Nervous about buying in London - advice needed

contraryclairie

Hi Rainbow,
I grew up in North London and have known the area my whole life.

Basically, for hat it's worth I think you are totally right to buy as long as it doesn't stretch you too much.
Prices are up in this area by about 9-10% vs. the start of the year(that is a fact!) and it doesn't seem to be slowing. I'm looking and could have easily got a 2 bed for 240-250 in feb/mar but messed about and now they are asking 230-250K for 1 beds!!! (to say i am kicking myself is an understatement)

I get that wood green/turnpike lane isn't everyone's dream but it's got great transport links, all the amenities you could want on your doorstep, nice parks and you won't struggle to rent if you ever want to move - young professionals love it round there.

If you buy the right type of property (i.e. non-LA) round there I don't think you'll make a financial loss in the mid-term as prices will only hold or increase there.

In terms of location, in all honesty I think you are 100% right to look at the ladder. Have you looked at the garden barrier (other side of green lanes) or up towards Alexandra Palace at all they are also nice areas? carlingford road is also very popular?

Places like Gladstone Avenue, which were suggested, IMO won't ever "come good". There were rough and pretty shady (esp at night) 10 years ago and still are. My boyfriend (who's not exactly wimpy) refused point blank to even look at anything round there he felt it was too dangerous for me and himself.

I'm pretty open minded so did look at a few in around there. They weren't for me also my car got robbed at one (daytime) viewing - not ideal :S

But in summary - Go for it!

rainbow_carnage

Walcott wrote: »

Assuming in 5-7 years the outcome for you was not negative, where would you buy to give your then children a better chance in life?

I don't know. It'll largely depend on schools. A lot can change in a few years. A good OFSTED report doesn't mean the school is right for your child. We'll do our research closer to the time.

I think regardless of the area, we would have to move in a few years' time. A small two-bed maisonette is fine for a couple and a baby. It's not really big enough for two kids, though. Also, we might decide to move to New York in a few years to be closer to my parents. But again, I can't see how we'd manage that with negative equity. NY is just as expensive as London.

katejo wrote: »

I'd rather have a 2 bedroom flat or preferably terraced house (within your 250K budget) in E17 than a shared ownership anywhere. I see that you don't think much of E17 but for a first buy, there is far worse (Tottenham, Barking, ...)
When i was looking for my first place, I was living near Muswell Hill. I soon realised that N10 (including Crouch End in N8) were too expensive for me. I did make offers on flats in the Harringay Ladder area but they fell through. I then tried Walthamstow and got more value for money. There have been improvements and there is still room for more but it is ok and I can avoid leasehold in E17 which is a big advantage.

I'm not dead-set against E17. It's just that it doesn't feel like an up-and-coming area. Not the way Stroud Green felt when we moved here. And as SG has become more expensive, people have started to move to Hornsey and the Ladder. Those neighbourhoods are now described as up-and-coming. Though we may have missed the boat on the Ladder, as well.

If prices fall, would it be better to be in a smaller flat in a desirable area or a larger flat in a less-desirable area?

Alwaysmoney

I know this may be a bit of a silly suggestion but...what about a 2 bed house ready to extend? if you move out west...(west is best) you may be surprised! We have just bought a 2 bed mid terrace in Isleworth in easy walking distance to overground and underground stations. was on for 239950. we loved it and it has a nice back garden with room for a double story extension eventually.

incidentally we are in the same position, bought a 1 bedroom flat just before the crash in 2007 and now about time be come accidental landlords as we are in negative equity, so going to keep our first flat as an investment property. anything is possible. I would take the plunge and buy!

padington

Lived in north London all my life. Right now, wood green is where the clever money is. It is very multicultural and i know that actually puts some people off buts its got a thriving local economy, it's in Harringay which is rising fast in prices and its really really well placed for transport and nice places near by. It's a key London metropolitan area which means its always going to be funded relatively well and will soon be having an upgrade down the high street. The sweet spot is on the muswell hill side between wood green station and alley palley station where the new heartlands high secondary school has been built.

rainbow_carnage

Alwaysmoney wrote: »

I know this may be a bit of a silly suggestion but...what about a 2 bed house ready to extend? if you move out west...(west is best) you may be surprised! We have just bought a 2 bed mid terrace in Isleworth in easy walking distance to overground and underground stations. was on for 239950. we loved it and it has a nice back garden with room for a double story extension eventually.

incidentally we are in the same position, bought a 1 bedroom flat just before the crash in 2007 and now about time be come accidental landlords as we are in negative equity, so going to keep our first flat as an investment property. anything is possible. I would take the plunge and buy!

That's not a bad idea. Haven't thought about extending, but it may work. Thanks!

padington wrote: »

Lived in north London all my life. Right now, wood green is where the clever money is. It is very multicultural and i know that actually puts some people off buts its got a thriving local economy, it's in Harringay which is rising fast in prices and its really really well placed for transport and nice places near by. It's a key London metropolitan area which means its always going to be funded relatively well and will soon be having an upgrade down the high street. The sweet spot is on the muswell hill side between wood green station and alley palley station where the new heartlands high secondary school has been built.

Stroud Green is multicultural. Wood Green is scummy. The crime rate is quite high (http://maps.met.police.uk/), and there's a definite perception that it's not a safe place to be at night. I know perception doesn't necessarily reflect the reality, but I don't want to be looking over my shoulder walking home alone.

Having said that, there are obviously parts of Wood Green that I'm not familiar with. Thanks for the suggestions. I'll definitely check them out.

padington

rainbow_carnage wrote: »

That's not a bad idea. Haven't thought about extending, but it may work. Thanks!



Stroud Green is multicultural. Wood Green is scummy. The crime rate is quite high (http://maps.met.police.uk/), and there's a definite perception that it's not a safe place to be at night. I know perception doesn't necessarily reflect the reality, but I don't want to be looking over my shoulder walking home alone.

Having said that, there are obviously parts of Wood Green that I'm not familiar with. Thanks for the suggestions. I'll definitely check them out.

It's not like for like, Stroud green average price is £437k Wood green is 305k. So no chance of a 2 bed house for anywhere near 250k in Stroud green.


http://www.zoopla.co.uk/for-sale/houses/2-bedrooms/london/n4/finsbury-park-manor-house/?include_retirement_homes=true&include_shared_ownership=true&new_homes=include&property_type=houses&q=N4&radius=0&results_sort=newest_listings&search_source=refine

http://www.zoopla.co.uk/for-sale/houses/2-bedrooms/london/n22/wood-green-alexandra-palace/?include_retirement_homes=true&include_shared_ownership=true&new_homes=include&property_type=houses&q=N22&radius=0&results_sort=newest_listings&search_source=refine

Give me a freehold and a garden and no one above me any day of the week in a house in wood green on the edge of alley palley with 2 cinema's rather than settling for a life in a dingy leasehold flat next to scummy Finsbury park tube.

padington

Berislav_Zlokovic wrote: »

What about the New River Village N8 apartments? Easy for Hornsey or Turnpike Lane.

I used to look at these every day on my commute into Kings X before I moved to Scotlandshire.

Behind them is exactly where I'm suggesting but because it has the wood green 'tag' - properties are loads loads less. The moment you buy into n8 you lose the dream of a house of your own.

A recent location location location had Phil and kirsty practically bullying someone to take a place in wood green because of its current undervalue and future upside potential.

rainbow_carnage

Just saw this, and now I'm sad that I don't own it. How did it sell that cheaply? Doesn't seem possible. Was there a murder in the living room? Not that it's a deal-breaker...

I'm definitely going to consider Wood Green (though I'm going to call it Ally Pally, since that sounds nicer).

I've looked at New River Village. I'm not really a fan of new-builds. They look like they were built by Ikea. Also, I'm not sure it's a good idea to buy into a large development. It makes it harder to sell.

Thank you, again, for all the suggestions.

padington

rainbow_carnage wrote: »

Just saw this, and now I'm sad that I don't own it. How did it sell that cheaply?

Thank you, again, for all the suggestions.

It's not the only little gem in 'wooders' that went for a song in
2012 .

maintenanceman

rainbow_carnage wrote: »

Just saw this, and now I'm sad that I don't own it. How did it sell that cheaply? Doesn't seem possible. Was there a murder in the living room? Not that it's a deal-breaker...

I'm definitely going to consider Wood Green (though I'm going to call it Ally Pally, since that sounds nicer).

I've looked at New River Village. I'm not really a fan of new-builds. They look like they were built by Ikea. Also, I'm not sure it's a good idea to buy into a large development. It makes it harder to sell.

Thank you, again, for all the suggestions.

You didn't lose anything there cos calling that Wood Green is stretching it a bit. I would agree with Padigton regarding the foot of Ally pally as per the Kirsty and phil show. That road that they bought on is really quite nice, but a bit busy. Just behind that road there is a nice parade of shops and you have Ally Pally on your doorstep (doing a lot of events such as Florence and the Machine Last year, The Specials etc).
I really don't see the appeal of Stroud Green, Just cos its got a couple of Italian restaurants, it's still a dump.
The harringey ladder is quite lagre as well. At one end you are Wood Green. Halfway through you are in no mans land and at the top you are almost Manor House. Across the road (Green Lanes) you are virtually in Tottenham.
Anyway, you question was about negative equity. In my unprofessional opinion housing is short as rocking horse s**t. High deposits=shortage of buyers, but demand is high, supply is low. Basic economics, prices go and stay up. It's a shame yo don't want a new build. http://www.haringey.gov.uk/haringey-heartlands-gets-the-go-ahead.htm.
If youre buying a Victorian converted flat be aware of possible sound in between flats as an issue and lack of insulation which means a cold flat.This would only apply to flats converted around 5/10 years ago.
I really don't see the appeal of Stroud Green, Just cos its got a couple of Italian restaurants