Buying. a flat in London

[MissMuffetisin]

Could anyone who knows the London property market help my eldest DC, who is looking to buy a one bed flat in London ? They want to buy at between 250 to 300 k - nearer the lower end if possible. They work in Islington and are a bit of a culture vulture so would like to be able to get into the centre at weekends. They currently live in a rented room in Muswell Hiil, which they love and would like a similar vibe but realise they can’t afford it, so are looking for somewhere safe that won’t cost a fortune in commuting. Our family don’t know London at all so we’re flummoxed - they could get a detached house where we live for that, but looking on Rightmove I’m thinking they’ve set themselves an impossible task !

They might be best looking south of the river, and it could be a difficult task.

I think North London would be difficult on that budget. I always recommend Hither Green, SE London. Many overground ljnes run through, 8 minutes to LB then Northern Line to Islington. Hither Green has a nice little community and is walkable to Blackheath/Greenwich Park/Greenwich where there's loads of stuff for young adults.

Flat prices are dropping / have dropped so look zone 2 / 3 SE London. You could potentially get something around £300k (potentially)!

www.rightmove.co.uk/properties/140729153

There are quite a few around the £300-325k price range in SE14. That's zone 2, 6 mins train to London Bridge, on the overground so 2 stops to Canada Water and jubilee line - 30 mins into central.

I know some of their work colleagues live around Croydon, what’s that like ? Stratford also been mentioned. I think safety is our biggest concern.

Croydon get a bad rep on here, but a lot of that is embedded in anti-blackness. East Croydon is rapidly been gentrified.
Stratford is gentrified because of the Olympics

It would be a pain to get from Croydon to Islington but also, it's still really run down and why would you buy there if you can live closer in?

Croydon Council is literally bankrupt, why would anybody want to venture there?

Croydon would be a long journey into Islington and there's not much there. Stratford would be unaffordable unless it's shared ownership. Their best bet for a nicer area, affordability and travel connections would be SE London.

I reckon save up for a few more years or wait until salary increase. A 1 bed somewhere safe and nice is more like £450k.

I wouldn’t look at Croydon if they work in Islington. What a hellish commute.

How about Winchmore Hill/Enfield? Can get the train straight to Highbury & Islington in about 25 minutes. They could definitely find something up there for £300k.

There’s loads of 1-bed flats on rightmove for that budget within a mile of Islington. Some shared ownership too. Where’s everyone else looking? Greenwich and Lewisham are a bit of a trek but lots there too.

Woolwich Arsenal? Arts wise Woolwich Works and Punchdrunk on your doorstep as is the Elizabeth Line for central London.

Bounds Green is a short bus ride from Muswell Hill and on the Piccadilly line. It’s not trendy in itself but is a safe,respectable type of area and affordable

They’ve been renting for 10 yrs and are unlikely now to get a significant pay increase - they have a healthy deposit but as rents are increasing it’s not going to get any better, so I can’t setheir situation improving by waiting

True. Depends on whether they want location or size though. This https://www.rightmove.co.uk/properties/135946535 is a great location in the nicest bit of Crouch End, easy commute, close to Muswell Hill and a similar vibe, safe, lots going on. But it’s teeny.

Tooting / Colliers Wood has options (including shared ownership) in that budget. Northern Line for Islington and easy access to Central London.

Tooting is great, good restaurants, both markets with the street food vibe.

If they have lived in London for 10 years they must know where their friends and peers are buying within a similar budget?

For this budget he could get a spacious studio flat if he doesn’t mind that. Otherwise, east london is a better bet, i think it will be very tricky for that budget.

Their friends and peers are mostly still renting, it’s quite depressing. DC is single ,it would be easier with a partner .

For that budget you are probably looking further away. But then look at travel times to work. Eg someone mentioned Croydon. East Croydon to Islington is 63 mins with 2 changes. They could but somewhere outside London and travel in for that time.

London flats at that budget are small, leasehold with likely high service charges. Better value further out

Croydon has great people in it, shopping area is going down hill. A lot of professionals do live there as well as pockets of deprived parts. Unfortunately there is a problem with crime there but most people are great. It could be affordable for your son. If you’re considering there, Please avoid anything to do with a company called AA Homes or Anabow Services. They covert office buildings into flats and rent or sell them. They are amateurs and disgusting - as a company and flats.

If she wants to say in north London, it could be worth looking around N22 (Wood Green) and beyond - on Piccadilly line plus good bus services. Buying east of Green Lanes cheaper than west as your get into Tottenham. Flats over shops and on main roads can be cheaper but check any lease (I've lived in such a property in a purpose-built block for >15 yrs). I found a couple of flats within the budget in Clapton and around. There's a lot of shared ownership around but it can be expensive

A couple of you have mentioned shared ownership - does anyone have experience of this ? Would it be possible to buy a percentage outright and rent the rest or does there always have to be a mortgage element. And thanks everyone for all the replies, really useful ( and eye opening at the prices )