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Zone 3 - wheres the catch?

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  • cashbackproblems
    cashbackproblems Posts: 1,826 Forumite
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    Crashy_Time wrote: »
    "ideally suited for first-time buyers, post graduates, house movers or investors"...Dog Groomers, bakers, candlestick makers, ex-HPC members,....anyone...please! The catch is no one wants this rubbish in a declining market.


    Ditto!


    You are buying an overpriced cheaply made 1 bed with ripoffservice charges which will only increase. Plus the location is not even that desirable, Ealing Broadway would be another matter.


    I bought a 2 bed in zone 4 this year for 335k (Bromley), it is reliant on South Eastern/Thameslink but still not a bad commute (under 1 hour) for anyone working in the city/west end. My service charge and ground rent is 1.5k PA, its an old block but renovated like a new build inside.
  • lisyloo
    lisyloo Posts: 29,617 Forumite
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    edited 12 September 2017 at 12:40PM
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    Crashy_Time wrote: »
    Sorry, did I miss the link to the "nice" property??


    You are perfectly entitled to your views.
    I have taken on board all the negative comments but there are still many appealing aspects which will appeal to a lot of people, for example - gym, sauna, concierge, nicely maintained areas, secure parking, secure cycle storage etc. etc.
    Obviously there's a price and obviously there are also downsides.

    Sometimes they even get desperate enough to...shock horror...actually LEAVE London!
    We are not desperate. We love aspects of London and will be taking advantage of what's on offer whilst here. For example "open house" at the weekend.
    We will make our money and leave.
    Retiring at 55 after having made enough money to not need to work again is far from desperate.

    Why is the OP, with years of experience of living in London, thinking these properties are cheap then?
    They are cheap for somewhere very commutable to central London. Usually studios are £400+ that close to London.
    I understand there are reasons why and the combinations of factors MAY or MAY not suit particular individuals.
    For example people like us with another home don't necessarily need lots of space. I'm not sure I care that much about the area (as long as I won't get mugged) as I'm only going to be sleeping there.
    Not trying to defend or promote it just pointing out that different things do or DON'T matter to other people.
    The "view" from my current flat doesn't matter. It's small and if I want to enjoy the view I'd go outside, so that's not an issue either.
    I came here to get educated about it and have done so.
    It's almost certainly not going to be a prospect for us, but I still think certain aspects of it are appealing and they will sell.
    I am not saying they are the best value, far from it, but are you saying Galliard don't know how to run their business?
    I'd challenge that as there's plenty of empirical evidence that they do know how to build, sell and make money.
  • AdrianC
    AdrianC Posts: 42,189 Forumite
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    lisyloo wrote: »
    They are cheap for somewhere very commutable to central London. Usually studios are £400+ that close to London.
    Woah, hold on - you don't know how much they are. All there is is a single "from £225k" figure. I'm not seeing the £350k 1-bed figure anywhere public.

    There's a good choice of 1-bed flats for <£300k within a mile of Hanger Lane on Rightmove - even a £265k 62m2 2-bed. It's short lease, but for a cash buyer, that's an opportunity.
    http://www.rightmove.co.uk/property-for-sale/property-66383690.html
  • lisyloo
    lisyloo Posts: 29,617 Forumite
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    I'm not seeing the £350k 1-bed figure anywhere public
    Page 24 of todays (12/9) metro - that's for an apartment not "suite".
    Not a cash buyer, but thanks for the link.
  • hazyjo
    hazyjo Posts: 15,470 Forumite
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    Gawd, I can think of nicer commutable areas to live. I'd much rather buy this in Wanstead (zone 4) http://www.rightmove.co.uk/property-for-sale/property-67987460.html


    Very quick into the City though, only 6 stops to Liv St.
    2023 wins: *must start comping again!*
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    lisyloo wrote: »
    You are perfectly entitled to your views.
    I have taken on board all the negative comments but there are still many appealing aspects which will appeal to a lot of people, for example - gym, sauna, concierge, nicely maintained areas, secure parking, secure cycle storage etc. etc.
    Obviously there's a price and obviously there are also downsides.


    We are not desperate. We love aspects of London and will be taking advantage of what's on offer whilst here. For example "open house" at the weekend.
    We will make our money and leave.
    Retiring at 55 after having made enough money to not need to work again is far from desperate.


    They are cheap for somewhere very commutable to central London. Usually studios are £400+ that close to London.
    I understand there are reasons why and the combinations of factors MAY or MAY not suit particular individuals.
    For example people like us with another home don't necessarily need lots of space. I'm not sure I care that much about the area (as long as I won't get mugged) as I'm only going to be sleeping there.
    Not trying to defend or promote it just pointing out that different things do or DON'T matter to other people.
    The "view" from my current flat doesn't matter. It's small and if I want to enjoy the view I'd go outside, so that's not an issue either.
    I came here to get educated about it and have done so.
    It's almost certainly not going to be a prospect for us, but I still think certain aspects of it are appealing and they will sell.
    I am not saying they are the best value, far from it, but are you saying Galliard don't know how to run their business?
    I'd challenge that as there's plenty of empirical evidence that they do know how to build, sell and make money.


    It is a rabbit hutch with trendy "extras" designed to appeal to those brainwashed into thinking they have to be seen to have access to a certain "lifestyle", the credit availability isn`t there any more hence the "competitive" pricing. The leaving London comment wasn`t about you, it was about many thousands of people waking up to the fact that it just isn`t worth it.
  • PField
    PField Posts: 89 Forumite
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    hazyjo wrote: »
    Gawd, I can think of nicer commutable areas to live. I'd much rather buy this in Wanstead (zone 4) http://www.rightmove.co.uk/property-for-sale/property-67987460.html


    Very quick into the City though, only 6 stops to Liv St.

    But that one has drafty sash windows, outdated kitchen and bathroom and a garden to worry about. Where the 24 hour, concierge, gym, sauna, communal lounge, cinema and secure parking?
    Different people want different things from a small flat, especially if they already have a main house.
  • hazyjo
    hazyjo Posts: 15,470 Forumite
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    PField wrote: »
    But that one has drafty sash windows, outdated kitchen and bathroom and a garden to worry about. Where the 24 hour, concierge, gym, sauna, communal lounge, cinema and secure parking?
    Different people want different things from a small flat, especially if they already have a main house.
    To be honest, yes! Not my cuppa at all! I much prefer the thought of an independent property than one I'm basically paying through the nose for. I'd change the decor to my own taste. I suppose it's great for someone who doesn't have many friends or works long hours and wants it all on site so they can do it alone...


    Horses for courses.
    2023 wins: *must start comping again!*
  • dlmcr
    dlmcr Posts: 182 Forumite
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    Astonishing that anybody would chose a new build (at least 20% overvalued) with "concierege, gym blah blah" (another 20% on top of price) in London at this of all times. London now is really peak bubble territory. If you really must pour your money into an overpriced London flat right now then these are much better in the same area:

    http://www.rightmove.co.uk/property-for-sale/property-68470775.html

    http://www.rightmove.co.uk/property-for-sale/property-59815144.html

    http://www.rightmove.co.uk/property-for-sale/property-68828837.html

    http://www.rightmove.co.uk/property-for-sale/property-60964195.html

    You could even get a freehold house a little further out!
    http://www.rightmove.co.uk/property-for-sale/property-61253413.html
  • lisyloo
    lisyloo Posts: 29,617 Forumite
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    edited 12 September 2017 at 2:56PM
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    Crashy_Time wrote: »
    It is a rabbit hutch with trendy "extras" designed to appeal to those brainwashed into thinking they have to be seen to have access to a certain "lifestyle", the credit availability isn`t there any more hence the "competitive" pricing. The leaving London comment wasn`t about you, it was about many thousands of people waking up to the fact that it just isn`t worth it.


    I don't really care about it being a rabbit hutch (or at least it's lowest of my priorities).
    I don't think I'm brainwashed, I'm middle-aged and have owned several properties and I'm intelligent enough to work out what OUR priorities are. Separate living space is a red line for me (no studios/suites) and I don't want to look after a garden.
    If people are leaving London then that's good and should be a benefit for those who stay.
    Clearly there's an equilibrium because if property prices, congestion and career opportunities improve then people will stop leaving and that trend will stop or reverse.


    BTW - I'm not interested in it, with the info I've gained on here about the area and service charges.
    I'd still prefer a central rabbit hutch to a zone 4 place with a garden. Horses for courses as they say. I believe pricing reflects the most popular preferences with access to transport links being very high and most people being willing to take a hit on size if they can.
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