Best up and coming area to buy

Loco

I'm starting the search soon, was thinking Dalston but maybe missed the boat on that one looking at the prices

Somewhere else on the East London / Overground line would be preferable.

Stoke Newington seems to be nice, but bit of a trek to nearest tubes!

Any ideas?

LadyMayBelle

http://www.yeahhackney.com/groups/hackney-planning-application-watch/forum/topic/30-34-broadway-market-7-story-block-of-flats/

Have a look at this. I think around London Fields is a handy little spot; and whilst expensive it's not bang on a tube route BUT tubes are only a short distance away.. there or somewhere around Lauriston Road/Victoria Park (e9 postcode I think)

Playboy

I'm interested too. Need to buy a house and would rather not have to move out of London. It's so difficult to find value for money in London though. Pokey flats or horrible 60's/70's style semi detached houses are going for £400k plus in zone 3.

enda1

I think there's no value in London. With yields so low its a no-brainer to rent.

maggiep2010

We have also started looking for a flat recently, lucky enough to have a deposit so makes sense to pay our own mortgage rather than someone else's!!!
Currently looking in the Leyotn/ Leytonstone area as want to be close to the central line..anyone lived there and can offer advice? Also seen some nice places in Forest Gate, money seems to stretch a bit further down there, but not to keen on the area..What would Phil and Kirsty say???

maggiep2010

LadyMayBelle wrote: »

http://www.yeahhackney.com/groups/hackney-planning-application-watch/forum/topic/30-34-broadway-market-7-story-block-of-flats/

Have a look at this. I think around London Fields is a handy little spot; and whilst expensive it's not bang on a tube route BUT tubes are only a short distance away.. there or somewhere around Lauriston Road/Victoria Park (e9 postcode I think)

Currently living in the Victoria Park area, and if your budget stretches to it, it is a fantastic area to live in...

djpbarry

Loco wrote: »

Stoke Newington seems to be nice, but bit of a trek to nearest tubes!

Meh, it's ok. Nice and green I guess, but not a whole lot to do around there.

And as you say, transport links aren't great.

LadyMayBelle

If the budget can stretch Id say go for Victoria Park area.

We moved to Hackney, near enough Victoria Park area, having lived in Leytonstone two years; renting mind you, but I got to know a few people who bought; tough to say really, I found there were a lot of 'youngish' couples and individuals buying (in their thirties, some with a baby on the way) because you get a decent bang for your buck as they say. The area itself is great as youre right on the central line, five minutes from Westfield and about twenty from Liverpool Street. The area itself (Id prefer Leytonstone to Leyton, and ideally Upper Leytonstone, near Whipps X hospital) is fine, not a lot to do, would be nice if it had more of a villagey feel though, which I think it's aiming for, but struggling.

rgmmg

Peckham isn't a bad spot. Overland only mind you, but some affordable houses in the £350k ballpark.

djpbarry

rgmmg wrote: »

Peckham isn't a bad spot.

Yes it is.

Really, it is.

I'd put Camberwell in the "not bad" category, but Peckham? No way.

rgmmg wrote: »

Overland only mind you, but some affordable houses in the £350k ballpark.

I think it's a pretty good indication of the insane cost of houses in London that £350k in a kip like Peckham is considered "affordable".

Maura74

Why would anyone want to purchased in London, the prices are still far too high, UK has lost their AAA statues and I expect housing will fall more and also when they bring in the mansion tax it will fall even more. Sterling will probably start to fall this as well as the cuts in housing benefits, in April, which means that claimants will not be getting as much help as they were before with housing cost for large rents this will undoubtedly bring down housing in the London area.

Lump

Because i live here and it's cheaper than renting..... hardly rocket science.

djpbarry

Lump wrote: »

Because i live here and it's cheaper than renting...

Maybe for you. There's absolutely no way it would be cheaper for me to buy than rent right now.

enda1

Its simply not cheaper to buy than rent right now.
The concept of "covering your mortgage" does not prove it's cheaper to buy.
How about the deposit?
How about maintenance?
How about major repairs and changes/modernisations?

People always look at these things with rose tinted glasses and simplify their mindset to convince themselves they're making a good decision.

Loco

Thanks for the suggestions.

Yeah my budget will be around 450-550, which doesn't really afford anything special in east london, but I don't want to move outside london, and would never consider peckham!

Here is a nice location. Could give great rent with 3 bedrooms. http://www.rightmove.co.uk/property-for-sale/property-26004441.html

Would be great if you can post anything decent you see!

I really like these houses on mile end road too
http://www.rightmove.co.uk/property-for-sale/property-36338212.html

Loco

enda1 wrote: »

Its simply not cheaper to buy than rent right now.
The concept of "covering your mortgage" does not prove it's cheaper to buy.
How about the deposit?
How about maintenance?
How about major repairs and changes/modernisations?

People always look at these things with rose tinted glasses and simplify their mindset to convince themselves they're making a good decision.

I won't need a significant mortgage, and keeping my cash in funds/savings accounts is not really working that well for me!

Repairs/changes - i'll aim for a place that doesn't need too much work!

enda1

Loco wrote: »

I won't need a significant mortgage, and keeping my cash in funds/savings accounts is not really working that well for me!

Repairs/changes - i'll aim for a place that doesn't need too much work!

Do you really think they are worth that amount though?
I mean objectively?
How can a flat be worth half a million quid in a depressed region of London?

I wouldn't be surprised to see places such as that drop by 20-30% in a 3-4 year scale.

There's no reason funds shouldn't be working well for you. I've money in a relatively hands off simple fund and its turning a steady 8%.

Loco

enda1 wrote: »

Do you really think they are worth that amount though?
I mean objectively?
How can a flat be worth half a million quid in a depressed region of London?

I wouldn't be surprised to see places such as that drop by 20-30% in a 3-4 year scale.

There's no reason funds shouldn't be working well for you. I've money in a relatively hands off simple fund and its turning a steady 8%.

There are quite a few rubbish parts alright but i'm not interested in those! You could hardly call any of Limehouse, Wapping, Shoreditch, Dalston and Mile End depressed at the moment.

I wouldn't be surprised to see places increase 20% in 3-4 years! They have not decreased in last 3-4 years. You think there is massive correction on the way?

What fund you in?

enda1

Loco wrote: »

There are quite a few rubbish parts alright but i'm not interested in those! You could hardly call any of Limehouse, Wapping, Shoreditch, Dalston and Mile End depressed at the moment.

I wouldn't be surprised to see places increase 20% in 3-4 years! They have not decreased in last 3-4 years. You think there is massive correction on the way?

What fund you in?

http://www.trustnet.com/Factsheets/Factsheet.aspx?fundCode=DVFO9&univ=U

Its by no means the best or anything, its just what i set up at the time. Max out the ISA on that or a similar for tax free investment.

If you look at London, and like at the prime real estate, its all empty! Its really amazing. The properties are being used as a wealth haven and money laundering scheme. Because of no property tax the properties are best left unlet because there is no real benefit to having someone occupying/endangering the liquidity of your asset.

If and when a determined property tax comes in, the security of this asset will come into question and there should be a flood of prime real estate hitting the market.

The current buyers in the East End are the previous buyers in West London. They do not want to buy there but are making exclaves of wealth in poverty stricken areas in order to live in London. The areas fundamentally are not nice, not pretty and wont sustain such prices when the opportunity rises for real estate in fundamentally nicer areas.

There are a number of enormous property building schemes going on/starting in London which is going to Flood the 1-3 bed apartment market with proper buildings with purpose built nice apartments. These have mostly been snapped up by foreign investors so are hitting primarily the rental market. Therefore rents will not explode I forsee, I expect a peak soon maybe in a year with a stagnation followed by real terms decline.

Of course all this is my opinion and speculation. But then buying in London is speculation too.

djpbarry

enda1 wrote: »

There are a number of enormous property building schemes going on/starting in London which is going to Flood the 1-3 bed apartment market with proper buildings with purpose built nice apartments. These have mostly been snapped up by foreign investors so are hitting primarily the rental market. Therefore rents will not explode I forsee, I expect a peak soon maybe in a year with a stagnation followed by real terms decline.

Apart from anything else, as rents continue to climb, it pushes up the income level necessary for people to live comfortably in London. A point has to be reached where it simply becomes completely uneconomical for most people to live in the capital (I think that point has been reached for a lot of people - it's fast approaching for me) and rents begin to level off as a result.

rgmmg

djpbarry wrote: »

Yes it is.

Really, it is.

I'd put Camberwell in the "not bad" category, but Peckham? No way.
I think it's a pretty good indication of the insane cost of houses in London that £350k in a kip like Peckham is considered "affordable".

I lived in Peckham for 3.5 years and can assure you, it ain't no kip. Perhaps the high street, but look at Bellenden Road and it's surrounds and you'd be pleasantly surprised. £350k will get you a 3 double bed house, 2 beds and a back garden. Give me that over a 1 bed apartment in Clapham for the same price any day. Camberwell Rise is fine area but the rest of Camberwell is on a par with the Peckham you think you know.

Fysh

rgmmg wrote: »

I lived in Peckham for 3.5 years and can assure you, it ain't no kip. Perhaps the high street, but look at Bellenden Road and it's surrounds and you'd be pleasantly surprised. £350k will get you a 3 double bed house, 2 beds and a back garden. Give me that over a 1 bed apartment in Clapham for the same price any day. Camberwell Rise is fine area but the rest of Camberwell is on a par with the Peckham you think you know.

I am quoting purely to giggle like a child at the existence of Bellenden Road.

*snort*

As far as investment properties in London go, it could go either way. The ongoing argument over housing availability and the number of properties owned by wealthy non-Residents may lead to some interesting changes, and I wouldn't assume that with the current turgid state of economic development overall that London rents will continue increasing indefinitely - there's a very real emigration effect where people move further out, reducing the pool of tenants available for the pricier rental properties, and if anything the government's insistence in pushing through with HS2 will increase this phenomenon.

Of course, my perspective is tinged with more than a hint of disdain for property investment/speculation (RENTER FOR LIFE YO! etc), especially given the combination of current property prices in London and the amount I've moved around thus far...

djpbarry

rgmmg wrote: »

£350k will get you a 3 double bed house, 2 beds and a back garden. Give me that over a 1 bed apartment in Clapham for the same price any day.

I think anyone who buys either is mental.

rgmmg

djpbarry wrote: »

I think anyone who buys either is mental.

Perhaps