Nice areas in London for £700k

[Mandofan]

My partner and I are looking to buy at the end of the year so I’ve been looking on rightmove to see what we can get for our money. We currently own a flat in north London and I would love to stay in the area. Our budget is £700k but I can’t find any houses in the areas I truly love. One non negotiable is it has to be on the underground and no more than half a mile from the station. Everything I’ve found is almost a mile from the station or isn’t on the underground. We’d ideally like a 4 bed but would go for a three bed and extend if possible. Currently looking at Finsbury Park and near Highbury but not had any luck. Are we being unrealistic? I’ve seen a few nice ones in Turnpike Lane and Colindale but I don’t love the areas. Any ideas on where we should look? No DC yet but would like to be in an area with good schools. I’m worried we won’t find anything or will have to compromise massively

I was born and raised in south and there are a number of affordable options there. Unfortunately it’s too far from our families. There have been some amazing suggestions on here. I’ve added them all too my list. Saw some lovely options in Loughton and Buckhurst Hill but DP is reluctant to go that far so I’ll have to think

It’s tricky because DP is wedded to the idea of the house we buy being our forever home whereas I’d be happy with a starter home and then move again in 5 years or so to a nicer area. I’m late twenties and DP is 30 so I feel we have time for our forever home

Look at Walthamstow, nearer Blackhorse Road than Walthamstow Central, as it's cheaper. Leyton also meets all your criteria and though prices have gone up, you're likely to still get a 3 bed in budget if you're prepared to do some work to it. It's on a tube but also is walkable to Stratford so loads of transport options open up.

SE18! Crossrail opening soon. We bought a 5 bed Victorian house with an 100ft garden for under your budget.

You'd get a three bed house in Hornsey for that. Finsbury Park/Bounds Green/Wood Green etc.

Four beds if you go out to Chigwell/Buckhurst Hill/South Woodford.

Cricklewood, NW London

Posted too soon and it won't let me share the links confused. Have a look around the south side of Holloway Road, between Severn Sisters and Holl Road tube, Hillmarton Road area, not far from Cally tube too...

We just sold an ordinary 2 bed flat for £700k in this area so there won’t be any 3/4 bed houses unless it’s uninhabitable, on a major road or ex-Council. There’s also a black spot for primary schools unless you’re quite careful.

I don’t think you need to be buying your forever home at 30. At least I hope not, my daughter is currently buying her first home (a one bed flat in North London) at the age of 30.

Within 0.5 miles of the tube, your current 3 bed house options are the two below. Both less than 1,000 sq ft & one is on a (particularly) major road & the other is sandwiched between two major roads. The latter street also has a problem with drug dealing due to the College at the end of the street.

www.rightmove.co.uk/properties/119539172#/?channel=RES_BUY

www.rightmove.co.uk/properties/116942090#/?channel=RES_BUY

I think you are going to have to compromise, because everyone wants to things on your list of criteria. You also say you want to be near the tube but then rule out two lines (you don't like the district or metropolitan lines) so that narrows it even further. At your lifestage the most obvious compromise would be house size. Buy a smaller one for now, get your first child into a good primary school with sibling priority entry criterion and then you can move without the school catchment worry. It's called the property ladder because people climb it in steps - expecting to buy your forever home on one fell swoop is the issue here I think.

Loughton, Theydon Bois, Epping (end of the Central Line). It’s gorgeous here, right by Epping Forest too

Pellat Grove, London, N22
www.rightmove.co.uk/property-for-sale/property-119402441.html

How about Hatcham, New Cross Gate, SE14? Overground round the corner. You'll need about 750K though

Would you look at Hanwell, west London? It’s not on the tube but is on the rail network and crossrail? Excellent schools.

Quite a few people I know who have been priced out of Walthamstow & Leytonstone have gone to Chingford & Highams Park. Seems to be the next area to ‘go’ in that bit of London if you’re looking for space and something that will appreciate in value.

I second looking at Harrow & Barnet. Barnet borough in particular has great tube links.

What about somewhere with potential to extend later - that might help a little with the budget now but mean you are already ‘in’ your future house and protected to some extent from rising property prices.

Also an ex-council house might be another way to get a bit more out of your budget for the other priorities you have. A friend bought ex-council in an otherwise way out of price range area, it was a nice, solid house and they loved it there.

Have a look at Wood Green (the ally pally side) - places don’t come up so often but it’s a lovely area with houses within your budget, good schools and is very friendly.

@Starseeking

London is really quite expensive for purchasing houses now, and ridiculously so. I'm trying to buy a 3 bed in the worst part of West London, and I'm currently pondering on ways to push my budget from £700k to £750k. 2 years ago I'd have been able to buy the same houses for less than £600k, however Covid has distorted the market completely, and I think recovery will take a long while.

I don't think you'd be able to get what you want in Walthamstow or Leytonstone, you'd probably need to go much further east, but then you wouldn't get the tube.

South East London would most likely be your best bet to get something in your budget, but there's (almost) no tube there, which is reflected in the prices.

There is the overground though in SE London and trains and the DLR in parts.

I think it's possible to get a £700k three bed house in a nice area of north london, but think about what compromises you're prepared to accept. So increasing your search range to one mile from a tube station will help. Being prepared to live near a main road or alongside a train / tube track will give you options. So will being open to smaller houses - sub-1000 square feet.

I agree you might need to plan for two moves. But be careful with primary schools - some boroughs now only give sibling priority if you still live within one mile of the school.

A lot to think about here, thank you. I’m going to speak to DP today because you’re right, it’s called the property ladder for a reason. I’d be more than happy with a starter home. He has a second flat he’s going to sell which will be most of our deposit. He’s said he’d be willing to sell our current flat too if it meant we could buy our forever home (starting to hate that term!) but in reluctance to do that as it’d be so difficult to buy an investment property in London again so I want to hold on to it for as long as possible. We want two kids so I’m happy to look at 3 beds for now and maybe upgrade to a 4 or 5 bed in a few years as I’d love an office and I’d like my mum to live with us when she’s older.

To be honest if you have access to a bigger budget via selling both flats then I'd seriously think about doing this. A budget of £1m is much more likely to give you what you want.

Whilst many people do have to make various moves up the property ladder, the fewer moves you can do it in the better, given stamp duty and moving costs.

Incidentally I have a friend who in the last couple of years held on to their london and flat and bought a house, and they're now in the process of selling the flat. The tax regime now means it isn't very lucrative to be an amateur landlord of one flat, alongside the risks involved.

Personally I'd sell them both, use the proceeds to buy the house you really want, which could be a 10 year plus house, and rest safe that you have a decent family home in London, which is in itself an investment.

I realise selling our current flat would increase our budget i’m just really reluctant to do it. I’d rather rent it out and then sell in a few years to buy an investment property in a slightly nicer area. I know but to let properties are a touchy subject on here but I’d love to keep it in the family so we have something to leave to our kids

You are being very picky with your budget. What do you dislike about the Met line for example? If you want to be near a tube then you simply can't just rule out whole lines. You could have a lovely place within a short distance of Harrow-on-the-hill tube for example that gets you to Baker St in 15 - 20 mins. For 700k in North London you won't get any more than a flat or a tiny house in an unsafe area.

@Mandofan

I realise selling our current flat would increase our budget i’m just really reluctant to do it. I’d rather rent it out and then sell in a few years to buy an investment property in a slightly nicer area. I know but to let properties are a touchy subject on here but I’d love to keep it in the family so we have something to leave to our kids

But you haven’t got any kids. You’re not even pregnant. You might never have kids. You are looking far too far into the future. Either sell both the flats you have now to buy a permanent house, or sell one and buy a house that doesn’t tick all your boxes. You are in an extremely fortunate position to have that choice.

@Mandofan

I realise selling our current flat would increase our budget i’m just really reluctant to do it. I’d rather rent it out and then sell in a few years to buy an investment property in a slightly nicer area. I know but to let properties are a touchy subject on here but I’d love to keep it in the family so we have something to leave to our kids

But you'd just be consolidating your assets? So you would be able to leave your house to your kids? Tbh, it seems daft to be thinking of inheritance for kids that don't even exist yet when protecting that inheritance means you can't afford to buy the house you want