Forest hill or Crystal Palace?? Is London property risky?

[Dreambow]

Hi,
We are searching for a family home in south east London. We love areas like Balham, dulwich, Blackheath and Greenwich but can’t afford there. We have looked in forest hill and worried about how quiet it is on the high st and reports that the Dartmouth Arms pub is closing etc. Have only recently viewed in Crystal Palace so very new to us.
What do you think of forest hill vs Crystal Palace? Which area has more potential?

We are also worried about London properties falling in general as we would like to stay in London for 5 years and then move out and would hate to be in negative equity. Really open to any advice? Thank you so much

I think it's worth looking at West Norwood and Streatham as well - good schools and nice Victorian houses

Our budget is £1.4m (having luckily brought and sold at the right time) and we are looking for a family home near great state schools with a easy commute into the centre. Really don’t mind doing work and almost prefer it as we can put our stamp on things. Some of the places I would like to live such as Balham have very few great state primary schools and many kids seem to go to private schools (which we prefer not to do/ cannot afford) or the catchment areas are tiny and the houses around tend to be small. Would love a larger family home which seems to be available in places like forest hill but so worried about the high st in case it doesn’t progress and starts closing down! So confused and then coronavirus/ recession doesn’t help! X

@Dreambow

Our budget is £1.4m (having luckily brought and sold at the right time) and we are looking for a family home near great state schools with a easy commute into the centre. Really don’t mind doing work and almost prefer it as we can put our stamp on things. Some of the places I would like to live such as Balham have very few great state primary schools and many kids seem to go to private schools (which we prefer not to do/ cannot afford) or the catchment areas are tiny and the houses around tend to be small. Would love a larger family home which seems to be available in places like forest hill but so worried about the high st in case it doesn’t progress and starts closing down! So confused and then coronavirus/ recession doesn’t help! X

There is a gorgeous house for sale near me that could be in your budget. Lennard road in Penge

With that budget I would look at Herne Hill, Dulwich, Sydenham, may be Streatham Hill or Streatham Wells or Blackheath, loads of great primary schools, slightly less good secondaries or rather its a bit of a bun fight for the 'better' state schools. I think there are some lovely big houses in Nunhead / Honor Oak but don't know those areas.

This is the sort of thing you could get in streatham

www.rightmove.co.uk/property-for-sale/property-83357290.html

Catchment of good primaries and probably in catchment for Dunraven for secondary

I thought you were going to say 500k!!!

Of course you can live in bloody Greenwich or Blackheath for that - you can live in literally the best street in Greenwich for that

And Blackheath

Blackheath and Greenwich have good state schools. Also Lee Green and Hither Green (you'd get a lot for your money there). Forest Hill and Honor Oak are ok for primaries but secondary not so sure. Tbh most of SE London is your oyster for 1.4m.

I can see why you’re worried about the whole up-and-comingness with that budget.

Have you considered some other areas in SW London that are cheaper than Balham?

1. Wimbledon (more on the S Wimbledon side), great transport links, Wim Village has always been very naice but you might like to move for secondary.

1. North Kingston. Excellent for primary and secondary, near the river and Richmond Park and good commuting from Norbiton station.

1. Teddington. Excellent for primary and secondary, a naice London villagey feel with a lovely high street, Bushey Park and the river but not the fastest commute.

1. If you’re open to suburbia, then my postcode would be great. It’s always been established as it’s just huge detached houses on big plots. Cheam Village has a Waitrose and independent shops but zero London vibe. Excellent primary and secondary schools and a lovely lifestyle for families (lovely Nonsuch Park, a David Lloyd, Nuffield Health, public leisure centre and library, tennis, rugby and cricket clubs all within short walking distance). Cheam station is in zone 5 with direct services to Victoria and London Bridge or a short bus ride to Morden if need be.

I'm sure you could get a decent house in Balham. If I had that budget I wouldn't even bother looking in most of the places mentioned in the thread.

Prices in London are unsustainable. They need to drop, a lot. If they will or not who knows. Will there really be that many 200k plus salary households willing to buy boxy overextended terraces outside of zone 1?

I agree plus surely some of those people earning 200k will want more for their money!

Why only 5 years?

I also dont know many people that have made that much money on their flats since about 2016....so the large equity increases of yester years are gone.

Agree with this, my area peaked in 2015 from memory. I know people who got on the ladder before me who are older who made like 500k in equity. I think those days are gone, people can still get on the ladder with a good salary but moving up is a lot harder.

I prefer CP, not much in FH.

I would be concerned about how increased remote working will impact prices.

@Dreambow you can afford Balham & the other areas you mention on that.

With that budget and if you like Balham I would look at nearby Earlsfield. Somewhere I lived for over 20 years before a recent move. Or as others have said Blackheath if you really want SE. Personally I would not bother with Forest Hill or Crystal Palace with that budget. Nothing wrong with them at all but you have a healthy budget that would get you closer to the areas you want.

with that budget I wouldn't look at Streatham or the other areas mentioned as the nicer roads tend to not be near the good state schools.

the black heath one @LaurieFairyCake linked is wow

Wimbledon or Hampton court/East Moseley are good areas to look in too.

How did you make so much money on property if you don't mind me asking? I'm assuming your young as no dc yet.

I would consider Beckenham, you’d get a lot for your money and you have good state primary and secondary options. If you really want to stay state I think you’d struggle for secondary in CP or FH.

particularly from selling up in Colliers Wood?!

Well, I think it all depends on what your key priorities are. I don't think I would want to spend 1.4 million on a terraced house in Balham over a semi or detached in Streatham, Crystal Palace, Forest Hill - but obviously if you really love Balham as an area, it might be worth it.

With that budget and area/high street as your priority I would sack off Forest Hill and go to Herne Hill. You’ll get more house for your money in Forest Hill (and lots of gorgeous conservation areas), but more area for your money in HH – lido, Brixton, market, Brockwell Park, good transport links, easy to get to Dulwich and anywhere really. Not sure you’d make money on it though, HH houses have almost all been ‘done’ – extended and converted and gussied to the hilt so there’s no room to improve.

(I bought a house in FH right before coronavirus with LOTS of room to improve, aka a dump, and it’s probably going to end up worthless if remote working really takes hold. Ah well.)

Based on what like - I’d look at Ladywell and Honour Oak you’ll get more for your money I think.