Daughter moving to London

[Pimmsandstawbs]

I am fairly new on here but have found these threads so useful I am hoping you can help! My 32 year old daughter is moving to London next year for a job. It is her dream job but not dream pay unfortunately. She has done house shares etc for years, is single, and with a little bit of money left by a grandparent I am trying to help her buy somewhere - please don’t laugh at the budget as it is tiny (under 250k). We know that this really limits where she can live and that it is going to be the smallest of flats. I am doing my best to advise her and want to help make sure she is able to live in a ‘safe’ area as far as possible especially as she’s on her own. I don’t want to sound snobby and I am not, just aware that some of the one beds in more affordable areas look a bit grim. She will be commuting mainly to Kings Cross area but may also have to travel around out east. I live in the midlands now and don’t know London so well (lived there when much younger).

Areas we have started to look at are Enfield, Acton, South East London as far out as Penge/Anerley, Wembley. She has rented in London previously more centrally and is keen to get out of the rental thing. Also have researched shared ownership but feel there are too many problems with that.
Thank you for any ideas and help!

Op have you considered places on the overground line that runs from Euston to Watford Junction? Euston is really close to Kings Cross and its a good service. Lots of safe (unexciting) areas along that line, but not far from town on the train?

Thank you so much I will check that out. I don’t think she wants really exciting but likes a bit of a buzz, gyms, coffees, places to run, does have friends in London so likely to meet up after work and maybe be walking home from station at 10/11 ish sometimes.

Can't help you with London specific advice, but we live in an expensive part of the Southwest and are in a shared ownership. Realistically it was the only way we could afford to get on the housing ladder in the area we love.

IME (not a large sample to be fair!) it's definitely worth looking into. I know it's not as good as owning 100% of your own property, but I own 60% with the option to buy up to 100 <hollow laugh> Every month a small amount of my housing cost is paid in rent rather than all of it. I have the security of knowing I won't be given two months notice.

I was initially assessed as being able to purchase 40%, my wonderful mortgage broker snorted and easily managed 60%.

The only issue you may find is a lot of properties will require a local connection (though I'm not sure how this is determined TBH)

What about Walthamstow? Its vibrant, relatively cheap (well by London standards), very up and coming, and has lots going on locally. It used to be a bit rough around the edges but is gentrifying rapidly. It would also be a straight forward commute to Kings Cross.

South Norwood? Great sense of community, 12 minute fast train to London Bridge.

We live in Penge so can definately recommed it. Lots of travel options, lively community and moments away from Crystal Palace. These two look good.

https://www.rightmove.co.uk/properties/137220590

https://www.rightmove.co.uk/properties/131279093

you could also consider SouthNorwood or Croydon area.

There's a building boom in Lewisham. 15 minutes to Charing X then up the he Northern line to Kings X. If she cycles there are cycling superhighways going from Lewisham to Kings X. It used to take me around an hour at a gentle pace

What about commuting in from somewhere like St Albans?

Similar position here OP and it’s the service charges for flats that are astonishing another problem too. We’ve found some flats in London are priced low down so assuming that maybe the immediate area isn’t so good, but have no idea. But then stretching the upper limit a little more and the service charges are huge.

From Lewisham it's much better to go to London Bridge and take the northern line there as it's direct. You'd need a change from Charing X and the journey time from Lewisham is longer anywa- brings the time down to about 25 minutes (8-10 mins train, interchange, 10 mins tube)

Relatively cheap?!

Thanks folks for the quick responses and ideas so far. 😀We are planning to go to London for a weekend together soon and will definitely check out those areas. I had already wondered about Walthamstow and whilst there isn’t a big choice there in the price range there are a couple of flats. South East London I don’t really know at all so will be good to explore. Re shared ownership I know it works for lots of people and is a good scheme but I think we are both a bit risk averse and it seems a good idea to get somewhere that she could rent out in the future if life circs change or anything ‘goes wrong’’! All the SO places I have seen in London have high service charges ( I know that can be an issue with any flats) and she won’t be able to afford it with the rent and mortgage on top.

There's not a lot under £250k in Lewisham.

Try looking at Croydon. East Croydon station has the Thameslink service to Kings Cross/St Pancras (and Gatwick Airport in the other direction). I don't live there but there are a lot of properties around £250k on Right Move, which I take as an indication that you might be able to get something decent-ish for that budget. Whereas areas with only a handful of properties at that price probably means they're mostly the dregs that most people wouldn't want to live in, or if it is a decent flat will probably have a lot of competing buyers.

For the travel our East, worth looking at which rail line would be most used. And then the transport lines including overground between there and King's Cross.

I’m always shocked when people mention Walthamstow it used to be dire ! It just makes me miss London more, I should never have left, sigh.

Is there a particular reason why she needs to buy?

If moving to a new city, for a new job, it might be prudent to let her rent for a while to make sure everything works out and she's happy to stay.

Apparently there are lots of new developments of flats in Blackorse Road, one down from Walthamstow

St Albans is lovely. I am going to ask her about this (have a feeling she might think it is too far from friends). It may be a case of (as always) having to balance asking prices, cost of getting into central London etc. but yes positive idea, thank you.

Didn’t know this, thank you!

Commuting from St Albans is very expensive. I have no idea about the price of flats though. It's not London if that is what she's after.
I would say rent in an area for a while, what if she doesn't like the job or area?

You'd be lucky to get anything on that budget in St Albans.

Full on yuppie territory now.

I agree with this.

In your position, I'd encourage her to bank the money in a high yield savings account (I think they're usually 3-6 months) - high interest rates can worth both ways and I don't think the market on flats is going to suddenly go insane and they might not be the ideal investment right now. In the meantime, she can do a flat share, and spend some time really scouting locations.

Our first house in London was in Chelsea which looked idyllic on paper, but we actually hated living there.

worth = work

I agree with this. London isn't for everyone. Rent for a bit and that also gives her time to scope out areas mentioned above.