Question for people who know the London property market

itsthelittlethings

I’m looking on Rightmove but I thought it was worth asking here as well. What’s the starting price for a one bedroom flat in London zones 4-6? I would prefer to be in North or East London but would consider South or West. I don’t want to buy at auction or anything with a short lease. It doesn’t have to be anything massively fancy but the decor has to be liveable. I’m thinking about £200,000 from what I am looking at on Rightmove. Would you say that’s about right or am I massively out? Thanks in advance.

Uriziel

I think you will definitely find a 1 bedroom for 200k. I would look in Harrow or Stratford as they are farer out but still have a shopping centre nearby and I assume you are wanting to live in London for fun.

EssexHebridean

You’re not going to find too many 1 beds in the E15 area for that money these days - at least, not ones you might want to live in I suspect! Edmonton area could work, but of course that rules out being near the tube which is a must for a lot of folk. Overground services have improved a lot in recent years though. 

snowdrop99

You can get a 1 bed flat near Romford station for £200k (zone 6 Elizabeth line)

Albermarle

Going out West still on a Tube line, you can just about get a one bed flat in Hounslow for £200K/£220K, but not a particularly desirable area.
Going South ( on the Northern Line) you could look at Colliers Wood or the cheaper parts of Wimbledon.

Tiglet2

Here is an example of what you could be looking at:

https://www.rightmove.co.uk/properties/160164170#/?channel=RES_BUY

It's below budget and is in a part of Leyton/Leytonstone which has been 'upgraded' in recent years to become a vibrant high street with plenty of shops/cafes.  There are two tube lines close by for links into the City.  While the photos don't show this flat to its full advantage, I think you could live with it until you can decorate.

It unfortunately has only 68 years left on the lease, but you could insist that the vendor starts the lease extension process during the course of the transaction and perhaps there could be some negotiation regarding the cost of this.

If you don't like this flat, there are 63 results on Rightmove for flats in North East London at prices between £180k and £220k to choose from.  I filtered out retirement and auction properties.

RHemmings

When I search in the London property market for the cheapest properties (long background story), the cheapest ones are often ... horror stories. In one or more ways. Yes, there are relatively cheap properties there, but it's important to work out why. And, it's not always visible - e.g. check details of the leasehold. 

It's also necessary to check that the property is not being auctioned, where the 'guide price' may be stupidly inaccurate. 

itsthelittlethings

Thanks for all the input people. I’m wondering about Barking and Dagenham as it looks affordable and with good transport links. I think I will go and stay there next time I go to London to get a feel for the area. This plan is in the early stages and I may not move for a few years. Of course, a lot can change in that time.

itsthelittlethings

RHemmings said:

When I search in the London property market for the cheapest properties (long background story), the cheapest ones are often ... horror stories. In one or more ways. Yes, there are relatively cheap properties there, but it's important to work out why. And, it's not always visible - e.g. check details of the leasehold. 

It's also necessary to check that the property is not being auctioned, where the 'guide price' may be stupidly inaccurate. 

Yes I definitely don’t want an auction or short leasehold property. I know the cheapest properties can have issues that aren’t immediately obvious.