£140k for London property

rufus86

25% deposit, but a rubbish salary and sole mortgage applicant means I can purchase a property for £140k. Looking in London but as one would expect, VERY tough!

Should keep saving for more deposit? Look for a better wage in a new job? Or take a punt on something less than desirable for what I can currently afford?

I feel property in London is only going to get more expensive...zone 1 or Zone 4!

BitterAndTwisted

The problem with buying on your own with a rubbish salary is that your savings may never catch up with property prices as long as it's a rising market.

How about looking outside London in your price-range?

rufus86

True - i feel now is the time to buy. Could look further out but looking for a long term investment from a rental opportunity too

shortchanged_2

Can you buy a car garage in London with that budget?

rufus86

shortchanged wrote: »

Can you buy a car garage in London with that budget?

I found a great flat in Deptford, near greenwich. but a higher offer was made
At the moment, Stratford is looking my best bet in terms of locations with good transport connections but its really not living up to the potential of the olympics and all that legacy talk

hamster2013

if you can get a property in stratford in that budget - go for it.
what would be the rent you can get out of it going forward if you were ever to relocate 10 years down the lane? take that into account.

BitterAndTwisted

For £140k you could get a nice flat in Addiscombe/East Croydon. The transport links are fantastic and very quick into Victoria. I have one friend with a flat there and know another couple who live round the corner in a sweet little house on Bingham Road, right between Lower Addiscombe Road and the Rec. It's lovely round there with proper local shops and a nice village feel.

rufus86

BitterAndTwisted wrote: »

For £140k you could get a nice flat in Addiscombe/East Croydon. The transport links are fantastic and very quick into Victoria. I have one friend with a flat there and know another couple who live round the corner in a sweet little house on Bingham Road, right between Lower Addiscombe Road and the Rec. It's lovely round there with proper local shops and a nice village feel.

did consider croydon, but for all its transport links and the fact its only in zone 4, not sure i consider this 'london'. and as a long term investment, the rental potential probably wont make it such a decent deal. that said, its the only area where I can get a top floor victorian conversion that doesnt need too much work!!

Out,_Vile_Jelly

Croydon is in Zone 5 but does have excellent transport links.

£140k in London means a small flat in a rough and/or distant area. If you're desperate to buy for the sake of buying, then you're not going to get much for your money.

Is your salary likely to improve? If it's "rubbish"ly low in London, is it going to be much worse outside the capital, where affordability is much easier?

kmmr

Are you ok with a Studio?

I actually think these flats in Shepherds bush are good value. A bit above your budget, but I think they would be great 'renters' if you needed, and some could take an extra wall to make a small bedroom. I think there are significant service charges in that building to consider though.

http://www.rightmove.co.uk/property-for-sale/property-24336702.html

http://www.rightmove.co.uk/property-for-sale/property-41457113.html

http://www.rightmove.co.uk/property-for-sale/property-41704814.html

As an investor I am contemplating getting one. The yield is good, and the area is always popular.

Strapped

http://www.rightmove.co.uk/property-for-sale/property-38640721.html