Need advice in selecting an area to buy a flat-please help

[Shadow12345]

Hi guys- I moved to London recently, and work in Canary Wharf. Thinking of buying a flat for £500-550k and the options are so confusing. I am in the mid-30s with annual income £80k fixed, with bonus of 30-35% expected on top. These are some options i have explored. Am I going wrong here/should think about it in a different way/explore some other recommended areas?

(i) Canada Water/Rotherhithe- Can get a 2 bed here. Quick commute to work/the West End via the Jubilee. But Canada Water itself is quite dead/not a bunch of restaurants/places/things to do.

(ii) Bermondsey near the tube station- Can get a 2 bed here, quick commute. Again the same problem. All good restaurants/street markets/places are near the more expensive London Bridge side of Bermondsey, making the walk to the underground station a chore.

(iii) Pimlico- Nice quiet area. Slightly longer commute with a line change to work. But can only get a 1 bed with that amount of money.

(iv) Angel - Vibrant area with lots of restaurants/supermarkets/things to do. Quite expensive and can get only a 1 bed.

In terms of the future, my work is going to be restricted either to the City or the Wharf. Thanks for your suggestions!

[Freetodowhatiwant]

What about just on the other side of the water in Greenwich and you either jump on the DLR to work or cycle there going through the foot tunnel? It's beautiful and expensive around the park of course but slightly further out towards Charlton you have some beautiful flats in leafy streets but close to nice cafes, shops and restaurants etc. Look around the Blackheath Standard/Westcombe Park area. I find Canada Water and Rotherhithe really soulless.

[BIWI]

How about Southwark?

Brand new, one bed flat

2 bedrooms

[TannedFrombirth]

Southwark station area is pretty good in terms of transport, links and things to do... it's close to the London eye and St Paul's etc.

[BIWI]

... it's also on the Jubilee line, which goes into Canary Wharf.

And there's plenty going on there - lots of bars/restaurants along the cut, close to Waterloo and the South Bank.

[Squiblet]

I always wanted to live in Southwark - seemed like a fun, lively area.

Have you considered Whitechapel or Stepney? I lived there about 15 years ago and liked the area. It's within cycling distance of both the City and the Wharf, if you're a cyclist.

[Shadow12345]

Hi Squiblet- Not sure how it was 15 years back, but I visited Whitechapel once, and seems really bad/third-worldish now. Even just outside the tubestation it is quite rundown with ugly markets.

[Shadow12345]

Thanks for your suggestions. Ill visit Blackheath Standard/Westcombe Park in the coming week, as well as Southwark. No love for Angel? I visited there twice or thrice. Seems a really nice area, quite expensive though, and needs a tube line change for work as well.

[HundredMilesAnHour]

@Shadow12345

Hi Squiblet- Not sure how it was 15 years back, but I visited Whitechapel once, and seems really bad/third-worldish now. Even just outside the tubestation it is quite rundown with ugly markets.

Really? You seem out of touch. Tons of investment is pouring into Whitechapel since they've spent millions on the new Royal London and a multi-million £ move of Tower Hamlets Town Hall to Whitechapel. More money is going into the Life Sciences campus as one of Europe's leading centres. Lots of new very expensive flats in the area (out of your price range even for 1 bed). And of course it's only 1 stop on the Elizabeth line to Canary Wharf or the City.

[TheCurtainQueen]

You can get a 2 bed in Pimlico for your budget. But it will be leasehold.

Anothwr vote for Greenwich.

[Squiblet]

@Shadow12345

Hi Squiblet- Not sure how it was 15 years back, but I visited Whitechapel once, and seems really bad/third-worldish now. Even just outside the tubestation it is quite rundown with ugly markets.

Horses for courses, your "ugly" was my "vibrant and interesting"! I loved being so close to Brick Lane and Spitalfields ... at that time Spitalfields market hadn't yet been redeveloped, so there were no chains or franchises, just strange little indie shops and traders setting up their stalls full of junk/treasure/student fashion.

Whitechapel itself was peaceful - very few pubs, since it's such a Muslim area, and fantastic restaurants if you like spicy food.

[ToBeOrNotToBee]

Woolwich. Canary Wharf in 10 minutes.

[mummumumumumum]

@Shadow12345 Deptford Bridge is also fantastic. Transport links are second to none. DLR straight to Canary wharf & Bank, and a short walk away from New Cross for overground to London Bridge (5 mins) or up to "trendy" East London (Shoreditch etc).
Walking distance to Greenwich, Brockley etc and lots of local amenities in Deptford - check out the Market Yard. Still "up and coming" so you can bag a bargain and make some money if/when you resell!

[SuperDopper]

I agree re Greenwich. We used to live there and it’s the perfect place for young professionals and young families. Theres lots to do and places to eat or drink at, very pretty generally, and great for commuting to Canary Wharf.

[Shadow12345]

Thanks all. I have been visiting these recommended areas in the past 2 weeks, somehow found Southwark a bit more to my liking than Greenwich/Blackheath. Right now I have two narrowed down two options there. One is a 1 bed, another is 2 bed, and one of it is new build. I visited both and do you think new build is the one to go for here, even though it is one bedroom less? Service charge for the new build: 1,395 expected pa, for the other one it is 1790 pa.

What are the questions that I need to ask the sales guys re: the new build, and do they accept discounts on the price for new builds? Any advice from someone who has faced these choices before would be very helpful! 😎Thanks in advance!

https://www.rightmove.co.uk/properties/136754399#/?channel=RESNEW

https://www.rightmove.co.uk/properties/139843376#/?channel=RESBUY

[namestevalian]

I'd strongly recommend NOT buying a leasehold flat . I wrote a long document on it for my colleagues - PM me and I can share

[ThirdAidKit]

I’ve worked in Whitechapel for 6 years. It’s still pretty grim and getting worse, I wouldn’t consider it. Brick Lane / Spitalfields is different to Whitechapel.

Leasehold is fine as long as you understand your lease, ground rent and service charges. Freehold of course is ideal, but much rarer.

[BasiliskStare]

But aren't most flats leasehold unless a building / usually a house which is share of freehold. As long as the lease is long I would not worry too much about that. Of course service charge to be taken into account.

Friend of mine has a flat in Narrow St , Limehouse and loves it - she can walk to work in Canary Wharf - sadly I don't know how much it cost

[HundredMilesAnHour]

I wouldn't buy either of those flats. One is ex-council and the other is opposite a huge block of council flats.

[HundredMilesAnHour]

This is ex-council but much nicer (in my opinion). A bit further to the tube but a decent area to be based in, and it's 2 beds (actually a maisonette/duplex) with the bedrooms upstairs.

https://www.zoopla.co.uk/for-sale/details/66482375/

[HundredMilesAnHour]

Or live in Limehouse and walk to work for £475k. This flat is share of freehold.

https://www.zoopla.co.uk/for-sale/details/66435181/

[SuperDopper]

@HundredMilesAnHour

I wouldn't buy either of those flats. One is ex-council and the other is opposite a huge block of council flats.

I agree. Theres nothing wrong with council housing in itself, but those two don’t like appealing.

[BIWI]

2-bedrooms and a study here for £525K, in Westferry Road

No need to pay leasehold fees for this!

[Shadow12345]

Thanks all. Still hunting, quite a time consuming process..😫😫..I wanted to check, what is your opinion on flats like these without windows on the kitchen and bathroom.. The house I rent now has a similar setup and it gets a bit damp/bit moldy smelling in the bathroom due to the lack of ventilation/sunlight. Should I avoid such kinds of flats? This one opposite to council blocks too 😢..Thanks in advance!

https://www.kfh.co.uk/south-east-london-and-north-kent/southwark/flats-for-sale/2269080/

[Juicecharger]

Hi. I haven't read the whole thread but just to say that if you consider ex-council, your options really increase. I've lived in a Zone 1 ex-council flat for the past 20 years now (I thought it'd be a stepping stone and I woudn't stay for long but it's such easy living I couldn't leave). There's no risk of dramatic service charge hikes although I would recommend stashing away £1000 a year for major works that come up every eight years approx. - I've had to pay about £16K in my 20 years here but way less than high annual service charges that can be raised dramatically. I also get an off-road parking space for about £25 a month, and a storage shed for about another £20 a month - again really cheap compared to these things in the private sector. Two-bed flats between Shoreditch and Clerkenwell are under £500K. Just look for a well run block - ours has a concierge and a manager based here to sort out anything that arises.

[Juicecharger]

Me again. If you do decide to go the ex-council route and see a flat you like, do some research. I went to my (now) block, knocked on random doors and asked the residents what it was like living there. The word that kept coming up was 'peaceful' which was good to hear. I then called the police who said that they never had any trouble there. Both those things sold it to me.