Commutable Towns and Cities close to London

Consecca

bucksbloke said:

@Consecca
You won't get a bedsit in a nice area of Kent or Essex for £200k

Not even on a help to buy new build development?

Consecca

sharp910sh said:

£200k will not get you much at all tbh in the areas you are looking at.

So what would be the minimum I would need for a decent 2bed in the Kent/Essex area?

Consecca

GDB2222 said:

Rightmove has 4700+ listings within 40 miles of LUTON for 2+ bedrooms priced at  £180-220k.

What area is this?

Consecca

blue_max_3 said:

GDB2222 said:

https://www.rightmove.co.uk/property-for-sale/property-77754853.html

One bed flat in London for £200k. Nothing wrong with it AFAICS. 

The price is reflected in the 80 year lease. I wouldn't go near it myself and will only lose value fast as time progresses. But not too bad other than that. 

Explain how an 80 yea lease brings the value down please?

Consecca

numbercruncher8 said:

https://www.rightmove.co.uk/property-for-sale/property-88346573.html
Ambivalent on this one. Wanstead is nice, this part not so nice. Some may regard it as its own area.
But it is near Wanstead Flats, and that is an excellent space.
The flat is renovated but the building itself looks in a poor state, surprising as I think it was a pub conversion.
Leytonstone is six stops from Bank and roughly 15 mins away, but the getting there doubles that easily.
If coming back late at night, I would not be comfortable with my partner walking from the station and may recommend a bus.

You mean Leytonstone is another rough no go area to live?

Consecca

Now that I have got some more accurate insight from everyone.  I think it is fair to say anywhere in London is way out of my budget, fair enough I will just accept that, but what would be the minimum I will need for a 2 bed in the Kent / Essex area? 

hazyjo

Too vague/large an area.

Why don't you have a look at rightmove at some of the areas suggested, or add a search for 'Kent' or 'Essex' and choose price brackets, 2+ beds etc and come back to ask about specific properties or areas?

I'd avoid the long pricey journeys to Colchester, etc.

There's a decent one in Leigh-on-Sea where I live. Would rather live there than Harlow in Essex or East Ham in East London, Barking/Dagenham, or surrounding areas. Personal preference though

https://www.rightmove.co.uk/property-for-sale/property-68090814.html

Obviously, further out you go, the pricier the fares (except C2C line which is cheaper than other Essex lines).

blue_max_3

Consecca said:

blue_max_3 said:

GDB2222 said:

https://www.rightmove.co.uk/property-for-sale/property-77754853.html

One bed flat in London for £200k. Nothing wrong with it AFAICS. 

The price is reflected in the 80 year lease. I wouldn't go near it myself and will only lose value fast as time progresses. But not too bad other than that. 

Explain how an 80 yea lease brings the value down please?

If you are looking for a mortgage, many lenders are unwilling to lend at some point. Lenders will normally require leases to extend for at least 40 years beyond the end of the mortgage, as a minimum, because the value of the property will become lower as the remaining period of a lease gets shorter.

GDB2222

Consecca said:

GDB2222 said:

Rightmove has 4700+ listings within 40 miles of LUTON for 2+ bedrooms priced at  £180-220k.

What area is this?

It’s a circle 80 miles across, centred on LUTON. I’m just saying that there’s plenty of choice in your price range. 

numbercruncher8

Consecca said:

You mean Leytonstone is another rough no go area to live?

No, I probably wouldn't say this. It has its good areas and less good areas. At your budget you won't be in the nicer areas (bordering Wanstead/Snaresbrook). The safety bit applies to most places in London tbf. I spent a lot of time in Shepherds Bush/Ravenscourt Park areas which are highly regarded, but I would not be so keen on my partner walking 0.5miles down Uxbridge/Goldhawk Road after midnight. Maybe I'm super-cautious, it doesn't make the area a no-go.

Anyway as we can see, living in London is a direct trade-off between convenience and transport cost to property quality. For the same money (or less) you will get an extra bedroom, a better property, in an area which is less densely populated and generally less crime. You probably know deep down whether you want to make this trade or not. But literally millions of people live in the less salubrious suburbs, there is nothing wrong with it.

If you have no family and friend ties, and are open to moving anywhere which is commutable, perhaps Tunbridge Wells might be of interest: https://www.rightmove.co.uk/property-for-sale/property-77251864.html, I am sure this may be £200k or less in the summer (previous sales were £209/210k in December 2019). That strikes a balance between commutability and pleasant surroundings. 

One of the problems is that season ticket costs are high. If your salary is commensurate with your mortgage, it would be a significant outgoing per month, particularly if you plan on socialising in London. And you will be at the mercy of train fare rises every year, both train and tube.

High possibility that at your age this won't be your last place, if it were me on that salary I'd be trying to squeeze into London because of the travelling costs and in my view may offer more appreciation. You may have to wait for more price drops. Looking at the Tunbridge Wells flat, the new build price was apprx £175k in 2009, assuming this goes under £200k that is rather anaemic growth over a decade (around 1% compounded). 

By contrast flats quite dissimilar to that were around £200k-225k in the outer London zones in 2009, and they have appreciated massively. If there is to be house price volatility I believe London will have sharp hits but also a sharp recovery.