London - which area for a first flat?

[housen]

ec2 flat above bar 1000sgft 750k ...sold

2 years ago 695k got you a 1300sqft in there

[chris7676]

Bubble, bubble and no bust. You could be forgiven to believe Mr Brown was right Tread carefully, you are buying in the middle of an indebted, heavily taxed country. But do enjoy if you can (easily) afford.

[Cheib]

Gwagon111 said:

Service charges are the biggest pee boilers, in my experience. They vary vastly, and what you get for your money varies as well .

Yup. Also if you ever want to want to rent the place out in the future it eats into your yields.

The two flats I have bought and still own have been in Victorian conversions where it's been a share of freehold.

The place I bought in 2001 has had one major bill of £10,000 which was my share of general works where all the external paintwork and roof repairs were done. Apart from annual buildings insurance there have been no other major bills at all. So my "service charges" over 11 years have been £15k...if it had been a leasehold proeprty with an external management company I think it would easily have been three or four times that.

[jke11y]

The service charges in our mansion block flat in West Kensington are actually pretty reasonable. There are porters daily, on site estate office and the estate is immaculate including the gardens with tennis and lawns. Or 1bed is under £2k a year service charge and we own share of freehold.

Takes of woe definitely outnumber positive comments when it comes to factoring though.

[wiffmaster]

God that's tempting. I know I'd probably get stabbed on the way home one night, but 1852 sqft and 8 minutes from Moorgate is seriously tempting.

Talk me out of it - in that area ,it's a stupid idea, isn't it?

[princeperch]

wiffmaster said:

God that's tempting. I know I'd probably get stabbed on the way home one night, but 1852 sqft and 8 minutes from Moorgate is seriously tempting.

Talk me out of it - in that area ,it's a stupid idea, isn't it?

I live about 10 minutes from there. There's nothing wrong with the area at all and indeed I have seen strong growth in recent times in our development. Many people are moving to E1/2/3 when they see how much they get for their money compared to zone 1 or the docklands. eg my new neighbour is a big cheese at HSBC dropped 550k on his flat here which he only uses twice a week. to get a flat of the same size and character he would have had to have spent another 250k ish in zone 1 or the docklands...

(eta is a nice big old flat for sale in our development which has just gone on in E3 with stirling ack which you might have seen if you are looking at around that sort of price in that area..)

Edited by princeperch on Thursday 18th October 19:56

[BalhamBadger]

wiffmaster said:

God that's tempting. I know I'd probably get stabbed on the way home one night, but 1852 sqft and 8 minutes from Moorgate is seriously tempting.

Talk me out of it - in that area ,it's a stupid idea, isn't it?

You'd have to be going some to walk to Moorgate from there in eight mins.

[z4chris99]

tube to Liverpool street then walk... or a 10 min boris bike

the area is a st hole, resembles downtown delhi with all the fruit stalls. but safe. you will be pissed off by hearing ambulance sirens every 3 mins being next to the hospital

I'd spend the cash and move closer and get walking distance

huge flat though!

[oldbanger]

I've always had a soft spot for Greenwich (but lived in deptford - on the edge of the milton court estate - back before it became up and coming)

some examples of what you could get within easy walk of the the DLR/tube
http://www.rightmove.co.uk/property-for-sale/prope...
http://www.rightmove.co.uk/property-for-sale/prope...
http://www.rightmove.co.uk/property-for-sale/prope...
http://www.rightmove.co.uk/property-for-sale/prope...

[wiffmaster]

BalhamBadger said:

You'd have to be going some to walk to Moorgate from there in eight mins.

Whitechapel to Moorgate - direct train on the Hammersmith & City Line. Seven minutes according to TFL.

I'm seeing a couple more with Foxtons Shoreditch on Monday, so might see if we can swing by that area as well to take a look.

[princeperch]

theres a certain blonde who works in that office who has massive norks. I hope that you get her on the viewing.

[wiffmaster]

princeperch said:

theres a certain blonde who works in that office who has massive norks. I hope that you get her on the viewing.

Though I seem to remember it's a bloke that's taking us round, so norks may not be on the cards.

As an aside, I know everybody slags off Foxtons, but I've found them one of the best agents so far. So many agents have failed to turn up and then used the excuse of "Oh, he's ill today, didn't he phone you to cancel?" or simply have no idea about the service charge, ground rent, lease length, etc. On the other hand, Foxtons have always turned up on time, known all the facts and figures and have even driven us between properties. Their website is also very well done. So, credit where it's due - well done Foxtons!

[okgo]

Coz if he doesn't deal you and someone else does his manager will punch him in the face!

He's probably getting ripped the piss out of for not closing you already.

[BalhamBadger]

wiffmaster said:

Whitechapel to Moorgate - direct train on the Hammersmith & City Line. Seven minutes according to TFL.

I'm seeing a couple more with Foxtons Shoreditch on Monday, so might see if we can swing by that area as well to take a look.

I only considered walking for some reason.

[wiffmaster]

okgo said:

Coz if he doesn't deal you and someone else does his manager will punch him in the face!

He's probably getting ripped the piss out of for not closing you already.

Maybe. Never really understood why estate agents think they have the ability to 'close'. Properties speak for themselves and if it's the right property, then I'll make an offer. Doesn't matter if the agent is utterly brilliant or a complete shower - there is literally nothing they can do/say that will in any way encourage or discourage me from buying.

Although I did like one agent's spin on things when looking at a flat last week with a building site directly opposite:

Us: "Do you know what they're building there?"
Her: "Another residential block"
Us: "How tall is it going to be?"
Her: "About ten storeys"
Us: "Might spoil the view from here then?"
Her: "No, the addition of another residential block will enhance the area and push values up"

Bless her for trying!

[z4chris99]

Ian Flloyd from foxtons shoreditch I think is very good on the sales side.

[z4chris99]

princeperch said:

theres a certain blonde who works in that office who has massive norks. I hope that you get her on the viewing.

I reckon Scarlett in lettings is fitter

[Irish]

Sitting in my house in E14 - looking at the reducing in salaries and bonouses around parts of the City - and thinking anyone dropping 750k on an apartment (unless dry cash) - is crazy.

Informed by Ireland, where the music stopped, leverage is not something I want over the next few years.

Calculate the rental yield on any property before you jump. Also, rent in the deveopment you are targeting first - 750k is a hell of a lot if you get it wrong.

This is more my style at the minute - just too far of a commute
http://www.myhome.ie/residential/brochure/the-pent...

[z4chris99]

fruit and wool exchange got the go ahead from boris this week, good time to buy around there, I linked one earlier that was great for it

[housen]

i know i keep saying it and it sounds harsh but whitechaple and the like are st holes end of