London - which area for a first flat?

[wiffmaster]

Evening all,

Will be looking to buy a flat in London within the next six months or so. I currently live in Hertfordshire and commute into London fairly regularly, but don't really have any idea as to where is a good 'up and coming' area in which to buy?

Have looked at Shoreditch, which although full of hipsters, does have the advantage of a decent connection in the form of Old Street. But, can't help feeling you're paying for the 'trendy' atmosphere? What other areas would people suggest that are likely to be a good prospect long-term?

Will be looking for a two bed, two bath flat which needs to be within 5/10 minutes' walk of a well connected Underground station. Area and transport links are the key factors; space isn't as important (given that there will only be a couple of people in their 20s living there). Budget up to £500k, but less is always welcome.

Suggestions much appreciated.

[wiffmaster]

Thanks for all the advice chaps - will be doing a bit of virtual houseshopping on RightMove for the areas suggested so far.

To answer some questions: -

- Really don't want a house. Primarily because I can't be bothered with the maintenance, but also because houses (in my price range) tend to be further out. As central a location as possible is the priority; I don't have any need for the additional space that a house would offer. Currently living with my folks on a farm in the Chiltern Hills. So, I'd quite like a complete change of scene - I'd prefer to be in a flat close to the heart of the city, rather than in a house in the leafy suburbs.

- I'm not too bothered about the 'trendiness' of an area - I don't do 'trendy'! But, would like somewhere that is likely to perform well long term; if that requires I purchase in a trendy area, so be it.

- I guess that I have a slight preference for North of the river, but given that there seem to be a lot of nice properties within budget available around Bermondsey/Elephant & Castle way, South of the river may be the way to go? My mates are dotted all over the place (Shoreditch, Clapham, Greenwich, London Bridge, Hendon, Finchley, Mill Hill, etc) so good Underground links are the key.

- The more modern the development, the better. I grew up in an old listed building and am done with 'character properties'! Plus, I like the sort of features you might get in a modern development (security, concierge, bike storage, possible secure parking, balconies, Cat5 and satellite wiring, etc)


Thanks for all your help so far everybody - some great suggestions for locations I probably wouldn't have thought of. With any luck, I'll be looking to purchase around the beginning of 2013, so I've got a while to suss out areas.

Cheers.

[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?

[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?

[wiffmaster]

Thoughts?

Will be based in Moorgate for work, so Aldgate is ideal transport wise. The area the flat is in is nice and one minute from Aldgate East...but it seems that you very quickly go from quite a nice area to quite a crap area. Lot of expensive buildings going up at the moment, so maybe an area on the rise?

Budget has also risen to £700k now. The nearer to the station and the nearer to Moorgate, the better.

Cheers.

[wiffmaster]

okgo said:

For that money I'd want to walk to work. Sod getting a tube of you're that close, might aswell go a bit closer.

True. Shoreditch is borderline and I could walk to work in around 15 minutes. But, you don't get a particularly great flat for the money.

[wiffmaster]

louiebaby said:

I quite like look of this:

http://www.rightmove.co.uk/property-for-sale/prope...

£700k doesn't go far in that part of town, does it?

Thinking of looking at that one on Monday. The fact that it's Victorian concerns me (cold, potentially a maintenance nightmare) and the interior has obviously been done to a budget (who fits bathrooms like that in a property they're hoping to sell for £700k?!). But, location wise, it's spot on.

It's amazing how little £700k buys around this part of town!

BJG1 said:

Do you want somewhere with a good night out at the weekend? Banking district is dead on a weekend night time.

It would be preferable. Hence looking around Old Street area. But I'm perfectly happy to get a cab or the Tube when going out.

jke11y said:

Pretty sure I went to a party in that building a couple of years back; it's a converted office or uni block?

We looked at a one bed on Plumbers Row in 2009- didn't like the area round the tube, but looking the area has done well price wise since then.

At the moment the one I posted is part privately owned and (majority) owned by Marlin Apartments and used as short term rents. The block itself is lovely, but my concern is that Marlin own the majority. Hence, if they wished (or if they went bust) they could sell their entire share to a university to use as student accommodation and the place would become an utter hole.

housen said:

Work in moorgate got 700k to spend . And u wanna buy in aldgate which is a total st hole ! Buy this is cheap and very rare to see in this building and your in moorgate ! http://www.winkworth.co.uk/sale/property/WNKCLR028...

It's alright...but it's a one bed and I'm really looking for a two. The money from renting out bedroom two will pay the mortgage each month.

Still, with a few internal changes and a bit of creativity, it could be a nice two bed.

housen said:

http://www.foxtons.co.uk/property-for-sale-in-old-...


Or this hello are u even looking !!??

Aldgate 700k wtf

I actually looked round a new development in Leonard Street yesterday. It's a nice area and about two minutes' walk from the station. That area around Old Street is my number one choice given that there are plenty of bars/restaurants and I can walk to work in 15 minutes.

Shame that one is £50k over the (absolute) max budget. Still, it's been for sale since August 17th, so maybe they'd take an offer...

Edited by wiffmaster on Saturday 6th October 16:33

[wiffmaster]

housen said:

Speak to Ben at urban spaces they have the same property and said seller may have good room (750k one )

Going to try and arrange to go and see it on Monday - are you sure Urban Spaces also have it on their books, as I can only find it on Foxtons at the moment?

Also going to have a look at this one near St. Paul's and hopefully a couple of others.

[wiffmaster]

housen said:

http://www.foxtons.co.uk/property-for-sale-in-old-...


Or this hello are u even looking !!??

Aldgate 700k wtf

Went to see this one today (along with quite a few others). Flat itself was nice (although it needed a bit of work internally) and one of the biggest we've seen. Sadly, the communal areas really let it down - you were left wondering WTF the management company did for their £3K a year service charge.

On the other hand, saw this one as well and was quite impressed. Could even walk to work in under 15 minutes. Going back for a second viewing on Monday with any luck. Also going to take a look at this one (despite the agent's advert doing very little to sell it!)

Thanks for everybody's advice so far - given me lots of ideas and plenty to think about.

Cheers.

[wiffmaster]

wiffmaster said:

On the other hand, saw this one as well and was quite impressed. Could even walk to work in under 15 minutes. Going back for a second viewing on Monday with any luck.

Went for second viewing, put in an offer...outbid by somebody going in at full asking ten minutes later!

The search continues...

[wiffmaster]

housen said:

full asking 750k 100sq ft

mkt is strong !!!

sevice charge on that place is high no ?

Service charge is very high - £5600 a year. But, you did actually appear to get something for your money (well kept gardens and block, millions of CCTV cameras, 24 hour concierge, gym, underground parking, etc). On the other hand, this place was only around £3000, but the management company seemingly did absolutely nothing other than give the outside a lick of paint and the whole block suffered as a result. I'd have happily paid the £5600 charge, but would seriously resent paying the £3000 charge!

[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?

[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.

[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!

[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!

[wiffmaster]

Still searching. Have put in two offers so far (that weren't far from asking) and have been out bid on both! The nice ones go within a couple of days, whilst the dross hangs around for months. Should be a 'cash buyer' within a week, so might strengthen my position, I suppose. Budget has crept up again - £725k now, but still struggling to find a nice two bed/two bath close to Old Street tube and within 15 minutes' walk of Moorgate.

[wiffmaster]

housen said:

http://www.baseps.co.uk/full-details?profileID=100...

well now that i have the keys and can show u my new property

you dont need to spend 700K

but u gotta be quick !!!

Looks like you've done all right there - congratulations!

It's amazing how quickly the good stuff goes. When I first started looking, I used to 'save up' two or three properties and then head into London to look around all of them in one afternoon. Now when something comes on (or I get an advanced heads-up from an agent) I go in to look around it the same day, as I know that if it's any good, it'll be gone within a couple of days.

Looked at a lovely flat in Angel on Friday. Lovely block, two minutes' walk from the station and wouldn't have needed a thing doing to it. Sadly it was just that tiny bit too small (100 sq ft more and I'd have been in like a shot).

[wiffmaster]

Well it's taken a while, but offer accepted on one of these this afternoon. Not at that price, I hasten to add! Decent size, well specced and a nice street. Parking also included. Well chuffed, but not going to get too excited until exchange.

Thanks for everybody's help on this thread - gave me some good tips and helped narrow down search areas.

Cheers.

[wiffmaster]

scenario8 said:

Congratulations and best of luck with it all. Very exciting for you, I bet.

Cheers. Exciting yet nerve-wracking at the same time.

princeperch said:

premium location that. very nice. I bet they were asking upwards of 30 grand for the parking spaces too..

They were originally. Ten flats in total, two sold at around £825k (+£30k for parking). The rest didn't shift as they were pretty overpriced, so they were taken off the market over Autumn/Winter. Re-launched last weekend with a substantial reduction and parking included and two sold on the Saturday (one £30k above asking). Only five left now, so hopefully they'll go fairly quickly.

As an aside, London pricing is beyond depressing. It's painful to spend this sort of money for 925 ft², but location, location, location and all that. Conservation area and plenty of the stuff on that street is listed, so hopefully the area will hold its value.

[wiffmaster]

princeperch said:

its not so much the pricing I found depressing when I was buying (although I wasnt looking in your price range ) it was the service charge - ...

eta: if you are buying this sort of flat as a trainee I look forward to seeing what you are shopping for when you qualify (and to joining your firm hopefully)

Indeed. Service charge isn't too horrific on this one - £2125 and £350 ground rent. Better than some I've viewed...one was £5500.