London - Areas

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I would love a second property in London (we live up north but visit regularly).

I have looked and dreamed and Googled but I need some local insider knowledge - can anyone recommend areas to look at?

criteria would be

1. on the tube line
2. safe area, I like a bohemian vibe - Notting Hill, Portobello Road, Camden Market, Covent Garden, South Bank are the areas I spend time although I am well aware they’d be way out of budget (hence the struggle, I don’t know anywhere further out).
3. house rather than apartment to remove service charges
4. in an ideal world under £700k

Am I living in a dream world to think this may be doable? Can anyone suggest areas to look?

Forest Gate East London. If you are quick you can still get a two bed terrace for under £500000. Elizabeth Line and overground, close to Westfield, close to the amazing green spaces of Wanstead Park

If you want to come to London to eventually live & ideally want a house I wouldn’t buy a flat. Flat prices haven’t kept up with house prices in many areas.

If you only need a studio then it might be possible to find a flat more centrally with that budget. I agree with pp that houses will be unaffordable unless you look at zone 3 onwards. You could get a 3 bed house in Walthamstow for that price & get in to central on the Victoria line in 15 mins. Victoria Park in Hackney/ Bow is a beautiful area & my sister sold her 2 bed flat there for 600k- it takes a little longer to get in to town but you can easily get to Bethnal Green/ Spitalfields/ Shoreditch which have that bohemian/ trendy feel you’re after.

I have heard this and also seen a number of posts on here where people have spent ages with flats on the market and not shifting. This was part of my reason for wanting a house in an ideal world. I’ve been taking a loose interest in London related posts for a while so have picked up bits and pieces and decided I would like to try to explore it a bit more now.

That’s a good point about flats post covid actually. Everyone wants a garden now. My sister’s flat had a lovely balcony overlooking the canal/ park but the estate agent did explain the market was slower for flats generally.

I’m always interested in these places but can never find any other than in Churchill Gardens. Nothing wrong with that just would prefer a smaller block.

But a house would be in the suburbs- you might as well be in Hertfordshire or the Midlands and get the 1 hour train in .

Why not buy a central London flat?
I love walking my dog around Westminster Abbey and Buckingham Palace in the morning.
Flats are very good value of money at the moment. I would live in a great location rather than being worried about making money on housing (which is unpredictable at best).

London flat prices aren't going anywhere and there is huge pipeline of new builds coming on the market at the moment. If you don't live there, you are basically throwing money down the drain. Houses are the real deal but your budget isn't there.

Yes if it is partly an investment buy a house on the Elizabeth line where prices haven't caught up with the convenience of it yet.

Otherwise a flat in clerkenwell might be doable.

I think London property in general hasn’t performed as well as other areas the last decade or so. I know a few people who haven’t made much on their London flats vs what they paid but they all bought initially post Brexit. It makes sense prices aren’t seeing much growth as so much of the marker is driven by equity due to the astronomical prices & without that equity things can’t keep going up at the same pace.

I live in the Millbank 'Estate' which is 800 flats over 15 ish blocks but is Victorian purpose built and listed. It is ex LA (about 80% are privately owned) but ex LA is fab- low service charge, low Westminster council tax, daily bin collection. There are 16 in my block/house (which is the smallest one) . No lift which is why the service charge is lower (and no concierge ). Some nearby private blocks with lift and concierge have a £3000 service charge.

Loads of 2nd homes- very quiet at the weekend. Main issue is the helicopters but much better since the queen died and the royals moved out of London.

https://alondoninheritance.com/london-buildings/millbank-estate-millbank-penitentiary/

London flat prices aren't going anywhere and there is huge pipeline of new builds coming on the market at the moment.

There are so many new build flats, Vauxhall/Nine Elms is insane but they don’t build houses at anywhere like the same rate.

I would echo a previous poster. SW1P or SW1V, Westminster or Pimlico. Flat in one of those Victorian stucco blocks or perhaps an 80s block. Not a flashy new build. Really standard territory for second homes. And easy to rent if you choose to. Within walking distance of just about everywhere, yet quiet and safe.

If you really want a house, and you probably don’t, start looking at Kennington and beyond. You won’t need a lot of space and you don’t want to be running for a last train.

But a house would be in the suburbs- you might as well be in Hertfordshire or the Midlands and get the 1 hour train in

What are you classing as the suburbs? I don’t think z3/4 is anything like travelling in from the Midlands! 😆

Brockley's a tad bohemian and you’ll get a house there for £700,000 but it’s not on the tube. Easy access to central London via mainline and overground which connect to the tube though. But for a second home I think I’d go for a flat. There’ll be loads to choose from with that budget, eg

Fitzrovia W1

1 hour in from Corby on the train to St Pancras.
Loads of journey take longer than that within London

Look at Muswell Hill/ Crouch End. Gorgeous areas and you would definitely get a nice flat for 700k I think

For £700k you would get a nice Victorian block on Marsham Street, Horseferry Road or around Rochester Row.

1 hour in from Corby on the train to St Pancras
Loads of journey take longer than that within London

Whats the door to door journey though? And what’s the cost?

I still don’t sed how living in z3 is anything like living in the Midlands if you want a London base 🤷🏻‍♀️

And the last 2 late trains home to Corby take 1 hour 37mins, I’m not sure what happens if you miss your train, any night buses? How long will an Uber take?

There is a huge difference between living in Z3/4 and living in Z1.

I live in the latter. Central London is villagey and can be surprisingly quiet at weekends. Public transport is very good, but more normally you BorisBike or walk. If you want a second home in London you really don’t want to be in a suburb.

And so much that is free to access within a short walk.

Transport costs are really low.

(and you get free or 99p Ocado deliveries midweek )

Bohemian is usually a code word for areas that were previously pretty grim but became gentrified.

I grew up in Notting Hill and went to school near Camden and both areas were on the dodgy side prior to becoming trendy.

I moved out to South East London and lived in Woolwich for 7 years; it has a similar vibe to me although it is still quite firmly in the dodgy stage of its evolution but the Elizabeth line is amazing.

You can get a very nice house for your budget with good investment potential.

www.rightmove.co.uk/properties/147788861

It's not boho but it's a good area for culture - the Barbican.

This property has got an original bathroom and kitchen, which makes it quite a rarity.

https://www.hamiltonbrooks.co.uk/property/32127038/ec2y/london/defoe-house/apartment/1-bedroom