Zone 1-3 people, where do you live?

(121 Posts)
msrisotto Wed 20-Mar-13 22:12:08

And do you earn millions and millions? Or live in the tiniest of flats?? I would love to live in zones 1-3 and have money that would buy me a palace in some places but sadly not in London....

cassell Wed 20-Mar-13 22:22:24

South east london is the best bet for affordable (for London) property IMO. Places like Brockley, Forest Hill, Nunhead, Ladywell - all zone 2/3, family areas with nice parks. I certainly don't earn millions and we have a house. What's your budget?

christinarossetti Wed 20-Mar-13 22:24:12

North east also a possibility eg Walthamstow, South Tottenham. 'Affordable' within London prices of course.

Mintyy Wed 20-Mar-13 22:31:41

I live in SE London. By sheer good luck we have found ourselves living in a posh part (was not posh when we came here in 1996) but we will have to move to a less posh part if we want to go from a 3 bed to a 4 bed. But actually I'm quite looking forward to that as our posh part has become very bland and a bit up its own arse quite frankly.

We don't earn millions but did have the enormous advantage of getting on the housing ladder in the 90s when ALL property everywhere was a hell of a lot more affordable.

Goodwordguide Wed 20-Mar-13 22:55:18

We're in SW London and are definitely not millionaires. We have a small but nice 3-bed house. I agree with minty, the proces of 3-beds aren't so bad, the leap to a 4-bed seems to be stratospheric and is one of the reasons we're moving out.

We bought 7 years ago and prices have risen considerably since then.

I would start with schools you want/can get into (if relevant), and work backwards.

FreudiansSlipper Wed 20-Mar-13 22:55:57

I live in nice part of se London

On a busy road a a biggish flat with nice garden

no I do not earn million rent is high rather it was going towards a mortgage but would not move away from here i love it

VinegarDrinker Wed 20-Mar-13 22:58:19

We live in Hackney. 3 bed 2 storey maisonette with small garden was 305k 2 yrs ago. We love it and wouldn't live anywhere else smile (I don't even ever want to leave our street!)

Lots of our friends have moved out to Walthamstow, you can get a house there, although not in the trendy bits.

Agree that SE London gives you best value for money though.

EllenParsons Thu 21-Mar-13 01:40:58

I live in north London zone 2, near highbury and islington. Rent is fairly expensive (we pay £1400 PCM for a 2 bed flat). Can't afford to buy here.

TuttoRhino Thu 21-Mar-13 06:40:06

We live in Zone 3 in SE London in a house. It was on the expensive side as we bought recently. However it was much cheaper than buying elsewhere such as our old neighbourhood in Zone 2.

bigTillyMint Thu 21-Mar-13 07:07:28

Zone 2 <waves to mintyy> - got a 4 bed house in 99 which is now worth more than 4 times what we paid for itshock but we have no intention of movingsmile

North. £1300 3 bed house. Can't afford to buy here though. sad

Muser Thu 21-Mar-13 08:47:49

Agree with Cassell, SE is still reasonable, Lewisham Borough has lots of nice bits and up-and-coming bits. Forest Hill etc are getting pricier, Hither Green and Lee are more reasonable and I think are on the up.

North. Renting a tiny Key Worker flat for £960pm next to a tube station. It's expensive & crowded with a nearly 4yo & 8wk old, but I love the area & my baby friends I made with DD1. I'm not ready to move yet.
Definitely can't afford to buy sad.

jammybean Thu 21-Mar-13 09:31:56

East. Warehouse conversion. It's a little pocket of lovelyness next to the Thames. Really well connected. Lots of green space and lovely river walks. 15 minutes into Liverpool st. 20 mins into the West End. We don't earn millions.

The average 1 Bed, 700sqft flat is 500k. 2 beds are 680+. Schools are not great unless you go private.

We hesitated buying a 2 bed in our block 19 months ago, were still kicking ourselves as we're now priced out of the area. We'll be moving out of London in a few weeks.

crazyhead Thu 21-Mar-13 10:33:40

North (doer upper house in Crouch End). Me and OH bought separately in early 2000s and have good but not stellar wages. Average house price round here is 800k plus, insane.

I think if you look at younger (we're in our 30s) people who have a decent house in London it is often a combination of parental help, buying very early and moving/leveraging more debt early and good income. You'd just have to have a freakishly high income to get away with not having help/having climbed the housing ladder. Goodness knows what people in their mid 20s without help will do.

There are cheaper and really decent places in SE London and also Tottenham, Wood Green etc are better value up North. I've mainly lived in much cheaper areas than we do now and they were just fine. What's hard to combine is the cafe and and deli lifestyle with any sort of space.

lalalonglegs Thu 21-Mar-13 11:04:08

SW, zone 2 - bought a very decrepit maisonette and extended and renovated it. Bought six years ago - would like to move to get a garden but the jump seems to be about 500k to a house of equivalent size.

gilly86 Thu 21-Mar-13 11:13:47

We live in SE London zone 3.
2 (and a half) bedroom house in a quiet Victorian terrace.
10 mins to London bridge on south eastern train. 12-15 mins to charing cross.

We used to live in Camden town... We miss it but are saving so much money now and have a house instead of a studio flat!

HolyMackerel Thu 21-Mar-13 11:15:56

Another one here who is most definitely nowhere near a millionaire, but owns a large 3 bed house in SE London, Forest Hill/Catford area. Zone 3, fab transport links, lots of great space, good schools, great people round here smile

ScreamingFoxtrots Thu 21-Mar-13 11:30:39

We live on zone 1/2 borders which is the latest regeneration zone at last so it's becoming quite expensive to buy property round here. Fortunately DH bought whilst it was still a long way from "up and coming" so we're not saddled with a huge mortgage for our lovely flat (3 beds, roof terrace, two parking spaces).

Three bed houses in this neck of the woods have just gone through the £500k mark, which is cheap for somewhere so central.

I used to hate it so much here, but recently have really fallen in love with the area. The amenities aren't great (yet) but we're 25 minutes walk from Victoria and Westminster and can be in Covent Garden in 15 minutes on the bus. It's so convenient.

dinkystinky Thu 21-Mar-13 11:33:43

We're in Zone 2 NW London - have a house but both good earners and got on the ladder a while ago in a flat in a more desirable area of London and the equity from that helped us buy the hosue. House prices are insane where we are now.

South East London, zone 3, on overland, much more affordable - we have friends who live down there.

herbaceous Thu 21-Mar-13 12:57:45

Walthamstow, zone 3. 20 minutes to West End on tube, 15 mins to the city on the train. Three-bed Victorian house. You can get a three-bed house round these parts for £350K.

Not many millionaires round here.

Small mortgage, because I was lucky and bought my old flat in the late 90s, for £65K, and sold it seven years later for £235K. It was in Dalston, which has now gone bonkers.

ScreamingFoxtrots I'm intrigued about where you live. Vauxhall?

WhataSook Thu 21-Mar-13 13:33:39

Zone 3, SW London. Definitely not millionaires!

Live in an end of terrace, 2 bedroom house. Love it (but mostly love my garden smile)! The area gets slatted but I like it and its really handy and our mortgage is nearly £500 a month cheaper than when we rented in W12, tiny flat with no outside space.

I think screaming lives in Battersea?

herbaceous Thu 21-Mar-13 14:02:21

But Battersea (South Chelsea) has long since up and come!

ScreamingFoxtrots Thu 21-Mar-13 15:12:14

We call it Nine Elms now herbaceous grin

I am so excited about all the stuff that is coming here - not least the tube station 3 minutes walk from my front door. I think, as long as you're not buying one of the millions of new build flats you can still pick up a decent property without paying through the nose. It won't be long before you can't.

herbaceous Thu 21-Mar-13 15:13:55

<punches air>

Vauxhall Nine Elms is remarkably central. Though you do have to be careful of falling helicopters. Or is it too soon for that sort of joke?

ScreamingFoxtrots Thu 21-Mar-13 15:22:09

We missed it as we were out of the country - DH was gutted as he could have been the man-on-the-ground for the newspaper he works on.

I'm working on lightning never striking twice and therefore we are less likely to suffer a falling helicopter again (not too soon for jokes, but need to say that people did die and it is tragic, but there is black humour to be had).

msrisotto Thu 21-Mar-13 15:28:18

Thank you everyone for enlightening me!

However I have come to the unfortunate self discovery that I must be a bit of a snob because I have a bit of a south London block in my mind. Although it may be because it would take me from within an ok distance from my family to a 'see them twice a year' kind of distance. At the moment I do like my family so that would be a problem.

bigTillyMint Thu 21-Mar-13 16:52:11

Crossing London from where we live to the M1/M4/M40 takes about an hour and we are probably in the furthest away zone 2 area from those London gateways. Does that make it into a twice a year kind of distance?

msrisotto Thu 21-Mar-13 17:00:38

Well it's an hour and a half from Harrow, zone 5, NW where I am now, so it sounds like it would then be 2.5-3 hours in total?

msrisotto Thu 21-Mar-13 17:01:13

Maybe it's already 2 hours, I can't remember. Depends on traffic of course.

GreyGardens Thu 21-Mar-13 17:04:18

Peckham, zone 2, love it, have a house but like others I bought in the 90s when nobody wanted to live here. Now it is in danger of becoming too trendy and <shudder> the new Dalston. It has certainly up and come, most 3 beds in my neghbourhood go for c. £600k.

bigTillyMint Thu 21-Mar-13 17:49:25

3 hours is a twice a year journey?shock!

msrisotto Thu 21-Mar-13 19:25:07

Lol, well it would mean that they'd virtually never come to me, I would always have to go to them so obviously i'd see them more than twice a year but it'd piss me off that I was always the one making the effort. grin

msrisotto Thu 21-Mar-13 19:25:37

Oh god just realised I said lol, bit of a mn crime isn't it? Sorry!

ScreamingFoxtrots Thu 21-Mar-13 19:55:32

The A406 is a known barrier to parents visiting grown up children in London. My in-laws live just outside the M25 and have visited us here once in 6 years! It's a price worth paying in my eyes grin

Seriously, have a look south of the river, you may be pleasantly surprised!

Mintyy Thu 21-Mar-13 19:57:14

Well hello Tilly smile.

Iknowwhatyouredoing Fri 22-Mar-13 01:11:39

We live in zone 1, about 5min from Warren St in an ex-LA flat. Definitely not millionaires here grin, it was £300k when we bought in 2010 but probably increased a fair bit since then, despite being in a tower block. Looks brutalist from the outside but it's actually very spacious, we have lovely neighbours and a great community. Two beds but far more space than modern builds, and we just have one DS so it suits us well.

Love being able to walk to work, and making use of London's shopping and amenities without rushing back for a last train!

Goodwordguide Fri 22-Mar-13 08:51:29

Sounds great Iknow - if we had one 1 DC I would definitely try and live right in the centre. I love those Barbican-esque flats.

VinegarDrinker Fri 22-Mar-13 08:53:26

Me and DH want to live in the Barbican when we turf out the kids. Love it there smile . I went to the Barbican playgroup back in the day and graduated there too.

Goodwordguide Fri 22-Mar-13 09:31:30

Would love to 'retire' to the Barbican when the children finally leave home - love wandering round the City at the weekend and the JG Ballard vibe...

mrsH1974 Fri 22-Mar-13 12:46:14

Live in Shepherd's Bush. Pay £40k a year in rent.

We are each individually on the top rung of our anti-social, high-stress-low-satisfaction but therefore well-paid professions.

We are moving out of London because we can't afford to buy in the kind of area we feel comfortable living in.

This is why Lonbdon is fucked: you can only live here if you do so with an inheritance, a tax dodge, or benefits.

Iknowwhatyouredoing Fri 22-Mar-13 12:51:08

We didn't have any of those mrsH1974 smile. Nor are we at the top of our professions (we just do bog-standard jobs really). But I dare say our council estate might be somewhere that a Shepherd's Bush resident might not feel comfortable in. We were a bit unsure about it at first, but we swallowed our prejudices and we've never had any problems living here.

It's not as nice (or expensive) as living in the Barbican either!

VinegarDrinker Fri 22-Mar-13 12:59:58

So all of us on this thread are tax dodgers or have inherited money? Erm, right...

mrsH1974 Fri 22-Mar-13 13:00:56

We are not from London originally, Iknowwhat so admittedly we don't really have a very well developed tolerance level for people pissed and fighty in the middle of the afternoon blush.

It's gutting to be working this hard in a job I don't much like to have to pay £40k a year to live in a very convenient but not especially nice street, with no garden.

Yes, I could afford to buy on a council estate, and perhaps I AM a snob for not wanting to live there. But when you're contibuting six figures to the exchequer each year, there's something disheartening about realising you're paying for your next door neighbours to stay home all day and smoke weed on the doorstep.

HolyMackerel Fri 22-Mar-13 13:01:40

mrsH1974 we didn't have any of those and have a modest income, but we moved from N London (Crouch end area) to SE London to an area where we could afford to buy - it really is not that scary and we are very comfortable here.

If you can afford £40k in rent a year you could buy in a pretty fab area (much trendier than my neck of the woods) in London no problem.

mrsH1974 Fri 22-Mar-13 13:02:12

Vinegar How did you buy your house? When did you buy your house?

HolyMackerel Fri 22-Mar-13 13:05:07

Oh dear, if you are paying 6 figures in tax mrsH you can certainly afford to buy in London. My neighbours are v middle class and have never smoked weed on the doorstep though I smelt something funny in the back garden once

mrsH1974 Fri 22-Mar-13 13:05:47

Holy What you're saying makes a lot of sense but I work unsocial hours (am often at my desk at 6am or still working at 2am because of time differences) so need to live centrally.

Beyond zone 2 you're adding 2 hours a day in commuting and even that's impossible if your working day doesn't end until the last train has long left.

mrsH1974 Fri 22-Mar-13 13:06:41

Six figures combined between us in tax. Individually would be a different story smile.

HolyMackerel Fri 22-Mar-13 13:14:33

It may be the case that you cannot afford to buy very close to wherever you work, in central London, and that is the case for most Londoners. That's not the same as everyone who has managed to buy in London being a tax dodger etc.

We live in zone 3, my DH works in central London, and he has a 30 minute commute door to door.

mrsH1974 Fri 22-Mar-13 13:18:28

I'll ask the same question: when did you buy?

We arrived in London in 2004 and the big price rises began in 2005.

If you bought less than a decade ago you're laughing, if you didn't, you aren't.

It doesn't matter how far you live from the centre, Holy, it matters whether you can actually get to work for the hours that you work.

herbaceous Fri 22-Mar-13 13:19:02

Hmmm.

So, six figures annually in tax. So that's a minimum of £100K. At roughly 30% tax, that means between you you earn at least £300K a year between you.

As you can generally get a mortage for three times your salary, say, you could buy a house for £900K, and pay it off in a few years. Plenty of houses with gardens for that in London, with short commuting times.

VinegarDrinker Fri 22-Mar-13 13:19:14

This whole thread is about people who live in zones 1-3: there are places centrally a heck of a lot cheaper than Shepherd's Bush! Try East London or South London for a start.

In answer to your Qs, we have a Victorian maisonette (3 bed, small garden), bought 2 years ago for 305k. How? Fucking massive mortgage and saved up a 10% deposit. We don't have tons of disposable income but our income is a lot less than yours by the sounds of things!

mrsH1974 Fri 22-Mar-13 13:24:19

Herb

You forgot to allow for the 25% deposit in your calculations (which is what you need for a mortgage that large).

It's not easy to save up £150k or thereabouts when you're paying £40k a year just for the roof over your head.

herbaceous Fri 22-Mar-13 13:28:11

Sorry to be picky, but if you're earning more than £100k a year, and your rent is 'only' £40k, there's £60K a year to play with. Wouldn't take that long. Your situation really doesn't seem too arduous.

mrsH1974 Fri 22-Mar-13 13:28:44

Vinegar We'd happily live in East London or South London but what you get for your money isn't substantially cheaper than what you get in Shepherd's Bush.

Zone 2 - almost anywhere in Zone 2 - costs between £550-£600 per square foot.

Hence why we're moving out of London. DH doesn't work such unsociable hours so can cope with a longer commute and I'm hoping to change careers to something more portable.

I'm not for a moment suggesting "poor me", I'm just pointing out that when London prices are too high for even the highest earners, something's got to give. I'm not sure what.

HolyMackerel Fri 22-Mar-13 13:29:05

We bought a tiny flat in 2006 that we squished ourselves into then saved like mad and bought a house in a cheaper area that has turned out to be lovely and lots of like-minded people have also bought round here around the same time and had families. As I said this bit of SE London is full of lovely people smile

mrsH1974 Fri 22-Mar-13 13:29:19

What do you suggest I feed and clothe and educate my kids on, then, Herb

MintyyAeroEgg Fri 22-Mar-13 13:30:52

Ha haa! MrsH your posts on this are absolutely laughable. You are paying over £3,000 a month in rent but are whingeing about not being able to afford to buy! Honestly (and I never say this) ... you need to get over yourself.

And if you move out of London how does that equate with wanting a short commute because of your anti-social hours.

Why don't you give up this terrible job that makes you miserable, downsize and cheer up a bit? Money really isn't all that, you know.

VinegarDrinker Fri 22-Mar-13 13:32:22

Ah, so the kids are in private school? That's something we could never afford in London.

But I am curious about your assertions about cost - as I said we live in a Victorian 3 bed, in zone 2, that cost 305k. Are you saying I'm making it up?.

herbaceous Fri 22-Mar-13 13:34:42

(At least) £60K a year buys a lot of Sainsbury's clothes. And round here (zone 3, admittedly) education is free.

mrsH1974 Fri 22-Mar-13 13:35:53

I think you're the one who needs to get over yourself, Minty.

I started out with nothing and now earn a lot of money. I have a lot of commitments which cost me a lot of money.

I don't expect anyone else to feed my kids or pay for the roof over my head.

So kill me now for wanting to live in a neighbourhood where people share those same values instead of smoking dope and getting pissed in the middle of the afternoon. You know, because they're too good to go to work in a job they don't much like.

msrisotto Fri 22-Mar-13 13:38:49

Ah crap please can we not derail the thread? It was informative.

mrsH1974 Fri 22-Mar-13 13:38:52

I bet £305k is not what 3 bedrooms costs now, Vinegar.

HolyMackerel Fri 22-Mar-13 13:41:29

To be honest I doubt there is any neighbourhood like that, there are all sorts everywhere, anywhere you live. My Dsis lives in the country and her neighbours are let's say less friendly than mine.

But yes I think you should leave London you sound pissed off with it and very stressed, but there are plenty who live here, in zones 1-3 as OP asked, who are not top earners etc. and who love it smile

HolyMackerel Fri 22-Mar-13 13:42:26

Well OP you have now got more details of where we live from some of us, what it's like, and how we bought it grin

herbaceous Fri 22-Mar-13 13:43:04

320K, zone 2, three bedrooms So, £305 after an offer!

Informative for ms risotto too!

And yes - you get lazy bastards wherever.

VinegarDrinker Fri 22-Mar-13 13:43:41

Our neighbours are wonderfully mixed, it is one of the best bits of London imho but I can't actually think of any who don't work.

MintyyAeroEgg Fri 22-Mar-13 13:44:15

Thank goodness my neighbourhood is way too downmarket to attract the likes of you MrsH. I think somewhere like Weybridge or Guildford would suit you wonderfully.

LittleBoxes Fri 22-Mar-13 13:44:26

The reason we could afford a zone 3 property, on very average incomes, after house prices rocketed, was that we bought an ex-council flat (in SE London).

<no dope-smoking or afternoon pissedness here>

VinegarDrinker Fri 22-Mar-13 13:44:35

Prices have been stagnant for well over 2 years here mrsH.

herbaceous Fri 22-Mar-13 13:47:24

Maybe what Mrs H needs is a tedious commuter town (many of which are more expensive than London BTW), where the non-workers are safely inside, getting pissed on the cooking sherry.

mintymellons Fri 22-Mar-13 13:47:40

DP and I lived in London between 1998 and 2005. We rented several flats during that time all in zones 1-3. We're not rich and the flats varied, but we wanted to be in London, London, not in the suburbs.

In chronological order we lived in:
Leyton - 2 bed flat
Bethnal Green - 1 bed flat
Highgate - 1 bed flat
Crouch End - 2 bed with garden
Islington - 1 bed with garden

The last two were the best!

mrsH1974 Fri 22-Mar-13 13:48:32

herb I love Brockley! Our best friends live there. Doesn't work for us from a commute POV though, we really need to be W or SW (Paddington).

mrsH1974 Fri 22-Mar-13 13:51:19

Wow, lots of snide remarks here.

I was making an observation about the general state of central London's property market and got caught up in the green eyed monster swamp.

VinegarDrinker Fri 22-Mar-13 13:51:24

Btw I agree house prices are a joke, but don't tell me someone on 300k can't afford to buy anywhere in zone 2.

The people I feel sorry for are people like my brother & SiL, he works in admin at a Uni, she works as an English teacher for speakers of other languages, on a self employed basis for a council. They were both born and brought up in London but there is no chance of them ever affording to buy.

herbaceous Fri 22-Mar-13 13:51:32

Sorry Mrs H. You will not defeat me!

Acton, three bed house, zone 2, 600K Small change.

MintyyAeroEgg Fri 22-Mar-13 13:52:18

pmsl at green eyed monster swamp!

MintyyAeroEgg Fri 22-Mar-13 13:53:26

You can't expect MrsH to live in Acton! Someone might smoke a joint there. Or possibly sit out on their front step.

mrsH1974 Fri 22-Mar-13 13:59:21

Message deleted by Mumsnet for breaking our Talk Guidelines. Replies may also be deleted.

MintyyAeroEgg Fri 22-Mar-13 14:03:10

Oh dear MrsH. Now that was uncalled for wasn't it? You don't like me questioning your terrible snobbery and your very skewed perception of what life in London is like for most ordinary people ... so you have to resort to telling me to fuck off! I do hope you manage to give a better impression of yourself in this enormously important career of yours.

mrsH1974 Fri 22-Mar-13 14:06:23

When you have anything approaching a career, MintyAero, do be sure to let us know.

I want my children to have aspirations, not ridicule the achievements and expectations of others. You're welcome to your council estate with an attitude like yours.

HolyMackerel Fri 22-Mar-13 14:09:43

shock

Londoners have a bad name outside London and I have met with a lot of anti-London hostility in the shires etc. And now I know what sort of "Londoners" they might have met to get this impression...

Most of us are just normal, honestly OP!

MintyyAeroEgg Fri 22-Mar-13 14:17:58

My council estate?

herbaceous Fri 22-Mar-13 14:21:15

<handbag to chin>

LittleBoxes Fri 22-Mar-13 14:23:33

I think she's getting us mixed up, Minty. I'm the skanky dope-smoking council estate dweller.

<crosses mrsH1974 off Christmas card list>

LittleBoxes Fri 22-Mar-13 14:24:22

And I have quite a nice career, actually. As do most of my neighbours.

VinegarDrinker Fri 22-Mar-13 14:24:48

Hmmm, maybe you would be better off staying in West London after all mrsH

jammybean Fri 22-Mar-13 14:25:22

It's got a little bit heated in here hmm

forevergreek Fri 22-Mar-13 14:30:03

Zone 1, 4 mins walk from Hyde park. We rent ( ridiculous price really), and have a 1 bed ( 2 adults, 2 toddlers). We won't move until we really can't fit. It's a large 1 bed tbh, with balcony and underground parking. Large open planned kitchen/ living/ dining room. An ensuite and seperate bathroom. Lots of storage, floor to ceiling windows with view on Hyde park.

We save on having no commuting fees and live very minalistic. I think if/ when we eventually move to say a 2 bed of the same size it will prob be around Wimbledon.

crochetcircle Fri 22-Mar-13 14:49:59

We just bought a 3 bed house between wood green and ally pally for £485k. It's zone 3 and we can still get to crouch end and Muswell hill for coffee and cake, and have the high road for everything else. It's a lovely area.

We had a little bit of help buying our first flat in 2007, a one bed garden flat in zone 2, bought at the very top of the market. We extended to make it a two-bed and really cashed in when we sold as the area had gone up in value. No way we could have afforded this place otherwise. I'm still very grateful to have the chance to live in a house in London.

oldqueencrepey Fri 22-Mar-13 14:57:20

Blimey. Mrs H! Play nicely or you'll definitely be losing Golden Time*

*It's a state school thing.

Herbs are you still clutching that handbag to your chin? Allow me to pass the smelling salts. Anyone for a Parma Violet?

herbaceous Fri 22-Mar-13 15:01:13

It was a Vic n Bob-style handbag to chin, but I will have those smelling salts.

oldqueencrepey Fri 22-Mar-13 15:03:56

Aww herbs, no Parma Violet? What about a tissue?

herbaceous Fri 22-Mar-13 15:06:15

I simply cannot abide parma violets, ta ever so.

herbaceous Fri 22-Mar-13 15:06:45

<back on track> What's your London property trajectory, OQC?

bigTillyMint Fri 22-Mar-13 15:11:57

FWIW, MrsH, mintyy and I live in an area that you might actually consider living in. Not on a council estate - it's quite popular with the banking brigade now. If you could stump up the cash, of coursewink

But then we are quite happy to educate our children at state schools.

oldqueencrepey Fri 22-Mar-13 15:17:52

Well, <tries to skirt round edge of green eyed monster swamp> I bought a not very nice flat in Clapham, just after height of boom in '89, with deposit (5%) from money left by a grandparent and my Dad as guarantor on the mortgage. I had a succession of lodgers / flatmates in the spare room to cover the mortgage.

In '94 I sold it and pooled resources with now dh, who also sold his 1 bed flat and we bought a terraced house in a not very nice street in central Islington for what now seems like peanuts. We were lucky because at that time Islington just wasn't seen as particularly desirable at all (indeed my late in-laws who had always lived in Hampstead were quite horrified).

We sold that house a couple of years ago for 5x what we paid for it and bought an amazing house at great expense, still in Islington. It is lovely and I'm never moving. I do realise we are very very lucky. I worry that when dss realise what it's like out there in the world these days they will still be in residence on top floor aged 40.

bigTillyMint Fri 22-Mar-13 15:21:16

OQC, I got on the property ladder buying an ex-council flat in Clapham Old Town in '92. We sold it at 3 x the price and bought our current house in '99, but really wish we had just rented it out - it would have been a fantastic money spinner.

herbaceous Fri 22-Mar-13 15:27:57

I toyed with that idea with my EX-COUNCIL flat in Dalston, but needed its equity to buy this house.

Sorry OP. All this talk of early property ladder leapers isn't helping, is it.

jammybean Fri 22-Mar-13 16:52:22

I'm very envious of all you house London dwellers. envy And wish I had been able to buy in the 80's. (physically impossible)

But I guess if we were prepared to live on the outskirts of Zone2/3 we would have managed to get something quite lovely with a garden.

The council estates where I am sell at a premium as many have unobstructed river views! So there not all grotty.

bigTillyMint Fri 22-Mar-13 17:00:53

The ex-council flat I had was a really big 2-bed garden flat. Never had a moment's trouble with it or the neighbours (I bet most of them are privately owned now anyway) and it was a stone's throw from Clapham Common tube...

MintyyAeroEgg Fri 22-Mar-13 19:51:15

Jammy, if you had bought in London in the 80s you would very possibly have been in negative equity, like wot I was for 10 years. I bought a flat in Hackney in 1988 for £76,500 and sold in 1998 for £75,000. For a lot of that time I had to let the flat and rent elsewhere (as had to move for jobs). People forget that house prices have not been on an ever-upward trajectory in the recent past.

jammybean Fri 22-Mar-13 20:09:12

You're right Minty. I look at the past generations having had it easier forgetting there has been both peaks and troughs in the market. Negative equity aside, surely it was easier to buy your place in 1988? I think most in the 20-35 age group would give an arm to be able to afford anything in London right now.

bigTillyMint Fri 22-Mar-13 20:12:18

But I and many of my friends couldn't afford to buy anywhere in London till we were late 20's/early 30's. I think today's 20somethings have unrealistic views on owning their own houses - it takes time to save for a deposit and get higher on the payscales.

MintyyAeroEgg Fri 22-Mar-13 20:23:19

Jammy - I bought with a friend. Our joint income was £26,000, but interest rates were an awful lot higher. At one point I was bringing home £750 per month and £350 went on the mortgage. We had to have a 5% deposit, which we saved for.

jammybean Fri 22-Mar-13 20:29:16

I don't think it unrealistic to want to own your own place in your twenties. It's no god given right. But if people want to, in an ideal world affordable housing should be available.

notcitrus Fri 22-Mar-13 20:29:23

No weed-smokers when we had an ex-council flat in Hammersmith. Loads in nice streets I've lived on before and since.

We couldn't afford anything larger than a 2-bed in Hammersmith, even council, which clinched the decision to move south where we could afford beautiful 4 beds.

Anyone snobbish about south of the river hasn't been Between the Commons, or to Dulwich.

jammybean Fri 22-Mar-13 20:35:40

notcitrus I have to admit I'm one of those north of the river people. I'm not snobbish at all. [Grin] But given the choice, I'd always stay north. It's just what I'm used to.

bigTillyMint Fri 22-Mar-13 20:43:49

Jammy, you can change - DH is a south of the river convertsmile

dragonwick Fri 22-Mar-13 20:45:52

Bought a 2 bed flat shared ownership in N1 in 2004 on my own, profit helped fund deposit for 3 bed decent sized house with garden in Walthamstow, bought last year for £265k with DH. I love it here, good green areas, primary schools, victoria line and zone 3. Am definitely not earning millions, very average income.

herbaceous Fri 22-Mar-13 21:07:43

Hey dragonwick - I'm in Walthamstow too!

dragonwick Fri 22-Mar-13 21:14:09

Neighbours smile

FamiliesShareGerms Fri 22-Mar-13 21:16:20

SW London, not earning millions but there are plenty around here who are. The depressing thing is how quickly prices have risen in the last 10 years. Eg the houses on our street that currently go for upwards of £600k were about £150k not that long ago...

Seminyak Fri 22-Mar-13 21:41:06

Wandsworth town!! I earn less than London living wage and DH earning less than used to due to new/more satisfying job. Rent is ridiculous but we don't have kids so fewer expenses there. Lovely area. Moving to forest hill soon which will be nicer flat and cheaper.

Seminyak Fri 22-Mar-13 21:42:59

Btw, forest hill flat is one we are buying. £275k. Makes me sick but cheap ish for London!

MintyyAeroEgg Fri 22-Mar-13 21:47:57

Forest Hill is ace! Fab sweet shop and swimming pools, what more could you want? Welcome to the hood, Seminyak.

southnorwoodmum Fri 22-Mar-13 22:16:56

I am in zone 4 South London. Going to work takes 12mins by train to London Bridge and total 35mins door-to-door journey. Our house was what we can afford (cheapish) and in any way, mortgage is nothing compared with childcare costs (the latter is real PITA).

Seminyak Fri 22-Mar-13 22:18:51

Ah thanks mintyy smile

minipie Fri 22-Mar-13 22:51:10

SW London here, nappy valley. how did we afford it... we are both on city wages but never spent what we earned... always lived quite frugally, only just had first DC so no child expenses till now... both got on property ladder early and paid down mortgage with spare cash, so we benefitted from price rises in mid 2000s.

MothershipG Fri 22-Mar-13 23:04:09

West London rules! grin

I moved from 2 bed ex council flat in Shepherds Bush to the Queen of suburbs aka Ealing and love it here. Small 3 bed terrace but we've done the loft so now 4 beds. A bigger, end of terrace 4 bed around the corner has just gone on for £720,000 but I can't believe they'll get that, it's ridiculous!!!

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