Single FTB in London: how to buy somewhere that has potential for future value growth?

WagathaChristie

Hello all,

FTB in my early thirties looking to buy in London. I'm single, but would like to meet someone and have a family at some point. l'a also love to stay in London for as long as possible, as I see myself working in London for pretty much the rest of my career.

How can I try to buy somewhere now that will grow in value, to keep my options open and avoid being completely priced out of the London property market in future? 

Re value growth, what would you say are the key things to prioritise: e.g. access to a garden, driveway/parking space, quiet street with easy access to transport links, shops/good schools/parks nearby, possibility to add an extension. Is there anything else I should look out for?

For further info, I’m currently looking in south London zone 4 (South Norwood area). I’ve heard mixed - but mainly positive - things about it. It seems reasonable for my commute, looks like a nice area and seems to fit pretty much all of the below points. I’ve never visited, but some friends previously lived there and liked it. I’m due to do a first visit next week for some viewings. 

Thank you!

HelpfulLittleHelper

Guaranteed parking space for multiple cars for a family is a must, especially in a busy area so that would be my main priority. We didn't even consider any house when we were buying our current and previous house that didn't have parking. I had to deal with on-street parking drama and never again, after a long day of work you want to come back and know that you can park and get in to your house. You don't want to add stress about having to find a spot, pay for permits potentially or parking street away.

Plus with the shift towards electric cars, would you want a place to live without the option to charge your car a lot cheaper than public chargers?

Emmia

In London you really don't need a car. 

WagathaChristie

Thanks, Helpful and Emmia. I don’t drive, but agree a driveway is useful to have. I’m due to go for house viewings in South Norwood next week, and most - if not all - have driveways. Whilst that’s not necessary for me personally, I’m considering renting out the driveway so others can park there. There’s definitely demand for it, as the houses I’m viewing are all within 10-15 mins walk of the Crystal Palace football ground, so it could work well as a (small) side hustle to rent out the driveway, whether that’s to CP fans on match days and/or to club employees who are getting the stadium by car.  

Albermarle

 possibility to add an extension.

Be aware that building costs have shot up since Covid. Even a modest extension in London could cost you £100K.
I am not saying to ignore the possibility. Just be aware of the costs involved.

dinosaur66

it is a nice area of london /crystal palace  /to beckenham/ to thornton heath / and cheaper than much more deprived run down areas of london from north to east

house only /do not buy a flat if you can afford to

as you are in your 30s

by the time you are in your 60s it will have mulitplied to a stupid number such is london housing market

so your case could be 350k to £ 2 million plus

flats are hard to sell and charges are rediculous.

LL_USS

WagathaChristie I am looking into buying something (2 bedrooms) for my two children to share during their young years in London. I have been told by almost everyone to avoid buying a flat - but the problem is to buy a house, it would be too far off the city. I am looking at a budget of 500K, max 600K and still look at both the more inner city areas (Angel, Camden) for a flat and further out for a house (been told places like Stratford were still on the up 8 years ago but now expensive already)

You say you've been living in Zone 4. Is it difficult to commute. I hate the noise of the tube but perhaps it is fine for younger adults?

PS: as I searched for London in this forum, I've seen two more threads and can see you started the other two, too. Let me skim through the other places and see where's best to join :-).

dinosaur66

i lived in stratford for 40 years so know east london inside out / if it were me with your budget and need to work in the city i would go 3 or 4 stops down the central line just 10 mins extra on the train to liverpool street -anywhere from snaresbrook which is wanstead /woodford / to buckhurst hill by epping forest  and everything in between are really really nice safe places for kids and familys /cafe culture /upmarket /shopping in romford or stratford / supermarkets if stay local /leafy trees lined streets /quality of life is much better than in newham / tower hamlets /.hackney /in fact its like living in a different city .

angel  is fine but that area goes road by road to depravation/affluent /deprevation etc etc / camden depending on what end / anywhere st johns wood side i would love but budget might not stretch./

and with flats i would prefer a house thats been split into flats rather than a purpose built block