1bed flat or 2bed flat?

Pennylane

I’d go ahead with the one bed. 👍

avawat20

Just remember, it might take you a year to save for a 2 bed flat NOW. How much will that 2 bed flat be in a year with inflation etc.? So is that going to be another year of saving etc. etc. 

With the predictions of recession it might be worth waiting a few more months but I'd see how that goes and go for what you can afford now!

steve866

Can you not go slightly more suburban and get the 2 bed sooner? My first flat was a 2 bed, rented the spare room out, used that money to overpay the mortgage and I was soon moving to a house. 

Thrugelmir

A two bed would enable you have a decent workspace if you do WFH. 

ftbuk05

avawat20 said:

With the predictions of recession it might be worth waiting a few more months but I'd see how that goes and go for what you can afford now!

Possibly not the right thread for this and appreciate no one's got a crystal ball but I keep wondering whether now is a good time to buy or not given that we're likely heading into a recession? Would you try to snap something up now before everything hits the fan or wait? At the moment I'm swaying towards going for a 1-bed now.

steve866 said:

Can you not go slightly more suburban and get the 2 bed sooner? My first flat was a 2 bed, rented the spare room out, used that money to overpay the mortgage and I was soon moving to a house. 

I want to stay as close to friends/family as poss who all live in London fairly central. As I'm on my own I don't really want to move somewhere too far out and feel isolated. Plus when everything gets back to normal I'll want to go into central london for dinners and drinks regularly so want to be able to easily get there and back via public transport or taxi without it taking an age. 

RelievedSheff

If you are going to be working from home then the 2 bed will give you the better space. You can use the spare bedroom as your office space and close it away during non working hours.

bex2012

If you can afford it, Id go for the two bed. If you are going to be working from home, then its essential that you have that distinction between ‘home’ and ‘work’ - with a second bedroom you can wfh there, and then ‘commute’ to the rest of your living space at the end of the day, shutting the door on your work. 

Plus you never know what lies ahead. Lockdown will end, you may meet the love of your life and be married with a baby in 18months. The second bedroom gives you options.

FTB_Help

ftbuk05 said:

avawat20 said:

With the predictions of recession it might be worth waiting a few more months but I'd see how that goes and go for what you can afford now!

Possibly not the right thread for this and appreciate no one's got a crystal ball but I keep wondering whether now is a good time to buy or not given that we're likely heading into a recession? Would you try to snap something up now before everything hits the fan or wait? At the moment I'm swaying towards going for a 1-bed now.

steve866 said:

Can you not go slightly more suburban and get the 2 bed sooner? My first flat was a 2 bed, rented the spare room out, used that money to overpay the mortgage and I was soon moving to a house. 

I want to stay as close to friends/family as poss who all live in London fairly central. As I'm on my own I don't really want to move somewhere too far out and feel isolated. Plus when everything gets back to normal I'll want to go into central london for dinners and drinks regularly so want to be able to easily get there and back via public transport or taxi without it taking an age. 

How much deposit do you have now and what is your gross salary?

In London the cost of a 1 bed vs 2 bed in the same area can be massive (esp in zones 1-2) for example ive seen some 1 bed in zone 2 in south london for around 200k and then in the same area a 2 bed is around 350k.

What im getting at is how sure are you that you can save enough this year to bump your deposit up for a 2 bed flat in London.

1 bed in central London will always garner interest.

Indigo_and_Violet

Just our personal experience, but my boyfriend was about your age when he moved into the flat we currently rent. He's been here for 9 years and we're just about to move into our FTB 2-bed just down the street. It would have made much more sense for him to buy 9 years ago, but he wasn't sure if he'd want to settle in London. I've just done the maths - he's paid about £150,000 in rent in that time! Ours is a big 1-bed, but it's in an area we like and has been more than adequate for the two of us (I've been here about 6 years, gently nagging him about buying!) He deliberately chose a 1 bed with big rooms over a pokey 2 bed on the basis that it was worth enjoying the rooms we spent most time in rather than having a spare room that was hardly ever used. Covid has changed things so if you're working from home a 2 bed might be better, but particularly if your family are local (so don't need space to visit) and you don't want a lodger then a reasonable 1 bed in a reasonable area should be no more or less resilient to price change than a 2 bed. 

ftbuk05

Thanks everyone for their comments. Plenty to think about. I think I'm going to stick with what I'm doing as that's what I can afford now and what will work for me. I know my salary will continue to increase in years to come so if I do want to upsize I'll be able to do so with the equity of the flat I own and my additional income and savings. Now to find the perfect one...