Where to buy a first home as a couple in London?

ftatman

My partner and I are looking for a 2 bedroom freehold home in London but we do not know where to look. We are looking for advice from anyone who's been through this / has 2 cents to share.

We have a deposit of up to £200K and we can get a mortgage for ~£250K. This is a total budget of ~£450K.

She needs Waterloo or Vauxhall (for Twickenham) and I need Canary Wharf or Bank for the DLR (for South Quay). This leads me to think the Northern Line is a good shout but we do not know which stations are most suitable. However, we are not planning to stay in these jobs forever.

We are both 28 and may want to start raising a family around 35 after we've enjoyed ourselves a little more so we are torn between buying somewhere that fits us now versus buying something with more space further out/off the beaten path to 'future proof' ourselves.

I have only ever lived in Central East London (Mile End, Bow, Stratford) so my knowledge of London Boroughs is really limited.

Big concern is that London's pricing finally seem to be trailing off (asking prices not being met across the capital) and I'm a bit worried we're going to get stung if we try to move in 5 years' time.

Any good areas we should focus on?

Extra info:

We found a gorgeous but slightly small 2 bedroom ground floor flat with a super long lease in Upper Walthamstow but we are worried about its resale value and my partner's parents keep insisting we get a freehold. It's basically 100% renovated and needs nothing doing so no opportunity to add value. We fell in love with it but maybe it's not a smart move financially to spend this much on a small flat that far out. Would this be a good option?

My partner's parents want us to be near them in Blackhorse Road - which is marked for increased investment in the Mayor's London Plan - but doesn't seem affordable. Most terraced 2 beds are £499K+.

hazyjo

So you both work south of the river but want to live north? Any reason? Perhaps you'll need the help and support of family if you have kids?

Twickenham, south/west of the river is never going to be a great commute if you have to go into London first (from East) possibly on one or two tubes/trains.

I would also choose to buy freehold, although finances sometimes dictate. My first two properties were leasehold. A house was way out of my budget. In your shoes I would much rather a nice flat in a really decent area than a house in a 'less desirable' one. You're likely to level out price-wise anyway. Parents think they know best sometimes, but they forget you have a limited budget lol!

I previously lived in Highams Park and in North Chingford, and Walthamstow was on my line. I've never got the attraction but then I'm older and want to feel safe and calm! But then as you've lived in nearby areas, perhaps you're more open to it than me. Wouldn't want to bring kids up in any of those places. My house buyers came from a flat in Walthamstow. Their baby was less than a year and they couldn't wait to move out. You'd think they'd bought a mansion in the poshest town on the planet when they got ours! They seem very proud and happy to be in N. Chingford compared to W'stow. This is YOUR move and what you want. If you want somewhere safe for kids to grow up in, buy elsewhere.

In five years' time, you will probably be earning more and you will have paid off some of the mortgage (overpay whenever possible to future-proof yourself if prices do drop or rates go up when you re-fix a mortgage) - not to mention you're buying with very low interest rates at the mo, and whatever you go on to buy (in 5+ years) may well be affordable. If you try and sell in a rising market to move up, you may find the gap in price is just too big so you're stuck. Don't always wish for a rising or static market as it's not always beneficial!

If you're looking at a 'slightly small' flat now, it will feel minute within 5 years. Don't be lured in by nice decor. Do it yourself. Don't have to buy a wreck, but try to buy on the best street, not buy the best house/flat on the worst.


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You would be AMAZINGLY lucky to get this house in Highams Park for the price it's up for:

http://www.rightmove.co.uk/property-for-sale/property-64849072.html

I would be biting their arm off if I were you (especially as it has a garage!). It's up with two agents, but McRaes are good. Speak/deal with Lisa if poss. Needs a bit of work, but it really doesn't look that bad to me! I've bought far worse!

Highams Park has become HUGELY popular and prices pretty much doubled there in four years from 2013. It's got a lovely community and is only around 3 miles from Blackhorse Road. I would be ditching the Twickenham job though!! Two close workfriends still live there.

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PS I viewed a house a dozen or so houses up from that one on the same side of the street and ruled it out due to the large estate behind. BUT... I still think it's a way better option that what you've been looking at. I lived on Haldan Road which is just off Selwyn! I still look at it fondly and absolutely loved living there.

Pixie5740

I'm confused, are you looking for a home or an investment? :huh:

John-K_3

hazyjo wrote: »

So you both work south of the river but want to live north?

Canary Wharf is North of the river.

Cakeguts

http://www.rightmove.co.uk/property-for-sale/property-72914018.html

http://www.rightmove.co.uk/property-for-sale/property-72606101.html

http://www.rightmove.co.uk/property-for-sale/property-71731541.html

http://www.rightmove.co.uk/property-for-sale/property-71398469.html

http://www.rightmove.co.uk/property-for-sale/property-63504238.html

http://www.rightmove.co.uk/property-for-sale/property-71850395.html

Cornucopia

If you are looking to balance out the journeys equally, then Waterloo probably needs to be your focal point - west to Twickenham and east to Canary Wharf on the Jubilee line. Perhaps Battersea for a 2-bed flat?

However, if you are looking for a house in a relatively nice area that still makes sense of the commutes, I'd probably suggest somewhere like Isleworth or Brentford, where you can just about get a 2-bed House within your budget.

hazyjo

John-K wrote: »

Canary Wharf is North of the river.

They said 'for South Quay' - which I forgot was still north as it's where the river bends.

Filo25

I will Echo hazyjo's recommendation for Highams Park, as I moved there a couple of years ago myself, and have absolutely no regrets

But I really wouldn't fancy that commute!