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?

www.haringey.gov.uk/sites/haringeygovuk/files/distance_of_last_child_offered_miles.pdf

Just check whether you’re likely to get into the schools you’re interested in op.

Admissions are done on distance in Haringey, not catchments, and the furthest distance to get an offer of a place changes year by year.

@BakeOffRewatch I just realised there's a flaw in that though - you wouldn't be an exec when you're starting out for your 25-year mortgage, by the time you could afford that mortgage you'd not have so many mortgage years left, so you wouldn't be able to afford the monthly payments on that level of borrowing. You'd have had to have bought in London (or Paris or wherever) previously and watched your small house rise in value and make lots of money on it already. Or have an inheritance. Or like the OP have made money via company stocks or another way. Haha have answered my own question now re how do people afford these types of houses.

@SunglassesSeventy honestly no. You can work up to six figures by 30, easily. No inheritance. No buying property in the 90s and flipping. Just saving hard.

@Peoniesandpeaches

I really love the lampshade in the child’s room with the birds… so cheers for sending me down a rabbit hole trying to find where it’s from

VOLIERE by MATHIEU CHALLIÈRES ,you can find it on hollowaysofludlow.com o beaumonde.co.uk

We had a maisonette on that road - sold it and moved to a house nearer tube -traffic/buses really annoying!

@lettie9 yeah that was one of the options in my list - have bought and sold already

Oh sorry misread your post @lettie9

How much do you have to earn to get to six figures easily by saving by age 30? I can’t imagine that’s an option readily available to many. Maybe investment bankers or similar? But not regular Joes.

@SunglassesSeventy Both DH and I were on six figures by 30. One of us has an undergrad degree only and one a masters but both in STEM. You really don't have to be a banker.

Correct, not banker. In fact, not even in FS sector. Not 'regular joe', but not unusual by London standards.

Anyway, to reiterate what some PPs have said to you OP - your children will absolutely not feel strange amongst their peers for living in a £1.6m house. It will be the norm. There will also be children living in smaller houses, flats, mansions, and in rental, but no-one will be shocked at all when they come to yours for play dates.

Feel free to PM like I said if you want any MH or general north London advice or chat it's lovely here, go get that house before it goes!

@Camdenish

You won’t “need” to go down the private Ed route in MH.

Plenty of children will be in bigger houses and some in smaller. Some in flats, some in private rented, some in social housing but plenty in that sort of house. Some families may well have that Hitchin or Scottish house as their holiday home.
I think I prefer house 2 just because the futility room is in the basement. The washing machine is likely to be on floorboards in the other house which makes more noise. Concrete floor and out of the way would be my preference.

Futility room

@Yazhi agreed I earn the same before 30 and not a banker etc. We are also house hunting in London at the moment ( selling 3 bed ) and I don’t think prices will drop.
Just sold our 3 bed terraced house 1 bathroom and one reception room in diff location for 950,000.

We’ve put in an offer for the first house

Beautiful house !
I think London will.settle back down ...I work at Liverpool street and it's as busy as ever. Things are getting back to normal although it might take 12 months to really see that.

They might drop but the house will be gone... take your pick

So it sounds like you have a really good deposit, good secure incomes and will likely to be able to get new work quickly if you get made redundant.

Also that you're financially savvy in that you've saved your spare money and not spent it on Ferraris and weekends away by helicopter, so you're not going to be tied to the house by a massive mortgage you're at risk of not being able to service.

Prices dropping is only an issue if you have to sell, eg if you need to move for work.

Otherwise it's likely to at least maintain its value over the long term and if you had to move for some reason you could rent it out to cover the mortgage so you keep the asset and don't lose money if prices are low.

I'm jealous. I have a first in chemistry and if I'd done about 10% of the progressing and risk taking that you've done, I could have retired by 40. Well done and good luck

Ok- clearly there are a lot of London lovers here OP if you can comfortably afford them and won't be mortgages to the hilt, and could afford any significant interest rate rises (remember borrowing is very cheap at the moment), then I would go for house 1.

For those slating the house I posted- I'm fully aware it would need work to update- but you get a hell of a lot more house in what is in my opinion just as good a location with just as good access into central London, and the schools are just as good if not better. There are plenty of examples of houses 'done up' to a standard that the OP posted but for at least £600000 cheaper... but each to their own!

I have lived in both muswell hill and Hertfordshire for reference- for me there is no comparison in quality of life- Hertfordshire wins every time!

Hello OP, have you considered East Dulwich or Beckenham, both south of the river.

Beckenham in particular has good schools including good secondaries. It has a good high street, lots of parks and access to the Kent countryside. Great for families.

East Dulwich is also great for families but more central. I loved living there.

House 1 - pictures from 2018 (illustrative purposes only) is this not a bit concerning ? what does it look like now ?

lovely house, but I wouldn't have advertised it on a public forum.

@Dannyandsandy

We’ve put in an offer for the first house

Are you the OP and have name changedM

Nice houses. Just imagine what you'd get in another area. Look outside london

Why are people telling the OP to live somewhere else?

Muswell Hill is great, OP. Those houses are standard prices for that area. Don’t second guess it, it has what you’re looking for and you like the houses!

Yes, outside central London, riding for the kids, possibly a swimming pool in the garden. More savings and less pressure.

@lettie9 is right, @SunglassesSeventy, it is not uncommon for people to be on 80-100k by 28, 5 years post uni and on a good management footing in their specialism. Though does depend on the circles you’re in, I’m STEM degree too and it’s people from uni I know in that situation. It’s not just finance, it could be data protection, security business analyst, technical expertise. You might have a lot of fun on glassdoor.com salary search and setting to London! The prospect isn’t scary, there’s the view that credit is a belief in your future both by yourself and your lender, you both believe you’re a good shot for paying it back.

OP yay so great you put in an offer, good luck, you will love it there.