Buying a studio flat in London

ruelle

Verbatim wrote: »

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!

Great recommendations. Thank you!

ruelle

cadon wrote: »

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!

It's near Blackhorse Road. Victoria line is definitely the best tube line! My second choice was Leytonstone but the Central Line is so sloooow.

The alternative to buying a studio is to stay in my rented houseshare in east London. Definitely not a bad option but if prices keep on rising I'll be soon priced out of anywhere remotely nice in London.

economic

ruelle wrote: »

It's near Blackhorse Road. Victoria line is definitely the best tube line! My second choice was Leytonstone but the Central Line is so sloooow.

The alternative to buying a studio is to stay in my rented houseshare in east London. Definitely not a bad option but if prices keep on rising I'll be soon priced out of anywhere remotely nice in London.

prices wont keep rising however you dont know when they will stop rising. how much are you looking to spend on the studio?

ruelle

economic wrote: »

prices wont keep rising however you dont know when they will stop rising. how much are you looking to spend on the studio?

My offer was £218k - A LOT for a studio although a 1 bed in that area would be at least £230-250k and I just can't afford that.

economic

ruelle wrote: »

My offer was £218k - A LOT for a studio although a 1 bed in that area would be at least £230-250k and I just can't afford that.

you always get value for money as you spend more (price per square foot) thats why its a lot for a studio but then you maybe overpaying for it. best way to check is what recent studios went for (at least 5-10 sales) to get a good idea if you are overpaying or not. the problem with london is that there is little supply so people look for ages, get frustrated and just bid high for a property even though it may not be perfect. thus over paying for it.

ruelle

economic wrote: »

you always get value for money as you spend more (price per square foot) thats why its a lot for a studio but then you maybe overpaying for it. best way to check is what recent studios went for (at least 5-10 sales) to get a good idea if you are overpaying or not. the problem with london is that there is little supply so people look for ages, get frustrated and just bid high for a property even though it may not be perfect. thus over paying for it.

I think on my budget it would be very hard to find a property that was anywhere near perfect.

If I overpaid would it get picked up in the valuation?

economic

ruelle wrote: »

I think on my budget it would be very hard to find a property that was anywhere near perfect.

If I overpaid would it get picked up in the valuation?

it may do. as i said check recent sales of similar properties - you should have done this before offering.

ruelle

economic wrote: »

it may do. as i said check recent sales of similar properties - you should have done this before offering.

I did indeed. They went for around £215-220k although they were bigger (over 30 sq m) and in better condition.

economic

then it seems you are overpaying by a lot. i would wait for something better.

boliston

ruelle wrote: »

It's near Blackhorse Road. Victoria line is definitely the best tube line! My second choice was Leytonstone but the Central Line is so sloooow.

The alternative to buying a studio is to stay in my rented houseshare in east London. Definitely not a bad option but if prices keep on rising I'll be soon priced out of anywhere remotely nice in London.

Just checked it out on google https://www.google.com/maps/d/viewer?mid=zGVWgK2evc_0.kn8ZWE-OXO90&hl=en_US and it's only the second stop so should be easy to get a seat - I'd say anything within easy walk of blackhorse road tube would be easy to sell on or rent out