Fear of moving in London

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Seeking words of wisdom to help my cluttered brain. I'm a single mother living in Pimlico with my teenage daughter who is at school in Hammersmith. We've been renting a lovely but tiny place for nearly ten years. I need to get back on property ladder.
Thanks to Brexit uncertainties, I'm in a position to buy and mortgage would be cheaper than rent. But I've been here before and, crazily, freaked out at the prospect of leaving Pimlico. I raised my daughter here (from a one-bed flat which I stupidly sold in 2009). She went to a local primary. I know my neighbours and we see people we know every day. All of this is ephemeral but it gives me a sense of belonging which I'm afraid of losing if I leave. But - the hard truth is that I can't afford to buy the kind of place I'd really want to live in - nothing as nice as where we are renting. And the thought of buying a cramped flat just because I'm afraid to move to a new area is paralysing me. I'm considering Barnes/Mortlake area where we could afford a two-bed garden flat, somewhere that would feel like home. Transport links nowhere as good but I work from home and it's easy for daughter to get to school. Has anyone else experienced this kind of fear about switching areas. I think being single and working from home is probably making it worse but would be grateful for any advice!

Could you stay where you are, buy another property and rent it out? So you get onto property ladder but get to stay where you are?

Hi dimsum123 - yes, that's a possibility although I'm wary of all the work that could bring and think, not sure, that rules have changed on tax and stamp duty for landlords.

If you feel that getting off the property ladder in 2009 was a mistake - don’t make another by getting on it right now. Brexit might put you in neg equity - I would wait and see - unless you are aware that prices are creeping up again in Pimlico ?

Also would wait to see where your daughter goes to college or Uni - is that relevant

How old is your teenage daughter? Young teenage e.g. 13, or older teenage e.g. 16? By not being tied to school area you open up more possibilities.

I can fully understand how you feel as I am also a lone parent with a dd and having lived in the same area gives me a certain sense of belonging. However, I do think you should make some concrete plans to buy, as I think it will give you greater security. How does your dd feel about a potential move?

Thanks for these replies - so, firstly, dd is in first year of A' levels. I could wait another 20 months before I decide where to go although she makes the point that it will be easier for me if we move together and put down roots for a couple of years than if I go alone when she is away at university which will seem like an even bigger life change for me. Not sure where she will go to university. She is happy to move. She has lots of friends and some live in south-west London. She is not fazed by change in the way that I am. The whole question of whether to buy now or postpone because of Brexit is a whole other debate. Prices have dipped because of uncertainty but there is a theory that they could bounce back if a deal is done. There is still a huge housing shortage. I think I'd lose my marbles if I was priced out again. And I wouldn't be buying to make a quick buck but to make a home and so even if prices plunged after I bought they would pick up again eventually. Thanks for your replies. It really helps to hear other voices on this and not just go round in my head!

Notcontent - it's really reassuring to hear that you understand about the 'belonging' thing!

Right - I understand your dilemma - you have to make the best emotional decision and at the same time the best financial decision. Ideally you would like to stay where you are. Can you afford anything there at all? Have you looked at shared ownership and help to buy? I would imagine that you could negotiate a hefty chunk (10-20%?) off any new build list price. Or ex local authority - they are spacious.

Two of mine are at uni now and they literally only come home once in term time and then holidays - and even then they go to visit new uni mates, and in the summer holidays they are travelling abroad or working and also have a house to use in their uni city (have to pay 12 months) - so they are rarely home. I would be thinking about YOUR long term future once your DD leaves and get that right for you. If you live where you are and want your local friends and community (which will be even more important with an empty nest) - I would do everything you can to stay local - even if it was small and cramped for the short term whilst your DD is still at home full time - and it would be short term as it takes ages to do the conveyancing in a flat any way. It’s always a compromise on location and space. But in your situation I would be looking for an easier transition and sticking with what you know. You are really well placed do a lot of research locally on past sold prices and then keep a very close eye on local property and be ready to move once you see and know a good price. You don’t have to rush it and hanging back won’t be a bad thing.

In a new area it is hard to know the subtle of the property market - price and location and you could get it wrong? If you do want to buy in Barnes I would rent there first to see if you like it before you make a big commitment - if it doesn’t suit you can always go back and buy in Pimilico. Are your neighbours true friends though that you would find hard to leave behind - as it is easy to make new shallower “neighbourhood friends” in most places (get a dog if needed) especially somewhere like Barnes which is v community focused and open.

Exciting times for you!

Thanks Another20 - that's really positive and upbeat information. I'm trying to stay focused on the positive! In terms of Pimlico I'm caught between not being eligible for help to buy and not having such a big deposit that I can buy something great. I'm already looking at ex-authority. Generally, estate agents are amazed when I say I'm looking for myself. The whole buy-to-let and air b&b situation has decimated this area. Or people just want pied a terres and have homes outside London. I think hanging back a little is a good idea. Certainly until December 11th! And renting in Barnes first is a really good idea. I'd be in no worse a position by doing that and it would make things clearer. I did also think this morning that maybe I should try and find somewhere not so far from here - maybe going across the river to Vauxhall would allow me to get something just a bit better - only one tube stop extra for daughter and I'm still in the centre of town which, for whatever reason, always makes me feel comfortable. I never feel lonely in the centre of London. Thank you!

Glad it helped to focus your thoughts. Really shocked and saddened though to hear you say that BTL and Airbnb have decimated the area.......I think you will find the same situation in Vauxhall? So maybe bettercthe devil you know? Maybe rent in Vauxhall?

Another20 - Air b&b is banned in Westminster ex-authority blocks - which should be one of the plus sides of buying such flats- no letting under six months - but people break the rules and with it comes Deliveroo drivers at all hours and people dumping rubbish and wheelie suitcase vibrating along pavements at 5am as they set off for early morning flights! One of the down sides of central London!

We have a flat in Shepherds Bush where there is a variety of prices. It might be affordable. Have you looked. Hammersmith is close!

I understand your feelings. I used to live in Bloomsbury which I felt was “ me” . Interesting neighbours, a second hand bookshop at my doorstep, a walk away from the British museum, and I felt safe to walk home alone at any time of night.
Due to ever rising rents, finding work in south London and having a baby I moved to a rather dreary south London neighbourhood. Not Barnes by a long stretch! I missed Bloomsbury horribly. . I don’t regret it now because financially we are in a much better position than we would have been if we’d continued renting. All being well we’ll have something to leave our kids one day. We’ll also have the freedom to sell here and maybe move somewhere else after kids leave home.
In the long run it’s certainly been the sensible thing to do, but it was a wrench and to be honest it has meant less living in the moment and appreciating my neighbourhood.

Offthepage - that is absolutely horrible - what an invasion and pollution of your day to day life.

I don't know if any of you are still out there - but I moved last June - to East Putney - and it's the best thing I ever did. I love it here. Have met some great women via a v low-key ladies' running group. I have so much more space. Dd is closer to friends and loves it too. It's a sixties block - not at all what I thought I would want and I almost ran away when I saw the outside, but it's so much bigger than the Barnes type Edwardian garden flats etc. We have views over trees and gardens, a south-facing balcony, lots of birds and fabulous neighbours who have lived in the block for years. I wanted to post this because so often I read messages here and wonder what the outcome was. It took me a while to overcome my fear of leaving the area I knew, I still feel a pang of love when I think of it, but I don't miss it either. I am so close to the tube. Change can be good! Thanks for all your wise words!

Great to hear!