London buyers: how did you know where you wanted to settle?

anurocked

Looking at the discussion, i am bit confused that how can a student afford to stay here in london, please tell me a nice cheap place where i can stay

sterl1ng

I know Addiscombe, its a lovely village plus south croydon too. On family front with my partners parents being there its bit better too (especially if we want someone to mind the cats while we go away for the weekend :j). Plus if my family want to visit they won't be too far when coming from victoria hence ideal location for me plus not overly expensive. Looking online at say rightmove I could get a place for £150k easily if 1 bed maisonette with garden. Its just a case of building deposit, which i'm close to. Its just a case of patience whilst building that famous deposit!

I did think about the renting in croydon area but really the rent I pay is spectacularly low for London, especially as I have a garden in a 1 bed maisonette. Plus, I have 3 adorable cats in tow whom i don't want to have to move until I've bought somewhere PLUS I can't imagine any landlord taking me onboard with my 3 cats.

My aim is buy somwhere when i'm 35 (25yr mortgage hitting retirement age of 60) in area preferred and i'm thinking I do another year where I am then in 2014 quarter 1 I buy somewehre before I hit 36!

Right now my deposit is around £20k mark. I need 15% of 150k property, which would be £22,500 plus stamp duty and legal feels that I have discuss with mortgage company which is just under 3k then I need to think of mortgage arrangement fees though I imagine they will be factored in my normal monthly payable mortgage. Also, I need to think about funds for decorating, furniture, white goods and something extra for the unexpected. So let's say I'd like to get to around 30k, which I think I could get to come next Summer but if I hold on till after then I may be able to get something come before Christmas 2013 (i'm being very optimistic!) with extra money for 'rainy day' OR adding to my deposite so perhaps owning 20% and less to pay each month.

Sorry if i'm rambled on folks:p

Brazuca

Have you considered Crystal Palace area? It's a very good area, nice bars and shops and also affordable prices.

sterl1ng

Crystal Palace is lovely too, I've not ventured there as much but hear a lot about the triangle. Also I heard sydenham/forest hill/honor oak park too. When I look at property sites I also look at these areas but have found they are a smidge more in price but I think really it will boil down to the property and if I get that 'feeling' :j

demontfort

My opinion is that London is an overpriced, overrated, crowded dump. I wouldn't live here if I didn't have a well paid job, if I got my P45 I'd give my landlord my notice and be on the next train from Euston which is the beauty of renting.

So I think if the OP hasn't settled on an area and still wants flexibility to shop around they should carry on renting until they're certain where they want to live. Afterall there's no hurry to buy, prices in Croydon and 90% of London are at worst stagnating and at best dropping.

sterl1ng

demontfort wrote: »

My opinion is that London is an overpriced, overrated, crowded dump. I wouldn't live here if I didn't have a well paid job, if I got my P45 I'd give my landlord my notice and be on the next train from Euston which is the beauty of renting.

So I think if the OP hasn't settled on an area and still wants flexibility to shop around they should carry on renting until they're certain where they want to live. Afterall there's no hurry to buy, prices in Croydon and 90% of London are at worst stagnating and at best dropping.

Demontfort - You're right, London is overpriced but I'm hoping being in greater London not as bad pricewise, especially in housing market. There are parts which are terrible but really I don't think I could ever move from London, even though I'm originally from the west country I have to say being in London well over a decade I love the fact that there is so much to do and experience, plus you meet a wonderful mix of people from all walks of life.

While renting is good there is a huge downside and that is i'm paying for someone else's mortgage and in a god awful area part of London. Been there just over 10yrs, the flat has only ever once been painted, teh bathroom needs to be replaced but when in past I've asked them to change things my rent did go up a smidge so now I become very hesitant to ask for anything for fear of further rental increase so I put up with this place. If I move anywhere else I'll pay a heck of a lot more. By saving I can get somewhere....hopefully I'll be married too by time I get somewhere!!!

Tim_Bisley

Have you had a look at Beckenham? Great rail links, close to Croydon,on the tram line and plenty of green space. We were there for a few years a while back and had a nice time. Out Richmond way now which we prefer, but its obviously more expensive.

sterl1ng

I've come across croydon/beckenham and bromley but I have to be honest I find croydon more appealing. Maybe its cause of east croydon station with its so many various links to places. I wouldn't rule out though and often type that in as location when looking on rightmove.

Its all down to savings and timing

sterl1ng

someone from another thread of mine kindly posted a police link to check out crime rates in areas i'm interested in. In the Croydon vs Beckenham boroughs it the crime reported was incredibly high for July (1301) whereas Beckenham was only 248...even lower than Bromley!

k1ngston

I lived in Crystal Palace for years and only moved away recently, reluctantly, because it wasn't convenient for boyfs work outside of London. I moved there as I was looking for somewhere affordable that had local shops/restaurants etc and good transport to the city.

It's very reasonable for house prices considering there are 8 trains an hour to London Bridge or Victoria and now the East London tube line. Plus the triangle and the park are great.
(And it's only a few miles from Croydon anyway)

Good luck with your search