Nervous about buying in London - advice needed

hazyjo

What stations do you need to get into for work? That makes the difference on where to live, IMO.

Jx

Hillbilly1

We have 2 friends living in "Noel Park Conservation area". Tarted up name but houses less than £300k, 5 mins to tube and no problems for either of them.

I agree with others SG is nothing amazing., and it sounds like the prices have gone crazy. Commuting wise the buses and traisn are so busy by the time they get to you you have to stands - urgh.

I would also question being picky between WG and Turnpike Lane, its splitting hairs! Why people like Turnpike Lane is they can squeeze in to the N8 postcode and claim to be in Crouch End - they aint.. they just paid over the odds to live in Wood Green! I'm a total postcode snob, and I still wouldn't fall for that! Also N8 leads burglary and mugging league tables...

My concerns over what you have said RC, is that if you can't cope with negative equity and will def move in 5 years then I wouldnt buy... there is no guarantee you can sell for the same or more.

However in the areas behind WG tube and surrounds you could buy 1-2 bed flat/maisonette for alot less than your budget. Its 1 tube stop (10 min walk) from Turnpike Lane... if you could buy smaller and save for 5 years would that help you?

AVOID New River Village, over priced, horrendous issues.
Thanks to the OP for the N17 house. If RC won't live in WG they certainly won't consider the !!!! end of Tottenham...

padington

Hillbilly1 wrote: »

We have 2 friends living in "Noel Park Conservation area". Tarted up name but houses less than £300k, 5 mins to tube and no problems for either of them.

I agree with others SG is nothing amazing., and it sounds like the prices have gone crazy. Commuting wise the buses and traisn are so busy by the time they get to you you have to stands - urgh.

I would also question being picky between WG and Turnpike Lane, its splitting hairs! Why people like Turnpike Lane is they can squeeze in to the N8 postcode and claim to be in Crouch End - they aint.. they just paid over the odds to live in Wood Green! I'm a total postcode snob, and I still wouldn't fall for that! Also N8 leads burglary and mugging league tables...

My concerns over what you have said RC, is that if you can't cope with negative equity and will def move in 5 years then I wouldnt buy... there is no guarantee you can sell for the same or more.

However in the areas behind WG tube and surrounds you could buy 1-2 bed flat/maisonette for alot less than your budget. Its 1 tube stop (10 min walk) from Turnpike Lane... if you could buy smaller and save for 5 years would that help you?

AVOID New River Village, over priced, horrendous issues.
Thanks to the OP for the N17 house. If RC won't live in WG they certainly won't consider the !!!! end of Tottenham...

I never liked the look of that new river development. From my unlcles house on muswel hill it looks like eastern block weopons silo, really ugly. Also it's got that strip of water but they've fenced it off so the advantage of sitting next to a canal on a sumers day isn't happening, that would really annoy me. What are the other issues, would be interested hear? On the upside that route through from crouch end to wood green is a handy bike route now to station road.

I always feel sorry for the sods that bought there when they could have had a little cottage just around the corner for the same price. I guess some people just don't do their homework and get suckered in by advertising and free champagne at open days, tricks little old ladies in tucked away cottages don't do.

Regarding commuting my niece leaves at 7.30 and I leave at 9 and we never have a problem getting a seat on the Piccadilly line. We were just saying what a joy it is compared to Finsbury park and the hassle of getting the W3 before hand to get there from Crouch that we had before. Also there's almost as many buses as Oxford street going down wood green high street so not sure why you struggle with getting a seat, maybe it's the Noel park bus stops that are unusually chocker ?

rainbow_carnage

maintenanceman wrote: »

I really don't see the appeal of Stroud Green, Just cos its got a couple of Italian restaurants

SG has pretty much everything, except for good schools and affordable flats.

The transport links are fantastic. You have a choice of two underground lines, plus the overground. Even on strike days, something's always running. It takes me 25 minutes, door-to-door, to get to my job in Bloomsbury. And yes, the tube is often packed, but because it's a big interchange, I never have trouble getting on.

The park is a lot nicer than it was a decade ago. I used to do BMF training there three days a week. If you're a runner, the Parkland Walk is much more pleasant than running on the pavement.

We used to have to schlep to Green Lanes for fresh veg, but now there's a lovely greengrocer, which is no more expensive and a lot more convenient. And yes, there are numerous good restaurants (Petek, Dotori, Dhonia, Pappagone, Jai Krishna, Season, etc) on our doorstep. And a couple of good pubs (The Noble and The Fullback). And good cafes (Vagabond and Good for Food). And a fishmonger. And an above-average off-license (Jack's).

Oh, and we're going to have a theatre next year.

My main complaint would be the lack of a decent supermarket. Two small Tescos and two tiny Sainsbury's do not add up to a single store, but we get most of our groceries delivered, anyway.

Hillbilly1 wrote: »

My concerns over what you have said RC, is that if you can't cope with negative equity and will def move in 5 years then I wouldnt buy... there is no guarantee you can sell for the same or more.

I don't think anyone wants to find themselves in negative equity. And we're not necessarily going to sell in five years' time. But, realistically, the housing needs of two people in their early 30s are different from a family's.

I guess the only question is, are we at the peak of the housing market, or not? If we are, then it's not a good idea to buy. The location doesn't matter nearly as much as the timing.

Typhoon2000

I think location plays a big part and its worth looking outside the box from those established areas. Try something like E16 in the Royal Docks area. 2 bed houses are 250k and 3 beds from 285k in the Brittania village development by Royal Victoria Dock. Next to the DLR into Bank/ Canning Town Tube and Stratford, City Aiport, Cable Car. Carary wharf is next door, and the clincher is the forth coming Cross Rail station next to Excel. All the new builds going up are all apartments too so a house will always be sort after.

padington

rainbow_carnage wrote: »

I guess the only question is, are we at the peak of the housing market, or not? If we are, then it's not a good idea to buy. The location doesn't matter nearly as much as the timing.

If you're going to save on rent it really doesn't matter if the market goes down a bit, whilst you may be lucky and things could keep ticking up. In London, given the lack of supply, increasing demand and safe haven status, it's probably a more dangerous bet to not buy if you can because you would lose on rent and possible end up priced out of the market. I would say, if you can secure yourself a little bit the Shire now, do it whilst you can. Especially as the market seems to be hugging London BECAUSE of a fear of things going tits up around the world. It's a win, win. If things really tank you'll find wherever you have your money you will be even in more danger. Also property markets are slow to dive, currency in banks or even gold in the short term can be more dangerous in really troubled times. Until you have the thing you want - you are still in the casino holding the chips, that always can be a dangerous place to be, especially when the worlds reserve currency is increasingly looking like a Ponzi scheme ...

If on the other hand you're buying into the property market on the never never with a fat mortgage, be prepared to stay at mums and rent it out if the outside chance of roaring interest rates hits us in five years time.

rainbow_carnage

Typhoon2000 wrote: »

I think location plays a big part and its worth looking outside the box from those established areas. Try something like E16 in the Royal Docks area. 2 bed houses are 250k and 3 beds from 285k in the Brittania village development by Royal Victoria Dock. Next to the DLR into Bank/ Canning Town Tube and Stratford, City Aiport, Cable Car. Carary wharf is next door, and the clincher is the forth coming Cross Rail station next to Excel. All the new builds going up are all apartments too so a house will always be sort after.

I just had a quick glance online, since I've never actually been down there, but it looks soulless and depressing. Am I wrong?

I've lived in London for 12 years and have been to Canary Wharf exactly once. I've never been to City Airport, Excel or ridden the cable car. I genuinely don't understand the appeal. Yes, it's cheap, but for a reason. And maybe it is a good investment, but it sounds like a horrible place to live.

padington

This is one thing the markets can't change ....

https://www.google.co.uk/search?q=london+population+chart&ie=UTF-8&oe=UTF-8&hl=en&client=safari#biv=i|0;d|Nt4c2pkKcu3A4M:

The mega cities are sucking people in, it's the pattern of the post industrial world. There's a ted talk about it and London's a key one. It's a one way street when it comes to demand.

Purleygirl

Sometimes it feels an impossible situation but moving out of the area might not be such a bad thing. Some parts of Essex for eg are really nice, you can get a coach daily to Victoria from Chelmsford. You can't beat coaches they are comfortable, cheap and reliable. I know a 1.45 min journey can seem a bit grim, but you can read, work on the computer, sleep... If you feel that where you're living now isn't right for your eventual kids you need to decide about a move, life marches by very quickly. If you buy a house you can rent out a room to a lodger to help with the mortgage. You kind of need to make a decision, whether to stay or leave London. It sounds as if you want to go because you want a safe place and decent schools for your kids to be. How about doing some more research on commutable surrounding areas. Google the bus stations which serve London, look at the school ofsted reports, get a feel for other places that are more affordable and offer you more space, garden and personal safety for your money. Hope I've helped.

Typhoon2000

Yep, it depends if you into the modern, glass, concrete and water environment of Canary Wharf and the Docklands. I was there when I went to see some events during the Olympics at Excel and figured I could live there. Next to the O2 a new park and a a couple of stops or so from Westfield Stratford so everything I would need at hand. But yes, it's very much new London than old.