Would you move to London...

[Tigger03]

Hi all,

Myself and DP (late 20s / early thirties) currently live in a nice area of the NW in a small terraced house. If we were to stay in the NW, family homes in the area we want to live are c.£500k (I know there are cheaper areas but we are fairly set on this as parents are located here).

We are weighing up whether to move to London for the next 5 years or so (pre kids) take advantage of higher wages and save up (we’d get a c£20k payrise between us straight away, plus more job opportunities). I’m well aware London house prices are much higher, but we’d be happy in a very small 1 bed flat whilst down there to save before moving back to the NW.

My question is, am I being foolish? We have a very nice ‘easy’ life in the NW and am I looking at London with rose tinted glasses?

I’d be interested to here from people who have moved to London at a time when most people look to move out - what was your experience?

If you could afford £1200 or so per month to rent a 1 bed flat then I would say yes! definitely. London is one of the greatest cities in the world, why wouldn't you?

I'm not sure how much you'd save given rent prices in London. Surely better off moving a small distance and saving up? Or staying put? Not sure where you live but family homes aren't that much here and I'm not far from London!

I dont think you would save much moving to London. The rent is steep and you and up spending alot going out in London.

If you want to do it definitely do it before you have DC, but honestly it's not all it's glamourised to be. And don't have any expectations of saving.

You're young, have fun, take chances, live life. Rent in London for a while (you'll probably never want to leave). One of the greatest cities in the world.

A small terraced house is a family home in London for most people.

With the £20k increase what will be your combined income and I'll try to estimate your lifestyle/saving power. Assume you own the terrace up north?

Thanks for all the replies so far!

As well as the money element there is an aspect of ‘if we don’t move away now for a bit, we never will’ so part of me is doing it for the change as well as the higher wages.

If we were renting in London, our budget would be c.£1750 a month, if we were to buy c. £450kish.

We like bars, restaurants ‘naice’ areas - any recommendations if we were to go? (We’re going to visit in Feb pre making a decision so would like a shortlist of neighbourhoods to look at)

We live in a nice central area on a nice one bed flat. It's £1,900 pcm without bills. Would a £20k pay rise between you cover extra costs? Not sure you could buy a one bed flat for £450k unless you were happy on the outskirts and commuting in. However at this stage in your life I'd say the life experience of London would be fantastic, not sure it's a financially savvy option but it depends on what your priorities are.

We moved from the NW to London when I was 28 and (now) DH (then DP) was 26. We only stayed for 2.5 years but higher pay and better opportunities enabled us to pay off my student debt in full and save 100k. This meant we could pay for our wedding, buy a family home (4 bed semi in a naice area) and keep our old 2 bed
terraced to rent out. We still have savings from that time which are part of our retirement planning pot.
The opportunities DH had to develop his skills and the contacts he made during that time have meant he now works from home and we moved last year to our 'forever' house.
There's no reason not to go and try it out. Financially it was great for us, although to be honest I didn't enjoy life there as much as I had expected to, which is why we only stayed a relatively short time.

PS We lived in Blackheath but I wish we had lived in Greenwich as it's better connected. Greenwich is beautiful.

@emsyj37 that’s so helpful - you sound in a very similar situation and it appears it worked well for you.

Greenwich and Blackheath were on my list so I’ll definitely keep them on there.

Did you move back to the NW afterwards if you don’t mind me asking?

There is unlikely to be and property growth in London in the short to medium term so don't buy here.

Property prices are dipping in London.

Can you afford to pay mortgage on your dream house in north (and rent it out) whilst renting in London? If yes, go for it.

Where will you need to get to? If Canary Wharf, look at a Greenwich. If the City or West end ,Pimlico is nice

Yes we moved back to the same area afterwards - we now live about a mile and a half away from where we did before.

We could afford to rent out our current terraced house, rent in London then use savings / equity to buy dream house when we return (would need to be careful with capital gains on our current house though).

I’d need to get to near Farringdon. DP tbc - he may do skilled agency work so would travel around London

£1750 pcm would just about get you a 1 bed in Fulham but with a 15/20 min walk to tube. Much better choice in Putney just over the bridge. I've just had a look and am surprised there is so much availabke that is in good locations for £1500.

I'd agree with renting over buying. I think property prices in London have plateaud.

If you can afford £1750 per month in rent for a one bed flat and still save - then yes, why are you waiting?

Why not go for a slightly cheaper area and save even more. There are loads of nice areas on an easy commute to Canary Wharf.

You only regret what you don't do.

Do it. London really is one of the world's greatest city (THE greatest IMO) and you would have such a great time.

Expand your horizons. I used to live in a pretty but rural area and wanted to try London for a bit. Loads of people asked me why when it was so pretty and nice where we were but I just wanted to get out a bit and see the world. I'm so glad I did.

I’d do it. London is a great place to live when you’re young.

Sounds like a good opportunity to do it, also potentially good for you career and development ;I've become very confident since living in London.
Really sounds like you have your head together financially so well done.
You should get something decent at that price. We paid about £1650 for a beautifully decorated spacious 2 bed in zone 3, 2 years ago. There was plenty at this price point. Used the letting agent Open Rent, they don't charge much fees wise.
Transport in London is expensive but if you can set a budget and stick to it each month you should be fine.

Thanks for everyones input - I’m feeling quite positive about it all! Looking forward to visiting in Feb and scoping out some areas to live

Dp and I rented in London up until last year, we paid 1600 for a Georgian period one bed in zone 1.... Islington. The same flat is now up for sale at 475k so with your budget you can definitely live in Nice very central London location.
Mn is a bit doomsday ish about rent in London and these threads often have multiple posts about how you can only afford way out locations.
You have a healthy budget, you only want 1 bed.. You want to have that London vibe /lifestyle while young... Go for as central as you can get.
Near Farringdon you have Islington, barbican, Bloomsbury, Kings Cross, Holborn .. All fantastic locations to live.
I'd do it in a flash if I was you.
I didn't do it when young so now experiencing in my 50's...love London life.

If you enjoy culture and nightlife, London will be the #1 location in the world for you. It's crowded and expensive for sure. That's the price.

We moved to London at 25/26 from Scotland. Planned to stay for 5 years....still here 11 years on and probably won’t leave now. Our lives are here, friends, jobs, our lovely (terraced) house, nanny.
Be mindful that life just happens, what if one wants to move back but not the other? What do parents think? I have absolutely no regrets but do think it’s funny I just presumed we would move back. DH pay has more than trebled since being here (endless opportunities) mine not quite doubled but now I work part time.