Buying a studio flat in London

ruelle

HappyMJ wrote: »

That would scare me off actually. Am I buying at the height of the market and the only way is down?

Make the wrong choice buying and you can lose tens of thousands of pounds if the market goes the wrong way.

Yep, that's another worry of mine...:( Although I'm hoping with London the worst that will happen is rather than prices dipping they'd just remain static for a while.

economic

ruelle wrote: »

Yep, that's another worry of mine...:( Although I'm hoping with London the worst that will happen is rather than prices dipping they'd just remain static for a while.

anything can happen. i wouldnt buy if you plan to sell within 5 years. better to invest in the stock market.

i bought my first in 2013 sold in 2016 (i was lucky prices rose) and bought in another area i prefered.

MARTYM8`

Verbatim wrote: »

Walthamstow is a great area with a lot of young professionals moving in. Prices have been going up fast over the last few years with multiple people being given the same timed slots for viewings for properties at weekends. Given the fantastic transport links to central London I'd say buy now as you may not be able to next year. Prices have increased a lot in the last year and are still rising.
If as others say you want to move on in a few years you'll be able to afford more when the time comes given the equity you'll have built up than if you had left your depositin the bank earning a paltry rate of interest.
Of course I don't have a crystal ball but people tend to regret the opportunities they didn't grab...

As you say the best thing about Walthamstow is the tube and transport links - so you can leave quickly.:D

High house prices do not a nice area make - sorry. There are much nicer areas nearby like Leytonstone or Chingford or South Woodford.

I wouldn't live in Walthamstow - and if I did I would not buy a studio. Just my opinion - there are much nicer areas nearby that are no more expensive.

ruelle

I've been looking in Leytonstone too but haven't seen any nice properties in my price range. Chingford and South Woodford a little bit too far out for me.

I like Walthamstow - I feel like it's where all the ageing hipsters go when they want to settle down. I can definitely see the area becoming a lot trendier in 5 years.

househuntingmad

The London market is cooling but only really for the mid-higher end of the market. The sort of property you are looking at is relatively stable so would seem a good investment at the moment.

However you are right that there is a nervousness about what happens if there is a Brexit after June (I spend a lot of time talking to economists for work and it's all they are banging on about at the moment!) but then if there is a drop in house prices it'll be pretty much across the board across all regions so the shift will be relative. Plus if you look to buy as a home not an investment, it's a bit moot anyway.

My purely opinion is go for it and get on ladder if you can!

boliston

I think an important thing to consider is what the actual "local" town itself is like as even though a lot of people live in walthamstow and commute into london they will probably spend quite a lot of time in walthamstow itself and from street view it looks like a proper town in its own right rather than just being a "suburb" of london. Some people might not care what the "local" town is like and just consider it as a place to commute into london from. I'd probably go for somewhere as close to the tube/mainline as possible but I'd imagine prices would be quite high, but good from an investment point of view, as well as convenience in terms of living there.

Verbatim

Loads of excellent caf!s opening up and Hoe St has changed out of all recognition: craft beer, View cinema and chain restaurants at High St end then Granada cinema has pop up pub/ cocktail bar with restaurant to follow soon, amazing pizza place in the mews next door, antique and art shops, Italian deli, choclatier, aura rosa ( high end patissier who's worked with Michel Rouxa jnr, Marcus Wareing and Marco Pierre White,) lovely eggless cake place, Rose and Crown pub with theatre and events, The Bell with monthly foodie bring and taste event and that's just Hoe St. There's also the village around Orford Rd and the lovely caf! 56 near St James St station and the William Morris Gallery on Forest Rd.
The area is teeming with young families priced out of Hackney. Becoming highly desirable.
Can you tell I'm a fan!

cadon

Is it near the tube station or the train station? If the tube station... come on, who doesn't like the Victoria line? It's the fastest one!

People will always tell you not to buy a studio. Generally those people don't live in London and don't understand that we're prepared to make compromises on space to have a shorter commute and an extra X minutes in bed in the morning. When it comes to London, it's all about the transport links.

What's the alternative to buying a studio? Renting a studio? It would be a waste of money to rent somewhere bigger than you need just for the showiness of it all, so realistically, your choices are renting a studio or buying a studio.

We'd all like to live in a bigger property, but that doesn't mean there aren't people eyeing up the places we all live in. Your tiny shoebox is a palace to another Londoner who's been cooped up in somewhere even smaller. There's always bound to be interest from someone else who like you, has also been forced to make a compromise.

As long as you can see yourself staying put and enjoying the property for the medium term, go for it. Just be realistic about how much space your stuff takes up!

ruelle

househuntingmad wrote: »

However you are right that there is a nervousness about what happens if there is a Brexit after June (I spend a lot of time talking to economists for work and it's all they are banging on about at the moment!) but then if there is a drop in house prices it'll be pretty much across the board across all regions so the shift will be relative. Plus if you look to buy as a home not an investment, it's a bit moot anyway.

What are your economist workmates saying about Brexit?

ruelle

boliston wrote: »

I think an important thing to consider is what the actual "local" town itself is like as even though a lot of people live in walthamstow and commute into london they will probably spend quite a lot of time in walthamstow itself and from street view it looks like a proper town in its own right rather than just being a "suburb" of london. Some people might not care what the "local" town is like and just consider it as a place to commute into london from. I'd probably go for somewhere as close to the tube/mainline as possible but I'd imagine prices would be quite high, but good from an investment point of view, as well as convenience in terms of living there.

Yes, I chose Walthamstow because it seems to have more of a community feel to it. Not just looking for a place to commute from.