First time buyer: one bedroom in London

jimbog

What is the exact address? Looking at what others in the block sold for (assuming that they were studios too) you would be very lucky to get an offer accepted below £300K.

As for the studio flat itself- it does look nice and I would think a safer bet than the other one. Yes, £325K for a studio flat is a lot - but it is London, it is spacious and literally right next to the underground. There are lots of ideas online how it might be partitioned better.

I would think that it would be likely to hold it's own value, whatever Brexit throws at it, much better than the other one - it is simply more appealing. Get your solicitor to read the lease carefully.

jimbog

Crashy_Time wrote: »

So you think the OP will make money on this one?

It isn't always a question of making money on a home. Most people simply want somewhere to live

redefinr

The address is Woodger Road and the name of the building is Apex Court. It seems to be part of a series of construction called 'Pocket Living':


https://www.pocketliving.com/projects/development/10


The last property was sold for £363,000 I'm assuming it's a one bedroom....I guess the studio price is quite fair.

I'm totally new to this, when should I get a solicitor, prior to make an offer?

Out,_Vile_Jelly

Download Martin's guide to mortgages and house buying, it talks you through the whole process.

jimbog

redefinr wrote: »

I'm totally new to this, when should I get a solicitor, prior to make an offer?

No, there's no need. But as said above read the sticky guides on this forum so as to educate yourself as to what happens next

Crashy_Time

This article trumpets how price falls are "Scary" and it is a "buyers market", then in the last paragraph reality dawns.....quite funny really.

https://www.standard.co.uk/news/london/biggest-house-price-fall-for-a-decade-a4191921.html

hazyjo

Crashy_Time wrote: »

This article trumpets how price falls are "Scary" and it is a "buyers market", then in the last paragraph reality dawns.....quite funny really.

https://www.standard.co.uk/news/london/biggest-house-price-fall-for-a-decade-a4191921.html

I shall try and be patient.

1. The OP is not an investor. He is looking for a home. In London.
2. I said this in April 2017:

"...but I do think they'll start creeping down again the closer to Brexit we get - and prob for a good year or so after. But I'm only guessing (along with the 'experts'!). It's all an unknown."

So I don't get your constant links. You have been quoting them for years, even before Brexit. Has anyone on here said that Brexit will mean prices rise? Doubt it. Anyone with half a brain would say they're very likely to drop or at least be static.

He will have a mortgage which he will pay each month. That debt will be reduced until, one day, there will be nothing left to pay. So what does it matter if the 'value' drops? I doubt he'll have cleared the mortgage in the next 15 years so it's utterly pointless. He will only lose money if he sells in the short term and doesn't buy again at an equally low price (due to house prices going down).

There are many posts on here saying there's ridiculous competition for properties and they're going for way over asking price and how they keep missing out. Perhaps you should read some.

Going for a sleep cos I'm really not in the mood today lol...

Crashy_Time

hazyjo wrote: »

I shall try and be patient.

1. The OP is not an investor. He is looking for a home. In London.
2. I said this in April 2017:

"...but I do think they'll start creeping down again the closer to Brexit we get - and prob for a good year or so after. But I'm only guessing (along with the 'experts'!). It's all an unknown."

So I don't get your constant links. You have been quoting them for years, even before Brexit. Has anyone on here said that Brexit will mean prices rise? Doubt it. Anyone with half a brain would say they're very likely to drop or at least be static.

He will have a mortgage which he will pay each month. That debt will be reduced until, one day, there will be nothing left to pay. So what does it matter if the 'value' drops? I doubt he'll have cleared the mortgage in the next 15 years so it's utterly pointless. He will only lose money if he sells in the short term and doesn't buy again at an equally low price (due to house prices going down).

There are many posts on here saying there's ridiculous competition for properties and they're going for way over asking price and how they keep missing out. Perhaps you should read some.

Going for a sleep cos I'm really not in the mood today lol...

Buying a loft conversion isn`t a good idea then, if looking for a "home", and the last paragraph of my link seems to contradict your notion of "ridiculous competition"? Maybe you are just too invested, emotionally and financially, in London property to take a truly objective view?

jimbog

Crashy_Time wrote: »

Buying a loft conversion isn`t a good idea then, if looking for a "home", and the last paragraph of my link seems to contradict your notion of "ridiculous competition"? Maybe you are just too invested, emotionally and financially, in London property to take a truly objective view?

It was me who mistakenly called it a 'loft conversion' when it wasn't. My apologies.

hazyjo

Crashy_Time wrote: »

Buying a loft conversion isn`t a good idea then, if looking for a "home", and the last paragraph of my link seems to contradict your notion of "ridiculous competition"? Maybe you are just too invested, emotionally and financially, in London property to take a truly objective view?

1. I don't live in London. I don't own any property in London. (And have over 90% equity in my house, so no, not financially/emotionally invested.)

2. I hope the prices drop / don't rise.

3. It's not a loft conversion. I've lost track anyway - was that the one I did not think was a good buy over shops?

4. No, the last para does not contradict my 'notion'. I am merely saying what some people on these very boards have said. I am not about to call them liars lol. Not saying London - am just saying that in some parts of the country, there still appears to be tough competition.


5. Figures can be manipulated. This seems to show a rise in most areas which even I'm surprised about. https://www.gov.uk/government/news/uk-house-price-index-for-april-2019