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?

Dulwich Village had a nationally significant Victorian Picture Gallery, a private golf course and one of the poshest, more exclusive private schools in the country.

Crystal Palace will never be like Dulwich Village.

But neither is it dodgy. It is considered a very desirable area to live in for families.

OP, does your £650k house look like this one? Or, on a more modest budget, this one? If not, then no it will probably never be worth as much as the houses in Dulwich Village.

I mean Dulwich Village is also as dull as fuck. An enclave of the Home Counties smug in South London.

Let's see the £650k 3 bed semi.

Why do you want to "make money" on your home? Can't you just live in it and enjoy it?

I think the issue with Morden is that most of the housing stock is fairly bland/boring - not much with any architectural interest. The town centre is pretty dull too - it's a place you live because it's near a tube station, I think!

(That said, it is right next to Morden Hall Park, which is beautiful).

If you gave me £5m, I’d grit my teeth and put up with living there! 🤣

I didn't care for a lot of the places for sale on that side when viewing and so I ended up buying around thicket road, hamlet road, waldegrave rd area.

I got a 900sq ft 2 bed fixer upper and in 7 years made £180k profit (this is after including th investment costs to renovate)
I would have made substantially more if I had converted it into a 3 double bedroom which I could have done IF I had an extra £10k working capital...

A good chunk of that was the market but a good chunk was me / the Renovation.

It's a fab area and I thoroughly enjoyed living there. it def got nicer while we were living there but I always felt safe (I was quite near the station anyway)

We sold just before lockdown...

Not forgetting that the Dulwich Estate keeps a tight stranglehold on planning issues in Dulwich Village, which maintains the tasteful understated villagey feel. For example Sainsburys who wanted to open a Sainsburys Local in the Village were not allowed to install their standard orange fascia board and there's no such thing as an outdoor cashpoint in the village.

They are also, according to popular gossip, bloody terrible landlords.

Lol at any part of SE London ever up and coming to Dulwich Village standards. Dulwich Village is a place unto itself and always will be.

I'd be amazed if you could find a house that wasn't tiny/didn't need several 100k work done on it for £650 under 15 minute walk from Crystal Palace Station. If you mean near Norwood Junction, maybe, but even round there, you'd be hard pushed and lots of mediocre 30s terraces are 800k plus. And around Norwood Junction is very different to Crustal Palace! It has lovely parks and some nice cafes etc, but is a lot less picturesque. Better connected though!

This, and the transport links aren't great.

There's a cheaper little pocket between cp and dulwich called gipsy hill, which could be described as up and coming.

Crystal palace itself has well and truly up and come.

I had a chuckle to myself at the pp who said "claphamites!" Because that was exactly my thought on reading the op!

Catford will have its moment, the pedestrianisation of the town Centre is happening, loads of money has been allocated for regeneration and there is already a vibrant community of people doing lots of work to improve the area, eg volunteers who’ve transformed the river pool linear park. There is now a monthly street food market, the theatre has been refurbished, lots of new small businesses, creative people who’ve moved in - all signs of imminent gentrification. I just hope the spirit of the area doesn’t change - yes I live here and I love it!

I like Catford. I mean it has its challenges, but where doesn't?

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

Exactly

My mother said that people used to give themselves airs if they lived in Thornton Heath because it was in 'Surrey'. Also places like Mitcham, Carshalton, Cheam, etc. This was before Greater London was created.

I think it was Surrey back in the day. Tbf Cheam village is pretty pricey & Surrey like.

As did Sam Fox. It always tickled me that they might've been neighbours.

You are highly unlikely to make money on property in 4/5 years in this economic climate! Look at flat prices for example. Also increased hybrid working & more young families leaving London will impact gentrification.

But Crystal Palace is so much cheaper than Dulwich village. Don’t you think it will ever become that desirable? It’s quite similar, or so says my friend who has moved to CP!

😆

If you want dc I would focus on schools tbh.

I don’t think it has the housing stock - CP is either flats or huge houses (from when Crystal Palace was built) divided into flats.

Dulwich has lots of standard/moderately big houses.

I do think CP can still travel upwards but only so far because few family houses.

Plus Dulwich college etc, so it’s the Richmond of SE london ie Trumpton

Also Croydon council is dreadful with money

Even then, you're still into the end of nappy valley stretching from Brockley downwards (FH, Sydenham, Beckenham...)

@phallu yes - be careful which borough you go for. In several places one side of the road is Croydon, other side Bromley.
Or Croydon and Lambeth.
Or Lambeth and Southwark.
When it comes to things like traffic calming schemes or building planning or events in the park etc communication between boroughs to residents of the "other" boroughs is not always that great.
Crystal Palace was voted most "bohemian" place in London to live fairly recently.

It was up and coming when I lived there 25 years ago. Pretty sure it's maxed out now

@ThunderMonkey fair enough, I'm not down on Catford! We love the theatre and the cinema and regularly walk along the river to get to Ladywell park. I didn't know about the regeneration, excited to see what that will bring.

Chuckling that the three of us who live FH/Catford all have monkey in our name, wonder if that's significant?

But anyway, can't see the OP considering Catford if Dulwich Village is what she has in mind! Better off moving out to Surrey or Kent really