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Original poster

Living in London

105 replies

Yesnomaybeok · 25/09/2023 19:25

I'm considering a move to London. It would be a completely different area from the one I'm used to but I visit several times a year and love it. I love the bustle, the amount to do, the parks, the buildings. I feel like I need somewhere that challenges me more, better job opportunities, potential for a better social life, more to do, evening classes, learn a language etc. However, I'm in my 40s so is this crazy? I'd have a decent deposit for a house so wouldn't have a huge morgage but wouldn't have a huge wage. I'd be moving away from older parents and other family but there are no children of my own to consider and very few friends. Is this a stupid decision? Job wise I think I'd be ok finding one in my sector.

OP posts:
Thread gallery
11
SoRainbowRhythms · 25/09/2023 20:54

Almahart · 25/09/2023 20:39

This is nice and a pretty good location. (I lived on this road thirty years ago!)

All of the flats that I have found are leasehold and some have very short leases, that seems to be the catch for most of them.
1 bedroom flat for sale in Ferndale Road, Clapham, SW4 (rightmove.co.uk)

That's so cute!

SoRainbowRhythms · 25/09/2023 20:55

TedMullins · 25/09/2023 20:40

Do it! It’s great here. You haven’t a chance in hell of getting more than a two bed flat in a rough area for that budget though. Not that that’s a bad thing - plenty of people (like me!) live in the less desirable areas. South east London is the cheapest. My neighbourhood has a wonderful community, it’s the friendliest place I’ve ever lived including places outside of London, but it’s definitely what estate agents call “up and coming”

Ditto. The gentrification is creeping in tho. I'm starting to see old dutchie bikes and Lucy & Yak dungarees.

Original poster
Yesnomaybeok · 25/09/2023 20:57

Thank you so much everyone. A lot of thinking to do.

OP posts:
Almahart · 25/09/2023 20:57

Don't give up, if you can find something within that budget you will presumably have a tiny mortgage. London is expensive, but there is a lot to do that is free. If you can get the bus to work you will cut down transport costs massively.

Crikeyalmighty · 25/09/2023 20:57

I'm sorry to piss on your strawberries OP - but that's going to be nowhere near enough for most 1 bedders even, as you would still need around a200k mortgage minimum and even then that's presuming you get around a45k to £50k job- with very little debt and perfect credit history

I think what would make more sense is to buy 50% on a shared ownership (say 240,000 on a 480,000flat) in a reasonable area, put £140 down- have a100k mortgage and rent on the remaining 240,000 k- will cost about £1200 a month in mortgage and rent and service charge at current levels. The rents are pretty controlled on shared ownership . You will get a much better flat than the bottom end of one bedders.

Here are a couple of examples

www.rightmove.co.uk/properties/137653880

www.rightmove.co.uk/properties/135221165#/?channel=RES_NEW

Almahart · 25/09/2023 20:58

SoRainbowRhythms · 25/09/2023 20:55

Ditto. The gentrification is creeping in tho. I'm starting to see old dutchie bikes and Lucy & Yak dungarees.

Show quote history

Ha ha, I remember my first sighting of Saltwater sandals in Rushey Green (Catford)

caramond · 25/09/2023 21:00

Almahart · 25/09/2023 20:54

At least you could have breakfast in bed every morning as you'd literally have to sleep in the kitchen. 😂

Cowlover89 · 25/09/2023 21:03

Go for it

Parlourgames · 25/09/2023 21:03

London is amazing. The only thing is: it’s not that much fun without money to spend… well, it can be ok for a bit but once you’ve done all the free museums and galleries then you need cash. You need spending money for exhibitions and theatre and going out and travelling across town and eating. So just check your maths. See what you can afford for living. I lived in London as a student and then into my 40s and I’m afraid it got less fun for me because of lack of money…

Original poster
Yesnomaybeok · 25/09/2023 21:07

I don't want to price myself out. I'm currently pretty much morgage free so I wouldn't then want to start again with a 200k morgage in my 40s. It would be crazy to do that. A small mortgage and approx 150k deposit is all I could realistically do.

OP posts:
Original poster
Yesnomaybeok · 25/09/2023 21:09

Crikeyalmighty · 25/09/2023 20:57

I'm sorry to piss on your strawberries OP - but that's going to be nowhere near enough for most 1 bedders even, as you would still need around a200k mortgage minimum and even then that's presuming you get around a45k to £50k job- with very little debt and perfect credit history

I think what would make more sense is to buy 50% on a shared ownership (say 240,000 on a 480,000flat) in a reasonable area, put £140 down- have a100k mortgage and rent on the remaining 240,000 k- will cost about £1200 a month in mortgage and rent and service charge at current levels. The rents are pretty controlled on shared ownership . You will get a much better flat than the bottom end of one bedders.

Here are a couple of examples

www.rightmove.co.uk/properties/137653880

www.rightmove.co.uk/properties/135221165#/?channel=RES_NEW

£1200 a month would be about 50% of monthly take-home. That's not doable really. I'd be looking for closer to 30-35%.

OP posts:
SilentHedges · 25/09/2023 21:20

I'll go against the grain here, purely using my own experience. I decided to move into London from the Home Counties in my late 30s. My boyfriend lived in London, I had a huge network of friends and was well connected in club - world. I wasn't short of social invitations and rather than travel in at the weekends I thought it would great to enjoy all the social aspects of London mid week too.

The reality was I couldn't afford a flat in a decent area or one as central as I wanted, so I ended up renting. Travelling from West London (me) to other parts of London takes forever and simply wasn't doable in the week day evenings. Plus its incredibly expensive to go out all the time, so i did as much staying in as i did when i wasnt living in London. After a few years I moved back out. The crux of it was time and money. If you have a lot of money in London it's incredible, otherwise in my view, it's just not worth it. It's a rite of passage in your 20s, 40s not so much. Just think carefully about your budget and quality of life it will afford you. Good luck.

Crikeyalmighty · 25/09/2023 21:27

@Yesnomaybeok that would work ok on a 1 bedder-

Something like this - if you bought 33% - would cost you around £130,000 paid down - - no mortgage stall needed and rent and service charge around £880
Would give you the security - without a large mortgage- also if ever you needed to claim at all- it's under the local level - if it's rent you can claim, if it's a mortgage you can't (for a very long time)

In your position if you are using most of your cash that's what I would do.

This is in a really pleasant area too .

www.rightmove.co.uk/properties/138767912#/?channel=RES_BUY

Crikeyalmighty · 25/09/2023 21:31

@24HoursFromTulseHillEstate whilst I agree in theory (nice flat by the way) I don't think the OP will get a £200k mortgage based on what she is saying job wise- and if so I don't think she wants a £1350 a month payment based on the OPs reply to me.

TheOGCCL · 25/09/2023 21:41

It kind of depends what you’re imagining. Most people obviously don’t live in central London so in reality people live in a specific part of London and if you pick well there’s normally plenty going on or in the neighbouring areas. You wouldn’t necessarily be coming into the centre all the time. It’s good to have sense of the geography. House prices are higher the nicer the area and if it’s central and close, like Islington, it’s super expensive. You’d probably end up with quite a small place in zone 3 or 4 for £350k. Or a larger place further out. It’s the calculation everyone makes all the time, location over size. London can be expensive to live in, Time Out recently said you need a salary of c. £80k to enjoy London. I don’t think it’s quite that high as a single person but it gives an idea.
https://www.timeout.com/london/news/you-need-to-earn-this-much-to-be-happy-in-london-apparently-092123

Fedupwitheveryone · 25/09/2023 21:46

https://www.rightmove.co.uk/properties/137777258#/?channel=RES_BUY
I know this house, used to live on that street. It's about 20 metres from train tracks. odd mix of stunning £2.5m houses and shitty council/ex council blocks. You can do better for £200K - but OP it's a useful example of how little you can get for your money....

Check out this End of terrace house for sale on Rightmove

End of terrace house for sale in Larkhall Rise, London, SW4 for £200,000. Marketed by Bairstow Eves, Battersea

https://www.rightmove.co.uk/properties/137777258#/?channel=RES_BUY

TheThingIsYeah · 25/09/2023 21:47

Parlourgames · 25/09/2023 21:03

London is amazing. The only thing is: it’s not that much fun without money to spend… well, it can be ok for a bit but once you’ve done all the free museums and galleries then you need cash. You need spending money for exhibitions and theatre and going out and travelling across town and eating. So just check your maths. See what you can afford for living. I lived in London as a student and then into my 40s and I’m afraid it got less fun for me because of lack of money…

Very much this. London is great if you have some folding.

I find it also takes forever to get somewhere. I grew up in London so I know it very well. But going from, say Chiswick in Zone 3 to the City on the tube is enough to test one's patience.

PinkRoses1245 · 25/09/2023 21:48

We sold a 2 bed in zone 3 south London for £320k last year, 1 beds aren’t much cheaper. Plus service charges. In theory great idea but I’m not sure your budget allows for much.

nc14 · 25/09/2023 21:49

I recently sold my 1-bed flat in a nice part of London (but still Zone 4) for £450k.

I think if you really want to make the move you need to prepare yourself for a small 1-bed in a less convenient/ desirable area than you may have imagined.

Almahart · 25/09/2023 21:51

Fedupwitheveryone · 25/09/2023 21:46

https://www.rightmove.co.uk/properties/137777258#/?channel=RES_BUY
I know this house, used to live on that street. It's about 20 metres from train tracks. odd mix of stunning £2.5m houses and shitty council/ex council blocks. You can do better for £200K - but OP it's a useful example of how little you can get for your money....

I hadn't looked closely enough at it to see that you would literally have to find a way of sleeping in the kitchen as a pp pointed out! But yes, you really can't get much for £200k

Crikeyalmighty · 25/09/2023 21:51

I'm a fan of kingston on Thames OP if you are 'a bit more mature' and don't need to be 'that central' it's got gorgeous parkland, leafy, really great shopping, nice bars and restaurants and meet ups etc (and more close by in Richmond and surbiton) it's well enough connected and very varied housing-

You can get a nice enough flat based on what you've said for around £260k and in my personal view it's a way better choice than the grim areas people sometimes suggest. .

I couldn't see service charge on these but based on the average and a £110k mortgage you would be looking at around £900 a month or so

www.rightmove.co.uk/properties/135730847#/?channel=RES_BUY

www.rightmove.co.uk/properties/136074800#/?channel=RES_BUY

www.rightmove.co.uk/properties/138548963#/?channel=RES_BUY

S910441 · 25/09/2023 21:58

Yesnomaybeok · 25/09/2023 20:40

Really? Just for a tiny 1 bed flat? Surely I can get something for around 200k even if it needs doing up? I don't need anything fancy. It's just for me.

Show quote history

£200K in central London? 😆😂😆😂 Yeah, maybe for a garage.

Sorry, but come on! Have you done any research??

London is fab, but a modest two-bed in Zone 3 will be more like half a mill. Don't make the move without spending a lot more time crunching numbers and looking at Right Move.

Goldbar · 25/09/2023 22:03

OP, whereabouts do you currently live and is it countryside, village, small town, small city etc.? Essentially, what change would London be offering for you?

I'm wondering if you'd be better off going for a more affordable city where you might get a lot of what you want (the buzz, the vibrancy, the opportunities) but a bit more space for your money. You could also go for somewhere fairly close to/ with good transport links to London and visit more frequently.

So maybe:
Oxford (https://www.rightmove.co.uk/properties/139254359#/?channel=RES_BUY)
Bristol (https://www.rightmove.co.uk/properties/139141673#/?channel=RES_BUY)
Brighton (https://www.rightmove.co.uk/properties/137918732#/?channel=RES_BUY)

If it has to be London, maybe have a look Tooting-way (https://www.rightmove.co.uk/properties/134605076#/?channel=RES_BUY).