Buying a Private Property in Shared Ownership Social Housing Project? Worth it?

asm89

Any new development in London has to offer affordable housing to get approval. So either don't buy a new build, or actually research shared ownership properly.

If you look at the costs of shared ownership, you'll realise its not social housing lol. In London you have to be a good earner to make it work, especially where you are intending on buying.

gomer

I wouldn't even buy a packet of fags in Leyton let alone a property. The place us an absolute hole. The location of that particular block is smack bang in the old industrial park - now a huge retail park. No thanks.

asm89

gomer wrote: »

I wouldn't even buy a packet of fags in Leyton let alone a property. The place us an absolute hole. The location of that particular block is smack bang in the old industrial park - now a huge retail park. No thanks.

:rotfl:

It's on the cusp of gentrification. Where I live in London was considered a hole when I moved in, I was scared but it was close to work. Now, I can't even afford to buy here.

gomer

asm89 wrote: »

:rotfl:

It's on the cusp of gentrification. Where I live in London was considered a hole when I moved in, I was scared but it was close to work. Now, I can't even afford to buy here.

Trust me, it is far from gentrification in that particular area. I wouldn't live there if you bought the property for me lol

hazyjo

ANDY87 wrote: »

I’ve definitely compared the price of this flat with other 2 beds in the Leyton area and you’re right. It is overpriced, but I guess that would be the case anywhere in London for a newly built flat. The flat is currently listed at £465K which is still way too much in my opinion. What price would you say is appropriate before it’s a viable investment?

I wouldn't be buying a flat in Leyton so it's hard to say. I'd spend that money elsewhere, or would be buying a house.


Do think it's somewhere investible, but I wouldn't expect to see any return on money for 8-10+ years. Obviously it will go up if all prices rise, but nicer areas will go up more due to popularity. I have a friend (work colleague) in Murchison Road nearby. She hates it. You know the area so know what you're buying into - but I wouldn't quite call it 'on the cusp' just yet lol!

hazyjo

ANDY87 wrote: »

That’s a very good point. But my concern is more whether I’ll attract the right tenants when I decide to rent the property out in the future...

Already been mentioned above (twice) that you probably can't rent it out. Would need looking into.

ANDY87

gomer wrote: »

I wouldn't even buy a packet of fags in Leyton let alone a property. The place us an absolute hole. The location of that particular block is smack bang in the old industrial park - now a huge retail park. No thanks.

And you’re basing this on what exactly? I live right next to the property I’m enquiring about and it’s next to a residential area with Victorian style houses? There’s a retail park 5 min walk away with a 24 hour Asda Superstore, Next, B&Q, Curry’s PC World, etc. which is only a plus to have so close by. It’s no where near any industrial park?

New Spitalfields Market is close by, but will be demolished soon (has been approved) and instead be converted to new housing developments in the future.

Stop spreading fake new about something you know nothing about.

ANDY87

hazyjo wrote: »

Already been mentioned above (twice) that you probably can't rent it out. Would need looking into.

And I believe I’ve mentioned several times now that I’m not interested in the shared ownership flats. So ofc I’ll be able to let it out.

ANDY87

hazyjo wrote: »

I wouldn't be buying a flat in Leyton so it's hard to say. I'd spend that money elsewhere, or would be buying a house.


Do think it's somewhere investible, but I wouldn't expect to see any return on money for 8-10+ years. Obviously it will go up if all prices rise, but nicer areas will go up more due to popularity. I have a friend (work colleague) in Murchison Road nearby. She hates it. You know the area so know what you're buying into - but I wouldn't quite call it 'on the cusp' just yet lol!

Fair enough. You would spend it where exactly? Which areas?

Slithery

ANDY87 wrote: »

And I believe I’ve mentioned several times now that I’m not interested in the shared ownership flats. So ofc I’ll be able to let it out.

There's no 'of course' about it, the lease may well prevent you from letting out the property.