Should I buy in London or wait?

lisyloo

It's interesting to see how bullish you lot are which is a little suprising to me.
DH has a 6 month contract which complicates things further for us. We have some confidence it will roll-on but clearly that's different to having something concrete.

padington

lisyloo wrote: »

It's interesting to see how bullish you lot are which is a little suprising to me.
DH has a 6 month contract which complicates things further for us. We have some confidence it will roll-on but clearly that's different to having something concrete.

For me the key thing is interest rates, I don't believe they will return to even 3% for a very long time. I think it might turn out that those that rushed for a five year deal made an error. The economy's of the west are still really weak. Housing will remain the default clever move in these uncertain times, especially in the uk as no political party will have the balls to put capital gains tax on normal people's only home and nor will they ever build enough houses in London whilst rents will remain forever high.

London property still offers a very safe place to park your money and your family.

lisyloo

Going off topic a little, but I wonder if anyone has any suggestions for me as to where to look for property.
My husband works near Westminster tube and I get off at Angel.
We do NOT wish to live in Croydon/Ealing as we already have the option of a 2.5 hour commute from our home.
We wish to be central and are prepared to live in a less "nice" area.
I have been considering Bermondsey (my husband HAS to work in London whereas I can be a bit mnore flexible and can work from differnt offices or from home - hence it makes more sense to focus on his location).
Any suggestions gratefully received.

Also would we be better off spending the minimum and possibly buying for cash (<£200K) or should we spend more and make it an investment (would need a mortgage).
I realise this is our decision but I'm grateful for any input.

I can lay my hands on cheap money right now as I have a 0.99% mortgage from which I can drawdown.

BillJones

Bermondsey or Rotherhithe are reasonable choices if you are in one of the new areas, with decent housing, shops, bars etc. There are, though, parts of both that are still not at all nice.

The fly in the ointment, though, is that you are looking at about half a million pounds for even a half-decent 2 bedroom flat there.

lisyloo

Thanks for your help.
I'm wondering though, what's wrong with something like this?

http://www.rightmove.co.uk/property-for-sale/property-29363280.html

I am not looking to make a home here or bring up children. This is jsut a mid-week bolt-hole.
I wouldn't want to live in an area with a crack den next door, but wouldn't a residential area like this be ok?

My feeling is half-a million would be too much and we might have trouble borrowing that as DH has been in business for 5 months only.

Generali

lisyloo wrote: »

Thanks for your help.
I'm wondering though, what's wrong with something like this?

http://www.rightmove.co.uk/property-for-sale/property-29363280.html

I am not looking to make a home here or bring up children. This is jsut a mid-week bolt-hole.
I wouldn't want to live in an area with a crack den next door, but wouldn't a residential area like this be ok?

My feeling is half-a million would be too much and we might have trouble borrowing that as DH has been in business for 5 months only.

I reckon you'd be better off looking at Cable Street/Middlesex Street/North part of Wapping. They're more central and no rougher. All are pretty dodgy areas though.

lisyloo

Thanks - so for anything half-decent is the minimum about half a million?

hmm..........this becomes a real conumdum once again.
I'm not bearish but the fact that we're only 5 months into the business means I think it's risky (and we might not even be able to get the mortgage). Would be different if we knew for sure we'd be in London.

We are currently taking a serviced appartment which we only have to pay for 4 days a week. It's better than commuting or living apart but the downside is that I've seen bigger broom cupboards.

BillJones

lisyloo wrote: »

Thanks for your help.
I'm wondering though, what's wrong with something like this?

http://www.rightmove.co.uk/property-for-sale/property-29363280.html

I am not looking to make a home here or bring up children. This is jsut a mid-week bolt-hole.
I wouldn't want to live in an area with a crack den next door

Well, I don't know the street, but I'd say that that flat has about a thousand times the chance of having a crack den next door than to having a bishop or lawyer.

I understand that everything is relative, but I'd honestly not be happy walking past there dressed as I currently am, let alone living there.

Generali

lisyloo wrote: »

Thanks - so for anything half-decent is the minimum about half a million?

hmm..........this becomes a real conumdum once again.
I'm not bearish but the fact that we're only 5 months into the business means I think it's risky (and we might not even be able to get the mortgage). Would be different if we knew for sure we'd be in London.

We are currently taking a serviced appartment which we only have to pay for 4 days a week. It's better than commuting or living apart but the downside is that I've seen bigger broom cupboards.

Depending on your requirements, you might be better off with a small flat, 7 days a week, in somewhere like Sevenoaks or Woking. You can get to the right part of the centre of London from those places faster than you can from zone 3.

AndyGuil

Generali wrote: »

Depending on your requirements, you might be better off with a small flat, 7 days a week, in somewhere like Sevenoaks or Woking. You can get to the right part of the centre of London from those places faster than you can from zone 3.

This can work well if the place you buy is near the station. It works best when you also work near the station that the train stops at. Factor in a commute to the station and then transfer and commute on the tube then it racks up considerably in time. Then there is also cost of a season ticket.