Where would you buy in London to make money?

[nafplion]

Currently renting in Zone 1. Looking to buy a
do-er upper somewhere in or nearby London in order to build equity and climb the ladder. Obviously it’s a lot harder to do now. But where do you think would be a good place for first time buyers? Absolute max would be c600k which doesn’t go that far in London.

Alternative is that we purchase outside of London, and split time between the two when doing up a cheaper property.

I think this is a good call, Plumstead is a bit of a hidden gem in that it's got great Victorian housing stock, is hilly and is set around a common. The co-op estate in Abbey Wood also has lovely victorian and edwardian housing. Both now have the elizabeth line nearby and you can get 2/3 bed houses for approx £400k.

With £600k available, can you not just buy a property to live in rather than a deposit. A cursory look on Rightmove indicates around a 1000 3 bed houses in London for £600k and below. Sure, they will not all be a good standard but this for example looks perfectly average. I know the area and road. https://www.rightmove.co.uk/properties/142679786?utm_campaign=property-details&utm_content=buying&utm_medium=sharing&utm_source=copytoclipboard#/&channel=RES_BUY

I hate the narrative of x hundred billion pounds doesn't go far in London. Houses definitely cost more than say Bolton but there are plenty of average London properties, in average London areas, populated by average London people for less than the oft touted £1m.

Interesting. When we lived there (1990s) Selhurst was preferable to South Norwood.

That’s an odd listing as they’re only asking £100k more than it sold for in 2014, it looks £150k cheaper than properties that have recently sold nearby…

And yet the listing has been up since last year!

Sydenham isn’t any more by the tube than Norwood junction?

Both have decent transport links. South Norwood has faster services to Victoria and LB but only one Overground every 15 mins, while Sydenham has slower services to LB and Vic but two Overground services every fifteen mins.

I might be wrong but I wonder if the days of making big money in London are over. My reasoning is that the pressure for people to live in London comes from having nice easy commutes to well-paid jobs, but with so many people not having to work in an office 5 days a week, it doesn't matter if you have to commute a bit further on the times you do go in. If I was making this gamble, I'd go for the commuter belt being where the bigger gains are likely to be made in the next few years.

Lots of people priced out of Streatham moving to Norbury.

Has some ‘Outstanding ’ and good primary schools

Streatham got popular due to people priced out of Brixton and Balham.