Buying a flat in London

RTaylor87

Currently my girlfriend and I own a 3 bedroom house in Leeds (worth around £135k) and will both be moving down to London in June 2012. This presents us with the following options:

1) Sell the house in Leeds, rent in London. This takes us off the property ladder.
2) Rent out the house in Leeds and rent a flat in London. It's looking at at least £800pm to rent a flat in London. Not sure what we'd get for ours in Leeds, possibly around £500/600 a month.
3) Sell the house in Leeds and buy a flat in London. We've had a quick look and there seems to be some 1-bedroom flats in London for around £100k-£110k ish in the "up and coming" areas.

Currently I'm leaning towards option 3 as it would be a hassle to rent out the house in Leeds if we're living in London, and I'm loathed to paying twice as much to rent in London than a mortgage would cost! Plus, when we want somewhere bigger, it will be much easier to rent out a flat in London.

Does anyone have any advice around this area, or any suggestions as to what areas we should be looking at?

Thanks, Rob.

ILW

Have you actuall been to any of teh "up and coming" areas with properties for £100k?

abankerbutnotafatcat

Hi Rob, where do you and your gf need to travel to daily in London and how long would you be prepared for your door to door journey to be? (remember average commutes are longer in London). As ILW indicated, £110K won't stretch far anywhere in London but these details will at least give us start to try and help with option 3.

RTaylor87

Lambeth, Greenwich and Canning Town were three of the areas we looked at. The flats were either refurbished or in new apartment blocks.

RTaylor87

I'll be working in Canary Wharf. Her location isn't confirmed yet, but it'll either be Canary Wharf or Zone 1 financial areas (Embankment). For the commute, under an hour would be preferable, but I understand I'm going to have to get used to a different style of commuting. I've been enjoying a 5 minute commute in Leeds!

kmmr

Would you mind loading up a couple of those £100k apartments so we can get an idea of what you are looking at and give you some advice.

If you can't post links yet, just post the rightmove reference number.

ILW

I would guess Plumstead, Thamesmead or Barking at them prices.

abankerbutnotafatcat

I am extemely surprised that you have found flats in these very central areas (particularly Greenwich & Lambeth) in this price range as even the small ex-council places tend to be more than this. Are you able to post a link so we get an idea of the sort of places you're considering. One comment - I note that you think your house in Leeds is worth c£135k, spending that would give you a little more choice.

Perhaps you should rent for six months in London so you get an idea of areas??

RTaylor87

zoopla.co.uk/for-sale/details/14411522 - Although needs a lot of new fittings
rightmove.co.uk/property-for-sale/property-30614161.html
rightmove.co.uk/property-for-sale/property-30612631.html - Same block, different floor

kentmum1973

Sadly you won't get a property anywhere nice for that sort of price.

RTaylor87

abankerbutnotafatcat wrote: »

Perhaps you should rent for six months in London so you get an idea of areas??

Certainly also an option we can look at. To be honest, the only reason I quoted £110k was it would allow us to give a 20% deposit, rather than 10%. However, if it's worth the extra investment then a 10% deposit would be a better idea.