still waiting to start.
But what does it mean for Battersea?
Now ears must perk up. Battersea is modern flat country. Think of the riverside blocks, Nine Elms and the Power Station.
And it's not just numbers. Right now I'm seeing a lot of first-time buyers turning away from modern buildings, and that's leaving a lot of value on the table. That's my own observation on the patch, not a statistic.
The contrarian case, made recently by Property Hub (who run their own investor platform), goes like this. Cladding and leasehold problems are temporary. The flat is permanent. Buy while the price is down, and when rates ease the first-time buyers come back. Bear in mind that's a national view. Mine is local: Battersea, street by street.
There's something in it. Renters clearly like modern. Zero Deposit says build-to-rent homes in London average £2,560 a month against £2,280 for the wider market. Wandsworth private rents averaged £2,640 in September, up 4.1% in a year. And 89% of new homes get an A or B energy rating, while landlords face an EPC C standard by October 2030, with spend capped at £10,000 a property.
The catch
Let's face it, cheap can stay cheap.
- Rates aren't easing yet. The Bank of England held Bank Rate at 3.75% in September, and three of the nine committee members voted for a rise. Next decision: 5 November.
- Service charges. Concierge, gym and pool cost money. Ask for three years of accounts.
- EWS1 and remediation. Has the building been assessed, who's paying, and when does work finish? Your lender will ask too.
- Lease and ground rent. Check the years left and the ground rent.
- Resale. If most flats listed this year haven't sold, plan for when it's your turn to sell.
My take
Buy the building, not the brochure. A modern Battersea flat with a long lease, a clean bill of health on the walls and a sensible service charge, bought at today's prices, looks like decent value to me. One with an open remediation question is a gamble, not a bargain. This isn't financial advice, so take independent advice, of course.
So there you have it. Unloved isn't the same as unwise. But in the flat market, the detail is everything.
Are you eyeing a flat in Battersea or Nine Elms, or sitting on one waiting for the market to turn? I'd genuinely like to hear how it's playing out on your street. Drop me a line at jeroen@claphampropertyblog.com or call 07837 093554.
Sources: Zoopla press release (30 June 2026); Zoopla House Price Index, September 2026 (1 October 2026); HM Land Registry / ONS UK House Price Index, August 2026, and ONS Housing prices in Wandsworth (21 October 2026); MHCLG Building Safety Remediation monthly data release, August 2026 (30 September 2026); Zero Deposit build-to-rent research (June 2026); MHCLG Energy Performance of Buildings Certificates, April to June 2026 (30 July 2026); DESNZ private rented homes energy performance government response (January 2026); Bank of England Monetary Policy Summary (17 September 2026); Property Hub, "Nobody Is Buying These UK Properties (They're Buying This Instead)" (YouTube).
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