Nervous about buying in London - advice needed

sebtomato

As long as you buy a quality home, in a good street, and nearby public transports (ideally, walking distance to Tube or train stations), I don't think prices will drop massively in the short or medium term in greater London, due to supply and demand.
I was looking for a flat in South West London about two years ago, and visited more than 60 properties over 4 months before I found what I wanted. All were within my budget, but there was a large variation of quality. I think the key is to visit many, many properties, so you get an idea of the real market cost, and what you can really get for your money.
I am sure some rubbish I saw being sold at ridiculous prices were bad investments, but for someone else!

I finally bought something I was comfortable living in for the next 5-10 years, and I think its value has increased by about 20% since I purchased, based on other flats sold, so I obviously retrospectively now think I made the right move!

maintenanceman

This might have been good for you. It looked like half a house and very wide. I know it's an auction and does require a lot more research and absolutely not an impulse buy. But maybe a gauge to work from. Actually looking at the pic you probably could of had a loft conversion out of it as well. Blimey I wish I had the money!

demontfort

My take on this is, right now don't buy at all. Open your eyes.... London is an overpriced, crime ridden cesspit. I've got £230k in liquid assets (cash and shares) which is growing every day and I could get a mortgage for another £300-400k but I'm not that dumb. I'll not sink upwards of £600k into a crumbling terrace in a vibrant/up and coming area (translation people are getting stabbed everyday) just so I can tell my mates that I own a house in London. I'd rather rent, keep earning good money in London then take my hard earned cash elsewhere. I'll leave the desperate "young professional" suckers to mortgage themselves to the hilt just to buy into the London nightmare. :rotfl::rotfl::rotfl::rotfl::rotfl:

rainbow_carnage

That strategy might make sense, but renting is more expensive than buying. If I were to buy a flat tomorrow, my monthly mortgage payments would be lower than what it currently costs to rent.

With £230k in liquid assets, you could buy a place outright (or close) and not have to pay rent at all. And yes, it could go down in price, but by more than you would have wasted on rent in the meantime?

I don't know what kind of idiots buy just so they can tell their mates they own a flat in London. Everyone I know who has bought a place has done so because it beats renting.

maintenanceman

demontfort wrote: »

My take on this is, right now don't buy at all. Open your eyes.... London is an overpriced, crime ridden cesspit. I've got £230k in liquid assets (cash and shares) which is growing every day and I could get a mortgage for another £300-400k but I'm not that dumb. I'll not sink upwards of £600k into a crumbling terrace in a vibrant/up and coming area (translation people are getting stabbed everyday) just so I can tell my mates that I own a house in London. I'd rather rent, keep earning good money in London then take my hard earned cash elsewhere. I'll leave the desperate "young professional" suckers to mortgage themselves to the hilt just to buy into the London nightmare. :rotfl::rotfl::rotfl::rotfl::rotfl:

Do you mean rent out of London and commute?

maintenanceman

TBh I think its an age thing. When you,re younger you want the hustle and bustle of a metropolitan exciting multicultural life. As you get a bit older it wears off and becomes more of a noisy and uncomfortable place. (simplistic prospective).

rainbow_carnage

maintenanceman wrote: »

TBh I think its an age thing. When you,re younger you want the hustle and bustle of a metropolitan exciting multicultural life. As you get a bit older it wears off and becomes more of a noisy and uncomfortable place. (simplistic prospective).

Partly, yes. But it also depends on your lifestyle. I go to the theatre three or four times a week. We go to a lot of gigs. Both of our careers limit our choice of locations. London is where we work. It's where all of our friends live. It's not like we've randomly found ourselves in the most expensive city. We have chosen to live here.

If you're the sort of person who goes to work, grabs a pint or two, goes home, has dinner, goes to sleep, day after day, then you can live pretty much anywhere. But if you work in an industry that's predominantly concentrated in London, your choices are limited.

I've lived in London for 12 years. My husband has been here for 14. Neither of us is tired of the place. If anything, we love it more than ever.

maintenanceman

To be fair my post was really a general comment of an overall life situation. I think you have answered your own question. You know what you want, theatre, gigs and restaurants. Actually isn't that a great idea for an App or alternative search engine where you serch for a property not only by location but by what your social life requires. E.g suburban low crime area with x anout of commute time or vibrate intellectual social lifewithin inner city. Ok put down for some free shares for inspiration.

rainbow_carnage

maintenanceman wrote: »

To be fair my post was really a general comment of an overall life situation. I think you have answered your own question. You know what you want, theatre, gigs and restaurants.

Also employment.

With London, you really do get a what you pay for: a world-class city. Not everyone wants that, but we do.

maintenanceman

I think you need to get your husband to stretch the purse strings to stay where you are as yo seem comfortable where you are. try just behind SGR close to the park. I dunno about the prices there but its a gem if you can live in the city on one hand and be like in the countryside (big park)on another hand, if you know what I mean.