To think this house is worth it and London won't crash?

[Yazhi]

After searching for a long time we have found a house in an area that both DH and I like. DH thinks we should wait and see if the prices drop in London. Flats seem to have dropped and he's hoping houses follow. Who do you think is right?

If you find anywhere in London with great state schools, don’t assume you can just move there, apply and get a place. The competition for them is ruthless.

Well done @Blossomtoes - must have been the Primrose Hill branch

Flats also have the cladding issue going on (after Grenfell). Over a certain height they're getting increasingly difficult to sell.

Muswell Hill is a nice area BUT transport links are dire !!

OP have a look further up the road to Friern Barnet or up into New or High Barnet.

Go for number 1 - opportunity for you to make some cosmetic improvements should you wish.
I'v found there's always talk of a crash and it's normal to get cold feet when for most people they're making the biggest purchase of their life. When we bought our first home we had similar worries. As long as you aren't over-stretching yourself I'd go for it.

If you have that much money for a house then I don't think you need to wait it out. Buy it before someone else does

Nice houses but absolutely not worth it. Prices won't drop until the people with more money than sense stop buying them, which will probably never happen.

Muswell Hill is perennially popular even though the transport links are a bit crap. Check out the school catchments too - they're tight. You won't lose money in this area.

Wow gorgeous house I would buy it buy wouldn’t want to live in a city especially a dirty one like London.

If you can afford it then buy it, I wouldn’t wait as it will be snapped up by someone else.

OP, Muswell Hill prices have gone up in the few months we've been looking, seriously. Buy it now!

A few considerations from what I've learnt:

• APS 'catchment' is shrinking all the time. Rhodes catchment is tiny. Make sure your house is in. Subscribe to Locrating - look at catchment based on distance only to get a truer sense of catchment size. Do NOT listen to estate agents when they say a house is in, and just because the family in the house goes to the school doesn't mean your children will when it's their time.

• transport. We almost bought a house in AP, but the transport links are not ideal for certain parts of London if you have to go in every day. We ended up going for the East Finchley end of MH, as it's on the northern line.

• family homes in MH get sold incredibly quickly. It's a very hot market for houses as stock is so low.

Good luck! Feel free to PM if you have any questions

I can't imagine having that kind of money to spend on a house, but to be fair those houses are gorgeous

You can of course wait to see if prices drop. But then your current house will also be worth less. And you have no idea when they will rise, or fall, again.

You'll drive yourself nuts trying to time a move with hitting the optimal market. Just approach the situation as it is now - you can neither predict nor influence house prices.

@highlighteryellow No, we are first time buyers in the U.K. We've been here 5 years on a work contract that's just been made local. Up until now work has paid our rent. We now have two little kids one of whom will need a reception place next year. I'm really not sure how true it is but a lot of the other mums say getting a reception place at a great school in London is very tricky. DH reckons we could send them private but that seems like more of a waste of money to me than just paying for a house now in a good catchment.

Having looked at them both, I would go with the first one.

I have to admit I don't know how school catchments work in London.

Is it the same as everywhere else?

I live quite near Muswell Hill -check the parking situation in those roads now they are charging for parking in Ally Pally. Unless its residents parking you may find it impossible to park at weekends and sunny days. For 1.6 I would want a drive. Muswell Hill is overpriced in my opinion with no tube connections although has a good community feel and some great little shops and restaurants. Also check the local schools- their catchments are tiny especially secondary. East Finchley is cheaper -look at the county roads or those around Creighton Avenue. It's a ten minute stroll to Muswell Hill and the high street is getting better and better. Another option is Whetstone/Totteridge-great primaries and green spaces and more house for your money.

Get it

Highly unlikely prices will drop, they rarely do.

If you don't buy now you're taking a gamble that prices might go on rising.

I'm looking to move (in the South East but nearer the coast) and at the moment there's a real shortage of desirable houses for sale; lots of rubbishy over priced ones but no one wants to buy those.

It's crazy, the lovely houses are selling like hot cakes, which is driving prices up with a lot of them selling for quite a bit more than the upper asking price in a bidding war between buyers.

I looked at a house earlier in the week, I was the first person to view it and they've already had several offers on it.

I don't know the London market, but from my view of the market where I am, my advice would be, if you find a house you love get in with an offer as quickly as possible because if you don't someone else will and they'll probably be paying top dollar for it.

@Peoniesandpeaches it's a volieres bird cage lamp they are beautiful but pricey.

I like the layout of the second house better (hate the giant kitchen/diner look, esp when there's only one other sitting room in the house), though the floorboards in the first are divine.

Houses like that will never drop significantly (they might stay or see a small dip - though I don’t it). They don’t build houses anymore, not least houses with nice rooms, high ceilings. Snap it up

From a schools point of view you might be better off not to but until you’ve got the reception place. Most local schools use distance as a top admissions criteria. Renters can legitimately rent right next to the school of choice. Then but your house. Do both houses ha e absolute banker schools? I know some places in MH and CE had spots where there was no local school but that large cohort may have gone through the school now.
However, both houses are lovely. Personally I like direct access to a garden but if thats not a deal breaker then it’s fine.

Im a lifelong Londoner. Prices do not really drop in middle class London areas with nice houses, good schools + transport links.

Worst that happens - a recession or the financial crisis - they plateau for a while and then start rising again.

London prices have risen 10% in a year. The market is super hot right now with little inventory and houses are being snapped up.

House 1 is much better design and better value as the side return has already been done - about 100k worth of work - the ground floor layout is far superior with a kitchen people will want to buy - and you say they left the cellar off the square footage.

But if you want it - you need to see it tomorrow or Monday and be ready to put in a offer asap.

@MiloAndEddie

Well that’s a stealth brag if ever I saw one

Yep

@SandysMam

You could live in an actual mansion an hour away though Op. It really blows my mind!!

That was exactly my first thought! There’s no way I’d pay that amount for a 4 bed. Bedroom’s aren’t even big. London prices are mental!

Beautiful! Go for it. Can't see prices dropping in that area any time ever!