South London FTB Dilemma: Croydon or Crystal Palace?

7sefton

Hi everyone

I'm a First Time Buyer with a budget of around £270K to buy a flat in South London.

Based on my initial research and commuting lines, I've narrowed down my search to the following areas I could afford: Crystal Palace, West Norwood, Streatham and Croydon.

My dilemma is, I'm naturally drawn to choose an area other than Croydon because at the moment it's not exactly pretty and feels 'far out' from central London; West Norwood and Crystal Palace feel far more 'ready' to move to. However EVERYONE keeps telling me that Croydon is the new Stratford and is really on the up, with a new Westfield in the pipeline and a buzzing tech city attracting people to the area.

I only expect to live in the flat for about 5 years before moving on (perhaps keeping it to let out), so have an eye on it as an investment. But I also need to live there for 5 years and be happy! And I'm hoping to buy somewhere with 2 bedrooms so I can have a lodger for the first few years of living there, which I know might alter my choice of location somewhat.

Based on this, what would you wise people advise I think about and consider? Am I mad to give Croydon a miss based on its current state?

Thanks so much for any thoughts - really appreciate it!

dinkylink

I guess you might want to move this to the main board to get the best response to your question.

the_flying_pig

If you can afford Streatham [it seems to be on your long- but not shortlist] then it's imo got more potential than Crystal Palace & certainly Croydon.

chewmylegoff

That's the first time I've ever seen something called "the new Stratford" where the person didn't mean it was getting worse! That's the sort of thing that BTL investors who will never have to actually live there say.

Personally I would say that Croydon is already better than Stratford. Stratford has better transport links and a better shopping centre but it is also a terrible sh1thole. Croydon is just a sh1thole.

I would buy a flat somewhere you actually want to live rather than buying somewhere that you don't want to live but might go up in price more, according to some other people. At the end of the day you still have to live there. 5 years is a long time to live somewhere that you don't like. Unless there is the opportunity to make a really life changing amount, which seems unlikely as a flat in Croydon will still be a flat in Croydon in five years and is unlikely to relocate itself to Notting Hill whilst you arent looking.

Doozergirl

What chewy said.

I lived in all four of those places and the only place I'd choose to live would be Crystal Palace.

mwpt

The transport from Croydon seems really good vs crystal palace. Is the area really that much worse? Is the housing stock of decent enough quality that it could be gentrified in the same way a place like Balham transformed?

Generali

I'd pick Crystal Palace (the suburb rather than by the football ground) of the places on the list.

Kim_kim

I think I'd pick Streatham.

Weird, years ago they were all lovely areas. Croydon especially so.

Jason74

Well, I'm a bit biased on this one, given I've lived there for 13 years, but I'd definitely pick Crystal Palace out of the locations you mention. It has loads going for it including decent transport links, some excellent Green space, and some really nice places to eat on the "triangle". The downside is that prices have probably moved beyond your budget for a 2 bed.

A Rightmove search appears to show 9 2 bed properties in SE19 up to £280k, but a closer look suggests that there are probably only 3 "genuine" listings (the other are an auction property, two multiple listings for already sold properties, and three very old listings that I would assume are all actually sold). All three what appear to be "genuine" listings are ex Council, two of which need modernisation to boot (albeit they are enough under your budget that you could have a bit left over for improvements if you liked the flats). In practice, prices for non ex Council 2 beds start at about £300k for anything that isn't in need of a full refurb, and go (rapidly!) up from there.

Assuming Crystal Palace doesn't work budget wise, I'd be looking at some of the surrounding postcodes. There are a few properties in Penge / Anerley that should be in budget, but not many, or you will find a good selection in South Norwood. Now South Norwood isn't the best of areas, but some of it is nowhere near as bad as some of it is made out to be imho, and some of the roads as you head up the hill are actually quite nice. Imho its far more likely to really head upwards than Croydon itself, but that's a personal view.

Depending on how brave you feel in terms of taking on a project (and it's not for the faint hearted!), I'd be tempted to have a look at this.

http://www.rightmove.co.uk/property-for-sale/property-53626631.html

It's in a very sorry state right now, but a really nice location (Nice road, near a lovely park, "feels" more Crystal Palace than South Norwood and is just about a sensible walk both to the triangle and Norwood Junction Station), but it's in budget,a and it's been on the market a while so they will almost certainly take an offer a reasonable bit off asking. £20k well spent on improvements (leaving you still under 270k with somew negotiating) and you'd have a really nice flat in a good location. If you wanted something almost "ready to go", perhaps this ?.

http://www.rightmove.co.uk/property-for-sale/property-54632792.html?premiumA=true

Not so hot location wise, but still better than much of Croydon imho (even allowing for the disruption of being close to a Premier League footballl ground). It's also well under budget, and a week with the paintbrushes would make it more than presentable.

That's just my thoughts for what it's worth as a local. Good luck with the search, I really don't envy anyone trying to FTB in London right now.

Jason74

mwpt wrote: »

The transport from Croydon seems really good vs crystal palace. Is the area really that much worse? Is the housing stock of decent enough quality that it could be gentrified in the same way a place like Balham transformed?

It depends where you go. East Croydon isn't that bad, and South Croydon is quiet / safe enough. They're just very dull and anonymous. West Croydon is imho awful, and parts of it are imho as unpleasant as anything you'll find elsewhere in greater london.

I grew up in South london, and when was a kid my Grandmonther lived near Balham so I spent a fair bit of time there. It was grotty back then, but still had a certain character to it that could appeal to some. Personally, I just can't see Croydon going that way. It's just too far out, too dull, and (silly though it is that this matters) it lacks that all important London postocde.

If anywhere in that area was going to follow Crystal Palace in that area, I'd say South Norwood. The area around Portland Road is pretty grim, but not much worse than the now fashionable Lordship lane (East Dulwich)was 25 years ago. there are also lots of the pretty small Victorian terraces that seem so popular (originally built as Labourers cottages ironically) with London buyers, and London Bridge is 12 min away.

It seems hard to picture it walking round the area today, but if I was going to be on another area round that way to gentrify, that would be my pick. Crystal Palace has already gone, and Penge (my childhood home) is rapidly (and shockingly!) going that way too.

westernpromise

7sefton wrote: »

Hi everyone

I'm a First Time Buyer with a budget of around £270K to buy a flat in South London.

Based on my initial research and commuting lines, I've narrowed down my search to the following areas I could afford: Crystal Palace, West Norwood, Streatham and Croydon.

My dilemma is, I'm naturally drawn to choose an area other than Croydon because at the moment it's not exactly pretty and feels 'far out' from central London; West Norwood and Crystal Palace feel far more 'ready' to move to. However EVERYONE keeps telling me that Croydon is the new Stratford and is really on the up, with a new Westfield in the pipeline and a buzzing tech city attracting people to the area.

I only expect to live in the flat for about 5 years before moving on (perhaps keeping it to let out), so have an eye on it as an investment. But I also need to live there for 5 years and be happy! And I'm hoping to buy somewhere with 2 bedrooms so I can have a lodger for the first few years of living there, which I know might alter my choice of location somewhat.

Based on this, what would you wise people advise I think about and consider? Am I mad to give Croydon a miss based on its current state?

Thanks so much for any thoughts - really appreciate it!

Ignore appreciation prospects, just buy wherever you most want to live out of these choices and be happy.

This is the best guarantee that when you want to sell, there'll be someone who wants to live where you do. If you like it so will others.