Would you buy a flat to get on the property ladder?

[Luv2chat2U]

Hi all,

Would really appreciate your advice.

Born and raised in London and lived here all my life, work, friends and family here too.

Want to get on the property ladder but at the moment the market seems at a standstill. Either that or my budget isn't enough. Currently when searching Essex or Kent, my budget will only allow for me to buy a house in Ipswich, Dover and just about Gillinham (don't know these areas). But I can purchase a flat a little closer (not in london but closer than the above mentioned areas).

Do I gamble and hold off (currently renting but low rent) and wait for changes in the housing market (if any) or buy now? and if so

Would you buy a flat to get on the property ladder or a house further out?

No

Also to add, if I do go ahead with purchasing a flat I will be looking at conversion style types or maisonettes no high rise blocks with outside greenery as I worry about the service charge.

@FinallyFluid oh no. Why? would you go for the house further out then?

I wouldn't look at Gillingham, I lived there for a year got out as soon as I could. I know nothing about Dover.

@FinallyFluid oh blimey, thanks for the heads up lol

Well there are flats and there are flats.

A new build flat, probably not. An older flat in a well-established neighbourhood? Yes.

I would and did, as there’s no way I could have afforded a house within commuting distance. But:

• I probably wouldn’t buy a flat over a house unless there was a significant saving in time commuting back into London.

• do you commute into London? Could this change?

• how often do you see family in London? Would you consider moving away from London altogether?

Places like Dover and Ipswich are not really commutable. I think you could be very isolated there, and the cost of rail fares for both commuting and seeing family would be high.

In your position, I’d probably continue to save but think seriously about another city or town with more affordable housing, eg places like Sheffield. Once you find somewhere you’d be happy living in, try renting there first before making the commitment to buy.

How long would you be looking to be at the flat for?
Would you be able to save more whilst renting to up your budget for a house closer to where you actually want?

Have you looked into Help to Buy or shared ownership closer to London?

I would get on the property ladder as soon as anyone's able, but it has to be a wise choice regarding the property's capacity to gain equity and be sold on. Property is investment, if a person is able to it's a wise use of resources.

@classics thanks for your input. I agree and I would definitely be looking at older style properties.

Well I think it is a good idea to buy now. You could work out what areas you can actually afford house or flat and then research them and see where you want to live? I have just moved back to Kent (well 2 years ago) after living in London for 17 years. Its lovely but you may prefer a more lively area if you are young and single at the moment? But equally its good to plan ahead a choose an area where you can see yourself raising your children. Annual season ticket from Dover is in excess of £6000 a year so factor that in!

My late great Godfather was a surveyor and told me to never ever buy a flat, he said that they are harder to get rid of,so that is all I am basing it on.

And also particularly worth bearing in mind that during the pandemic the race was for houses and outside space, so I would buy a house no matter how small with a garden no matter how small.

I bought a flat a twenty minute walk from a mainline station into a main London terminal, in Essex, under 30 minutes station to station. Made a very good profit after five and a half years and used it to put a good deposit on a house. One open morning multiple asking price offers, lots from other Londoners priced out like me. I now live out on the coast but it was a great first step

Stevenage may be worth considering as flats are reasonable and the trainfare into London is also reasonable.

As a Londoner, it is surely normal for most people to buy a flat as a first time buyer. Any changes in the housing market are likely to be prices going up. Prices do occasionally drop briefly but always go up in the long term.
I would look for a flat in commutable distance. Lots of people do commute from Gillingham/Medway towns so that is possible if you desperately want a house.

I was 25 at the time and in and out of London regularly, as was the next owner. Flats work around London if it has certain appealing traits such as commute/transport network, not high rise, nicest area you can. Mine was in a block of 4 on a new build estate otherwise filled with large expensive houses

Yep. I bought a flat as our first place. We’ve just sold it. It’s gone up by over £100k, if we’d sold before Covid, it’d be £130k, so financially it’s been a sound decision, and personally it’s been a lovely place to live and if I could, I’d hold onto it.

It’s an old conversion, but well done. The neighbours are nice, the location is good, the service charges and maintenance costs are low. It’s only got a communal garden, but that’s been no problem either, really.

I’d hands down do it again.

@WhatsTheTimeMrCat

I would and did, as there’s no way I could have afforded a house within commuting distance. But:

• I probably wouldn’t buy a flat over a house unless there was a significant saving in time commuting back into London.

• do you commute into London? Could this change?

• how often do you see family in London? Would you consider moving away from London altogether?

Places like Dover and Ipswich are not really commutable. I think you could be very isolated there, and the cost of rail fares for both commuting and seeing family would be high.

In your position, I’d probably continue to save but think seriously about another city or town with more affordable housing, eg places like Sheffield. Once you find somewhere you’d be happy living in, try renting there first before making the commitment to buy.

@WhatsTheTimeMrCat

Thanks for your advise.

At present I am working from home but we are expected to go in now 1 day a week, which could change later and increase in days (so i always factor this in mind). My work is 20 mins walking distances so really convenient.

See my family once a week but due to Covid at least every other week.

I have for sometime considered moving to another city, Birmingham being one but it would just be me and I honestly don't have the courage. I have an adult child who definitely wouldn't relocate. If you have any cities nearer that you recommend please do name them.

Only concern about waiting and saving is whether i will be chasing my tail. Last year, Colchester, Dartford, Grays were affordable. Now they don't even come up.

I will double check the commute distance between the flats and the houses to London because that is definitely important to consider whether worth it or not.

Thanks again.

@AnnieBanannie1

How long would you be looking to be at the flat for? Would you be able to save more whilst renting to up your budget for a house closer to where you actually want?

Hi

Thanks for your reply

There is no limit.

I can most definitely stay and save for longer.

No. I bought a new build apt which was within 45 mins walk to the city centre and it always felt temporary ie not like a real home. it never increased in value and wasn’t in a great area as it was what I could afford. It was a bad buy which I realised within a couple of years.

Maybe if it was near good schools etc and you could rent it out later, it would be ok.

@starpatch

Well I think it is a good idea to buy now. You could work out what areas you can actually afford house or flat and then research them and see where you want to live? I have just moved back to Kent (well 2 years ago) after living in London for 17 years. Its lovely but you may prefer a more lively area if you are young and single at the moment? But equally its good to plan ahead a choose an area where you can see yourself raising your children. Annual season ticket from Dover is in excess of £6000 a year so factor that in!

@starpatch £6000 is all i heard blimey lol.

Thanks for your advise.

Do you miss London?

I'm not sure what the issue with buying a flat is? Flats include conversions or purpose built maisonettes with

@Dancingonmoonlight

No. I bought a new build apt which was within 45 mins walk to the city centre and it always felt temporary ie not like a real home. it never increased in value and wasn’t in a great area as it was what I could afford. It was a bad buy which I realised within a couple of years.

Maybe if it was near good schools etc and you could rent it out later, it would be ok.

@Dancingonmoonlight

Thank you for you advise and sharing your own experience. Very useful to know.

@FinallyFluid

My late great Godfather was a surveyor and told me to never ever buy a flat, he said that they are harder to get rid of,so that is all I am basing it on.

And also particularly worth bearing in mind that during the pandemic the race was for houses and outside space, so I would buy a house no matter how small with a garden no matter how small.

@FinallyFluid Thanks for sharing your Late Godfather's advise much appreciated.

I did hear something very similar the other day about people trying to get of flats to houses following WFH during Covid and that it wasn't solely the result of stamp duty.