FTB in London Dilemma: Locations and Croydon!

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?

And last question: let's assume something within my budget came up within a more central location (say Vauxhall) which was a 1 bed... would it be generally wiser to get as near to the centre as possible (at the expense of bedrooms etc.) or get somewhere bigger but further out?

Thanks so much for any thoughts - really appreciate it!

Out,_Vile_Jelly

Only you can answer the question about a smaller flat, but closer to the centre. Every purchase in London involves the classic equation of size/transport/area/price. Unless you have an unlimited budget you will have to compromise on something.

Croydon is zone 5 but has excellent transport links- 15 mins to Victoria or London Bridge and trains throughout the night. It was certainly not buzzing or trendy when I lived there, but I never felt unsafe.

Have you actually visited these places rather than rely on what people, or the property supplement of the Standard tells you?

Andrew_Ryan_89

If you are not planning on staying there long, buy in Croydon. House price will probably double in the next 10 years or so. When it comes to commuting, do it on a case by case basis. One area of Croydon might be close to a bus stop or train station which makes commuting to London easy. Another may be a 15 minute walk to the closest one.

ThemeOne

Croydon is, of course, further out than the other areas you name, yet has the benefit of more and faster trains to central London, so you could actually find travelling into London more convenient.

I currently live in Croydon, and moved here from Crystal Palace. I can honestly say in many ways Crystal Palace felt more remote, was a pretty dead area with not much going on, and was not over-blessed with transport options.

Thornton Heath, in the north of the borough of Croydon, apparently showed the fastest growth in property prices in a recent survey (sorry I don't have the link to hand), so it could be Croydon prices generally are on the up.

Having said that Westfield has just been delayed, though it will still be built. But probably if you buy anywhere in Greater London you'll see a price appreciation over the next five years.

There are lots of different parts of Croydon too, and they're not all the same. If you haven't done so already, spend some time in the area getting to know which feels most comfortable for you.

[Deleted User]

We are currently buying a property in Croydon, as we found we could not afford Streatham/Crystal Palace, which were our two top choices. We have been looking and researching areas for over six months during our property search, and whilst Croydon initially seemed like a compromise we are now really happy we are moving there. The transport links are excellent (you can get a train home from London later than the tubes run to), it has great shops bars and restaurants, and as others have said- it's on the up. Streatham/Crystal Palace etc are really no more London other than postcode, it's not like they're in Zone 1.

As other have said, Croydon is massive- East Croydon is easily the best connected, with trains to London, Brighton and Gatwick all day every day- but have a look around and find an area that feels right for you. Like everywhere there are nice bits, and not so nice bits. But walk outside of East Croydon station and it looks exactly like Stratford, or Shoreditch (they're even building a Boxpark) or any other 'trendy' bit of London that is twice the price and barely any different.

ThemeOne

Another thing - there are trains through the night, every night to East Croydon, from both Victoria and on Thameslink. Not many places can boast that, and it's not even a new service.

Not that I've ever used them - my clubbing days being very much in the past - but my much younger flatmate used to find them very useful for nights out.

7sefton

Andrew_Ryan_89 wrote: »

If you are not planning on staying there long, buy in Croydon. House price will probably double in the next 10 years or so. When it comes to commuting, do it on a case by case basis. One area of Croydon might be close to a bus stop or train station which makes commuting to London easy. Another may be a 15 minute walk to the closest one.

Thanks for everyone's input so far - it's really helpful and I'm very grateful!

I've heard a few people talk about Croydon being a clever place to buy with an eye to what house prices might do in the future... but what are the specific reasons for this? Westfield aside, what do people think makes Croydon a good bet?

Andrew_Ryan_89

There are very few London boroughs that are affordable at the moment. Croydon, just like Brixton and Hackney, does not have the best reputation. But what is happening, a lot of people are being priced out everywhere else and are looking towards these places which inevitablly puts the house up.

More young professionals, more people paying taxes and more people to offset the hood rats living there. Leads to more developments, more business and higher prices and hopefully lower crime.

blues

Personally, I could never live in Croydon. I've worked there and hated it. It felt rough and I never felt safe at night.

I've lived in Crystal Palace and loved it- there's loads going on! Can't believe anyone would describe it as a dead area. I also sold my crystal palace flat for twice what I paid for it. I don't think Croydon is a good area, especially for a female living alone.

Soundgirlrocks

First off a large chunk of Crystal Palace is in the borough of Croydon, so I assume you mean near Croydon Town centre (although that still covers a huge area) CP is nice for bars but not great for transport compared with Norwood Junction, or East Croydon, and on a budget of £270k I would think you would struggle to get a 2 flat in the CP area for that budget, not impossible but not a huge choice. As with all boroughs there are good areas and bad, reasonable areas and up and coming, and sinks that you would be mad to live in but might be worth an investment if you plan 20 +years

fashionvictim

7sefton wrote: »

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.

They have metal detecting barriers at Stratford due to high levels of knife crime, hardly aspirational.

I briefly worked in a retail store in croydon I have never so much shoplifting, fights etc.

I think with night lift comes drunk people, so pro's & cons.

Personally I wouldn't. There are nicer towns with zones 1-6, maybe no all night trains but feel a bit safer.

Out of Crystal Palace, West Norwood, Streatham and Croydon - I would choose crystal palace .