First time buyer: one bedroom in London

numbercruncher8

I get you, even £2k is a lot of money per month.
I don't know if you could consider other flats which do not charge so much, generally a lot of the new builds are.

I don't know if you've widened your areas, something like Canning Town you could probably get 2 beds + ensuite for £325,000-£350,000. Transport links are probably better than Deptford, as Crossrail goes to Custom House. You have to check the area out first.

I also saw this today - Elephant and Castle is quite Marmite, and you are taking a chance on what regeneration might happen. But that station is part of Zone 1, so reduces travel cost as well as being well placed to access every part of London.

It was also previously on at £425,000, so just to show that properties that were out of consideration a few months ago may come into contention now.

Crashy_Time

numbercruncher8 said:

I get you, even £2k is a lot of money per month.
I don't know if you could consider other flats which do not charge so much, generally a lot of the new builds are.

I don't know if you've widened your areas, something like Canning Town you could probably get 2 beds + ensuite for £325,000-£350,000. Transport links are probably better than Deptford, as Crossrail goes to Custom House. You have to check the area out first.

I also saw this today - Elephant and Castle is quite Marmite, and you are taking a chance on what regeneration might happen. But that station is part of Zone 1, so reduces travel cost as well as being well placed to access every part of London.

It was also previously on at £425,000, so just to show that properties that were out of consideration a few months ago may come into contention now.

75k drop in two months is interesting, there are loads of drops in the other postcode for 10,20,30k as well. Not sure why someone who has been renting for 12 years would be so desperate to get themselves tied to a box in the sky at bubble prices on the eve of the biggest recession in our lifetimes though? I just find it very strange.

redefinr

numbercruncher8 said:

I get you, even £2k is a lot of money per month.
I don't know if you could consider other flats which do not charge so much, generally a lot of the new builds are.

I don't know if you've widened your areas, something like Canning Town you could probably get 2 beds + ensuite for £325,000-£350,000. Transport links are probably better than Deptford, as Crossrail goes to Custom House. You have to check the area out first.

I also saw this today - Elephant and Castle is quite Marmite, and you are taking a chance on what regeneration might happen. But that station is part of Zone 1, so reduces travel cost as well as being well placed to access every part of London.

It was also previously on at £425,000, so just to show that properties that were out of consideration a few months ago may come into contention now.

I don't know Canning Town much but Deptford is actually nicely connected. DLR is just 15min to Bank or train to King's Cross & London Bridge.
That flat in Elephant & Castle is actually quite nice, a bit too pricey for me but I may have a look around that area as well for maybe around 320k maybe?
I been going back and forth with the EA and I finally today I got some updates...which doesn't sound great.
Basically, the building apparently doesn't have any cladding BUT at the same time they don't have a EWS1 certificate. This is the email the vendor got from the builder I guess:



That's all I got. It's a bit concerning and I'm not sure at this point if it's risky to go ahead with the offer? I'd imagine the whole site in Deals Gateway there has been made with exactly the same procedures so I may as well forget about it all?
What yall says?
and Crashy......if I keep listening to you, I will be probably renting for another 12 years....

Crashy_Time

The clampdown on Mum and Dad money from Nationwide and others is sure to have an impact on these expensive boxes that you are looking to buy?

lisyloo

Crashy_Time said:

The clampdown on Mum and Dad money from Nationwide and others is sure to have an impact on these expensive boxes that you are looking to buy?

Unless grandma or grandpa died from COVID. Sad but true.

Crashy_Time

lisyloo said:

Crashy_Time said:

The clampdown on Mum and Dad money from Nationwide and others is sure to have an impact on these expensive boxes that you are looking to buy?

Unless grandma or grandpa died from COVID. Sad but true.

Not sure what relevance that has to bank lending changes? The death rate hasn`t spiked in any meaningful way, and even if it did how does that affect a younger person needing to be in central London in a sky box, or more to the point someone hoping to sell an expensive sky box for half a mil or similar daft price? 

joshiesaunt

Deptford has an oversupply of these flats in my opinion but it’s not a bad option transport wise and has become quite trendy and it’s walkable to Greenwich.  When the recession starts in earnest, these flats will definitely drop in value.  I can understand buying a one bed if you’re young, single, out in London at night so needing tube links.  However, the safer money would be to buy a lovely, spacious two bed near New Eltham station say, for £260K (14 minute train to LB).  It will hold its value better and you can rent out the second bedroom if the proverbial hits the fan.

[Deleted User]

joshiesaunt said:

However, the safer money would be to buy a lovely, spacious two bed near New Eltham station say, for £260K (14 minute train to LB).  It will hold its value better and you can rent out the second bedroom if the proverbial hits the fan.

Absolutely. Plenty other places to look at as well such as Lee, Mottingham, Charlton etc....
Renfir, haven't you looked at these places?

bouicca21

I recently talked to a young couple who live in the Deals Gateway development. They are quite convinced that their flat has lost value, so if OP is really determined to buy there, a low offer would seem to be the way to go.

lisyloo

Crashy_Time said:

lisyloo said:

Crashy_Time said:

The clampdown on Mum and Dad money from Nationwide and others is sure to have an impact on these expensive boxes that you are looking to buy?

Unless grandma or grandpa died from COVID. Sad but true.

Not sure what relevance that has to bank lending changes? The death rate hasn`t spiked in any meaningful way, and even if it did how does that affect a younger person needing to be in central London in a sky box, or more to the point someone hoping to sell an expensive sky box for half a mil or similar daft price? 

You were talking about help from BOMAD. If you have an inhertance then you don't need the same amount of bank lending.

I think it's pretty obvious how an inhertiance helps.

I do agree with you that London has a particular issue at the moment (which may go away when if get a vaccine).