First time buyer, but I am fairly young.

[Deleted User]

I would be relying on a strong emergency fund (6 months or so) if and when I do get a property, in the event of losing my job - I do believe that there are many roles out there, especially in London, related to my job role, so it's not too much trouble to move on if I did lose my job.

I do enjoy my line of work.

cashbackproblems

Adams18 wrote: »

Yes I am definitely considering that as Milton Keynes in particular has decent links into London.

i think you would regret living out in somewhere like milton keynes where there is no parking near the station so would need to be walking distance where prices are still steep. PLus you have overground train costs and a good 40min to euston and persistent train delays. I did this for a few months from MK and was torture.

Plus when it comes to reselling it is tougher. There are still/will be plenty of 1 bed bargains to be had in the next 6-12 months in south/east london areas such as hanauit, romford, epping to south east london e.g. catford, bromley, bexley etc. Where you are in the zones and plenty of stations to commute

You definitely need to save some more, i am pushing myself to the same income multiples as you (necessity in london) but i have a good 20k emergency fund (in funds). Advice on buying US stocks is not necessary bad if you have money to invest for long term, but at the moment you don't and stock market is the last place to be.

Harper123

cashbackproblems wrote: »

i think you would regret living out in somewhere like milton keynes where there is no parking near the station so would need to be walking distance where prices are still steep. PLus you have overground train costs and a good 40min to euston and persistent train delays. I did this for a few months from MK and was torture.

Plus when it comes to reselling it is tougher. There are still/will be plenty of 1 bed bargains to be had in the next 6-12 months in south/east london areas such as hanauit, romford, epping to south east london e.g. catford, bromley, bexley etc. Where you are in the zones and plenty of stations to commute

You definitely need to save some more, i am pushing myself to the same income multiples as you (necessity in london) but i have a good 20k emergency fund (in funds). Advice on buying US stocks is not necessary bad if you have money to invest for long term, but at the moment you don't and stock market is the last place to be.

I think where to buy is personal preference.

Having commuted within London for a lot of years I now spend exactly the same amount of time commuting but I get a seat on the train every single day. Yes I pay a lot more but the experience is a million times better.

I would rather get a seat on the train every day, live in the countryside and live in a two bed house with garden and plenty of parking than in a one bed flat in London.

But that's just me. It's all about personal preference. Saying that, I wouldn't live in Milton Keynes though either. It's grim. But then so is Catford.

Smodlet

Indeed, it is personal preference. Rule of thumb, the further out you go, the more you will get for your money, and possibly, the better investment you could make in your property. Broadly speaking, it will always be easier to sell a three bed house than a one bed flat/studio, as you are appealing to a much wider market.

If you were to consider moving further out and commuting, for another 10 minutes travelling time (55 mins plus the trek from Kings Cross to central London) you might take a look at Peterborough. I am sure you have heard things to its detriment but, for your budget, you could afford a three bed semi or even a detached house in a nice area. Yes, there are some. HTH

economic

Smodlet wrote: »

Indeed, it is personal preference. Rule dof thumb, the further out you go, the more you will get for your money, and possibly, the better investment you could make in your property. Broadly speaking, it will always be easier to sell a three bed house than a one bed flat/studio, as you are appealing to a much wider market.

If you were to consider moving further out and commuting, for another 10 minutes travelling time (55 mins plus the trek from Kings Cross to central London) you might take a look at Peterborough. I am sure you have heard things to its detriment but, for your budget, you could afford a three bed semi or even a detached house in a nice area. Yes, there are some. HTH

disagree completely. depends where that one bed is and where that house is. i much rather own and live in a one bed flat in a nice area in zone 2/3 then a 2 bed house further out in a not so nice area.

Harper123

economic wrote: »

disagree completely. depends where that one bed is and where that house is. i much rather own and live in a one bed flat in a nice area in zone 2/3 then a 2 bed house further out in a not so nice area.

Well it kind of depends what you class as a nice area doesn't it.

economic

Harper123 wrote: »

Well it kind of depends what you class as a nice area doesn't it.

its not difficult to see what nice areas are and what arent. nice areas tend to be leafy, good transport links, amenties, good schools, professional people living there and fewer tenants/more owner occupiers. these areas tend to have short supply. so prices in these areas hold their value more in a downturn then in not so nice areas.

given the OPs budget, not only will he have to live further out for a 2 bed, he will have to sacrifice on location as well. it will be very difficult to sell should he wish to in the future. better value for money imo means nothing when it comes to invesments like this.

bouicca21

It's not just about getting a seat on the train on a busy commuter route it is also about whether you have to work late (or go clubbing) and have a long journey when you are tired.

If you are prepared to put up with a quick but grotty journey for a couple of years, you might consider looking at Abbey Wood. Currently the journey is only about 40 minutes but it involves two changes. When crossrail arrives it will be on the same line as Canary Wharf, plus there are predictions of an increase in property values.

For what it's worth I'd take Catford over Milton Keynes any time. Catford is on the up, though has a long way to go, but the transport links are fantastic. Two train lines and masses of bus routes. However £220k for a 1 bed is pie in the sky. They are more like £300k now.

Harper123

economic wrote: »

its not difficult to see what nice areas are and what arent. nice areas tend to be leafy, good transport links, amenties, good schools, professional people living there and fewer tenants/more owner occupiers. these areas tend to have short supply. so prices in these areas hold their value more in a downturn then in not so nice areas.

given the OPs budget, not only will he have to live further out for a 2 bed, he will have to sacrifice on location as well. it will be very difficult to sell should he wish to in the future. better value for money imo means nothing when it comes to invesments like this.

Except that's not true. There are lots of lovely areas in Bedfordshire Cambridgeshire and Kent with very good transport links, countryside and community spirit that they can afford on their budget.

I would much rather live in these places than in Zone 2 or 3.

That's why it's all about personal preference.

Some peoples idea of a good location is another persons idea of hell.

Smodlet

Absolutely, Harper. Just FYI, where I had in mind is leafy, really nice.