Buying a flat in Upper Clapton?

[MyFairRubyLemur]

Hello,
I currently live near Victoria Park and I've just started looking at Clapton as a good alternative to Bow area. I am considering buying a new flat in Upper Clapton in the Essex Wharf development (build in 2015).
The flat in question is a 2 bed 2 baths, 74 sqm, lovely views of River Lea, underground parking, with a service charge of approx. 3k a year. It is listed around 530k but I am afraid that might be overpriced?
My plan is to live at the property for the next 2 years and maybe then let the flat when I eventually move back to my home country and potentially re-sell in 5-7 years for now.
As someone who has not lived in Clapton before and as a foreigner, I wonder if someone can provide me with a bit of advice on the area and potential growth value? I would really appreciate that as I don't really know who to turn to (I've asked around and most of my friends haven't even heard of Clapton) and I found this community super helpful! Thank you!

I dont know that development, maybe its the old wood yard i worked at years ago...?....the high road is a bit grim, friends sold up and left about 7 years ago and bought in walthamstow as better area and got a house at a fair price. personally i dont like clapton, clapton sq is quite posh though...some nice mansion blocks and flats and houses. parking is also dreadful and traffic.

What do flats in that block usually go for? I'd do some good comparable research if you're worried it's overpriced.

Having said that, I tend to think newish build flats are usually a bit overpriced. If it's mostly capital appreciation you're after, would you consider a freehold a bit further out? Perhaps Walthamstow or Stratford you could pick up a house for that, then there's more scope to add value. New builds are usually hard to add value to as everything is open plan etc.

I'm quite unfamiliar with Walthamstow, but I've had the chance to explore Bow a bit, and I've come across some nice flats in that area. Right now, my main consideration is between Bow and Clapton. I've been leaning towards flats because, in my seven years living in London, I've never lived in a house and I'm uncertain about the maintenance involved. I wonder if managing repairs and upkeep from abroad might pose a challenge if I opt for a house. But I do get why you'd say a house would gain more value on the long run.

In case I opt for a new-ish flat, would you think Clapton/Bow are good options or would you recommend somewhere else? (my budget is around 500k). Thank you!

Clapton is fine, there is an overground train to Liverpool Street. Bow has a tube so more options. Both are served well by bus routes. As long as you’re sensible and look at it as a way to invest money you would be spending on rent, and not expecting to make lots of money on the property (flats have been pretty stagnant in terms of growth, especially if you buy out of central London).

£530k for that building estate is not unusual and - while a LOT of money! - about right, IME. Very close to Chatsworth Road, the river, great pubs, a couple of stations (Lea Bridge too). It's a great area. I live just a bit further along the road in Walthamstow and would recommend there/Leyton too. Bit more to do up here, but Clapton is an easy bus ride away.

Forgot to say - I believe those buildings all have EWS1s. Just double check on this before you get your heart set on it.

You could get a lovely Abrahams purpose built flat in leyton, the nice part off francis road, we are there.... or walthamstow with the budget, long leases...often 999 or share of freeholds and your own bit of the garden...also the warner flats but they often have noise issues as badly insulated.....its a common problem with those....350k would get you a 2 bed and quite a few of the upper flats have the loft done also so an extra space or room.

Oh and if you wanted to let it out, huge demand for rentals for those Abrahams flats....always over 25 people apply when one locally comes up for rent.