London house / Flat buyers...

metso

Hi Ya,

I'd like to gather opinions from other London house buyers in the market of their buying/ bidding experience.

Personally I'm finally stepping in having been saving for a deposit large enough given my freelance work status and age etc to allow me a mortgage for a 2 bed flat.

Naturally a 2 bed flat with outdoor space would be idea, but finding something has been pretty hard going.

Everything i've seen has been less than ideal what with the current trend to turn the lounge/ reception room into a bedroom and convert the kitchen into a lounge/ kitchen of a ideal period property. Effectively a nice 1 bedroom flat. This making new builds somewhat attractive because the living space is better considered.

What areas have you found to be successful, whether looking North/ South/ East/ West.

Ideally i'd love to live North somewhere like crouch end, stroud green etc but nothings coming onto market. The only area that seems to have an abundance of new properties is wood green.

Something else i'd like to have an opinion on from London buyers or for me to share my experience of EA to invite potential buyers to an 'open day' creating an abattoir type fight for freedom frenzy to make you want to make your offer same day with an over the asking price bid.

thanks for your insight & willing to share...

macarena123

What's your budget?

metso

375k ......

freeisgood

I would avoid Wood Green, no offense, just not very safe from what I have heard.

Cloudydaze

I don't want to state the obvious but if your search is coming up with small 2beds/large 1bed period conversions, then that's what your 375k budget will get you in your chosen area. So either look in a cheaper area or compromise on layout.

I was in exactly the same situation a few years ago (but in south London). I wanted 2 beds & a garden but the ones in my budget were configured as you described or had sth not quite right with them (which is why they were in my budget!). Of course, when a great one came on the market on budget, there was a queue of buyers and it would end up going for more than the asking price.

I ended up going for a large 1 bed with its own garden but which was on the first floor with a huge loft which I converted to a bedroom & bathroom when funds allowed. I now have a great 2 bed, 2 bath flat with a garden.

So the only advice is - be realistic & be flexible!!

SG27

freeisgood wrote: »

I would avoid Wood Green, no offense, just not very safe from what I have heard.

£375,000 for a flat in an area that isn't safe? Total madness!!!

rob404uk

How central do you need to be? For the areas I know I might choose somewhere like Wanstead.

BitterAndTwisted

If Crouch End is too rich for your blood then rather than tatty old Wood Green (which isn't paricularly unsafe), why not look at Hornsey? RightMove is showing plenty of two-bed conversions within your budget. So is Walthamstow if you don't mind looking a bit further east. The two conservation areas there are getting very popular with the "yummy mummy" types.

katejo

metso wrote: »

Hi Ya,

I'd like to gather opinions from other London house buyers in the market of their buying/ bidding experience.

Personally I'm finally stepping in having been saving for a deposit large enough given my freelance work status and age etc to allow me a mortgage for a 2 bed flat.

Naturally a 2 bed flat with outdoor space would be idea, but finding something has been pretty hard going.

Everything i've seen has been less than ideal what with the current trend to turn the lounge/ reception room into a bedroom and convert the kitchen into a lounge/ kitchen of a ideal period property. Effectively a nice 1 bedroom flat. This making new builds somewhat attractive because the living space is better considered.

What areas have you found to be successful, whether looking North/ South/ East/ West.

Ideally i'd love to live North somewhere like crouch end, stroud green etc but nothings coming onto market. The only area that seems to have an abundance of new properties is wood green.

Something else i'd like to have an opinion on from London buyers or for me to share my experience of EA to invite potential buyers to an 'open day' creating an abattoir type fight for freedom frenzy to make you want to make your offer same day with an over the asking price bid.

thanks for your insight & willing to share...

I agree with you that turning the lounge into a 2nd bedroom is not good . Just an example of greed by the seller.
I suspect that you are not considering E17 but it does have period flats with a garden similar to what you have described . Crouch End is very expensive . I would like to live there but I get more value for my money in E17

demontfort

My advice, ignore the hyperbole and don't rush into anything, it's clearly not a good time to buy in London. I'm guessing like me you're sick of spiv London letting agents and want to get your own place. So why not as a stopgap measure, buy somewhere smaller and in a less swanky area, under the £250k stamp threshold. That will then give you the time and stability you need to look for your dream place and you won't feel rushed into making the wrong £375k decision. Assuming no price loss or gain if you then sold up total buy-sell transaction costs would be a few thousand, equivalent to a couple of months rent.

As a fellow London buyer I was looking at 2 beds for £300k or so although I could spend more than double that. But after a few months I finally got fed up of the Agent spin, Vendor posturing and kamikaze competition. So I will settle for a 1 bed at almost half the price for a year or two and then start looking for something more long term.

Rising prices don't bother me, as right now the London market is at worst frothy and at best a huge bubble waiting to explode. So if buyers want to cut eachothers throats and pay top whack to secure some dingy 2 bed then be my guest. Despite the government's incessant tinkering in the housing market.......this stupidity can't go on for ever. :rotfl::rotfl::rotfl::rotfl:

Angie_B

I bought last year in Balham. The entire process was a nightmare from start to finish. Useless seller, tenants that wouldn't leave, EA that varied from lying sleaze to total incompetent, the entire sale took almost 11 months in the end...

But, in putting up with all the hassle and troubles which would have sent a lot of buyers running for the hills, I now have a great 3 bed flat for under the £250k stamp duty threshold.

Yes, it is ex-LA and not a converted period property but it is in a very small block not on an estate and is a great size/layout (separate lounge and decent size separate kitchen).

The London market is crazy. Even compared to a year ago, prices are pushing 10% more. Do your research, walk around areas at night and during the day/weekend and make sure you feel comfortable there. Don't feel pressured into anything, especially by EAs, and only offer what you think the property is worth.