London Zone 2 (Camden) flat - need opinions ASAP

[ldnflatbuyer2021]

Camden, 1980s flat with a share of freehold.

Flat is very close to this one, similar floorplan and price: www.rightmove.co.uk/properties/114220451.

In demand area with students/young professionals even some families. Planning to stay there for 3-5 years.

Positives:

1. 4 stories, traditional cavity wall (no EWS1 needed)
2. share of freehold so some control over bogus costs and easy to extend lease
3. close to the Kings Cross regeneration area with a lot of new builds + there will be a lot of new builds coming in soon.
4. area in very high demand for renting - though rents dropped from £1800 to £1400 during the pandemic, now are back to £1800 so buying is still a bit cheaper
5. prices been static for the last 6-7 years so dropped due to inflation
6. good transport links - close to Kings cross, Camden underground and overground
7. new builds close by (300m away) are around £12000-£14000 per sq.m. while this development from 1980s goes for 8500 per sq.m.

Negatives:

1. close to railway tracks (noise issue)
2. there will be a lot of new build developments on the industrial site just nearby (potentially an issue for renting/selling due to noise?)
3. there have been high reserve fund contributions (20k in total over last 5 years - as this is an older block )
4. very pricy - and a relatively small flat as the 2nd bedroom is not a proper bedroom. But I think it is still sellable to FTBs.
5. lease is so-so - prohibits AirBnB and pets
6. London market has already peaked? especially with work from home and etc...

Go and walk around there at 1am on a weekend and see how safe you feel

I’m not a fan of the area. There’s not a lot that’s very nice about Camden (it’s a magnet for people who have not progressed in life since their teens in the 90s) & KX is fine but rammed with tourists in normal times.

I used to live 0.5m away so know the area well. I’d rather take the same money and live in Upper Holloway/Archway.

@squee123

Go and walk around there at 1am on a weekend and see how safe you feel

Like the Elm Village area or Camden High street? I feel OK in the Elm Village area though less so in Camden Town.

I think it's the cheapest option for a private flat in the Camden area - though you are right, you could probably also get good/better value in areas slightly to the North - especially Archway/Holloway. I don't think Kentish Town is much better value.

But the area should be regenerated in the next 5-10 years with all of the new build plans as well as Facebook/Google offices in Kings Cross.

I was being recommended the area in 2013 as a sure thing when we were buying and KX has been been regenerated for 6+ years now.

Facebook is opening part of their office in two weeks and the rest in early 2022, which completes the rear of the Argent estate. Google is becoming a white elephant with no delivery date, and the area has moved on beyond it. There really isn’t much more to go, I think that moment has passed.

Personally I'd walk everywhere you're likely to want to go. So route back from the tube after a night out etc

Most the proper regeneration is done. Yes there are more flats being built, but if anything that will devalue your flat.

I agree with Porridge. I used to live around there a few years ago. The regeneration has already happened. I think the flat looks quite depressing and I wouldn’t fancy walking back there in the dark. You can still get good value in Holloway. A bit further, but Finsbury Park has excellent transport links and much greener!

I like the area and we're considering moving nearby as DH works near King's Cross. I'm used to zone 1 living (Shoreditch/Hoxton) so the crime stats don't put me off.

I think a first floor flat should be fine, I lived in one for years in what was a high crime area but it never felt unsafe. It's a very walkable area and as a young professional with no dc it will be a great location to do everything you want in London. Holloway and Finsbury Park are good value but not as central, so it depends what your priorities are (for me I like to be very close to everything and walk if possible).

The small second bedroom might put off buyers in future, but then again I think it has enough going for it that it would still find a buyer (someone similar to you, who would use it as an office rather than a bedroom).

The flat on Bayham Street above looks like it's ex-council, so I would choose OP's flat over that despite the bigger rooms, because of service charge issues in ex-council flats. The one on Castle Road is nice but not quite central enough for me.

@bowserscastle

I like the area and we're considering moving nearby as DH works near King's Cross. I'm used to zone 1 living (Shoreditch/Hoxton) so the crime stats don't put me off.

I think a first floor flat should be fine, I lived in one for years in what was a high crime area but it never felt unsafe. It's a very walkable area and as a young professional with no dc it will be a great location to do everything you want in London. Holloway and Finsbury Park are good value but not as central, so it depends what your priorities are (for me I like to be very close to everything and walk if possible).

The small second bedroom might put off buyers in future, but then again I think it has enough going for it that it would still find a buyer (someone similar to you, who would use it as an office rather than a bedroom).

The flat on Bayham Street above looks like it's ex-council, so I would choose OP's flat over that despite the bigger rooms, because of service charge issues in ex-council flats. The one on Castle Road is nice but not quite central enough for me.

Thank you - I agree with this view. Have you been in the Elm Village area?

@Clymene

I'm not confused and I'm aware somers Town isn't elm village. I suggest you do some research as I said.

Good luck.

I am aware that there was drug dealing in Barker drive. Could you please do me a favour and point to more resources where the issue is mentioned?

If it is a block popular with young people students then think about how close to the entrance/stairs/lift the flat is. Everyone coming into the block will be walking past a ground floor flat. Late night noise, early morning noise. Deliveries ringing your bell if other residents are out.

@viques

If it is a block popular with young people students then think about how close to the entrance/stairs/lift the flat is. Everyone coming into the block will be walking past a ground floor flat. Late night noise, early morning noise. Deliveries ringing your bell if other residents are out.

I agree, I always avoid ground and top floors !