First time buyer: one bedroom in London

redefinr

numbercruncher8 said:

Walked past that a few times in the past.
Don't seem much wrong with it, although IMO off Goldhawk Road is slightly nicer.

Some issues seem to be there are very few sales logged. Is the building mortgageable? The outside looks partially made of wood.

The same property is up for sale on shared ownership at £316,000. 

numbercruncher8 it's interesting to see how much they valued it. I think £330k it's still a reasonable price for 47sqm. Down in Hammersmith Grove you pay £350k for 31sqm, imagine that.
I agree with you, Goldhawk is WAY nicer...but there isn't much at that price range. 

Jamaicanmelaff

God, I know it's because of prices in London so it can't be compared to where I live, but seeing the amount of space you get for the money written out really makes me wince. 

Crashy_Time

Jamaicanmelaff said:

God, I know it's because of prices in London so it can't be compared to where I live, but seeing the amount of space you get for the money written out really makes me wince. 

Tragic isn`t it? Many of these types of building were already struggling to sell though, before things kicked off.

jonnygee2

God, I know it's because of prices in London so it can't be compared to where I live, but seeing the amount of space you get for the money written out really makes me wince. 

This is very specific to the areas the OP is looking at, to be fair. There are plenty of two beds in London for that price, just not in the more 'sought after' areas like Hammersmith. 

Like I've lived in zone 2-3 london all my life and until this thread I thought 31sqm studios only existed in tabloid scare stories about the housing crisis :-D

Jamaicanmelaff

jonnygee2 said:

God, I know it's because of prices in London so it can't be compared to where I live, but seeing the amount of space you get for the money written out really makes me wince. 

This is very specific to the areas the OP is looking at, to be fair. There are plenty of two beds in London for that price, just not in the more 'sought after' areas like Hammersmith. 

Like I've lived in zone 2-3 london all my life and until this thread I thought 31sqm studios only existed in tabloid scare stories about the housing crisis :-D

Yeah, I used to live in Morden and my sister lives in Blackheath now but used to own a house in Hither Green, so I've seen the space available in different areas. I never considered buying there myself as being self-employed I could work from anywhere so made much more sense to move home and get a nice house I can afford more easily. Before I moved my housemate was looking for a 2 bed house with a garden out Morden way and the prices then were about 350K. Being from Wales, even that seemed outrageous . Tbh I'm only paying attention to the pricing versus size now because I'm buying myself and know the size of the house I'm getting, I had absolutely no concept of size or what it equated to before. 

jimbog

redefinr said:

I'm looking for zone 2-3 in London, either West, South East or Islington.
Ealing already went up after the Crossrail - even Acton (near the station) is quite up.
I'm just waiting to see 2 more flats in Deptford Bridge but it feels like it's not happening there either. It's 2 days I'm cashing an EA to get the cost of ground rent,ews1 etc and he can't seem to find it. I'm wondering if he actually wants to sell it or not?
This came up few days ago:
https://www.rightmove.co.uk/property-for-sale/property-71892552.html
@jimbog you local right? I'm familiar with the building...it seems alright isnt it?

Yes, the building is fine. It was purpose built maybe 15 or 20 years ago and we watched as it was being constructed. (Being purpose built will mean it had to conform to building standards rather than a bodge Victorian conversion). We were impressed with the timber cladding as it gave it a 'ship liner' look. As the timber faded (as it should do in that 'Grand Designs' sort of way)  it seems they hurried and painted it instead of just leaving it which is a pity.

The nearby Adelaide pub is busy on QPR match days and the bus stop outside is always heaving with people but the abundance of buses along Uxbridge Road means nobody waits for long. You're at the Green after a 10 minute walk anyways. 

I like the fact it has a separate bedroom (as others have said you would really appreciate that once you have it) and it will always make it more sellable in the future

jimbog

numbercruncher8 said:

Some issues seem to be there are very few sales logged. Is the building mortgageable? 

It may still have as yet mainly social housing tenants so not as yet not many owner occupiers

redefinr

Called the EA, again, they don't have any track of Service charges or ground rent. The only thing they could tell me is the lease is 84 years old. I'm holding off for now I will wait for the full costs before arranging a view...

redefinr

Service charge £2400pa. No ground rent, but still WAY too expensive.

jonnygee2

That does seem extortionate. Given it's bigger than others you've looked at you can usually expect to pay a bit more, but not this much! Can't see any mention of gyms / pools in the building either. Not even a concierge is mentioned.