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London first time buyer - which areas to look at and house v flat?

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  • MysteryMe
    MysteryMe Posts: 3,436 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    I'd avoid buying a flat when you can buy a house in a reasonable area for the same money.  The cost of building extensions are significant, plus all the aggro that comes with it so, within reason, I'd buy a smaller family sized home rather than one only suitable for single /couple.  
  • OP, don't fret, there are plenty of areas you can afford which are not either miles out or "ropey"! 
    🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
    Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
    Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
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  • Murphybear
    Murphybear Posts: 7,993 Forumite
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    N3chifor said:
    £700k in London?  You're in a great position!  Forget Streatham, for that budget, you can do way better.  Look at areas slightly further out on the tube lines,  you'll get more house for your money.  Think about places like  Southfields or Wimbledon (though they're creeping up), or even parts of Tooting.  Freehold houses with gardens in Zone 3 are rare at that price, but you'll have more luck than in Acton.
    I know these areas quite well.

    Some parts of Streatham are OK but don’t go too near the High Road, it had the reputation of being the most polluted road in the country when I lived in Streatham.  There’s no underground station in Streatham though.  

    Wimbledon has always been quite nice, especially Wimbledon Common but that’s usually a lot more expensive.  

    I lived in Tooting Bec in a 4th floor flat.  It overlooked the Common which was lovely.  There was an open air swimming pool, I don't know if it’s still there.  Tooting Bec and Tooting Broadway are on the Northern Line, they used to be good, don’t know if they still are. 

    I lived in Balham for a while, it was up and coming when I lived there.
  • Murphybear
    Murphybear Posts: 7,993 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    That’s a decent budget for a 2-bed flat in many desirable parts of inner London.

    But it’s not a budget for a house, unless you’re prepared to live somewhere ropey or very distant.

    How about this in Crouch End?:

    https://www.rightmove.co.uk/properties/155543504#/?channel=RES_BUY

    Palmers Green and Alexandra Palace also have some amazing conversion flats.   Over to the NW there’s Queens Park and perhaps Gospel Oak.

    Leytonstone to the East is very popular these days, especially Warner houses split into flats.

    Or you might find SE London suits you, as you say you’re public sector.  So you could also look around East Dulwich, Telegraph Hill, Brockley, and Nunhead.  
    My husband was living in Crouch End when I met him.  The traffic was a nightmare.  I used to get to work on a bus and I could see the bus waiting in the traffic, sometimes it took a quarter of an hour to get to the bus stop.  

    We moved to Milton Keynes and I got a fabulous job at the Open University, about 5 minutes drive  :)
  • martindow
    martindow Posts: 10,568 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Where do you work?  You need to choose an area to buy in that is a straightforward commute.  It does not make sense to have a complicated journey each day.
    The good news is that you seem to have options in many places, so can choose somewhere convenient.
  • Thanks very much, all. I’m pretty set on buying a house, as generally you own the freehold and there won’t be any lease issues to worry about, and houses would give me a bit more space. 

    I’ve been considering Streatham quite seriously, as it is a decent commute to where I work (Westminster/St James’ Park) and I know the area well now and like it. However, it is pricey and I can’t afford anything bigger than a terraced house - which is not a problem, but it would be good to afford somewhere where I have the option to extend if possible. 

    A poster here mentioned Woolwich though, which got me thinking. I don’t know Woolwich at all, but it looks like it’s really up and coming, with the Elizabeth line and they’ve now got a Gail’s in the train station - which I know shouldn’t mean much 😂 but it’s definitely a sign of regeneration. Does anyone know what Woolwich is like? Is it a nice place to live? 
  • bouicca21
    bouicca21 Posts: 6,696 Forumite
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    Woolwich is variable, some really nice bits and some ghastly bits round the old dockyard.  Go and have a look.  If you don’t mind extending your search to zone 4 then think about Abbey Wood.  If your commute is to Victoria, then it might be worth looking at areas along the Bromley-Victoria line, fast trains from Bromley south only take 20 minutes.  Personally I hate Bromley itself (the epitome of bland commuter housing) but Beckenham and Penge are nice. They are served by the stopping trains so take a bit longer, about 25 m8nites I think.  Again both in zone 4.

  • Albermarle
    Albermarle Posts: 27,924 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    bouicca21 said:
    Woolwich is variable, some really nice bits and some ghastly bits round the old dockyard.  Go and have a look.  If you don’t mind extending your search to zone 4 then think about Abbey Wood.  If your commute is to Victoria, then it might be worth looking at areas along the Bromley-Victoria line, fast trains from Bromley south only take 20 minutes.  Personally I hate Bromley itself (the epitome of bland commuter housing) but Beckenham and Penge are nice. They are served by the stopping trains so take a bit longer, about 25 m8nites I think.  Again both in zone 4.

    One possible point to consider ( and others may disagree) is whether you are Londoner yourself, or from another part of the UK ( of course you maybe not from UK at all) .
    As a Northerner in London many years ago, I felt more at home in the West/South/North areas of Greater London, than in the East/NE/SE which seemed a bit more alien/unwelcoming to outsiders.
    Of course it is a big generalisation and within each area there are  a lot of difference, but that was always my feeling..
  • Thanks very much all. 

    Being really honest, I just feel a bit stuck. I know I’m in an extremely fortunate position but I can’t find anywhere that doesn’t seem overpriced and that suits me. 

    In terms of what I’m looking for, a 2 or 3-bed freehold house with a garden and close to good transport links, in a pleasant area (e.g. close to shops, green space and with a London vibe). I just can’t find anywhere that doesn’t seem overpriced. 
    Can anyone advise on where I could look please?

    I’m just so worried about missing the boat, so to speak, with being priced out of the housing market. Also, my parents, who are very kindly providing the deposit for a house for me, are quite elderly now (late 70s) and I feel under pressure to buy somewhere soon because of their age and the 7-year IHT rule. 
  • If you are comparing with prices in many places outside London, then everywhere will seem overpriced - because in truth it is, but you are paying a premium for the convenience of the location as much as anything.  Only you can decide if that convenience is worth the extra hough! 

    Personally if you want somewhere that has the feeling of being London, I’d avoid the bits of Kent that like to pretend they are (“London borough” of Bromley…my a***!) as it always feels to me that while they want to be London for the property prices, they also want to be Kent when it suits them!  

    Woolwich is changing rapidly now the Elizabeth line is there - personally I’ve always rather liked it, I used to work directly across the river at North Woolwich and occasionally hopped across on the ferry at lunchtimes just for a wander (plus the ferry itself is rather fun as a foot passenger!)
    🎉 MORTGAGE FREE (First time!) 30/09/2016 🎉 And now we go again…New mortgage taken 01/09/23 🏡
    Balance as at 01/09/23 = £115,000.00 Balance as at 31/12/23 = £112,000.00
    Balance as at 31/08/24 = £105,400.00 Balance as at 31/12/24 = £102,500.00
    £100k barrier broken 1/4/25
    SOA CALCULATOR (for DFW newbies): SOA Calculator
    she/her
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