just bought a 2-bed semi-basement flat in London, it was £600k
FACK 😯
Over 1/2mill. What do they earn roughly?
OP - try East Croydon.
Over 1/2mill. What do they earn roughly?
Relevance? 😕
Quite relevant wouldn't you think.
High-paid jobs?
Big equity?
Lotto?
Quite relevant wouldn't you think.High-paid jobs?
Big equity?
Lotto?
Not relevant in the least. They've bought a house. Their means are of zero concern or relevance whatsoever. That's just nosey.
Only 2 suggestions for Milton Keynes so far for a London commuter town.... It only exists because of the London commuters for Christ sake. Ok riding is not as good as Dorking but have you seen the prices of property there!!! You can get a 2 bed house for about £150,000 if you look hard maybe cheaper if shared ownership and it's about 33mins on the right train.
You can still get one bedroom houses in Basingstoke for around 150k and flats for less. Although I doubt they are in particularly nice areas.
It's about an hour from Waterloo and the riding round about is quite reasonable.
I think that North of London is worth looking at
MK as others have said fits the bill. Depending on where you live you can be really near Woburn. Its probably worth going to Woburn for a ride to see how you feel about it. Woburn Sands has a Station and is right on the edge of the wood. Main line to Bletchley. Change trains and chug over to Woburn Sands
Or Leighton Buzzard for an older town feel but higher prices. Could be riding in Rushmere in minutes. The its easy to connect through to Woburn on guite good trails
For the Chilterns Wendover would be good but expensive. Better riding than Woburn in the summer but worse in the winter
Some where near Flitwick. Half way between Woburn and Chick Sands. OK riding from the door.
OP i'd second East Croydon or Purley/Coulsdon if you wanted to go a bit further out.
East Croydon is 20 mins to Victoria/London Bridge and whilst West Croydon is a dump, East Croydon and then heading south out of the borough is nice. I live 10 mins from East Croydon station in Park Hill and it's nothing like the perceived Croydon image. Avoid east areas like New Addington though....
Riding isn't bad. Few bridleways on the immediate doorstep. Good access to Surrey Hills and coast. Coulsdon has really good access onto the North Downs and is still a relatively fast train into London if you wanted a quieter area.
Investment wise, property prices here are set to do well with the regeneration of the town centre and the new Westfield shopping centre due to open in 2018. Lots of building set to happen within the next 5 years.
[quote="mudshark"]That flat must still be in a good location?
Almost exactly halfway between Tufnell Park & Archway tubes. I'm not a Londonite so I've no idea if that's "good" area but it seemed OK. Certainly not posh though.
For those that are nosey - they're both well into their thirties and have capital from previously owning elsewhere. Not highly paid. Content to compromise space in favour of location, they both love being close to town and wouldn't consider moving any further out. Neither have expensive hobbies, or drink or smoke, so financially they are able to make it work.
Horses for courses !
@somewhat and @mrmoo - his budget was £120k not £150k or £170k (that's 40% more !)
You can still get one bedroom houses in Basingstoke
Not the 'Stoke!
*Shudders*
😉
2 bedder in Battersea is around £800k, close to Park and transport, 5 mins to Chelsea
I think the OP needs to rent for a while. Buying in a place he can afford will suck up a lot of travelling cost/time. Rent a room somewhere nice - like my old lodgers used to do 🙂
Basingstoke
the place with 2 names...
Basinghole and Boringstoke 😉
Milton Keynes
perfect if you want to be a member of roundabouts anonymous.
dunno what riding there is nearby, but I do recommend a visit to Bletchley Park
[i]2 bedder in Battersea is around £800k, close to Park and transport, 5 mins to Chelsea [/i]
We might not have the earning 'abilities' but £800k gets you a fair bit more around here, and better biking too. 😆
This was my local on my road 🙂
https://m.facebook.com/theovalcroydon?refsrc=http%3A%2F%2Fwww.google.co.uk%2Furl&_rdr
www.theovalcroydon.co.uk
Not sure about prices now but unless you earn 100k a year + paying 500k+ for a tiny flat in a converted house needs your head checking.
On my old road in west hampstead a BEDSIT (Advertised as a stylish modern studio) went for 450k.
I would seriously hold off buying in London till after the election at least. All the data is suggesting buyer demand has just come to a grinding halt - buyers just can't afford a thing even by borrowing loads, lenders are tightening their criteria, share prices of the estate agents are going downwards at speed and selling prices fell 0.7% last month (an annualised 8% only a few months after all the noise was about continued rises for ever and ever according to the more excitable estate agents and media)
I know of at least 2 friends trying to sell who had offers which then fell through, and asking prices are definitely dropping.
+ after all the recent data showing prices were falling there have been a couple of press releases from property investment companies claiming 30% increase in prices over the next few years (see today's Evening Standard). You have to ask yourself why a property investment company would publish a press release designed to scare people into buying now just after official data has demonstrated prices are falling...
I know of at least 2 friends trying to sell who had offers which then fell through, and asking prices are definitely dropping
this but with a big ‘but’ i just completed on a purchase that was 20% under asking which would be unthinkable 4 months ago when i couldn’t even get a look-in during the summer mania of offers over and stupid prices people were asking and some paying. theres definitely a softening and asking prices are now coming down to ‘sensible’ levels.
if there is a slight dip it wouldn’t surprise me to see them creep back up again in the spring summer.
as for buyer demand coming to a halt? no chance theres always people with money and always people wanting to move, only the ball is now firmly back in the buyers court.
London is a bubble- rich people dont want tiny flats. The bottom/mid of the markets going to cause the xrash then?
[url= http://www.thedailymash.co.uk/news/society/london-property-only-affordable-to-extraterrestrials-2013102180516 ]Here's who to blame[/url]
Rich people may not want tiny flats but there are always people who'll live in a tiny flat if it's the right location - crazy to me. I mentioned my mate selling his Putney flat for £400k - it's tiny, though not a studio, and it sold in a week a few weeks ago for the price he put it on at - one agent valued it lower and another a range which he went for the middle of.
rich people dont want tiny flats
They don't want to live in them, but as an investment vehicle, particularly for foreign investors and the huge Chinese search for places to [url= http://www.ibtimes.co.uk/london-property-boom-how-chinas-investment-invasion-challenges-russian-arab-dominance-1443291 ]park their money[/url].
Foreign investors are rolling in cash, but they aren't idiots, they will stop investing in the London market if they think growth is slowing, or going negative. Then the negative spiral will follow and the crash.
No idea when it will happen mind.
There'll always be people, who are mostly interested in just having a place to live, who'll look at price dips as buying opportunities - there are times when there aren't enough of these though of course.
I'm hoping this is proves to be true:
On my old road in west hampstead a BEDSIT (Advertised as a stylish modern studio) went for 450k.
I'm looking to buy in W Hampstead just now and it's amazing how quickly your expectations change. A few months ago I'd have snorted with derision (not a pretty sight) if anyone had told me the prices, but now I find myself saying "half a million quid for a one bedroom flat, yes, that seems jolly reasonable".
"half a million quid for a one bedroom flat, yes, that seems jolly reasonable".
I have a old shoe box I'm selling for only £100,000
Interested DrJ?
I suddenly feel very poor in relation to the Singletrack massive and their half a mill property portfolios!
Don't worry. Theres plenty of us (who live in the 'Real World' outside the golden paved streets within the M25) thinking 'Jesus H Corbett!!!! You could buy half our street for that!!!!. I know I don't have an Artisan Bagel Shop. And thats an issue, obviously. But the riding from the front door is bloody brilliant!!! And I'm unlikely to get stabbed for my phone. Result! 😀
London property prices are utterly and completely insane, whatever benchmark you use. Absolutely hatstand bonkers!! And even contemplating thinking that they aren't is a sure-fire sign that you've cast off the last vestiges of your sanity
You wonder where all the toilet cleaners in London live.
We will surely end up with worker shanty towns on the less desirable areas of the south coast and the lucky few will be bussed to work 2 hours after they arrive home.
They're nearly there already, aren't they? I thought anywhere worth living in London has already been socially cleased of frightful poor people?
Aren't the mainly immigrant, worker drones now all crammed into [url= http://www.theguardian.com/society/2012/may/09/london-landlords-desperate-tenants ]converted garden sheds and garages[/url] in one of the gleaming metropolises many virtually uninhabitable shitholes, where they can be conveniently ignored and ruthlessly exploited?
You wonder where all the toilet cleaners in London live.
Thamesmead?
I suddenly feel very poor in relation to the Singletrack massive and their half a mill property portfolios!
Maybe I was exaggerating to make a point ... 🙂
[url= http://www.telegraph.co.uk/property/propertynews/11182765/Britains-smallest-home-sells-for-275000.html ]This sold recenly for £275k.[/url]
I'm amazed anyone can afford to live in London these days without a flat share. One of my current projects is a new build block of flats in Lewisham 😯 and the 2 beds will be going for £380k. Nice views of the railway line though.
I have a old shoe box I'm selling for only £100,000Interested DrJ?
Does it have a lid? Let's talk .....
The lid's an extra 50k I'm afraid
The lid's an extra 50k I'm afraid
Still - if it's a decent lid, there may be room to negotiate ...
I work for a central London Law firm (contraray to popular opinion they don't all pay crazy high wages).
We've had an email around basically asking where we'd like to live because they're opening up more regional offices due to the cost of living (and renting office space) in London.
They can't be the only company doing this.
I was recently talking with a senior partner from a large consultancy and they've recently opened or significantly expanded their regional offices to take on the workload that they can't manage in their London office, and because regional staff and offices are cheaper!
You wonder where all the toilet cleaners in London live.
We will surely end up with worker shanty towns on the less desirable areas of the south coast and the lucky few will be bussed to work 2 hours after they arrive home.
A little unkind to Hastings .....
The toilet cleaners?
When I first moved to London a warehouse admin was renting out her 2bed council flat in Nottinghill to subletters for 600 whilst she lived with her boyfriend in another council property. She joked that she also claimed some benefits. I was on peanuts living in a bedsit with a communal toilet.
£600- in 1998. Cant have been a pokey flat either in Notting hill.
I sense there is actually a flight from London going on which could leave a lot of sellers high and dry until they lower their expectations due to simple lack of buyers.
And once the news comes through that prices are falling more than over just one month, you can expect buyers of all sorts - FTB and foreign investment - to sit on their hands and wait - it's what people do in deflationary environments - why buy today when it'll be cheaper in a month. The exact opposite of the panic buying this time last year...
The flight seems to be coming from multiple sources:
1. Owners who've been here for years selling up and moving to the sticks for a bigger house and no mortgage. It's realistic to do this as you can work from home more easily and therefore a long commute is not such a downside to the decision as you don;t do it every day and even then you can work on the train. It means one more house on the market in London and one less buyer, somewhat changing the supply/demand balance.
2. FTB who simply can't afford a thing buying further out - Bromley, Sutton, Chelmsford etc
3. Companies employing graduates in the regions rather than the graduates moving to London - companies simply can't afford to pay the salaries the new graduates need to live in London anymore
We have to think through the implications of this for London. If you live in London you tend to go places after work - gym, eating out, drinking, shopping etc but when you live out, the long commute home and the need to get up early tomorrow means you go straight home. So any significant flight will have an impact on all kinds of areas of the London economy...
A crash will kick confidence badly but a steady fall over 5 years back to an average price more like 300/350k instead of £500k would be healthy. If only to remind people that house prices don;t carry on upwards for ever, which a lot of people now believe as that's all they know from the last 15 years
I suddenly feel very poor in relation to the Singletrack massive and their half a mill property portfolios!
You're probably not that poor compared to the Southern shandy drinkers here. In terms of disposable income, you might well be a lot better off.
Everything's expensive. Housing, food shopping, transport, the lot. I would *love* to not have London on my doorstep, but the industry I'm in is very London-centric. It's a little late for me to move (Manchester's looking a bit more viable now the BBC has moved there) - Udderlet 1 is at school now, and we've got elderly parents local to us to keep an eye on (and involve in the Udderlet's lives) too. Being free of a mortgage, or in a fancier, bigger house somewhere else for the same dosh would be amazing - but it won't happen any time soon.
Owning a house that's expensive isn't different from owning the same house somewhere where it's cheap - except that the builders are more expensive, more of your salary goes on mortgage payments and, as a consequence, your disposable income is absolutely honking. Now I own a house, I'm desperately hoping the crash Brooess predicts doesn't happen (mind you, I heard similar when buying my first flat about ten years ago. There's been a correction, but no crash) - the money I should be putting into a pension and into my family's wellbeing is locked up in a house and a big old loan to pay for it.
Apologies if this sounds like a sob story - it isn't. I'm bloody lucky to have an amazing Mrs Udder and lovely Udderlets, live in a beautiful bit of the world and do a job which is varied and satisfying for an employer that seems to be happy with me. Bonkers house prices are the, well, price I pay for living here.
I suddenly feel very poor in relation to the Singletrack massive and their half a mill property portfolios!
As opposed to someone walking round/creaking the floorboards of the ceiling above you and next door having a loud party. Then you get up tired and walk down to the station to load up your average salary onto your Oyster card before pressing your groin into the bloke infront of you on the crowded tube. Luckily on the way back you have a womans bussom pressed against your back this time.
London rocks if you are rich. For everyone else, admit it- its a grind 5 days of the week.
London is a bubble- rich people don't want tiny flats
"Rich" people like a place close to the office/shops/cultural attractions, if they can only get a small place that's what they buy. London is where most of the good jobs are and where foreigners want to live / make investments for their kids. London looks cheap to Chinese and Hong Kong-ers and the flats here are larger than they are used to. I'm living in central London and there are large numbers of retired/close to retired people who've owned their flats for many years and have another larger place now outside London. The place I am renting is owned by a person who is living in a large house outside London which costs 25% of that the flat is worth.
You wonder where all the toilet cleaners in London live.
@zippy there is lots of council / social housing in central London. Where I live there are more such units than private market residences (as they are higher density) and the rents are 20% of open market rents.
