FTB in East London

mountaingirl_2

We have been saving up for a deposit and have finally decided to buy.

We have a budget of £ 185 K and are hoping to buy a freehold 3 bed house
in West Ham, Upton Park, East Ham area.

The plan is that we will rent out one bed to help with the mortgage.

We have just started getting in touch with agents but most of the properties we see on the rightmove have already been sold -- or so the agents tell us.

--Is there a reason why there are such few properties on the market -- unsold ones?
-- Does any one know that area well.. any suggestions of places or type pf properties we should aim for?

I am going on Friday to see all the agents to register.
Hoping to move into a place of our own over the next few months.

nmiah786

Mountaingirl

Are you sure 185k is enough for a 3 bed freehold house in the areas you mention?

I've been looking in those areas for a while now and in my opinion you will not get that for 185k!! Unless of course it is a complete wreck or the area is really bad.

Rental potential there is quite high. But at the same token there are loads of investers in those areas.

Sold properties still advertised is quite high in the area. Most decent priced properties are quickly snapped up by investors. Also you will find a lot of people in those areas are buying using self cert mortgages so prices sometimes can be more then the actual value if the house if its good and has lots of interest!!

This is my opinion from my personal experience in the area. I personally think prices are too high in those areas!!!

Good luck on your seach.

loanranger_4

Hi

The lack of properties is probably seasonal, few people want the hassles of moving before christmas. I think more properties will be on the market in the new year.

185k is a bit low for the areas for a 3 bed. You will need to compromise on location and live a little away from the underground stations. However it is still cheaper than stratford, forest gate, mile end etc. and I think represent good value.

Have to agree with nmiah786 with the amount self certification mortgages as most people who grew up there, can afford to live in the area.

I would introduce yourself to a few good agents now (and get your mortgage offer in principle) and be ready to proceed in the new year.

Thanks

MyUserNamesTaken

loanranger wrote:

Hi

The lack of properties is probably seasonal, few people want the hassles of moving before christmas. I think more properties will be on the market in the new year.

185k is a bit low for the areas for a 3 bed. You will need to compromise on location and live a little away from the underground stations. However it is still cheaper than stratford, forest gate, mile end etc. and I think represent good value.

Have to agree with nmiah786 with the amount self certification mortgages as most people who grew up there, can afford to live in the area.

I would introduce yourself to a few good agents now (and get your mortgage offer in principle) and be ready to proceed in the new year.

Thanks

I know someone who is probably going to be selling a 3 bed house soon. It's in need of quite a bit of work, though. Not far from Upton Park, in fact. I'll post more info later, once I've spoken to the person concerned. I think he was after £175K for it, but it does need a new roof. Actually, it's in Plaistow, right near the Barking Road, off Balham Street.

Also, my mum and dad are selling their 4 bed in Wanstead for £450k, if anyone's interested.

eileenfromplaistow

Woohoo (see my username)! Wondered when someone would mention Plaistow. I think you mean Balaam street?

MyUserNamesTaken

eileenfromplaistow wrote:

Woohoo (see my username)! Wondered when someone would mention Plaistow. I think you mean Balaam street?

Yep, I mean Balaam Street! (I've got flu!). I'm from Wanstead, but haven't lived there for 14 years.

nmiah786

eileenfromplaistow wrote:

Woohoo (see my username)! Wondered when someone would mention Plaistow. I think you mean Balaam street?

Hi Eileen

what would you say about the prices in Plaistow £185k for a 3 bed freehold possible?

MyUserNamesTaken

nmiah786 wrote:

Hi Eileen

what would you say about the prices in Plaistow £185k for a 3 bed freehold possible?

Definitely possible.


http://www.rightmove.co.uk/search.rsp?lo_u=85284&lo_n=Plaistow%2C+East+London&nh_st=1&stc_s=true&p_t=1&mi_b=3&ma_p=200000&tr_t=buy&pa_n=2&eventsubmit_dosearch=1


Wow...for just under £200K, you can buy a 3 bed in Cann Hall Road! That came up on a search under Wanstead, but it's not in Wanstead! It's opposite Wanstead Flats, though. That house is really in Leytonstone. It's got an E11 post code, though.

http://www.rightmove.co.uk/viewdetails-8081450.rsp?pa_n=1&tr_t=buy

black-saturn

For £185k here you can buy a 6 bedroomed house with ensuite bathrooms and a huge garden. Upton Park/West Ham is a horrible area. Move out of that area if you can.

MyUserNamesTaken

black-saturn wrote:

For £185k here you can buy a 6 bedroomed house with ensuite bathrooms and a huge garden. Upton Park/West Ham is a horrible area. Move out of that area if you can.

Hehehehehe!


Have you seen the prices of houses on Cotmer Road? My mate was thinking about moving up here from Basildon (a cesspit!). The house she looked at on Cotmer Road was on for £239K. It was bloody horrible. Only 3 bedrooms, too! I wouldn't like to have to pull out from his drive way every morning.

As you know, prices have increased dramatically in Lowestoft. You wait until Yarmouth gets that Ferry sorted out. Prices will shoot up even more here then. Now we just have to push for the A12 to be upgraded.

black-saturn

I have a 3 bedroomed house that cost me £43,000. I dont live anywhere near Cotmer Road though, thats the posh part of Lowestoft.