First-time buyer in London - Areas to look at?

Dunney77

Hi all,

I am looking at purchasing my first property in London (obtaining a mortgage whilst interest rates remain low).

Would anyone be able to recommend some initial areas to look?

Just to provide a background:

- My budget is between £300k - £330k

- I am 24 and work in finance

- I want a two-bedroom property so I can bring in a lodger to
help boost income.

- Being quite young, I want to be in a lively area with good
connections to the City.

- I don't want an ex-council.


I have heard good things about the development of Croydon and it's good links into london - any good?

If anyone could recommend some areas to start looking, that would be a great help!

Best

silvercar

Do you have a deposit? and an income high enough to justify the mortgage? Lenders won't include lodgers rent as income.

Maybe look at the government help to buy schemes.

looknohands

My friend just bought a 3 bedroom house in Walthamstow for £390k. Very cheap and still within north circular so closer than Croydon, and it's 'up and coming' like everywhere in London. I'd imagine 2 bed flats around there are in your budget.

[Deleted User]

Try zoopla's travel time search for ideas.

http://www.zoopla.co.uk/for-sale/map/property/liverpool-street/?added=7_days&beds_min=2&duration=2700&new_homes=include&price_max=325000&price_min=275000&q=Liverpool%20Street%2C%20London&results_sort=newest_listings&search_source=refine&transport_type=walking_train

I think you might have to compromise on some of your wishlist though!

Salemicus

What about Enfield? 30 minutes from the City by train, there are some very nice parts, and you could definitely get a 2-bed in your price range.

hazyjo

North Chingford, E4. Straight into Liv St on train.


Would be biting their arm off for this: http://www.rightmove.co.uk/property-for-sale/property-56019839.html


It's right on top of the station, it's at the 'party end' of N. Chingford, it's 25 mins on the train to Liv St, it's also at the 'posh end' where the houses can go for way over a mil, it's near the golf course, the forest, the lake, pubs/bars/new bar-club opening by Wayne Lineker where The Fountain used to be), tonnes of restaurants - take a google streetview walk.


Others I'd consider:


http://www.rightmove.co.uk/property-for-sale/property-55751957.html


http://www.rightmove.co.uk/property-for-sale/property-55656803.html


Jx

Dunney77

silvercar wrote: »

Do you have a deposit? and an income high enough to justify the mortgage? Lenders won't include lodgers rent as income.

Maybe look at the government help to buy schemes.

My deposit is around 50% of this.

Lodgers would really help negate my mortgage payments personally as opposed to using them to fund the entire mortgage.

Dird

hazyjo wrote: »

North Chingford, E4. Straight into Liv St on train.


Would be biting their arm off for this: http://www.rightmove.co.uk/property-for-sale/property-56019839.html

Does "ground maisonette" mean someone else lives upstairs?

hazyjo

Dird wrote: »

Does "ground maisonette" mean someone else lives upstairs?

You have your own front door (that's usually what 'maisonette' refers to and usually they're split over two floors although this one doesn't appear to be). Those upstairs will have their own private access.


As with most flats/maisonettes, someone will live up, down, to the side or whatever. You won't usually get one flat with nobody either above, below or to the side (unless say over a shop!) - that would probably make it a house or bungalow!


Most other flats will have shared common parts then a door into your own flat. I prefer a maisonette as it's more like the feel of a house with your own front door.


Jx

hazyjo

PS from looking at the floorplan, 'your' front door is the side one. Upstairs has the front door.


Jx

ParisS

There is a new website that may be able to help. Propcision.com has an area where you can look for sharply discounted property within your budget.

Please note: This is not to say that property that has been sharply discounted is a good deal. However, it gives you an idea of motivated sellers who may negotiate more. You can filter by properties requiring DIY, ex-council, non-ex-council, auctions, or estimated rental income. This should help you find what you are looking for. If you are willing to do a bit of work, then look for properties requiring modernisation and you could find a good deal in your price bracket.

The site is fairly new, hwever, they already offer an Add-on into Rightmove so users can see the marketing history of a property (including number of price reductions and failed sales) right through your rightmove searches.

They have an interactive guide for hotspots and coolspots across London.

For a first time buyer, it could give you a starting point on researching properties in your price bracket as well as areas in London that are upward trending.

Good luck with your search!!!