1bed flat or 2bed flat?

ftbuk05

Hi, 
I'm about to start the process of buying a flat in London. For context, I'm 28, single, no kids and buying on my own. My current budget will allow me to buy a decent 1 bed flat in some decent parts of London (not central obviously, more like greater London) that I like and I'm familiar with. However, I'm now thinking is buying a 1-bed flat a bad idea in terms of investment and re-sell potential? Affording a 2-bed flat would mean I'd need to do another year of saving. This wouldn't necessarily be an issue as I live with my parents who are allowing me to live here rent free but I am keen to fly the nest. To be clear, I want this flat to live in and enjoy, I plan to be in it for at least five years, so I'm not just looking for something just for its investment potential, I also want to like the place! What would you do: buy a 1-bed flat now or wait a year to be able to afford a 2-bed? 
Any advice appreciated! 

steampowered

I would just go ahead and buy the flat that suits your circumstances.

There will always be demand for 1-bed flats in London!

UnderOffer

If it will only take you 1 year to save the additional funding, I’d be tempted to wait and buy the 2 bed. 

GDB2222

A two bed flat is a much better proposition. 

numbercruncher8

Not enough info to really say.
Sure on paper more bedrooms are better. But a good 1-bed flat is easier to sell than a bad 2-bed flat, and I've seen a few of them.

Also there are intangible costs in terms of happiness and commuting time. A 1-bed flat with an easy commute to work and close to friends/family would probably be better than a 2-bed flat with a very long commute to work and not close to anyone you know. Entirely possible as London is a big place.

Maybe give some details on areas you are familiar with and where you need to get to for work and I'm sure people will come up with some good advice.

zagubov

The 2-bed.
Moving house is as stressful as a bereavement so you want to minimise the number of times you do it. You can future-proof your decision if you buy bigger first time round.
Plus. at least in London, you'll easily find a lodger to help pay for it.

[Deleted User]

I think a one bedroom is more suited to your situation. I am 30 and will be buying in a few years and I will always be aiming for a one bed flat, especially in London. If you are going to wait and save you may as well buy a one bedroom flat in a better area or get a better flat! Depends how quick you want out of your parents house. To get a place of your own in your twenties in London is a good achievement!

Personally I would not consider a lodger as it would be my place, I would not want to share again after all the years with parents. 

ftbuk05

Thank you for everyone's replies so far. Re location/commuting time - whichever I buy, whether 1 bed or 2, they would be in the same areas (SE London) so there wouldn't be much difference there, and commuting isn't really an issue as I'm likely to WFH 3-4 days a week post Corona. Re the lodger suggestion, not something I would ever feel comfortable doing.

cattie

I'd wait a year to go for a 2 bed as it gives you more options. Not only re a lodger as another poster suggested, but say you have a partner move in with you,  you never know how much stuff they will want to bring & I always say you can never have too much space but it's very easy to not have enough space.

Two bed properties will always be in more demand than a one bed. There is a glut of 1 bed properties with the amount of building that has been going on in London/Greater London over the past few years. And many single buyers look for a 2 bed place for the ability to rent out the spare room to help with the mortgage.

hazyjo

Depends if you're taking about buying in the same area. If so, I'd wait a year. Two bed flats will always be far more desirable than one beds.

nightingale101

You want to think about the rate at which you can save for a 2 bed vs how quick the prices will go up in a year. Obviously we don't know how much it could go up in a year or it could go down as well. Say you have 20k now and a 2 bed is 350k. You need 40k in order to get the 350k flat. In a year this could now be worth 400k but your 40k is no longer enough and actually need to save up more. In London I'd say 1 or 2 bed flats are always a good investment as there will always be a FTB or investor looking to buy those imo. Hope this gives you a different perspective although I echo what other people have said as well!