Advice For First Time Buyer Buying In Central London. Please :)

ArabellaLondon

Hi there,

I was just looking for some advice, I currently work in Central London and moved here from NYC and would like to buy a flat here. My budget is £750-900k (900k being the ultimate maximum) for a 2 bedroom flat in London. I am currently single and work in the city but hope to settle down eventually (if that's relevant)

I am looking at Pimlico, Victoria, Angel, Farringdon, Marylebone,Bloomsbury, Fitzrovia, Belgravia areas. I would also consider The City (Moorgate, etc) but would prefer it to still be quiet and residential. But Central London only.

A few questions I have...

1. Should I go for a New Build or a Period Conversion? I think the period conversions and large white stucco and mansion blocks found in those areas are very pretty but I'd like to know whether from a long term standpoint I'm better off getting one of the new builds?

Is there any advantage to a buying newly build with many apartments over a classic period house conversion? Anything I should know about picking an old house vs new

2. Are Basement/Ground Floor flats a no go ? I noticed these flats are bigger and cheaper and often have a garden and I was wondering why this is and whether I should stick to ground floor and above ?

3. 1 bed in a posher area ( belgravia etc) or a 2 bed in a more busy area (Angel, Clerkenwell, Farringdon)

And any other tips please

Key to note: I know I could get somewhere bigger than 1,2 bedroom outside central London but I work very long hours and prefer to stay within this area.

Thanks

Arabella

[Deleted User]

Nearly a million pound budget and you are looking at 2 bed flats :eek:

Not helpful I know but that just seems out of this world to me, but I am a Midlands girl

Good luck with your search

Okrib

I hope I can help - I work for a well known worldwide property company that sells flats in the areas you are considering.


Period v new build: This comes down to personal preference. You will probably find new builds are cheaper and more available than period properties because generally in central London owner occupiers tend to prefer period. This means you might pay slightly more but it's likely to increase more in value and be easier to sell down the line. There is also a lot of new build coming to the market in 2016 (approx. 35,000 units as opposed to about 5,000 last year). Some schemes, such as Nine Elms, are experiencing issues with investors who have bought and might not be able to complete on their purchase. Service charges are usually higher with new builds, but you do get lovely facilities (gym, concierge etc). Due to my own bias of living in London all my life, I would go for period as I think it's a safer, better long term investment.


Flats on the lower ground floor offer very good comparative value for money. Some can be bad though - dark, oppressive and damp. A well laid out LG flat is often a very good buy, and could enable you to get into a nice street / area. I would choose a good LG flat in a better area over a 2nd floor flat in a worse area.


Go for the best area you can. This market heavily favours best in class properties. Look for something with decent transport links, in the nicest part of town. From your list that means Belgravia, Fitzrovia etc. Would you look into West Central? You could buy a nice one bed in a mansion block off the Fulham Road in Chelsea for that sort of money - and I'd argue that is a better location than any you listed!

Johnnytwostep

as you only have a limited amount of money I would go for a 1 bed in a nicer area

benjus

Personally I think I would prefer a larger place somewhere like Angel to a smaller place in the poshest areas. But that's just me... I've always spent more time on the east side of London than the west. You really need to decide for yourself based on where you like to spend time. Another nice area you could consider is Primrose Hill.

New build vs period - I'm no expert, but the prices of period properties are quite stable, whereas prices of new builds may be inflated. I prefer period properties anyway.

Basement flats - these can be nice (especially if they come with a garden), but can also be dark and suffer from damp problems. Make sure you view it properly and get a good survey that covers damp if you consider one of these. Personally I'd go for ground floor (some of these have direct garden access) or first floor.

ArabellaLondon

Okrib wrote: »

I hope I can help - I work for a well known worldwide property company that sells flats in the areas you are considering.


Period v new build: This comes down to personal preference. You will probably find new builds are cheaper and more available than period properties because generally in central London owner occupiers tend to prefer period. This means you might pay slightly more but it's likely to increase more in value and be easier to sell down the line. There is also a lot of new build coming to the market in 2016 (approx. 35,000 units as opposed to about 5,000 last year). Some schemes, such as Nine Elms, are experiencing issues with investors who have bought and might not be able to complete on their purchase. Service charges are usually higher with new builds, but you do get lovely facilities (gym, concierge etc). Due to my own bias of living in London all my life, I would go for period as I think it's a safer, better long term investment.


Flats on the lower ground floor offer very good comparative value for money. Some can be bad though - dark, oppressive and damp. A well laid out LG flat is often a very good buy, and could enable you to get into a nice street / area. I would choose a good LG flat in a better area over a 2nd floor flat in a worse area.


Go for the best area you can. This market heavily favours best in class properties. Look for something with decent transport links, in the nicest part of town. From your list that means Belgravia, Fitzrovia etc. Would you look into West Central? You could buy a nice one bed in a mansion block off the Fulham Road in Chelsea for that sort of money - and I'd argue that is a better location than any you listed!

Hello Okrib

Thanks for taking your time out to answer! Is Fulham Road where 'West Brompton' and 'Fulham Broadway' is ? I've heard of this area before but never looked into it, should I add it to the 'nice' list. Just did a quick search and the houses look very pretty.

Yes, I'd be open to WC as that's where Fitrovia is and close to Marylebone too.

Best,

Arabella

ArabellaLondon

benjus wrote: »

Personally I think I would prefer a larger place somewhere like Angel to a smaller place in the poshest areas. But that's just me... I've always spent more time on the east side of London than the west. You really need to decide for yourself based on where you like to spend time. Another nice area you could consider is Primrose Hill.

New build vs period - I'm no expert, but the prices of period properties are quite stable, whereas prices of new builds may be inflated. I prefer period properties anyway.

Basement flats - these can be nice (especially if they come with a garden), but can also be dark and suffer from damp problems. Make sure you view it properly and get a good survey that covers damp if you consider one of these. Personally I'd go for ground floor (some of these have direct garden access) or first floor.

Thank you :T

ArabellaLondon

Deleted_User wrote: »

Nearly a million pound budget and you are looking at 2 bed flats :eek:

Not helpful I know but that just seems out of this world to me, but I am a Midlands girl

Good luck with your search

I know, the central London market is quite crazy. And I thought New York was bad!

elverson

Are you looking to buy with a mortgage? In some of those areas there are lots of cash buyers so you may be at a disadvantage.

bluedrop

Come to Bromley! Its a beautiful safe suburb 16mins from victoria!

You will get a massive superb 4 bed detached house with that money !!

bouicca21

Where do you actually work? Transport links from some of the areas you mention might take as long as a commute from suburbia, so make sure you check them out. If you are thinking bus, remember to think traffic jams. If you are working long hours you might want to check train and bus times too. You will probably also want to check the availability of a night bus.

Also some of the areas you mention have ex local authority flats. Many are very nice but mortgage lenders tend not to lend on anything over 4 stories and not of brick construction. Also you will have no control over maintenance costs - if the local council decide to replace the roof, Windows, lifts or whatever, you could find a very substantial bill winging your way.

And ditto what others have said about lower ground floor flats - a tendency to be dark and damp.

Good luck. Wish I could afford Fitzrovia ...