Is it better to buy a studio in nice area or a 1 bed in a not so nice area?

hazyjo

magicpork wrote: »

Interesting you mentioned about Leyton.. I'm in the processing of purchasing an apartment there, about 5-6 min walking from Leyton station.

I've done some research into council's plan on the surrounding areas and it seems bywaters site and the area near Coronation garden will undergo some major regenerations in the next years.

I'm not sure whether the area is 'nice to live' in general though, the crime heatmap shows the number of crimes is 'above average' but maybe better than Stratford. Do you know how it actually feels like to live in that area?

I have a friend who lives in Leyton (Murchison Road) - she moans about how rude people are, but I think that's the same in a lot of similar London areas. I think she'd also like to move, but can't afford to. (Same for another friend in Plaistow) I only know it from the 80s and 90s when I used to go ice skating at Lea Valley every week (many moons ago). The buses often wouldn't stop outside as there was often trouble at night so we'd have to walk to the Bakers Arms where it was busier - those were the days lol. I always felt safer in Stratford and went out there most weeks in my early 20s (it prob wasn't safer, but I felt safer).


Stratford has benefitted in some ways from the Olympics, etc, but it also brings other crimes. Westfield attracts lots of people from all over and it's brought a lot of money to the area, but on the flipside, you get some right scummy thieves around there too as a result! My sis works in a bank at Stratford - she said it's changed a lot over the years. She did once get robbed in the branch (he told her he had a gun - but I suppose that can happen anywhere).


Out of Stratford or Leyton, I, like you, would prob take the gamble with Leyton. Leytonstone has seen massive changes over the last few years. It still has its not so nice bits, but it's far more civilised than it ever used to be - the council have been helping improve it. As far as I know, you have things like an artisan bakers and I think they paid for some of the shop name boards to be handpainted/matching so it all looks pretty. Wouldn't have got that there 5 years ago! You can only hope people consider Leyton when they can't afford Wanstead and Leytonstone.


Keep us informed.


Jx

needhouseadvice

hazyjo wrote: »

I have a friend who lives in Leyton (Murchison Road) - she moans about how rude people are, but I think that's the same in a lot of similar London areas. I think she'd also like to move, but can't afford to. (Same for another friend in Plaistow) I only know it from the 80s and 90s when I used to go ice skating at Lea Valley every week (many moons ago). The buses often wouldn't stop outside as there was often trouble at night so we'd have to walk to the Bakers Arms where it was busier - those were the days lol. I always felt safer in Stratford and went out there most weeks in my early 20s (it prob wasn't safer, but I felt safer).


Stratford has benefitted in some ways from the Olympics, etc, but it also brings other crimes. Westfield attracts lots of people from all over and it's brought a lot of money to the area, but on the flipside, you get some right scummy thieves around there too as a result! My sis works in a bank at Stratford - she said it's changed a lot over the years. She did once get robbed in the branch (he told her he had a gun - but I suppose that can happen anywhere).


Out of Stratford or Leyton, I, like you, would prob take the gamble with Leyton. Leytonstone has seen massive changes over the last few years. It still has its not so nice bits, but it's far more civilised than it ever used to be - the council have been helping improve it. As far as I know, you have things like an artisan bakers and I think they paid for some of the shop name boards to be handpainted/matching so it all looks pretty. Wouldn't have got that there 5 years ago! You can only hope people consider Leyton when they can't afford Wanstead and Leytonstone.


Keep us informed.


Jx

I think Leyton is definitely better than Stratford. It's where all the Hackney hipsters who have been priced out are moving too. Still a bit grim at the moment but they have a new trendy food market that just started - surely a sign that gentrification is well and truly on its way!

economic

i recently moved from a larger 2/3 bed flat in kilburn to a 2 bed flat in highgate. it is smaller by around 5sqm however in the kilburn flat there was a lot of wasted space that i didnt really need. i saw it as an upgrade on location and sideways in terms of size. plus so many other benefits such as share of freehold, closer to tube, well maintained building etc.

hazyjo

needhouseadvice wrote: »

I think Leyton is definitely better than Stratford. It's where all the Hackney hipsters who have been priced out are moving too. Still a bit grim at the moment but they have a new trendy food market that just started - surely a sign that gentrification is well and truly on its way!

Yep, agree Leyton and Leytonstone always really used to be lumped in the same box - Leytonstone has done really well compared to Leyton, so it's only a matter of time before they level out again. Leyton has a lot more catching up to do (which may mean a fast price increase).


Prices have pretty much doubled in 3 years in nearby Highams Park.


Jx

needhouseadvice

hazyjo wrote: »

Yep, agree Leyton and Leytonstone always really used to be lumped in the same box - Leytonstone has done really well compared to Leyton, so it's only a matter of time before they level out again. Leyton has a lot more catching up to do (which may mean a fast price increase).


Prices have pretty much doubled in 3 years in nearby Highams Park.


Jx

I think the price increases have already happened. I was hoping I could at least get a 1 bed in Leyton but nothing decent has come up below £250k. I feel like a lot of BTL landlords are selling up around there but before they do they renovate it so they can put it on at a much higher price.

hazyjo

needhouseadvice wrote: »

I think the price increases have already happened. I was hoping I could at least get a 1 bed in Leyton but nothing decent has come up below £250k. I feel like a lot of BTL landlords are selling up around there but before they do they renovate it so they can put it on at a much higher price.

Hard isn't it. There's a similar thread running to yours - might be worth looking at what areas, etc were recommended there (https://forums.moneysavingexpert.com/discussion/5475003). Sounds like you're gonna struggle to find somewhere in the areas you want... The Walthamstow studio is looking like the best deal, but not something I would buy. Very hard to sell on if in a recession or even static market, and very small living space


Jx

needhouseadvice

Waldorf_Statler wrote: »

Albeit 12 years ago, but here's what I did in a similar situation.

I bought a larger flat in a worse area. My thinking was that i could stay there longer as it had more space, thus saving on stamp by effectively skipping a rung on the ladder.

Price-wise, my flat went up in value by less than if I had bought a small flat (for the same money) in a nicer area. But I probably would have moved sooner than I actually did (I stayed there 6 years) and it could accommodate a partner moving in (and cats too!). So notionally I saved myself a set of moving fees.

Not a direct comparison to your situation but food for thought perhaps. Key considerations are how long you'd be able to stay living in a small flat and whether the "not so nice" area is nice enough for you to be happy living in. It's your home, ultimately, so don't make yourself unhappy at the prospect of making a few extra quid. Being happy should be your first consideration.

Yes, this is my exact dilemma - if I move into a studio it's going to be seriously cramped if I move someone in with me. I just worry if I hold out for a 1 bed if I'll just be priced out completely!

I guess the studio would be nicer in terms of lifestyle - it's close to friends and the Victoria line is so quick! But I just wonder if I'll end up getting annoyed that it's so small.