What would you do? (buy/rent)..where

[Harri87]

Hi, hope you're well!

We're really stuck and looking for a bit of advice..

Currently renting a two bed flat in Clapham for £2k a month and love the area also very close to family and friends who can help with childcare. We wanted to buy somewhere around here but it's too expensive for our £340k budget, so looking further out.

I've spent so long looking for areas and houses, mainly around Brighton/Preston park/Surrey as we'd really like that Clapham vibe/the type of place you'd get a with a Gails type cafe and Waitrose but of course we wouldn't get much for our money and ideally like a garden for our little one.

If you were in our situation what would you do? Are prices only going to go up and so should secure anything now (I know no one knows this) .....if we carry on renting, thats £125k down the drain after 5 years.

We've just been going around in circles, so would be great to have some other point of views! Is there anything I haven't thought of? (I was also thinking of buying somewhere up North as an investment so at least we've got something...)

Many thanks!

How many bedrooms do you need? Even if you moved further up north, you may still struggle to find somewhere over a 2/3 bed house if you want to be in a “nice” area. (Sigh)

Are you tied to the South East?

We'd be happy with a two bedroom as it's the three of us but yeah being close to London is quite important for us as we want DD to be close to family and we need to be for work...

Which bits of London do you need to be able to reach for family and work?

@SimonedeBeauvoirscat

Which bits of London do you need to be able to reach for family and work?

South West, ideally Clapham Junction :)

Surbiton, New Malden, Berrylands, West Byfleet. Lots of families in the same position as you. Depends what you want for you money but those areas are all ok

Ok so there are loads of 2-bed garden flats on the train lines which run into Clapham Junction. Sutton and Epsom both have Waitroses and there are several 2-bed garden flats for under £350k in both areas on Rightmove …

Coulsdon ?

Thanks so much for your replies! Will check those areas out :)

Would you all look at buying further out then instead of renting and seeing how the market goes?

I've heard good things about South Croydon:

www.rightmove.co.uk/properties/98103995#/?channel=RES_BUY

Even with small plateaus or declines in the market, 2 bed garden flats in Clapham will never cost 340k again - those days have gone. So unless you reckon there’s a chance you could say double your budget in the next couple of years eg through salary or windfall or help, I’d look at moving out a bit to get on the ladder.

Agree with others that Ashtead / Epsom / Sutton / Cheam might be a good shout. All 30 mins or so to Clapham Junction.

If you like the vibe of places that have Gail’s, other nice cafes, bakeries, hustle and bustle, great transport, waitrose, village feel etc, do not move up north. As beautiful and friendly as it is, it doesn’t have those things concentrated in one place. I have moved up north after the first lockdown and in the process of moving back to London now after feeling depressed for a year missing all those things you mentioned.

Frauhubert a bit of a generalisation, there are such places, Chorlton in Manchester for example, parts of York, Bristol (not North but just to say not inly London has this) etc - but it does tend to be a specific suburb, not a sprawling choice of cafes etc.

With your budget you would possibly get a 2 bed flat in the nice parts of Brighton but not a house.

The vibe is right though.

@Harri87 - You must do as you wish but with a £340k budget and family & jobs in South London if it were me ( and it isn't ) I would look more to find your own flat for your current circumstances rather than just buy somewhere more randomly just to get a toehold.

Personal opinion only - others will have different opinions.

don't understand Basilisk's comment.
isn't that what OP is trying to do, what you suggest. how is it different ?

Definitely buy to live in. Renting is becoming increasingly expensive and insecure at the moment. It’s not long before you need to think of schools so look at somewhere that has a good catchment too. If you look at garden flats or Maisonettes you should find quite a bit in your price range, either on the train line (as suggested above) but also some more ‘posh’ areas outside London

@alexdgr8 "(I was also thinking of buying somewhere up North as an investment so at least we've got something...)" This was the post from OP I was referring to - sorry if I misunderstood or did not make clear

Actually I would agree that Brighton is a good place for what you need. It's less than an hour to parts of south london so you're not too far from family and the place has the right vibe that you're after.

It's not Clapham, but it's close to Crystal Palace and West Norwood which have the cafes etc you're after, if not quite the Waitrose - but you won't get that with a purchase without going further from London - www.rightmove.co.uk/properties/100452044#/?channel=RES_BUY

There's also this which is a nicer spot. No garden but amazing green space opposite and lovely park around the corner - www.rightmove.co.uk/properties/107574800#/?channel=RES_BUY

That's the kind of area/property I'd be looking at to stay in London. Otherwise agree Brighton might be your best bet.

We are looking to sell (East Acton) and buy in Kent (good links to london). Mostly to be closer to family and friends. I think considering you pay out close to 2k in rent, makes no sense to rent, most mortgages will be less or thereabouts. At least you’ll be investing in something with a mortgage, rent is money down the drain.

That second listing on Chevening road looks lovely @Pinkdelight3

It's worth checking out - outstanding school on the same road and a stone's throw from the Crystal Palace triangle with cafes galore!

Crystal Palace (or South Norwood if you want space over location) definitely worth a look