Would you buy a flat in an area you adore or a house in an area you quite like?

[Nickname1980]

We're in a position where we can afford a decent flat (3 bedrooms and a garden, needs a bit of work but we could do it) in our preferred area. We're in London. But, if we move to a different spot of London that we quite like, we can afford a Victorian house.

I am totally confused. The spot we love is where we live right now. It has great schools, great childcare, and we have a lot of friends here (although some of them are starting to move to other parts of London because they want the house).

The spot we quite like - where we can afford a house - has pretty good schools and we know one or two people.

We have kids, so part of me wonders if I'm mad to even consider buying another flat rather than a family house.

What would you do???

[splendiferous]

Definitely glad we got a house! And yes I missed the old area. Probably was very close to where you are now so certainly understand why you love it. But we moved on fine and I'm sure you will too!

[energyzero]

We're in London (zone 1) and we have a flat here. We know we could get a house in other areas of London that are OK but not as central, but the location has been far more important for us. Our commutes are both really short (DH will be able to walk to work soon) and we make the most of things like the culture/restaurants here so it would make a real difference to our lifestyles if we moved further out I think. If it is just schools and childcare and even mum friends, you're likely to find them in any good area in London though.

I grew up in a flat myself and DH isn't from the UK so we just don't get the hankering for Victorian properties really. I do occasionally lust after huge detached houses in our budget on RM but that would mean living properly suburban and possibly without the tube .

[Nickname1980]

Yes this thread has made me consider a third option of buying a total fixer-upper not far from my ideal location, here in Hackney. Interesting to hear you did a similar thing, mirtle! All the talk of price-drop or even levelling has made me think that I don't really want the stress of moving after this if I don't have to! And at least a fixer-upper can be invested in and improved... I'm not especially "handy" though and I know (as someone else already mentioned) that Victorian houses can be money-pits.

Secondary school options are a worry for walthamstow, thecat! Out of interest, where did you move to? Always love to hear where people went so I can get new ideas!

You're right, concert. I think that's very true! (Clinging onto London...)

[concertplayer]

you mentioned in one message about leaving London If you do, you will
never get back in again

[Bear2014]

DiggersRest - supply and demnad. There will always be enough people in London (or investors) who can afford that kind of money, to keep the prices high. We're normal working people (who are fortunately old enough to be on the second rung of the property ladder) who made a killing on our starter homes and as a result can, at a stretch, afford it. It's not right or fair but will continue.

[DiggersRest]

roarfecking why is London immune? Most normal working people can't splash 1+ million pounds on a standard 3 bed house or even 1/2 million for that matter.

I don't think there will be a crash, but there most certainly needs to be a correction which l think will happen. The buying money will just dry up.

[mirtle]

I'd rule out the flat myself. If a 2 bed one is driving you made, a 3 bed won't be much better. It's the downstairs living space that I find crucial.

We went for run down house in area we wanted. It's not been without stress. And it's drained any spare cash we had, as well as time. But I've been happy with schools. We have a more valuable asset to sell on retirement. And when dh got made redundant at 50 (as many people do), we had the option of moving to the cheaper area then and being mortgage free, once dc had their school places.

Generally, the bigger risk you take, the more the rewards. We mortgaged up to the hilt and spent all our savings ten years ago. Very glad we did now because it has worked out for the better.

My only regret is that most of dc's childhoods have been spent in a doer upper. They don't really notice though.

[thecatfromjapan]

Walthamstow has a great vibe. The only thing about that move would be secondary options for boys.

[dynevoran]

Haha im always happy to debate the pros and cons of Walthamstow and hackney! It is lovely there in the village and very central...it just isn't as great value for money as some other bits although v convenient for the tube. Its just for that money you can get a massive house in upper walthamstow with a huge garden with more scope to stay for ages. Although my opinion on this may be clouded by the fact i Dont want to move again, EVER due to current conveyancing stress!

[namelessboy]

I'd go for thehouse if you don't think you're likely to move again anytime soon (so can ride out any drop in prices). I would always go for a house over a flat if you have DCs. True, support networks are important, but it's not like you're moving to the other side of the country. We moved 100 miles away when our oldest two were tiny, that was 2 years ago and it was a real wrench, but we've made some great friends and are really settled here now.

[BathshebaDarkstone]

I'd buy the house.

[Nickname1980]

Haha the village is on our radar because of fellow Hackney migrants, dynevoran! (I'm sure we've chatted before on another thread - prob the one I posted called "tell me about walthamstow"!)

[Bear2014]

We thought about the price drop thing but as PP have said, London will probably be entirely immune to any such thing. Ours is opposite an outstanding primary so there will always be someone who wants to buy it. And we're lucky our garden is nice. We're definitely glad we opened ourselves up to other options than Victorian though, it's so liberating.

[dynevoran]

If its a house in the village id say then do Walthamstow. Even though personally i wouldn't live in the village, everyone who migrates from Hackney seems to love it there! If i had the money for a 3 bed in the village id buy a 4 bed in upper Walthamstow instead!

[dynevoran]

I was gonna say is it a flat in Hackney and house in Walthamstow?!

I would buy the house personally but depends where it is. If in an area with amenities but you just Dont know as well yet then yes. If in a more residential area with less shops and pubs etc id say the flat. Only because we moved a mile away from our house in Walthamstow proper 2 years ago to Walthamstow Chingford borders and its too quiet without being countryside if that makes sense. So we are moving back to Walthamstow so we can cycle and walk everywhere instead of jumping in the car. But still moving to a bigger house with scope for extending further.

[irregularegular]

I don't know. There isn't that much difference in size and the flat has a garden. I don't think it necessarily would be crazy to stick with a flat. I know you say the layout is awkward - is there anything you can do to change that? You say you love the area, feel part of the community, it has great childcare and schools - I think that counts for an enormous amount. You don't seem to be feeling the love for the other house.

The one thing I would say, is that it is going to be easier to make good friends and become really part of the community while the children are small. So if you think you will make the move at some point, probably better sooner rather than later. Plus moving is vv expensive so you don't want to do it very often.

[Nickname1980]

The other part of London is Walthamstow Village, thecatfromjapan. Pretty good primary schools, from what I can work out, but secondary options aren't so great.

I have no idea how much work will actually cost, whois, so you're right. We would maybe have £20k at the most to spend... Prob won't touch the surface of improving it?!

You know, I've seen an ex-local (which I have zero problem with, but this one is especially ugly!), Bear, in a fab spot, by a great school. It needs updating, but we'd have a little to spend. But the small garden faces north so that puts me off. My DH is wary about ex-local in case there is a price-drop, me less so. (I used to live in Brixton/Herne Hill. Love it there!)

[Bear2014]

We had the same issue last year. We were selling our flat in Brixton and weren't sure weather to buy a house in Streatham/West Norwood or a big flat in Herne Hill/Dulwich. We were very fortunate that an ex local authority house came on the market in our no.1 location that we could afford. We've been there 10 months and LOVE it. No regrets. Our flat was Victorian and it was a proper money pit. This house is solid, well made and easy maintenance, light and spacious. Have you considered ex council?

[whois]

Now wondering if I should be buying an absolute dump of a Victorian house in another, cheaper part of Hackney, so we could fix it up ourselves slowly over the years... Perhaps madness with a 2-year-old and a (by then) small baby?!?! when we could move into a lovely family home with a garden in the other spot I quite like!

If you can face doing the work, this could be a good plan. However I am not 100% that the price difference between a house needing loads of work and one not needing much/any work is appropriately priced in at the moment when factors such as 'in good school catchment' is factored in. People seem to think "yay its £60k cheaper and we can afford it" even tho it will cost £100k to do up to the same standard.

However if you don't have that extra £60k NOW and can live in it and slowly do it up one bit at a time as and when you have money, it can work.

[Nickname1980]

Are you glad you took the house, splendiferous? Do you miss your old neighbourhood? It's all so tricky.

The annoying thing is, we moved to Hackney because it was (relatively) cheap. That didn't last! Perhaps that will happen to the next place!

[roarfeckingroar]

No, London will not be part of any correction. I don't actually think there will be one, it's been predicted for years.

I would buy whichever will increase in value the most then buy a house in a few years

[thecatfromjapan]

What's the other part of London you're considering?

We moved from a flat in Hackney to a house elsewhere in London. The flat we left (2 bedroom) is now worth far, far more than the house we moved to (4 bedroom), though when we moved it was more expensive.

Hackney has its own micro-climate price-wise!

[Nickname1980]

That's interesting, whois. I've heard someone else say there'll be a stagnation, too. Every time a pretty Victorian house in a good school catchment goes up for sale around here, it vanishes almost immediately - even now.

(There does seem to be a lot of new-builds zooming up!!!)

[SoupDragon]

I also think house, especially given the flat can't be extended and has an awkward layout. I think that would begin to irritate you after a while.

I'm not sure I would gamble on a huge price correction. People have been predicting it for years and it's not happened yet.

[Nickname1980]

Crikey this is all so interesting! I have forwarded onto my DH. Eek Concert, it's all so scary! All that money! We have a huge deposit (because London has gone so nuts) so wouldn't be in negative equaty whenever we bought (because we couldn't borrow enough to be in it). Argh! Would make life easier if I could get my head around cashing my chips in and just leaving London, but I love it here too much!

Our current flat is a small two-bedroom place with no garden, Diggers. We have a two-year-old and one on the way. The place is driving me nuts! I was ready to move a year ago, to be honest, but I wasn't working so we couldn't quite afford it. Now DH has had a pay-rise, we finally can.

That's my thinking, Paffle. I don't want to be in this quandary again! And all that money...

Now wondering if I should be buying an absolute dump of a Victorian house in another, cheaper part of Hackney, so we could fix it up ourselves slowly over the years... Perhaps madness with a 2-year-old and a (by then) small baby?!?! when we could move into a lovely family home with a garden in the other spot I quite like!

Secondary schools are excellent in Hackney, Beau. They're better here than the other part of London I quite like and am considering, but we'd have more money in the bank so could maybe afford private school if the secondaries didn't get better in 10 years.