London - which area for a first flat?

[scenario8]

iphonedyou said:

z4chris99 said:

no you cant...

chelsea: two things available under 510k (2 bed)

a boat & mooring :
http://www.riverhomes.co.uk/site/property-details/...

in the worlds end estate, (id rather live in syria)
http://www.foxtons.co.uk/property-for-sale-in-chel...

Dear god. I actually grimaced as I looked at those pictures. Was something killed and dragged along every surface in that sthole of a place?

Oh come on guys, those interior shots aren't all that bad! I see and photograph worse week in week out. Today even - if leafy Surrey. Sadly it is a truth quickly learnt in this game that not everyone treats their place like a palace. Maybe we should organise a PH day out to see how people treat their homes. Financial worth and respect for bricks and mortar don't necessarily go hand in hand, incidentally. I see some grubby sights in well to do postcodes and some really quite nice places in estates such as this. This estate is, as recognised above, a bit of a hole. Still, the market seems to value even that hole at around £350k. Funny old world.

[wiffmaster]

housen said:

he doesnt have a choice he has 500k and needs a 2 bedder

Well that's just it.

I will genuinely consider any area as long as it has good tube links, is relatively central and has a low probability of stabbing. I don't really mind if it's a trendy/hip area because with a good tube link, I can be in pretty much any area I'd want to be within 20 minutes or so.

By the time we start getting out to Wembley sort of way, I may as well just stay in rural Hertfordshire (can be at Euston 40 minutes after leaving my door at the moment). Living as far out as Wembley, it would take ages to visit mates who are dotted around and would be a hassle getting back home after a night out when the tube has stopped running.

If I find a two-bedder, I'll be renting one of the bedrooms out (hence the desire for two bathrooms). So, will have to consider which areas are likely to attract a good ROI rent wise.

There's been some great suggestions so far, so many thanks. Liking the look of Elephant & Castle at the moment (despite it being South of the river). Good transport links and like the look of some of the new developments (Strata, etc). It seems as though you get a lot more for your money South of the Thames, despite the fact that there are decent tube links meaning the commute to work wouldn't really be any longer?

[GWC]

Wapping or Limehouse might be an option, something like this http://www.rightmove.co.uk/property-for-sale/prope... , the Limehouse DLR is a short walk away or the overground is a bit further over in Shadwell.

[HowMuchLonger]

wiffmaster said:

has a low probability of stabbing
...............................
Liking the look of Elephant & Castle at the moment

Hmm, have you been there? There is a very good reason why the area is cheap.

[z4chris99]

if I were in your shoes OP I'd look for either;

a nice Victorian terrace in vauxhall / 9 elms... will be a good renter and capital growth will be high when the regen starts. I know you said you like new but a nice 2 bed will be 375k ish do you can spend a bit putting in all the fancy cables and st you like.

or

spitalfields/brick lane/shoreditch... lots of new places to choose from and will be easy to let the second room. walk to work for city workers etc

[chris7676]

HowMuchLonger said:

wiffmaster said:

has a low probability of stabbing
...............................
Liking the look of Elephant & Castle at the moment

Hmm, have you been there? There is a very good reason why the area is cheap.

Exactly.
You either live in a safe expensive and low ROI area or risk it somehow...

[vixen1700]

HowMuchLonger said:

wiffmaster said:

has a low probability of stabbing
...............................
Liking the look of Elephant & Castle at the moment

Hmm, have you been there? There is a very good reason why the area is cheap.

I had the very same thought when I read the criteria.

Unless it's changed greatly, those two lines really don't go hand in hand.

[wiffmaster]

HowMuchLonger said:

Hmm, have you been there? There is a very good reason why the area is cheap.

I know it's not the most salubrious of areas. But then again, I went to university in Manchester...which means I can put up with a certain level of deprivation, chance of death and lowlives.

Elephant & Castle has a reasonable chance of developing into something nice though, doesn't it? Seems as though there's a lot of money earmarked for development round there, so it may be a good bet long-term?

Or, is it always going to be arse?

[scenario8]

I wondered quietly to myself when E+C was mentioned above. Has it genuinely changed that much since I had personal experience of it (admittedly nearly a decade ago)? And if it's still waiting to be up and coming it's a hell of a gamble because it's been waiting for several decades now.

[vixen1700]

wiffmaster said:

Or, is it always going to be arse?

It's always amazed me why people would spend in my mind fortunes to live in stholes and the privilage of being in central London.

My wife worked with somebody who bought a lovely big new flat in Highbury which was overlooked by an old tenament block, it was fine at first but the crime and petty vandalism just made their lives a misery in the end. Went there a couple of times and once had the car window smashed and stereo nicked.

£500k and you're looking at Elephant & Castle.

Spitalfields is a far better suggestion.

[HowMuchLonger]

wiffmaster said:

HowMuchLonger said:

Hmm, have you been there? There is a very good reason why the area is cheap.

I know it's not the most salubrious of areas. But then again, I went to university in Manchester...which means I can put up with a certain level of deprivation, chance of death and lowlives.

Elephant & Castle has a reasonable chance of developing into something nice though, doesn't it? Seems as though there's a lot of money earmarked for development round there, so it may be a good bet long-term?

Or, is it always going to be arse?

The latter I am afraid. You say that you lived in Manchester, well Elephant and Castle is like Moss Side. If you are looking there thinking you will make a huge profit then forget it, who will be paying the premium that you expect to make to live there. The main problem is there is nothing there apart from a huge roundabout and loads of council estates.

As per one of the posts above, have a look at Vauxhall/9 elms/Battersea as there is masses of regeneration. Or go for an established area like Fulham where there is always demand. To me "up and coming" means that no one wants to live there, it''s just that they can't afford anywhere else.

You really need to visit some areas to decide whether they suit you or not. As I have said before London is so big that it has areas to suit all types. Your budget is big enough that you can choose (apart from the posh bits, but even then if thats what you want you can still buy something small).

Do you want nice and quiet with lots of families around, or busy/trendy with lots of young singles who go out every night? Do you want parks nearby, or restaurants? Seriously you can't choose without visiting them.

Edited by HowMuchLonger on Friday 17th August 17:04

[okgo]

But in somewhere like Fulham, isn't the demand only in certain roads? Meaning you won't make much, and you'll pay top price (if you even manage to) to buy one in the first place?

Also for a top Rd in Fulham 500k isn't enough is it?

[sleep envy]

vixen1700 said:

My wife worked with somebody who bought a lovely big new flat in Highbury which was overlooked by an old tenament block, it was fine at first but the crime and petty vandalism just made their lives a misery in the end. Went there a couple of times and once had the car window smashed and stereo nicked.

Where abouts in Highbury?

[HowMuchLonger]

okgo said:

But in somewhere like Fulham, isn't the demand only in certain roads? Meaning you won't make much, and you'll pay top price (if you even manage to) to buy one in the first place?

Also for a top Rd in Fulham 500k isn't enough is it?

Again do you want the best flat in the area, or the worst on the street? I think the latter is always better.

You won't make a huge return in Fulham, but they hold their prices well so if a crash did come along you are more protected.
Is the property primarily for somewhere nice to live, or is it all about profit?

[okgo]

I have always maintained I would place the area and if I enjoy living there over profit. Which is why I won't look at a lot of London, as the bits I'd like to live in, I can't afford. I could afford to buy a flat in Homerton, but I certainly will not be doing so!

[housen]

well im off to look at a 1 bed flat in old st

will let u know how it gos

but i already know the answer deep down

is a fricking 1 bed for over 500k this cant be right haha

[okgo]

Must be nice though?

[scenario8]

I worry about people trying to make the same flukey financial windfalls astute economic investments in property that were made in the noughties. I'd much rather live somewhere nice today rather than gamble on a shabby area becoming more gentrified. For every "I made a killing" story there must be as many "I lived in a crappy area that gave me sleepless nights and is still a bit rough when I think about it but we made a lot of money (as our property rose in line with much of the general market anyway)".

I'm not sure this country is heading in the right direction when so many place so much financial faith in property capital growth. Christ, we're gambling with half a million here, and unless the OP is part of the tiny tiny section of society making six figures (admittedly on PH this would be a part time position) this is a massive commitment.

[z4chris99]

housen said:

well im off to look at a 1 bed flat in old st

will let u know how it gos

but i already know the answer deep down

is a fricking 1 bed for over 500k this cant be right haha

not the ones on the roundabout I hope

[vixen1700]

sleep envy said:

Where abouts in Highbury?

Sorry, my mistake. Checked with my Mrs. and it was Old Street, got it mixed up with someone else. Lovely flat, horrible area.