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

Beckenham is actually a good shout. Still feels London but isn’t deprived and has excellent schools, pleasant town centre etc. but it looks like you can get a very large Victorian property for your budget.

Purchasing a 6/7 bedroom property in this climate seems nonsensical to me... especially if it's just a 5yr plan. I would have thought a 4 bed would be easier to sell. I can't imagine you making much money, if at all, in 5 yrs time trying to sell a 6/7 bedroom. There are a very limited number of people who would want/require a property of that size, or be able to afford one (particularly as you would aim to market at higher than what you purchased for, and significantly higher if you've done work on it...). Why would people need a house so vast, and how would they afford upkeep/maintenance?

@Smallgoon

Some people prefer big houses to small. The upkeep of the ones OP linked won’t be that costly: a cleaner for 1 day a week, a gardener for a couple of hours every fortnight etc Expensive heating and repairs but if someone can afford 1.4M, then they can surely find enough for maintenance.

But the point remains that a 1.4m property will likely suffer more in a recession than a 600k 4 bedder. 5yrs is not long enough to make a decent return, and presumably OP wants a decent return (is certainly what I've read from previous posts). I wouldn't be taking the risk. In fact, just because I can spend up to 1.4m doesn't mean I necessarily would in the current market.

But I also accept that nobody can predict what will happen in the property market,

Why are u buying such a big house as a couple especially as looking at moving again in a few years I'm not sure you will get the financial return...from a house in the way you have from your flat....unless you buy somewhere that is likely to be regenerating and you treat it as property development..

In which case unless you are going to turn these huge houses into flats not sure they are the right ones..

Think you need to decide if its short term investment or a home? As the 5yr thing is a bit short term for a family home...

You may be better buying a good flat and enjoying London as a couple then moving out to the country and keeping London flat and rent out or pied'a terre

@trollymo i have no idea! At the moment we are tied to London due to our work. Makes my head hurt so I'll have to think again when remortgage comes up next year and we will be led by secondary school options for DC even if it still a few years away (I am a planner, DH is not). Then theres the job vs house chicken or egg question: should DH proactively search for something outside London first (his job/industry is "portable" but mine isn't)

Why are you looking for 6/7 bedrooms if you only plan to stay there for 5 years and don't have children?

You can get gorgeous detached houses in forest hill for under a million that I would imagine will retain their value better than a house that size?

CP for the win - there is tons to do if you have / expect to have babies or small children. The pubs are very family friendly and there are some decent restaurants on the triangle. One thing you need to factor in is the massive bloody hill from everywhere else up to the triangle, if anyone in your family has health issues do bear that in mind.

Bakerloo line extension has been promised for years though.

The bakerloo line extension isn't going to happen anytime soon. Don't move to Lewisham,

Have you looked at SE20, down the hill from CP? Loads more for your money and it is coming up, rather than peaked. The trains are also loads better as it's a fast line to Victoria- the CP line takes forever by comparison and don't run as frequently. Penge east also goes to Blackfriars in the morning.

It also has a fantastic sense of community and a useful high street. Much less pretentious than CP (which I do like but has a lot of expensive interiors shops), although Penge is the street art capital of London!

@MyOwnSummer we always say it's at least 3 degrees colder on top of the hill.