Buying in an “up and coming” area: Crystal Palace?

[phallu]

DP and I are looking to buy somewhere we can make some money on a value increase of the property. We currently live in Clapham and love it. We can afford a 2 bedroom flat here which I would be happy in. I don’t think we’d make any money on it though.

We have heard through the grape vine that buying towards Croydon is going to be a good money maker. We’ve settled on Crystal Palace for the transport links/price of property.

We can get a three bed 1930s semi for £650k! Okay it needs major DIY but there is scope to extend upwards.

The area seems very suburban and the property style doesn’t do it for me. But the thought of having an actual house and that it will probably go up a lot in value…

Do you think it’s likely? Is it worth spending 3-4 years minimum of our lives in an area we don’t love?

Which part of Crystal Palace? The central area with the triangle and the park is lovely. The park is about to go through a major transformation over the next couple of years too.

I would say you actually might end up loving it.

I used to live right by the park when I got pregnant and for a year or so after then we moved to Penge. It's a lovely area

Are you talking Crystal Palace triangle / right by the park or out towards Croydon?

I live very nearby and CP is bloody brilliant.

I would argue that Crystal Palace already is up & coming! But for 650k I doubt that’s the desirable part of CP?

Crystal Palace is not up and coming! It up and went ages ago. Are you looking in what is actually Norwood or something?

I would never have considered crystal palace up and coming.

The particular house I was looking at is on the boundary between Crystal Palace and Upper Norwood.

Agree Crystal Palace up and went several decades ago! If you’re looking for up and coming in SE London you’d need to be thinking of Catford/S Norwood/poss Thornton Heath.

Imagine!

I doubt you'll make much profit in Crystal Palace / Croydon / Thornton Heath / Mitcham in 3-4 years. That's really not long enough. Perhaps 10-15 years? Correct me if I'm wrong of course.

I looked to buy in CP in 2014 and two bed flats were upwards of £550k then so don’t see how a 3 bed house is £650k….

To be fair, Upper Sydenham is a very distinct area (and half of it is closer to Sydenham or Dulwich or Forest Hill than CP). Used to live there at the top of the hill...

Cheam in Sutton was supposed to have an underground station, but the plans were dropped around the 1920s. I wonder how different it would be today if it had gone ahead. In all fairness, Cheam village and parts of Carshalton do feel like Surrey but the rest of Sutton feels very much like London. I don't mean that in a negative way.

BTW, OP, Upper Norwood is basically what most people know as the heart of CP- the area around the triangle (the red dotted area below).

Nice area, but certainly not up and coming, and is part of the SE London nappy valley (FH, Sydenham, CP etc are all full of prams).

If it is, it's either in a very bad state or it's on an estate.

If £650 is the budget, then Catford or Lower Sydenham might be in budget. Possibly a few roads in Sydenham proper.

If you want to make money in South London, follow the train line from Lewisham to Hayes via catford Bridge and buy along it. The bakerloo extension is potentially going that way and that's the only certain way things go up (though those plans have changed so many times it's a gamble).

You've missed Ladywell but you could catch Catford or Lower Sydenham with your budget if you're quick.

There are quite a few conservation areas in Crystal Palace, which impacts upon what you can do to property and the overall price. The Upper Norwood Triangle has got some nice restaurants. There is also an Everyman Cinema. Transport connections have improved since the Overground was extended so I think you could find an affordable house somewhere you like

Agree @Spinet we bought in Forest Hill years ago when the Overground (formerly the east London line which stopped at New Cross) was first mooted.

Was a great move for us as the area has transformed (up and come!). Definitely don't see the same opportunity round CP.

Catford has been supposed to have its moment for over a decade now so I'm skeptical....

I agree about catford @MonkeyontheShelf but I wonder if the new town centre plans will make it more pleasant? Though I think it will be pretty horrible while they're doing it.

I agree with other posters - you're about 20 years too late in thinking CP is up and coming. And I doubt there are easy pickings to make "a lot of money".

If you can afford Clapham why not buy there and enjoy living there.

As for a PP's suggestion of following the Hayes line in the hope it might eventually get the Bakerloo line extension, I'd give Bellingham and Downham a very wide berth, and Beckenham is already expensive.