Priced out of London and the outskirts

(40 Posts)
Romy75 Mon 14-Apr-14 16:22:32

We moved out to Kent some years back. 3 bed house is worth only £10k more than what we paid for it. We have no savings.

If we sold house at the very top of our asking price (recently had it valued) we would only be in position to buy 3 bed poky ex LA properties in not so nice parts of Mottingham and Downham. Welling/Bexleyheath/Sidcup/Barnehurst are £70-80k more than our budget.

We are watching London prices rise like mad. It is so depressing seeing the 'door closing in on us'.

I know there is little anyone can advise. I just wanted to rant.

Bowlersarm Mon 14-Apr-14 16:34:10

It's crazy isn't it OP. We moved out of London to Kent about a decade ago (no plans to move back in, wild horses wouldn't drag me), but in that time our old London house has increased in value at least by 150%, probably nearer to 200%, but our lovely home we live in now has probably only increased by 15 - 20%. Crazy times. If only - if only we had kept our London house to rent out. Hindsight would be a wonderful thing.

Good luck with your attempt to move, I hope it works out for you.

Romy75 Mon 14-Apr-14 18:11:11

Bowlersarm I would at least like to live on the outskirts of London. Dh and I both work and social in London so home is just a place to sleep. I do not have a network in Kent and it can be isolating at times.

thanks

Bowlersarm Mon 14-Apr-14 18:41:16

It's so hard to predict what will happen, isn't it. On one hand, if you do buy something, - whatever you can find in your budget - prices may continue to rise with the London market being as hot as it is, and you won't lose out. Probably a better investment than staying in your Kent house. On the other hand, if it is all a bubble you'd be buying near the top when it might all crash. Who knows.

What about renting out your Kent house and keeping on the property ladder, and renting somewhere yourselves in London to get you back to London living?

Romy75 Mon 14-Apr-14 19:15:20

We have considered renting our home. It is a big risk if we have no tenants for a period and have to cover rent and a mortgage. I suppose this is where the middle man comes in.

DrFunkesFamilyBandSolution Mon 14-Apr-14 19:21:56

It's a bubble, our flat is suddenly worth 40k more than it was in Nov last year (and people were struggling for buyers for months) so we're selling and running (no idea where too, we're priced out the area mostly).

South Welling is 'cheap', or if you fancied moving in PLumstead? They're banging on about the regeneration lots atm.

I wish we could risk moving further out; Hextable, Maidstone (suburbs) but they're threatening to take away London weighting from people in DH's profession who don't live in London so we can't take the risk

Fingers crossed something turns for you OP.

soindemand Mon 14-Apr-14 19:54:20

If your budget can allow for a 3 bed ex-council, could you consider downsizing to a 2 bed flat as that would give you a bigger choice of area? Friends have been living in a 2 bed ex-council with 2 dc and it has more than doubled in price. Many areas which seemed awful years ago are becoming sought after, so if you pick the location wisely (looking at upcoming crossrail connections etc), it could improve quite rapidly. And council flats often have much bigger rooms than newbuilds so fine for dc to share.

littlecrystal Mon 14-Apr-14 20:11:43

What is your budget OP? We mumsnetters love looking for houses for others, you know smile

Romy75 Mon 14-Apr-14 22:31:44

Our budget is £200k just.

We need three bedrooms minimum.

comicsansisevil Mon 14-Apr-14 23:23:02

Message withdrawn at poster's request.

beaglesaresweet Tue 15-Apr-14 00:08:41

OP, have you looked at areas south of Croydon, i.e. parts of Sutton, Banstead, Shirley, west Wickham? they aer still good value, though train links variable (re Shriley). They are nicer than MOttingham or Plumstead <scary place>! A bit more like Kent, in fact.

littlecrystal Tue 15-Apr-14 10:09:02

Hmm limited budget. Would you go for a 3 bed garden flat instead if it meant wider options location wise? Something like this ?

beaglesaresweet all those ares are all bloody expensive!!

I don't know much about Mottingham, but quick search on Rightmove shows 3 bed houses in Mottingham starting from 250k.

Romy75 Tue 15-Apr-14 11:01:49

comic Those areas are very rough and just as far out from London as we are.

Beagles Properties in Shirley cannot be that affordable. I have driven through there- nice area.

Littlecrystal thanks for the suggestion. That flat is leasehold and there is only one photograph.

mummytime Tue 15-Apr-14 11:15:02

Romy - parts of Barking and Dagenham and Redbridge aren't that "rough", are much better connected than where you are looking and likely to appreciate in value more.

Of course if I had your kind of budget I would be looking for where could go up in price fast. Probably looking at Birmingham to totally relocate (it must increase in price a lot when HS2 is built). But then I wouldn't move to one place and then still act as if I lived somewhere else. I think you really do need to start to get to know people in your local area.

Are you key workers? Could a housing association help?

I did find a 3 bedroom property in Guildford for 159K, but it is a mobile home. So you can find something if you are desperate in a very nice area.

No one can have everything - we could have something much nicer if we didn't have to live in the South East.

littlecrystal Tue 15-Apr-14 11:36:41

Romy75 if you are not that far out in Kent, what makes you want to move back? Is it only because "the door is closing", or burdensome commute, or something else?

Sometimes you can find places far out but they will be quick to commute; otherwise if you want to live in proper London you may have to compromise and live in a flat.

beaglesaresweet Tue 15-Apr-14 12:20:54

maybe I wasn't thinking of 3-bed houses, but all areas I ve netioned are much cheaper for flats and 2-bed houses (with extension potential) than even Welling/bexleyheath atm. It's because the trains can be a long walk away, and part of threse areas are shabby. I obviously mean modern or ex-LA, or smaller 30s houses, not the bigger period houses. Shirley/wickham is quite rundown in parts, but not 'rough' like Mottingham. OP, just try to look on rightmove. Same with parts of Sutton/Carshalton (look away from the main station but with buses).

I don't really understand the OP's question. Yes she is priced out of London. No, there is nothing to be done about that now. The problem is that she and her family are still living like they live in London when they don't. It has been the case for at least the last 30 years and probably longer that London prices are out of line with everywhere else and therefore once you move out it will be damn near impossible to move back. That all being the case I'm not sure what the OP is looking for from this thread?

comicsansisevil Tue 15-Apr-14 12:40:17

Message withdrawn at poster's request.

SaveTheMockingBird Tue 15-Apr-14 12:52:19

I can't understand the point of this thread either.
I grew up in London and I can't afford to buy a house there either.
We live somewhere in the north that we can afford to live comfortably and it is a damn sight more interesting and less rough than Sutton (where my parents live) and some parts of Kent (where my DH is from) where it is dullsville and rough as hell.

cantseemtohaveitall Tue 15-Apr-14 13:02:06

as someone who has recently had to move out of zone 2 east London due to being priced out and recently taken advantage of the (large!) and cheap properties in Plumstead (and seen our house already go up by at least 50K in the last few months)
i have to somewhat resent PPs labelling this area as terribly rough and not worth looking at....
we are going to be very near the Crossrail station in our bit of Plumstead - and as we get used to the area we are realising how much it has going for it - all the green space, quiet, peaceful and decent for DCs to play etc (at least in our street!)
we are not the only MC Londoners (we know quite a few amongst our acquaintances) to be making the move to the last vaguely affordable bits of SE London - and so far we are not regretting our decision...

PossumPoo Tue 15-Apr-14 13:14:02

Good post cant, my area is often slagged off but unlike the OP I am very happy with where I live, her budget bought me this house and I think I'm bloody lucky to have it!

I'm 20 mins to Victoria and 25 mins to London bridge....as central as I want to be smile

beaglesaresweet Tue 15-Apr-14 14:59:12

Possum, I wonder if you mean Bromley. I was thinking of moving there for the great transport links but the prices have gone up there too, in last few yrs. Imo it's fine as an area, not 'exciting' but good enough.
Sutton isn't rough, Save, not in the daytime at any rate (I haven't been to all corners of it though, mainly near the centre), it's just dull and in parts shabby. Banstead is cheaper and is more like a village with many pemnsioners, even further away from 'rough'.

cant, MOttingham is known for gangs and knife crime - so it may not affect people directly but the atmoshpere is a bit scary and you do see people in the daytime wandering around being drunk or on drugs. Plumstead may be bigger and more varied, and I'm sure it will become nicer when crossrail arrives, slowly grin.

PossumPoo Tue 15-Apr-14 15:47:59

sorry beagles I'm not in trendy SE London smile...I'm not far away though but in SW London.

OP unfortunately with that budget as a pp has said you won't be able to buy in a "nice" area but try to remember what is was that took you out to Kent in the first place maybe? I know you say you don't have any savings but have you paid your mortgage down? You might have more equity there than you realise [grabbing at straws for you!]

Stokey Tue 15-Apr-14 16:41:30

Cant Good post

I was going to suggest looking at Crossrail as places further out will become more desirable. And some nice leafy suburbs out east - Brentwood?

beaglesaresweet Tue 15-Apr-14 17:49:17

Possum- how did you manage to find somewhere in SW yet only have 20min to victoria, and cheap? Sutton is that, but then it's bordering with Bromley, sounds like you are well away. If you can be bothered, maybe pm me? <just to tell myself I haven't missed anything>
Raynes park used to be affordable, but I don't think it's the case anymore.

Stokey, Brentwood has gone in price like mad recently! and it's towie place.

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