Would you buy in the "up and coming" area

Lilly_L

Erisu wrote: »

Hey Lili_L!

It seems like I'm on the same boat as you are but I've actually put down a £500 reservation cost to a 2 bedroom new build flat at Canning Town and had just sent off my solicitor fee's yesterday.

I took about 6 months property hunting, I literally went everywhere but mostly kept to North London and East London as potential places where I can purchase a 2 bedroom with a budget of around £220K.

I came across East City Point by chance 2 months ago on Zoopla so decided to go check it out. My first impressions of East London and Canning Town is it's pretty dead there and not much going on really but having heard the Government is pumping in £3.7 billion into regenerating Newham, I thought I'd go and check it out. Having walked around the area with my family and driven around the area at night, I saw a few sites being re-built with new apartments, the regeneration of Rathbone market and a proposed new town centre with Morrisons and other high street shops.

So I went to the Marketing Suite at East City Point and was delighted to find they had a 2 bedroom property still available at £230,000! So the following week I went back and put my £500 reservation fee down. My contract exchange deadline is 22 August 2013 with a completion date due for January 2014.

My reasons for buying in Canning Town are exactly for the reasons you mentioned in your first few posts of:

Being close to Central London
10 min walk to Canning Town tube station
A stop away from Canary Wharf
Close to o2 Arena
Close to Stratford Westfield

I was contemplating whether I should of held it off because as alot of users here say putting all your hope into a regeneration project is a big risk but then again with my type of budget, the places I've seen were a dump or just didn't have any good transport links Plus if I need wait more to save up another £20K or so, property will keep increasing.

So I think here I've compromised the location for a brand spanking new build really lol But holding onto hopes that in about 5 years time, Canning Town will live up to the promise it is scheduled to be!

Just PMed you not too sure if it was sent coz Im not very good at using MoneySavingExpert yet lol if you havent got it let me know

Erisu

Lilly_L wrote: »

Just PMed you not too sure if it was sent coz Im not very good at using MoneySavingExpert yet lol if you havent got it let me know

Got the PM and replied

Lilly_L wrote: »

Heyhey we have such similar stories !
I have definitely come across East City point remind me is that close to Custom House or Royal Albert?

and gosh we are looking at the area for the exactly same reason. Where do you live now? in Fact I just left Canning Town. my friends and I shared an ex council house (although the landlord denies it lol) house very close to the Vermillion on the Barking Road. When I came for viewing it didn't actually look too bad although the house was utterly mining haha. Guess we all wanted to save some money by moving there. As time went by we all fell in love with Canning Town/Barking Road the food shopping was fantastic so cheap and its got everything you ever need with even a small Chinese supermarket lol not to mention the fantastic transport. I work in Canary Wharf so its literally 5min no change. then the landlord wanted to sell the house so they kicked us out which is another story.
all of us then moved to Isle of Dogs ultimately the posh neighbours of Canary Wharf and we all hate it. very bad for shopping only one Asda around and DLR is utterly useless wherever you wanna go you have to change either at Poplar or Canary Wharf pain in the backside.

I have actually seen the part of land where its opposite to the station being a flat land with the machines from Bouygues Development. As u know all these regeneration scheme s could be all empty talks form the councils so I looked up the Bouygues webiste and looks like the £600million phase two has indeedly kicked off last year which gave me some reassurance that the Morrison and shops are coming lol
In fact I have just made an offer as well in between Royal Victoria and Canning Town. I ll send the property link to you as a private message.

It's more closer to Custom House I've heard bad things about Custom House but having walked and driven around there, it's not as bad as people make it out to be. It's quite souless so have to agree with some people on here on that fact. With build of Crossrail running through Custom House and the most of East London, we'll just have to put a fingers cross on everything :cool:

Yeh the DLR can be a pain especially during weekends as most of the track around Isle of Dogs goes through maintenance!

Just wondering have you (or anyone else) been to look at the new builds over at East City Point? If so, what's your opinion on them?

Lilly_L

just a quick one the places that are not souless and have plenty of characters and leafy within zone 3 next to any tube station will be £500k for a one bed lol

I know many Chinese are buying in E16 so yeah finger crossed! hopefully its a good investment!

I have never really viewed East City point have you got a link?

Erisu

Lilly_L wrote: »

just a quick one the places that are not souless and have plenty of characters and leafy within zone 3 next to any tube station will be £500k for a one bed lol

I know many Chinese are buying in E16 so yeah finger crossed! hopefully its a good investment!

I have never really viewed East City point have you got a link?

Haha well I guess I'm one of the Chinese buying there too then lol!

Waterside Park just down the road from Canning town had 1 beds going for £220K which I think they have their own leafy private area. It's not next to a tube station but rather next to a DLR station lol

dell12

hannhol wrote: »

but what do you want from a transport link? Leytonstone is already well served by the central line, and the much improved London Overground takes you north or if you go one stop along south you'll be in Forest Gate which is getting Crossrail in 2019 (the two stops are a couple of minutes walk apart).

If you're looking for somewhere that has a new transport scheme then look along Crossrail for sure, but look beyond Canning Town (it's not the only stop) and bear in mind there's still about 6 years to go before it's fully implemented.

I was in a similar boat about a year ago and ended up buying in Leytonstone too.

Knowing what I could get for my money (£220k-£230 for a 2 bedroom flat) I looked in zone 3/4 to the west around Hounslow (planes!) and Greenford/Northolt. For my money it seemed like I could get so much more in East London. Most of the areas in West London I looked at (could afford) seemed fairly dead.

Broadly speaking I do think the East is smartening itself up slowly through FTBs who are priced out off the West buying in the East and I do think Crossrail will help. That said I don't particularly worry too much about prices. My mortgage is considerably cheaper than rent, and when I do sell I will still have to buy somewhere else so it's all relative.

Lilly_L

where is waterside park? is that just Royal Victoria or Excel exhibition centre?

dumpallhere

Waterside Park, next to Pontoon Dock DLR station.

East City Point

helger

Hi Erisu, may I ask if you have got any discount from the asking price for your purchase?

Erisu wrote: »

Haha well I guess I'm one of the Chinese buying there too then lol!

Waterside Park just down the road from Canning town had 1 beds going for £220K which I think they have their own leafy private area. It's not next to a tube station but rather next to a DLR station lol

Erisu

helger wrote: »

Hi Erisu, may I ask if you have got any discount from the asking price for your purchase?

Hi Helger,

Unfortunately i didn't. They were very strict on discounts or any incentives tbh! I asked if they will throw in a parking space, they said no, then asked if they are willing to give me a discount on a parking space, still said no. If i want it then its £10K take or leave it. Only incentive i got was my mortgage deal will pay for my stamp duty. Though the mortgage offer is valid until Feb 2014 so if the builders delay, i might lose the stamp duty incentive. I think i should give them a call to ask if they will give me any incentives if the build is delayed which in most cases it will be... abit worried there!

helger

I think the mortgage paying for the stamp duty is the current offer given by Halifax. So it actually has nothing to do with the developer.

Erisu wrote: »

Hi Helger,

Unfortunately i didn't. They were very strict on discounts or any incentives tbh! I asked if they will throw in a parking space, they said no, then asked if they are willing to give me a discount on a parking space, still said no. If i want it then its £10K take or leave it. Only incentive i got was my mortgage deal will pay for my stamp duty. Though the mortgage offer is valid until Feb 2014 so if the builders delay, i might lose the stamp duty incentive. I think i should give them a call to ask if they will give me any incentives if the build is delayed which in most cases it will be... abit worried there!