650k for a London house. Where would you go?

[crystalgall]

So.....
We live in South Woodford. Just sold and living with family in Walthamstow. Initial our search area was limited the South Woodford/wanstead area but we need to branch out and I'm wondering how far we could go.

Here's our list of requirements:

3 bed (decent sized rooms)

Possibility to extend

On central line or easy to access central line (for DH work)
Roads which lead to Bow/Mile End (for my work as I drive)

Has to be in catchment for a primary school (this usually means within half a mile if that) and a decent secondary.

Period property. (Love Victorian and Edwardian. But 1930's semi is fine)

Ability to get to Walthamstow and Hackney easily as that's where our families are and we see them every week.

We have been forced into looking at houses in Redbridge/clayhall.
It's just really depressing. Lots of identikit roads off a massive dual carriageway. Really ugly houses.
But more in budget.

Now thinking maybe we should branch out. We've looked at parts of Leytonstone. Generally though the Waltham Forest secondary schools are terrible which is putting us off.

Any magical ideas about where we could go that's not too rough?(please don't say Forest Gate!)

If you think that's bad look at what 650 gets you in Walthamstow!

www.rightmove.co.uk/property-for-sale/property-53394151.html

Or 1.1 million in Leytonstone. www.rightmove.co.uk/property-for-sale/property-56543375.html

OP, for secondary have you looked at Connaught (girls) or Norlington (boys) in Leytonstone/Leyton? The area is handy for both tube stations and is quiet, with a choice of reasonable primary schools.We have just moved from there and I would recommend it. I'm local and like you would avoid Forest Gate, Ilford etc.

We've been looking in Leyton / Leytonstone recently although with a much smaller budget than you have (around £425-450). In that price bracket it is mental. People were paying £70k over the asking price and the estate agents had no idea what was going on.

The feedback we've had recently is that properties are being seriously down valued and we've seen a few places we looked at back on the market. It is, apparently, people from Hackney coming in with vast sums for deposits and outbidding people by huge amounts because they can.

It's meant that places that were on for £400k in January are now on for OIEO £440k. We've been priced out in the space of 6-8 weeks.

I wouldn't imagine it'll be quite the same in your price bracket but just thought it worth letting you know. Good luck, it's a fucking nightmare out there

We chose Leyton as an area to look because it seemed like the last place where you could buy a 2-bed for £400k but that's just not the case now. So we've downgraded our expectations.

We are seeing a 1-bed place in Peckham which is where we rent at the moment (and I absolutely adore). Leytonstone is out of control but a small Victorian terrace in peckham will set you back nearly £800k so I'd expect it to get worse!

A lot of people I have spoken to buying the family houses in Leyton/Leytonstone can afford to do so because they bought a starter home elsewhere which increased in price. 5 or so years ago there were places in London to buy affordable starter homes (i.e. under 250K),these areas have gentrified, prices have increased . So with a good deposit and a bit of a stretch family homes are within reach of these people. But now we are running out of areas to gentrify, so I don't understand how this is sustainable.

Say Kirinm buys a two bed for 400K and in 5 years it increases to 600K. Where will she be able to trade up a family house - Upton Park, Canning Town even these places will probably be too expensive? And the family homes in the less desirable parts of Leytonstone will have asking prices around 800K, but who will be able to afford them? The current market seems to depend on people having starter homes in recently desirable areas i.e. those with recent price increases, and then trading up to less desirable areas. But how will this be sustained once everywhere is desirable or at least expensive?

Very true ftm

Our 2 bed in South Woodford was bought for around 270 in 2007. We sold for 470 in December. However even with the equity and mortgage it's proving difficult to buy a decent sized home in the area.
So here we are looking at leyton/Leytonstone. It's doable for us at 650 but we're not going to get anything that much bigger than our South Woodford home.
I was expecting our budget to get us something much bigger and I am disappointed at some of the houses we are having to look at.
But in a few years Leytonstone/leyton house prices may be in the 800-900
Region!

Or it may all come crashing down leaving us all
In negative equity. Who the hell knows.

"Thoughts on Leyton/Leytonstone?

The bit between leyton high road and whipps cross road. So roads off Essex road."

I would recommend it! Nice big houses, lots of young families, lots going on for kids, and decent pubs/restaurants/cafes in walking distance. I'm the other side of Leyton Green Road from there (back towards the High Street).

School-wise, not sure if that puts you in the ctachment for Gwyn Jones (I didn't realise that their catchment area goes in one direction, not towards my house!). You'd definitely be ok for Barclay (where you're son might go anyway!) and I understand that their interim assessment puts them on track for outstanding.

kirin sorry you're having trouble finding somewhere. Trust me, people coming in from Hackney aren't paying over the odds "because they can" for fun, they're (we're) generally in the same position as you, trying to find a home and getting priced out of area after area.

Commpletely agree with ftm re. what happens when everywhere's been gentrified.

That's why I think extensions are the only way to make housing work in London i.e. Never need to leave your home. Much easier in a house of course.

Sound system - it's a vicious circle. People try and secure homes so offer over the odds but by doing that the prices get whacked up. On one flat there were about 8 offers all around the same price and then one offer was an extra £65k on top of what everyone else had offered. It just screws up the area for everyone else because EA now think everyone will offer that sort of money (and unfortunately that appears to be happening).

I'm keeping an eye on the land registry as EA also said people are making big offers with the intention of bartering down when the mortgage valuations are in. I've yet to see any of the flats we offered on on there yet but it would be interesting to find out.

Thanks mrs. Any links to the kind of house you mean?

If I'm honest we would like something a bit pretty and with some original features. I do t want to just live in a big square box.

I know I know. I'm being far too picky.

We are buying in the area you mentioned, on James lane, it seems nice. Quite a few run down houses on the road but I imagine someone will come along and return them to their former glory. Abotts park/playground down the road looks good too

Ooh sw. There's one on James lane at the moment. But I was worried the road is too busy being a bus route and on the whipps cross run. What's it like day to day esp when you want to park up?

Harringay ladder? Three beds like you describe tend to be about 750 but you might find one cheaper on Wightman Road or off Green Lanes. Turnpike Lane tube is on Piccadilly Line but go short stop to Finsbury Pk and you are on Victoria line or alternatively carry on to Holborn...Close to Crouch End, Muswell Hill, Ally Pally. There are good schools around there,Mont sure if you would be in the catchment for 'em. www.rightmove.co.uk/property-for-sale/property-56820998.html

not sure

There is this at 585 www.rightmove.co.uk/property-for-sale/property-52935703.html still on the Ladder,

Or even this in Finsbury Pk www.rightmove.co.uk/property-for-sale/property-53336614.html

My experience of the Leytonstone market was that in terms of asking price you didn't get much discount for run down houses, i.e. the difference in asking price between pristine and run down would be similar to or a bit less than the cost to do it up. But the ready to move in houses tended to spark bidding wars and get offers in way over asking price. For this reason, if you can, I would consider those with work needing doing.

OP, how did your viewings go? Hopefully not too stressy!

We had 6 today!

Two in South Woodford
One in Wanstead
2 in Bushwood
One off Essex road

Nothing we feel 100% about really so disappointing.

We liked the leyton one but just feels
Too expensive for what it was.
Bushwood ones were crazy expensive and one was teeny.

So search continues