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

ANDY87

hazyjo wrote: »

Mate, my post literally said the same thing - clarifying to others you weren't buying shared ownership!! Read it properly!

Really don't know why you think your lease will be different.

NEVER trust the estate agent when it comes to leases. They've probably not even read the poxy thing. That really is basic knowledge.

Not saying don't buy in Leyton, each to their own and all that, but saying it is VERY unwise to buy a new build high rise there with high service charges, no concierge, lifts, prob unable to rent it out, extremely overpriced, and with them dropping prices due to lack of interest. Similar flats in popular areas have waiting lists.

I give up. You're gonna buy it anyway.

All the very best of luck...!

I’ve decided to not pursue the property any further. All the comments and helpful insights on this post have been really helpful - yours included! Appreciate it

ANDY87

hazyjo wrote: »

To answer this question I missed:

Highams Park
North Chingford (made nearly £250k there in 3 years myself)
Leytonstone will continue to rise
Yes, Leyton too, but not that flat
Wanstead
Gants Hill long term
Even Romford in parts
And further out, Upminster and Leigh-on-Sea where I am (way too far for you, but it will make people money)

Interesting list! I’m reluctant to consider any area not close to a tube station (I guess that rules out Highams Park and North Chingford). I’m serious about Leyton/Leytonstone. I’ve lived in Gants Hill before and found it to be decent. How long term would you reckon before we’ll see some movement?

hazyjo

ANDY87 wrote: »

Interesting list! I’m reluctant to consider any area not close to a tube station (I guess that rules out Highams Park and North Chingford). I’m serious about Leyton/Leytonstone. I’ve lived in Gants Hill before and found it to be decent. How long term would you reckon before we’ll see some movement?

I've known Gants Hill a long time. Used to be quite an affluent area. Known as "Land of a thousand taxi drivers"! (Lots of black-cab owners.) Sadly Ilford has become a bit of a hole. But I think there's still potential for GH. I've noticed a few restaurants creep back in and of course it still has Faces there which will bring the younger crowd in, but it was badly hit in the last recession and had a load of boarded premises. One of the worst hit in the country I think.

Wanstead has always been the best out of all those nearby areas. The prices and area had effectively up and come years ago, but it seems to have fallen out of favour as of late. If/when prices rise again, I think it'll be one to watch again as Leytonstone and Leyton creep up, Wanstead will, I think, shoot through the roof again.

Can't really make predictions as to when. Brexit is a complete uncertainty. If you put a gun to my head, my absolute guess would be it'll rise a bit 6 months or so after Brexit, then plateau, then go a bit mad again a year ish later for around 3 years. Absolute gut feeling though, don't hold me to it :rotfl:

Prices used to double roughly every 10 years or so. Been fairly static the last 4 ish years so we may be due a bit of a boom again. Actually I hope not, I would like to see it fall more and rise slowly if at all. But the property market never really follows logic and will always be unpredictable. I think they'll be dropping a bit more yet over the next few months.

If prices don't rise, Gants Hill may not recover. It's a gamble. Wanstead will always be a pretty safe bet.