Buying in London. Come here and share your stories

[Flowers2014]

So we are trying to buy in London and the market is crazy. Everything that we've seen has gone for 10%-20% over the asking price. Because of DP and his work we can't go too out of London which is making this whole process much harder than it needs to be. We have a good budget but in this market it's just not enough.

I'm tired by the process now so we are taking a break from it. We have until Nov to move out of out rented flat so we are going take the spring off and try again in the summer.

Anyone else in the same boat of trying to buy in London? Come share your stories with me!

I could be totally wrong but everything is pointing to this craze continuing in London. This means that by being a postcode snob your DH could ensure you lose out altogether... It's galling how expensive things are but the economic fundamentals make this seem unlikely to change. If I was a FTB I would be thinking of a) affordability and b) how quickly can I move, I wouldn't be waiting til the winter at this juncture. Unfortunately north London is just out of reach for most mere mortals now... And actually having lived N, SW, SE and E I much prefer SE now... It's brilliant and I've never had anyone be snobby about it to my face, not that I'd care if they were! I visited a friend's squillion pound (soulless) flat in Mayfair a few years ago and was so happy to get back to my, then, cosy home in Peckham! Home is so important and it's what you make of it. I never think of my postcode when I'm sat in my living room or laid in my bed or making dinner. As long as you feel safe and comfortable and as you have stipulated your commute isn't mental plus mortgage affordable then you can't go far wrong I don't think!

This for West Hampstead station £580k

Finchley Rd/Swiss Cottage £550k

I think you should look in the centre and go for a 1 bedroom with large living space rather than a 2 bed.

Horse- yep pretty much

Priorities:
600k (or below)

Safe - somewhere where I feel comfortable walking back from tube/train at night or in the dark mornings. Somewhere where we feel comfortable having mine and DP's parents visit. I lived in mile end/bow for a few years and I often felt scared at night. probably why we've avoided anywhere in bethnal green/hackney up to now.

30/40mins - yes pretty much door to door. Also I don't drive so needs to be near shops, supermarket etc.

Restaurants and other evening/weekend activities would be a great plus!

Ps yes I had been thinking family areas as I always just (wrongly!) assume on mumsnet. Anyway, Bethnal Green and Peckham would be great for 1-2 bed couple. Both very arty and funky and Peckham is on overground from Shoreditch and feeling it - big hipster overspill!

It's great that you are doing this OP, but bear in mind what happens if you should ever separate. If you do, you won't be able to afford anywhere at all alone. Just consider that - not sure if there's anything you can actually DO about it. Perhaps I'm projecting... never mind.

And tell parents to stay in a B&B or on the couch. You can't be spending an extra £200k on a property just in case they want to stay! Look on Air Bnb for parental solutions.

Horse that's actually an incredible sensible message which more people should think about. I have thought about it and we will be putting legal contracts beforehand since we aren't currently married to protect both of us.

You could get somewhere within walking distance of Farringdon if you went for a 1 bed, say in the Clerkenwell area. Probably wouldn't have a huge living space though. That's a lovely safe area and there are amenities/shops at Leather Lane/Angel.

I feel very safe around Shoreditch and Bethnal Green and it's definitely nicer than Mile End (though I think that is getting much better these days, but know what you mean about the area).

I agree with the poster who said West Hamstead is lovely and trendy but when i lived there the transport was awful. Kilburn is cheaper but not as nice.

I would go East. Someone mentioned Leytonstone and Wanstead. I think they will be the new Walthamstow. It should also be easy to let it out when you leave.

Agree mendedarms, Bethnal Green / Shoreditch are much nicer than Mile End - although it's been 6 years since we lived there. We did love it though. So close to Pellicis, Brick Lane, Spitalfields, Liverpool St... Like Farringdon/Clerkenwell too but less community stuff going on as it seems to die a little at weekends.

mendedarms we would LOVE to buy in clerkenwell. We saw a studio for 600k which was just ridiculous and even DP agreed!

I think we just need to look beyond areas we are comfortable with or look at a longer commutes. Frankly I think because I'm not English and I don't understand the places or market very well we've been looking at all the wrong places. You have all inspired me to take the train this Sunday and look at a few areas some of you have suggested! At least this feels like progress!

For Farringdon/Blackfriars you could have anywhere with access to the Thameslink - so do consider places in South London like Camberwell (you have Denmark Hill station), Herne Hill etc are opened up to your budget (and some of those areas are lovely with a great arty vibe and lots of young professionals living there, lots of buses, nice pubs etc). Go take a look at them in the day time and in the evening to see if you like those places. NW London is I'm afraid overpriced and oversubscribed (and I say this as someone who lives there!).

Its gone crazy here in the SE too. I had a valuation last week for a flat I am selling and I when he said how much. I was meaning it was too high but he thought I meant not high enough and said 'We only put it on that low as we know it will go to sealed bids after the open day'

I've just gotten a call from an EA and we might have found a winner!! We are going to have a look tonight and hopefully no one will out bid us!

Exciting! Which area is it? Good luck

I used to live in Stepney Green, its interesting how few ppl are recommending going further East. What do ppl think about stratford?

Prices are up 50%-75% in 2 years in many years, and that on inflated prices.

It's a ludicrous game only open to those who are already in it.

Anyone else just has to rent + wait. Or get the fuck out of London.

Anyone seen what £450k buys in Belfast?

johnminnis.co.uk/property/specific/211568/roseneath-155-belmont-church-road-belfast-bt4-2da

Something like that is what £8 million in North London?

Fuck that shit.

I wonder if the market craziness is just in flats around the £500k 'help to buy' mark?

I think the problem won't be finding somewhere, it will be the managing expectations issue.

Even people with seemingly huge million plus budgets seem to be disappointed when confronted with the reality of what that money will actually buy on London. You'll look at a great location but think the places in budget are too small/grotty/lack character, or you'll see a lovely characterful house and think "if only it were in such and such location which is much nicer".

Once you get over that and decide whether space/character or location is your main priority it gets easier (speaks from experience as I went through this not long ago).

Also, don't get too excited at looking at anything over about £550k as there is a good chance it will go for more than your budget.

I live in Leytonstone and would firmly recommend it. Close to town, lots of cultural stuff going on. Big open spaces, some good restaurants and pubs - and right next door to the Olympic Park (The aquatics centre is now our local swimming baths ;) )

Would also suggest having a look at the Leytonstone end of Forest Gate - especially the Woodgrange Estate.

Leyton has also improved loads in the last couple of years.

@Beastofburden

Despite all the new developments at the Bow end, Stratford itself seems very resistant to any sort 'gentrification' (assuming gentrification is desirable, that is), though there is a naice new hipster-style cafe opened at Maryland called the Nook.

Has got a lot more expensive in the last couple of years I think you mean?

I agree that people should consider Leytonstone, and the rest of Waltham Forest too. Walthamstow itself is going mad (people who want to live in Hackney/Stoke Newington but can't afford it), but still relatively affordable. E4 (Chingford, Highams Park) is right beside Epping Forest, and Leytonstone is also near the southern parts.

Leytonstone is on the Central line, about 20 minutes to Liverpool Street.

27 minutes mainline Chingford to Liverpool Street; about 15-18 minutes Walthamstow to Liverpool Street. The train is changing to Overground in 2015/16, apparently.

www.rightmove.co.uk/property-for-sale/property-45489086.html spacious 2-bed, very near station on a lovely road

www.rightmove.co.uk/property-for-sale/property-29444913.html 3 beds, 425k, I'd move here in a minute...!

Re commute - my DH works in Blackfriars and has a 35 minute journey to work, door to door.