First time buyer in London, please help!

[LondonB1]

I'm buying a new build flat in London, it is not cheap but the location is very convenient...The living room of the flat is facing east and bedrooms are facing west. It has one balcony on each side. The problem is on the west side, the building is a "L" shape, where the other side of the building covers all south facing view/sun.

I am planning to sell the property in few years time and move into a house. I am wondering if it is easy to sell such property like that. Should I ask more discounts from the developer? How much percentage it can be negotiated?

Agree with Hummus - new builds appeal to some people. Once it's not 'new' then unless you have something in a very sought after area, or which has fabulous facilities or amazing views/floorspace etc., then you just have a flat in London which is now competing against the newer developments. This isn't a concern if you're planning to stay put for the medium-long term. Buying new build is risky for adding value because they tend to be priced at the very top to reflect the newness and the fact that you can pick the keys up on Friday, move in and then go to work on Monday. You are banking on the area rising in appeal, but what happens if that doesn't work out?

I know of a number of financial services companies that are expanding in Europe right now and holding their London operations static (a couple are quietly downsizing/rationalising). The London market is already hot - and that's before you look at service charges and ground rent for these types of property. CW is only attractive whilst the financial services market - and housing market - is stable.

If you want to add value then you need a fixer-upper in a rising area where you can do some work and capitalise on the gentrification sweep.

You might find the rest of the block bought by investors who have no intention of living there, or renting it out and you are living in a ghost block.

A new built luxury flat in London is NOT a good investment OP! I'm to see people still think like that, don't you read the papers?

Do you know how many new builds like that are coming onto the market? Complete oversaturation and very little demand...

From that plan it looks like 17 is attached to 3 other properties on that floor plus presumably neighbours above and below? The likelihood of noise from that number of attached people would concern me.

This is exactly the sort of flat that will suffer if jobs start drifting away from Canary Wharf post-Brexit and foreign investors get less keen. I wouldn't be at all surprised to see its value dropping over the next 3 years.

Ha Kokusai I used to live in that block in your first link!

Agree that a flat there would be a MUCH better investment. That area is going up and up despite the 15 minute walk to the tube. Plus at least one celeb lives there so you know it must have something!

Identikit flats in Canary Wharf are good for renting as they're so close to all the jobs in the banks but personally I would go for somewhere with a bit more character and community, safer as an investment and also if you end up getting stuck there for longer than anticipated.

@carnationlilyrose I've admired that block for the last 4 years, you have good taste to live there :-) The area around there has become so much better in that time too with other nice blocks coming online.

I also bloody love Omega Works in hackney wick. Most of the 2 beds are over 1000 sq foot. I first looked into buying one in 2012 for 380k but I didn't manage to sell my property in time. I looked at a few last year for 530 but they were the wrong side of the block facing the construction work. Now they sell for 575 and HW and FI are totally buzzing. Massive regret that purchase didn't work out for me.

I had to buy in Leyton but am only a 15 min walk to HW so don't feel toooooo out of it.

If you want to add value then you need a fixer-upper in a rising area where you can do some work and capitalise on the gentrification sweep

I don't agree re fixer uppers - there is much evidence that unless you can do the work yourself or know people who can do it for you mega cheap you will not make your money back. Especially if you do things well and thoughtfully rather than the easiest tart up.

@kokusai I know, it's gorgeous! Sadly way out of my league when it came to buying so I'm now in one of the rather more scrubby ex-council blocks round the corner. I still love it though

Kokusai Good point. My own experience is probably clouded by the fact that DH and I are pretty handy and very experienced DIYers - so things like fitting a new kitchen, bathroom, knocking walls down etc., don't faze me because we know how to do that kind of work and also are experienced enough to be able to do it to a good standard. Bodged DIY is worse than no work at all because at least in the original state you've usually got a clearer view of what needs doing!