Where to buy in London - 200k to spend

SteveRadner

Hi All,

I'm starting to look at flats in London to buy. I've inherited some money which is currently invested but I can access at any time should I want to. I am currently renting but want to use the money to buy a place to live in.

I've got 200k to spend. Any tips on where the best up and coming areas are? I've been reading articles about where is good but even the most recent ones seem very behind with the times, and are talking about areas that are already out of my budget.

I've got two options I think - one is to buy smaller in an area that is already creeping up in price and feels like less of a risk, the other is buy somewhere bigger in a riskier area and hold out until the prices creep up and the area improves. It seems like all of London will be expensive eventually!

Any tips on either of those kind of areas? I've started my search in South East London as that's where I know but am happy to look anywhere...

I_have_spoken

You might still get an ex-LA flat around Elephant for that money as a cash buyer as these properties are unmortgageable

http://www.rightmove.co.uk/property-for-sale/property-45644798.html

Oldcastle

Could do worse than Croydon, looking around there recently, all the estate agents were bigging up the effect of the planned Westfield development and there is a lot of building going on there right now. Whether Westfield will happen as fast as they hope remains to be seen...

System

Could get a modern, 4 bed detached up North for that!

barbiedoll

Woolwich, Plumstead and Abbey Wood are on the new Crossrail route. Everyone is saying that prices will rise because of this.
(We're getting a new Sainsbury's so it must be true! )

SteveRadner

I_have_spoken wrote: »

You might still get an ex-LA flat around Elephant for that money as a cash buyer as these properties are unmortgageable

http://www.rightmove.co.uk/property-for-sale/property-45644798.html

That's very interesting...
Do you know why they are unmortgageable?

SteveRadner

Oldcastle wrote: »

Could do worse than Croydon, looking around there recently, all the estate agents were bigging up the effect of the planned Westfield development and there is a lot of building going on there right now. Whether Westfield will happen as fast as they hope remains to be seen...

I am tempted by the idea... great transport links, reasonable prices (for London) and supposedly getting done up with the Westfield etc.

But I still mostly hear people hating the place!

SteveRadner

barbiedoll wrote: »

Woolwich, Plumstead and Abbey Wood are on the new Crossrail route. Everyone is saying that prices will rise because of this.
(We're getting a new Sainsbury's so it must be true! )

That area was on the list... So you live there? I assume you like it? Pluses and minuses? Like I said, I'm looking for somewhere I'm actually going to live...

Oldcastle

SteveRadner wrote: »

I am tempted by the idea... great transport links, reasonable prices (for London) and supposedly getting done up with the Westfield etc.

But I still mostly hear people hating the place!

East Croydon and South Croydon are not too bad at at all and I think a sound investment, the estate agents were suggesting that West Croydon was the best to invest in as it was cheap, but I think that it's cheap for a reason - depressing!

Running_Horse

Hmmmm. Buy an unmortgageable slum, or move to Dartford and buy a proper house. Tricky.

benjus

We were in a similar position earlier this year, looking in SE London.

I think Abbey Wood had a bit of a mini-boom earlier this year thanks to being on the Crossrail route so prices may not rocket, but I'd expect them to still go up when it actually opens.

In the end we bought a flat in "The Hollies" (a converted orphanage complex) in Sidcup and we love it here. Sidcup doesn't have much of a centre, but the Hollies area itself is great - some lovely Edwardian conversions set in parkland with a pool, gym and tennis courts for residents. It suits our lifestyle very well, but if you're more into late nights out in central London it wouldn't be a good fit... Example: http://www.rightmove.co.uk/property-for-sale/property-47978249.html. Not sure if it'll ever be a hotspot though!