Do I buy a flat in London?
Discussion
I'm looking to move into London for commuting purposes. I haven't decided exactly where yet, but it would be zone 2 or 3. The current favourites are somewhere around Hammersmith or Chiswick.
I'd love to buy a house, but for a single person that isn't feasible. This will be my first property. I earn above average, so I'm looking at flats at around 500k.
The question is, is it worth buying a flat? And especially in the current climate?
I notice that property prices in inner London haven't crept up by much over the past few years. Would that be a turn off for most?
I'd love to buy a house, but for a single person that isn't feasible. This will be my first property. I earn above average, so I'm looking at flats at around 500k.
The question is, is it worth buying a flat? And especially in the current climate?
I notice that property prices in inner London haven't crept up by much over the past few years. Would that be a turn off for most?
My nephew, a structural engineer, bought a flat in London around 8 years ago and can't wait to get out - aside from it going down in price he's been shafted by the Landlord for wanting to move a non structural internal wall and the London clay has done it's thing and landed him with an insurance claim.
All that and added to which he just hates living in London.
All that and added to which he just hates living in London.
What are your commute details?
What actual effect to your lifestyle will occur by reducing that commute?
Think money from the move ( sell and buy properties), time saved on commute and cost of reduced commute, day to day living expenses, change of environment from current area to new, lifestyle effects ( family, friends, hobbies, pastimes plus other effects).
It’s more than just commuting effects.
A few years ago I opted to commute rather than move. S Wales but from West to Cardiff. The commute increase was by far the lesser effect on the family. Cost of housing, disruption for wife/kids, losing lifestyle options.
Definitely the better option to me commuting. A sacrifice against myself that was not a major drawback in the end.
Think carefully about your decision.
What actual effect to your lifestyle will occur by reducing that commute?
Think money from the move ( sell and buy properties), time saved on commute and cost of reduced commute, day to day living expenses, change of environment from current area to new, lifestyle effects ( family, friends, hobbies, pastimes plus other effects).
It’s more than just commuting effects.
A few years ago I opted to commute rather than move. S Wales but from West to Cardiff. The commute increase was by far the lesser effect on the family. Cost of housing, disruption for wife/kids, losing lifestyle options.
Definitely the better option to me commuting. A sacrifice against myself that was not a major drawback in the end.
Think carefully about your decision.
sospan said:
What are your commute details?
What actual effect to your lifestyle will occur by reducing that commute?
Think money from the move ( sell and buy properties), time saved on commute and cost of reduced commute, day to day living expenses, change of environment from current area to new, lifestyle effects ( family, friends, hobbies, pastimes plus other effects).
It’s more than just commuting effects.
A few years ago I opted to commute rather than move. S Wales but from West to Cardiff. The commute increase was by far the lesser effect on the family. Cost of housing, disruption for wife/kids, losing lifestyle options.
Definitely the better option to me commuting. A sacrifice against myself that was not a major drawback in the end.
Think carefully about your decision.
I'll be commuting to Twickenham every day. I currently live in zone 6 in South London, and driving there every day is a real pain the arse. I'd like to bring that commute down to half an hour. What actual effect to your lifestyle will occur by reducing that commute?
Think money from the move ( sell and buy properties), time saved on commute and cost of reduced commute, day to day living expenses, change of environment from current area to new, lifestyle effects ( family, friends, hobbies, pastimes plus other effects).
It’s more than just commuting effects.
A few years ago I opted to commute rather than move. S Wales but from West to Cardiff. The commute increase was by far the lesser effect on the family. Cost of housing, disruption for wife/kids, losing lifestyle options.
Definitely the better option to me commuting. A sacrifice against myself that was not a major drawback in the end.
Think carefully about your decision.
Being closer to central London also has its advantages should I find myself in a new job - I contract in construction/engineering and they all seem to revolve around the city. Moving closer to London also has its advantages from a social and cultural viewpoint.
Mid thirties, no wife or kids. All my friends have settled down, so I hardly get to socialise like I did in my twenties. Expenses won't really change. Lifestyle can only improve.
deckster said:
Your question isn't clear.
Is it - should I move to London?
Or should I buy a flat in Chiswick rather than a house somewhere cheaper?
Or should I buy a flat rather than rent?
Or should I stay put and have a longer commute?
All of the above.Is it - should I move to London?
Or should I buy a flat in Chiswick rather than a house somewhere cheaper?
Or should I buy a flat rather than rent?
Or should I stay put and have a longer commute?
The main driver is a shorter commute. Moving further into London is a no brainer as it's a central point.
The reason why I picked Chiswick is that it's commutable for my current role. If I change roles, it would be in and around the city and would be commutable by bicycle and/or public transport. Currently I do not have the option of commuting by bicycle.
I don't think anyone sane would rent if they had the choice?
I could buy a house somewhere cheaper like Hanwell, but I imagine the same nightlife and culture would not be available as conveniently. As a single person I'd prefer somewhere trendy/foodie on my doorstep.
LRDefender said:
Personally I’d not get a flat and I’d take a look at other areas where my budget would allow me to purchase a house. Nearly all areas of London however undesirable, have good roads or areas.
Unfortunately, my budget doesn't stretch to £1m for a house in west London zone 2 or 3.Chiswick/Hammersmith are neither trendy or foodie and the transport links from the former are s
te.
I wouldn’t base anything on a job in Twickenham tbh, I’d either buy on a line directly to there or very close by if I thought the job was long term. If the job isn’t long term I’d not factor it into my decisioning given everywhere that surrounds Twickenham also isn’t trendy or foodie
Foodie and trendy spots tend to be more central/South or East.
te. I wouldn’t base anything on a job in Twickenham tbh, I’d either buy on a line directly to there or very close by if I thought the job was long term. If the job isn’t long term I’d not factor it into my decisioning given everywhere that surrounds Twickenham also isn’t trendy or foodie
Foodie and trendy spots tend to be more central/South or East.
I agree. Although it's a 2 year contract.
Twickenham is in the arse end of nowhere, and not easy to get to from south London. There's a train that runs from Clapham, but still involves a 15 minute walk from the station.
If I had to pick, I'd be looking at something like Camberwell or elephant and castle. But I'm basing my decision on keeping a reasonable commute to work, and being as close to central London as possible.
Twickenham is in the arse end of nowhere, and not easy to get to from south London. There's a train that runs from Clapham, but still involves a 15 minute walk from the station.
If I had to pick, I'd be looking at something like Camberwell or elephant and castle. But I'm basing my decision on keeping a reasonable commute to work, and being as close to central London as possible.
How big is your deposit?
Do the sums, you will very likely find (like most with a brain) that from a financial stand point, you're better off renting at the moment. Unless it's a 10+ year move buying now is probably the worst time in the last 25 years from an affordably perspective.
Forget about capital appreciation, not happening for a long time for flats.
Rent somewhere central and fun, enjoy life for a year. Come back after this and see where the market is and if it's a good time to step in - id wager it's worse than now, but with a few government scheme inflight to prop it up.
Do the sums, you will very likely find (like most with a brain) that from a financial stand point, you're better off renting at the moment. Unless it's a 10+ year move buying now is probably the worst time in the last 25 years from an affordably perspective.
Forget about capital appreciation, not happening for a long time for flats.
Rent somewhere central and fun, enjoy life for a year. Come back after this and see where the market is and if it's a good time to step in - id wager it's worse than now, but with a few government scheme inflight to prop it up.
Jiebo said:
How big is your deposit?
Do the sums, you will very likely find (like most with a brain) that from a financial stand point, you're better off renting at the moment. Unless it's a 10+ year move buying now is probably the worst time in the last 25 years from an affordably perspective.
Forget about capital appreciation, not happening for a long time for flats.
Rent somewhere central and fun, enjoy life for a year. Come back after this and see where the market is and if it's a good time to step in - id wager it's worse than now, but with a few government scheme inflight to prop it up.
That's the sort of perspective I was hoping for. Do the sums, you will very likely find (like most with a brain) that from a financial stand point, you're better off renting at the moment. Unless it's a 10+ year move buying now is probably the worst time in the last 25 years from an affordably perspective.
Forget about capital appreciation, not happening for a long time for flats.
Rent somewhere central and fun, enjoy life for a year. Come back after this and see where the market is and if it's a good time to step in - id wager it's worse than now, but with a few government scheme inflight to prop it up.
At a minimum I have 50k for a deposit, but I could raise up to 150k if I liquidated my investments.
I was thinking exactly that about flats. They haven't increased in price for a while. On top of that, service charge etc. Is it really worth it?
You need to live *somewhere*, and in the long term its better to own a home (even mortgaged) than to rent one.
So get off your 'aris and do it.
Hammersmith is a good choice, given what you've said. South of the A4 for preference, then you won't have far to walk to get to Craven Cottage, you jammy bar steward.
So get off your 'aris and do it.
Hammersmith is a good choice, given what you've said. South of the A4 for preference, then you won't have far to walk to get to Craven Cottage, you jammy bar steward.
CivicDuties said:
You need to live *somewhere*, and in the long term its better to own a home (even mortgaged) than to rent one.
So get off your 'aris and do it.
Hammersmith is a good choice, given what you've said. South of the A4 for preference, then you won't have far to walk to get to Craven Cottage, you jammy bar steward.
Good point. Although I couldn't give a sSo get off your 'aris and do it.
Hammersmith is a good choice, given what you've said. South of the A4 for preference, then you won't have far to walk to get to Craven Cottage, you jammy bar steward.
t about football 
fasimew said:
I'll be commuting to Twickenham every day. I currently live in zone 6 in South London, and driving there every day is a real pain the arse. I'd like to bring that commute down to half an hour.
Being closer to central London also has its advantages should I find myself in a new job - I contract in construction/engineering and they all seem to revolve around the city. Moving closer to London also has its advantages from a social and cultural viewpoint.
Mid thirties, no wife or kids. All my friends have settled down, so I hardly get to socialise like I did in my twenties. Expenses won't really change. Lifestyle can only improve.
Pick somewhere with multiple tube line options if work means you move around a bit. Then don't rush, just massively low ball on places you'd really like. I don't think the market is going anywhere and there'll be someone who needs to sell and you don't sound like you need to rush. Just don't pick an area where everyone has settled down. Being closer to central London also has its advantages should I find myself in a new job - I contract in construction/engineering and they all seem to revolve around the city. Moving closer to London also has its advantages from a social and cultural viewpoint.
Mid thirties, no wife or kids. All my friends have settled down, so I hardly get to socialise like I did in my twenties. Expenses won't really change. Lifestyle can only improve.
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