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?

[quote slippersandprosecco]Example of what you could get in a pretty market town with super fast and regular trains into London and a much better change at getting into outstanding schools. If this isn't to your taste then are also plenty of Edwardian style houses akin to the ones you listed, but bigger for the same price.

People spending that many £££ in London outskirts are fools! Especially for a house that doesn't even have its own parking!

www.rightmove.co.uk/properties/80403462#/[/quote]

It's beautiful but Hitchin is a world away from Muswell Hill!

Street parking in these parts of London is the norm. People aren’t as wedded to their cars as they are in the ‘burbs. You get to chat to your neighbours when you’re wandering round the block in your slippers wondering where you’re partner may have parked the car this time.

Gorgeous house, go for it!

I've always been curious about people who can afford to spend that much on a house. Where does the money come from? Inheritance? Bought somewhere expensive years ago then sold?

I can't wrap my brain around being able to afford a house of that price yet still needing to go to work. You could buy a house for £650k elsewhere in the UK and then have 1 million left over to spend on whatever you like!

Sorry, know this isn't what the thread's about, I'm just incredibly curious re how people afford this level of house.

As an aside, my mum sold a garden flat in muswell hill in 1992 for 96k..... same flat was recently on the market for 660k!

I moved away from London over 20 years ago and I can't get over the property prices. How on earth does anyone on a normal wage afford to buy?!

Its a lovely house OP - go for it. MH property wont be going down in value imo.

As lovely as Muswell Hill is, people are completely deluding themselves if they think that there aren't just as nice and better value places to live which have equal commute times into central London

I don't want to live in a commuter town. Not even slightly. Most places in the Home Counties are priced equivalently to London on top of being deeply suburban and blah. Fuck no.

I want to be in London. Because I love London.

I think your DH is right about the private schools. I think I do, anyway. It definitely needs thought.

Your kids are going to be living in a massively more expensive home than many of their friends. I wonder how that will play out. Will it be awkward for them?

If you decide you don't like aspects of the state school and you don't have time to micromanage and improve the experience by liaising with school or becoming a school governor - then will you be able to afford private schools after all if you decide you want to later, and you've purchased this costly house? . The older children get, the more issues can impact their school experience.

I believe in state education, but I do accept it is hard going through a school and being different to the others. Easier if your family is middle class and socialist, as are many families in SE London. Especially if your parents are seriously well off and live in a house that you could buy maybe three small houses or nice flats for in nearby areas, it could be a bit tricky. . Think of the kids' potential experience.

You say you have not been in London long, perhaps you will not be offended by me commenting this way, as I wouldn't like you not to know about the relative pros and cons of schools.

It strikes me that the house you post, at that price, is ostentatious and grand. Do you really need that? Why not save on your mortgage, because who knows what might happen in the job market.

I even think your DH is right about watching prices, as to fall by 5 - 10% would be a massive life- impacting saving for your future.

Look for s cheaper area and save on your mortgage. Aim for 800 or 900k . And research the ethos of different schools and even the emphasis in the teaching and how certain issues are dealt with, say in 'An Inspector Calls' , the GCSE English Lit text

I think it's a lovely house in a charming area, Yazhi. I hope you go for it.

Oh just read all the comments, I didn’t realise such a bed would be a huge hazard!

@SunglassesSeventy it’s not cash in pocket though, you don’t have 1mil left over, it’s just 1mil you didn’t borrow. London salaries are bigger. Say 10% deposit, so borrowing £1,440,000, needs combined salaries of £260k. Two execs can earn that.

I don't know anything about london prices

But I have taken a real shine to the second one. I could live there on my own!

@Diverseopinions - tbh most of the kids in that actual area live in houses like that; it's the norm.

And as the state schools are so good, lots of people don't go private.

The prices are just what they are in that part of London. Crazy, but it's just how it is. Most people would buy that as a starter home though, they'd work their way up.

We don't have a car so parking not really an issue.

@SunglassesSeventy We aren't anything special! We both have science degrees. We were offered the opportunity to move here as part of a secondment package that included our living costs. I've been ploughing away our salaries for the years we've been on secondment. We gambled and took jobs with a start-up that was venture capital funding. In lieu of higher salaries we got lots of stock. The company sold and we make quite a lot off the stock. The U.K. can't hold onto its young science talent and we cashed in on that. Our roles were empty for a year before we took them.

In Muswell Hill there will be loads of middle class kids in similarly priced houses in state schools.

[quote Yazhi]This one is 100k more which is my evidence to DH that the one I like is worth it! The second houses photos are nicer but the house itself isn't I don't think.

Rosebery Road, Muswell Hill N10
www.rightmove.co.uk/property/108637082[/quote]
I like the other one better.

There's one near me quite similar for under £900k, however Muswell Hill and nearby is a more vibrant area, especially for a young family.

@BuffySummersReportingforSanity Me too!

I'm trying to sell my London flat and have dropped the price by almost a fifth. Agents tell me houses are also dipping now. This was reassuring to us as we're not moving areas so it was the widening gap that was stressing us out most

I think you need to find out more about education and philosophies because, although private schools are part of a divisive narrative about how we live as a society, they really do nurture - the very good ones - and develop your child's confidence and independent thinking. The small class sizes enable that. And before and after-school homework and sport clubs make childcare easier. I hope I'm not being out of turn giving unsolicited advice on schools, but it isn't as simple, I don't think, as 'great state schools versus wasting your money' . State schools are great for a free of charge provision, but not as magnificent as what can be achieved with the most attention to individualised teaching. A lot of work may need to go into to helping children from what will seem to most peers as a very well-off, privileged family, manage not to stand out as very lucky and out of touch with the experience of the others.

Your kids are going to be living in a massively more expensive home than many of their friends. I wonder how that will play out. Will it be awkward for them?

As PP say... It's just a normal house. Most kids don't have a clue what a 4bed in a popular London area costs, and don't care anyway. Why should they? Most of the state school primary kids in the tiny catchment will live in similar - some smaller, some bigger. The Scottish castle or commuter pile some people are keen for OP to buy instead would be much more of an issue.

@Yazhi

We don't have a car so parking not really an issue.

@SunglassesSeventy We aren't anything special! We both have science degrees. We were offered the opportunity to move here as part of a secondment package that included our living costs. I've been ploughing away our salaries for the years we've been on secondment. We gambled and took jobs with a start-up that was venture capital funding. In lieu of higher salaries we got lots of stock. The company sold and we make quite a lot off the stock. The U.K. can't hold onto its young science talent and we cashed in on that. Our roles were empty for a year before we took them.

Good thinking Yazhi,

But don’t listen to your DH or anyone who tells you houses in London will go down in the near future they will not.

Flats in central London fell because lockdown drove people to buy houses in leafy roads like this. Houses will continue to rise as people are still trying to move and there is not much inventory.

[quote Yazhi]@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. [/quote]
If both of you are working ft, it makes sense to pay for private school with wrap around facilities and great clubs on site, so that you do not have to ferry. Smaller class sizes means problems are spotted earlier. Private schools (but that is not always the case) also understand working parents better and don't operate on the basis that you can drop everything to turn up at their doorstep any time of the day.

Complaints are dealt with because you are the paying parent. If not, you can vote with your feet. The culture of interaction between the school and the parents is completely different from state schools.

If anything, you are paying for convenience when you send the children to private schools and also great all rounded education of course, which is one of the UK's best exports.

For the millionth time, I think I'm so glad I don't live in London.

@SunglassesSeventy

Gorgeous house, go for it!

I've always been curious about people who can afford to spend that much on a house. Where does the money come from? Inheritance? Bought somewhere expensive years ago then sold?

I can't wrap my brain around being able to afford a house of that price yet still needing to go to work. You could buy a house for £650k elsewhere in the UK and then have 1 million left over to spend on whatever you like!

Sorry, know this isn't what the thread's about, I'm just incredibly curious re how people afford this level of house.

But obviously the money is just borrowed? You pay off the debt .... you wouldn't get that money as an unsecured loan. Or am I missing sth?

That is a lovely house!

@BuffySummersReportingforSanity

Your kids are going to be living in a massively more expensive home than many of their friends. I wonder how that will play out. Will it be awkward for them?

As PP say... It's just a normal house. Most kids don't have a clue what a 4bed in a popular London area costs, and don't care anyway. Why should they? Most of the state school primary kids in the tiny catchment will live in similar - some smaller, some bigger. The Scottish castle or commuter pile some people are keen for OP to buy instead would be much more of an issue.

Kids know the difference. I would say from as early as 10 years' old. I have teenagers. Trust me, they know.

@Diverseopinions I lived in that area. Everyone I knew sent their kids to state schools cos they're excellent. They spent the cash on the house not private schooling. It's the norm there.

Both houses have north east gardens though. Means they won’t get much sunlight at the back except from May to august. Either house would be lovely, on the other side of the street! However if you don’t care about garden orientation, ignore this comment.