Should I buy in London or wait?

lisyloo

Thanks for all your help. Thinking about Wimbledon. Overground is 12 mins to Vauxhall from where DH is quite happy to walk. I know it's around 30 mins to angel from Vauxhall, so my commute would be around an hour (assuming a walk at Wimbledon end), but I'll get broadband as I have to be in the office twice a week. There is also tube as a back up to overground (sings...underground, overground) Will let you know how we get on. We may end up looking at many areas but it does make sense at it's what most of my colleagues do. Hardly any of them live centrally.

Feel more bullish about buying and would btl to our own company then we can set the rent to our advantage.

setmefree2

Poor pupils in London outstrip rich in rest of country

http://www.bbc.co.uk/news/education-28089648

That

plus loft conversions and extensions (double and single) making many London homes much more spacious,

plus the fact that most Londoners don't have to run cars (money down the drain)

= I can't see London getting cheap any time soon....

setmefree2

In Camden, north London, 74% of free school meal pupils continue to university. But in Swindon, the figure is only 19%. Even among non-free school meal pupils in Swindon, the proportion continuing into higher education is 34% - less than half the rate of poor pupils in Camden.

http://www.bbc.co.uk/news/education-28089648

Swindon, I believe is in Wiltshire. So, if I live in Wiltshire I might have a 5 bedroom house but the schools are !!!!, I have to run at least 2 cars and fill the tank up continuously. And I can't get a job without a 5 hour commute.

London wins.

Things don't seem much better outside the M25 either.

In the south east of England, 34% of poorer pupils continue to higher education, little more than half the figure for inner London.

That's an awful lot of unmotivated kids.

AndyGuil

I think the major reason that kids in comprehensive schools in London are doing better is because the teachers there are higher educated. They are attracted to working in London. Success breeds success.

setmefree2

AndyGuil wrote: »

Success breeds success.

Sure. It means that the life chances of a poor kid in London are better than a rich kid outside of London.....that is success by any definition.

People will pay a lot for that?

lisyloo

You don't quite have it right setmefree2.
Swindon is one of the most populated areas of Wiltshire. Has the most jobs, best public transport and also the highest crime rate and highest deprivation. A lot of Wiltshire is more like Avebury or Stonehenge, which means lovely villages but no public transport. We have good schools like the one Kate Middleton attended. Prince Charles lives here as do his polo ponies and a lot of racehorses. So like elsewhere it has better and worse areas.
Swindon is 1 hr from Paddington and you don't necessarily need 2 cars. You'd definitely need 1 car as public transport on weekends is non existent but you might not need 2 if you live centrally.
My OH is rather unlucky with his commute and unlucky not to find a job in 2013 before the recovery so not entirely representative.

However I do see your point and I think there are reasons to be bullish about London. It seems that if you want to be a high flyer then the top jobs are more London centric than ever.

We may move eventually but currently wish to be close to elderly disabled parents.

Thrugelmir

setmefree2 wrote: »

. And I can't get a job without a 5 hour commute.

London wins.

Things don't seem much better outside the M25 either.

Nationwide
Zurich
Great Western
UK Research Councils
Honda
BMW
13 DHL Distribution Depots
JP Morgan
Motorola
National Trust

to name a few

Due to it's diverse employment base Swindon is used by Central Government as a bell weather for the UK economy.

Also proportionately more people are self employed or run their own business in the Swindon area than any where else in the country.

A long way from the old railway town it once was.

padington

You get visited by the rest of the world in London. I can't imagine that many International friends, distant family and favourite bands come passing through Swindon on a regular basis for a fun impromptu night out.

It's people that makes a place fun to live in, which in turn attracts more interesting people.

It's really important economically that London stays this way because it's not Swindon it is competing with, it's Hong Kong, New York, Singapore etc. if we want the best coders, scientists, robot makers we need one !!!!!!!g amazing city ...

... And that's why London will continue to be a powerhouse property investment, we can't afford to have it any other way.

So get used to the poor kids in London getting the best education, that dynamic is here to stay.

jamespetts

I am in a similar position and have decided to press ahead. The logic is that the risk of further rises is a more serious risk than of falls: if prices rise further during any time that I wait, I may well be unable to afford to live anywhere decent. If I buy then prices fall, the worst that could happen is that I will be in negative equity, which is only a problem if I want to move, which is less likely to be the case if I find a good place to buy in the first place. The larger one's deposit, the less chance of being in negative equity in any event. If I don't buy, I shall be beholden indefinitely to landlords for rent and face the prospect of being priced out of even rented accommodation, or, at least, having to accept progressively declining standards of living one way or another if rental prices continue to increase.

IronWolf

setmefree2 wrote: »

http://www.bbc.co.uk/news/education-28089648

That

plus loft conversions and extensions (double and single) making many London homes much more spacious,

plus the fact that most Londoners don't have to run cars (money down the drain)

= I can't see London getting cheap any time soon....

Cars don't cost that much, unless you're driving an Aston or something, but then you've got no problem.

London prices could come down a lot and still be far from "cheap"