What part of London to buy cheap first flat for DD1?

[BoxedOff]

We can afford to help DD1 onto property ladder. She is 22 and she can raise a mortgage up to £180k, we can give her £50k. Is there anywhere that is nice, fun, well connected for commuting to KingsX area and where you can buy a decent flat for £230k? I am beginning to think there isn’t! We live in London, she was raised here, but not in an area she can afford.

There might be something off Roman Road in Tower Hamlets? Hammersmith and city direct to King’s X in 45 mins or so

No.

anywhere you can get a decent flat for 230k isn’t nice or fun OR it isn’t well connected.

my DS and I had a similar situation two years ago.

you need to compromise on at least one of your list of requirements.

Maybe we would compromise on well connected. She’s too young to be somewhere with no life. What did you compromise on @Octavia64 ?

Actually I think another poster mentioned it - he’s just off Roman Road in tower hamlets. He’s got a bike and it’s fairly close to Shoreditch.

he’s doing a masters at guildhall this year so us cycling into Barbican every day.

https://www.rightmove.co.uk/properties/164053307#/?channel=RESBUY

https://www.rightmove.co.uk/properties/168607253#/?channel=RESBUY

Walthamstow / Blackhorse Road area has some around 200k mark that look decent. Victoria line gets you to kings x in 10 mins, overground into Liverpool Street in 15. Blackhorse Road area has lots of breweries etc, Walthamstow is a good mix - pubs, soho theatre, market - also lots of outdoors:parks / wetlands / marshes.

Loads of other people in similar situations. He has lots of friends who are very local.

you can get a lovely flat in Kings Cross for £230

all you need is a time machine to transport you back
to 2005

@pouletvous i know! I bought my first flat go £225k in 2002 in Kennington and it had two beds, period features and high ceilings. I thought it was soooo over priced but worth the stretch. I sold it in 2007 for £360k and saw it sold last year for £600k. My starting salary was 20k and my DD’s is 30k so the maths for that generation really suck.

How wide does your definition of 'London' go? Could look around the zone 5/6 Thameslink stations into St Pancras, such as East Croydon, South Croydon, Purley - it's a very fast line so around 30m to St P. (See map for other lines which may do the same in other directions)

<a class="break-all" href="https://www.google.com/imgres?imgurl=projectmapping.co.uk/Reviews/Resources/ThamesLink%2520Network%2520Map%2520-%2520Joe%2520Andrews.jpg&tbnid=yPByQ-9Ib_g7AM&vet=1&imgrefurl=projectmapping.co.uk/Reviews/thameslink_train_rail_maps.html&docid=v7UqmWHS5J0RYM&w=2945&h=3664&source=sh/x/im/m5/2&kgs=592f831611871ebe&shem=bdsle,isst,shrtsdl&utm_source=bdsle,isst,shrtsdl,sh/x/im/m5/2" rel="nofollow" target="_blank">Thameslink map link

Does she need to buy now?

I think you will struggle to find anywhere that will fit that budget. She may need to wait a little for her salary to grow and also to save a slightly bigger deposit.

https://www.rightmove.co.uk/properties/157190513#/?channel=RES_BUY She'd have more options with a an extra 20-30k... sorry, not helpful. Anyway, this is above a shop but looks OK and is a nice/safe area with fun stuff nearish.

Flats are not great investment at the moment in London then you have to think about leaseholds, service charges and cladding so a lot of my younger colleagues and family have waited longer but just skipped the flat stage.

Penge and Anerley in SE London aren't too bad with plenty in that price range - three stations nearby which connects you to various parts of London plus loads of buses, tramlink, etc. 10-15 mins to Crystal Palace and Beckenham, loads of green space and it's safe.

Which direction from Kings Cross would she prefer? This one is just off Holloway Road and right by Caledonian Road so not boring! She could walk to work. It’s top floor so no neighbours above, has a decent lease and realistic service charge. It would be a flat anywhere you’re looking.

https://www.rightmove.co.uk/properties/169598102#/?channel=RES_BUY

I also saw one on Amhurst Road which I’ll find and post. Personally I think it’s too soon with too little money but if you really want to, I’d go for something like this.

This one is in Hackney and the layout is good for a studio. Lease not ideal and no mention of service charge but well-placed and lovely looking building. It has been on a while and is over budget.

https://www.rightmove.co.uk/properties/160698134#/?channel=RES_BUY

My areas are really only north to Stoke Newington and east, can’t advise any further south or west 😂.

Second Penge as a potential area. Flats posted by Jam in Walthamstow, also a great area, have a high service charge of a very short lease

Not all flats are new builds with cladding and not all flats are leasehold. The jump from a flat to a house is huge.

The flat in the picture there only has 56 years left on the lease, which is probably why it is cheap. Not a good buy as will be hard to sell on without renewing the lease.

Where did I say that?

It is a big jump particularly paying 2 lots of stamp duty hence why some people are skipping a step.

All but one of the flats linked on this page have been reduced and still not sold and some have been on the market months.

Anywhere within a few mins walk of an Elizabeth line station. The further out bits obviously.

https://www.rightmove.co.uk/properties/170950670#/?channel=RES_BUY

Leytonstone has a buzzy feel now - this is one-bed and only just on the market.

56 year lease - unmortgageable.

I agree. I wouldn’t buy a flat, too many issues including that they don’t tend to increase in value as much as houses. Also the fact there are a ridiculously huge number of flats up for sake at the moment speaks for itself. But if OP wants to buy one I would look south east way, zone three and beyond.