Woolwich Royal Arsenal vs Ealing Broadway

[KrakenFrog]

We are looking for a 2-bed for ~450-500k with myself and wife. I'm in my late 20s, she in her mids, we don't plan on having children any time soon, but things could change in 5 years time. We are both East Asians. We originally planned on trying to find a house ina suburban area, but we need more and decided to step onto the ladder and build equity first.

I've lived in Woolwich all my life and now living in the regenerated buildings at Royal Arsenal. We very much enjoy living here. The convenience to M&S, beautiful architecture, great community especially on Facebook, very diverse, modern small gardens/park, excellent transport links, etc. However, the price you get for a 2 bed flat is ridiculous for Woolwich. I know they are rebuilding Beresford Square and a new Leisure Centre, but it's still gonna take years to get the Woolwich out of Woolwich. It's still rough at night in the town centres and still lots of homelessness for example. Also, the surrounding areas around there are not particularly great. The only nicer parts are Greenwich and 1-stop away Canary Wharf. Otherwise, the other neighbouring areas are a bit rough on the edges. Great schools are non existent and the good ones like Grammar schools are down in Welling area.

Now, we've decided to expand our search. Staying on the Elizabeth line is a huge plus for us. And I've been eyeing places like Ealing Broadway for a while. Flats there seem to be in similar range, although the new builds are pricier and I've been reading positive things. Amenities like M&S and Tian Tian is a huge plus. One thing to consider is when we do upgrade to a house, whether it's easier over there. Woolwich has some obvious easy choices like Welling/Bexleyheath/Eltham. Does anyone have any experience in both areas to give an honest comparison, or suggestions elsewhere. Which one would you go for?

I don't know Ealing. Eltham is the nicest of Welling, Bexleyheath and Eltham. There's a lot of deep rooted racism in Welling, idk if it stretches up the road to Bexleyheath, but they are neighbours. The old part of Eltham has some stunning older houses. You could probably get a gorgeous flat conversion on your budget.

Have a look at Hither Green and its slightly less affluent neighbour, Lee. I hear Hither Green is a bit more buzzing these days. It also has two train lines into London and again with the lovely old houses. Lee is just a bit more budget friendly. HG is so easy to get to Blackheath from that it would be my preference.

Tbf Lee is even closer to Blackheath if that's a criteria.

Went to Hither Green a few months ago and it is very nice with a few coffee shops, bistros and nick nack shops. Didn't see many 'sensible'/essentials shops other than a Tesco Express but wasn't looking too hard.

No, there never was. There used to be a Sainsbury's tucked away somewhere between HG or Lee, otherwise it was Lewisham for shopping.

If you want to build equity I think it's going to be much harder in an expensive flat. Those flats in Woolwich might be fine to live in but for the owners buying at peak prices they have been traps.

The ladder can go both ways, for instance I know someone who lives there and their flat is worth less than they paid for it. They aren't willing to take a loss, so they can't move. And to be honest how long is it going to take for a flat there to go up in price 10%? It looks more likely they will decline 10% first, so the optical illusion is that they need an even bigger gain to get back.

Eg flat cost £450k and might get £400k now. If prices go down another 10% that is £360k but to get back to £450k is close to a 33% gain. That's their reality.

Of course the Elizabeth line is a plus but ask yourself where is that you want to go on it, and then sacrifice that for actually buying a house in a commutable location, because you can in that price range.

For instance if you need Liverpool Street then something on the outer east of the Central Line is possible for £500k

I don’t know Woolwich at all but have lived in Ealing Broadway for the past 6 years. Both before and after kids. I really enjoy it. As you say there are loads of amenities - M&S, tian tian, Morrisons Tesco etc. Loads of coffee shops and restaurants. Transportation is excellent too - Elizabeth central and district line and then depending where in Ealing you are there’s also Piccadilly. It is getting expensive though. I’m not sure you’d get a garden flat for that price and houses are a lot more.
There are also several really good schools in Ealing.

Eltham is much better than either Welling or Bexleyheath- but neither are as rough as Woolwich in my opinion (although you live in the best bit)