First time buyer: one bedroom in London

Miranda25

jumperabv3 said:

OP, I'm sorry if I'm joining this thread only now but why don't you buy yourself a 1 bed flat in a place like Reading or Iver?
The Elizabeth Line would take you from Iver to Central London in 20 minutes, which is nothing in comparison to places even like Camden - for instance this one costs £220k but I have no opinion whatsoever on the property itself etc.
https://www.zoopla.co.uk/for-sale/details/55091145?search_identifier=0acd9b0deaae04995d3cc85bd8694fdf

When I look for 1 beds in Iver all I get in Zoopa is 3 results which shows you the supply is dead (but the demand is high) so when you come to sell it you won't lose taking the benefit of the Elizabeth Line into account as it's not fully operational yet.

I've invested in Reading for instance, I did it for BTL purposes, but for me the main kicker was the Elizabeth Line (and I took a place that is not at the doorsteps of the station (many estate agents believe if it's close to the station then it's worth it, I've seen other trends with properties with bigger space, parking etc. - so take these into considerations).

You can also consider other areas surrounding London if it's not far from the station as you would get to Central London pretty fast (20 minutes by all means is not bad), and this is how you would save almost £100k - and you would be able to afford the place and don't buy in areas where you would have to stretch yourself financially.

Also - take into account many areas in London are already or will be licensed - that means you would have to pay extra charges aka fees aka "taxes" on properties in London where there isn't any additional benefit. £100k is not a small amount and if I were you I'd certainly consider an area with good transport links to Central London and save myself £100k for other things in life.

But if for you being in Camden or Islington is something you can't forfeit and it must be part of your day to day life then look PropertyData.co.uk - they show you properties with 30%-40% off the original asking price, so maybe you can find a nice bargain there but if you do - please ensure your solicitor and even yourself do a proper due diligence on the property.

Good luck!

Jumperabv3, where would you invest in south-east london please? Thanks.

redefinr

Nah I wouldn't consider Reading. Kew Gardens has some nice property for good price...but still.
I want something in Central. As for now, it will serve me amazingly and when I'm tired of it - easy rent.
The EA told me the one in Camden has an offer of £337.500K - still too high in my opinion.
I just got off to see this property and it thick all the boxes:
https://www.rightmove.co.uk/property-for-sale/property-78971227.html
Beautifully located, the place is in good nick, first floor and low service charge (1200 pa) and ground rent (50pa). 
I'm just gathering my thoughts together but I'm pretty sure I'm sending an offer tomorrow. God, Dexter's pretty good at putting pressure

jimbog

redefinr said:

https://www.rightmove.co.uk/property-for-sale/property-78971227.html

That is the best place you've showed us in the last year. Worth the wait. Good luck!

redefinr

jimbog said:

redefinr said:

https://www.rightmove.co.uk/property-for-sale/property-78971227.html

That is the best place you've showed us in the last year. Worth the wait. Good luck!

I know right! I know is going to be hard to get it but I cant let this one go. As you know the area very well, hammersmith grove is quite a appealing

UnderOffer

jimbog said:

redefinr said:

https://www.rightmove.co.uk/property-for-sale/property-78971227.html

That is the best place you've showed us in the last year. Worth the wait. Good luck!

I agree with jimbog, looks great. 

redefinr

I had a bit of negotiations this morning, initially put down 342, I ended up 347 as a final offer. we shall see...

numbercruncher8

Think that place is pretty good for the money.
Wouldn't be surprised if there was some competition so it's probably right to get it finalised soon.
There have been some fair old reductions in the area - that flat was £410,000 last month and was reduced twice, so perhaps a motivated seller? Other places on the market at £400k that have been on for some time, might be candidates for coming down to this level as well.

Miranda25

numbercruncher8 said:

Think that place is pretty good for the money.
Wouldn't be surprised if there was some competition so it's probably right to get it finalised soon.
There have been some fair old reductions in the area - that flat was £410,000 last month and was reduced twice, so perhaps a motivated seller? Other places on the market at £400k that have been on for some time, might be candidates for coming down to this level as well.

Sorry, where can I see the information that flat was £410k last month? Thanks.

redefinr

Yeah it dropped quite fast - unfortunately my offer didn't went well apparently someone offered full price.
We shall see if it goes off the market, I felt like EA was just trying to get everything out of me and I have the feeling it could end up into a (ghost) bidding war. My last offer was £347K I thought it was a good offer.

Crashy_Time

Miranda25 said:

numbercruncher8 said:

Think that place is pretty good for the money.
Wouldn't be surprised if there was some competition so it's probably right to get it finalised soon.
There have been some fair old reductions in the area - that flat was £410,000 last month and was reduced twice, so perhaps a motivated seller? Other places on the market at £400k that have been on for some time, might be candidates for coming down to this level as well.

Sorry, where can I see the information that flat was £410k last month? Thanks.

https://www.propertylog.net/