What am I missing about London prices?

[orzo15]

i know that London is ridiculously expensive, and unaffordable for many people on normal salaries. I often read that to get a nice 2 bedroom you’re looking at 500k. But then when I look on zoopla, I see many many places around 250-300 (which is what I could afford), and a quick google says some of these areas are pretty decent. Like this example https://www.zoopla.co.uk/for-sale/details/71240656/?search_identifier=8a1ede7a163a1ea28ff82835058d1141027f6673594bf487d1a5750ab023e818

but then what am I missing? Is there some catch? I don’t know London so happy to be informed of something that I am obviously not seeing!

Flats have stagnated in price & many parts of london are not £££££

Streatham is quite big for example & there are some lovely parts, where that flat is not so much.

Exactly . If the estate agent doesn’t state the lease length its means is very short. Yet if it’s a very long lease they will
advertise it as a major selling point. Strange that!

Streatham used to be posh back in the day, had the first Waitrose. However it's one of the worst impacted areas for falling school rolls which is having a knock on effect on the local schools.

Flats really have been hit hard in London, all the young people I know have skipped the flat stage & gone straight for the small house a bit further out.

Everyone hating on Streatham and the road! I lived on the road for 3 years and sold my two bed garden flat for £475k. It’s a 20 minute walk to Balham and Furzedown is right next to it is really desirable with young families. That flat is just very very small.

It’s a 20 minute walk to Balham

No it isnt!

That road does often have a traffic build up.

I literally lived on that road and would walk to Balham most days through Tooting Common. It’s not that bad! I would agree the road does have a fair amount of traffic though.

I'm sure you did walk there but you didn't do it in 20mins...

It’s the size of a postage stamp. That second bedroom is barely larger than a broom cupboard. If there isn’t any info on the lease then its very it possible it’s not got long left. The kitchen and bathroom look cheaply fitted (looks like a rental).
Tiny little window in the kitchen is weird. The radiators look like they’re not proper central heating.

Because the bedrooms barely meet the size requirements for the recommendation for a double bedroom of 11.5m², if they meet it at all.

Flats in SE/SW borders have stagnated in price - our Norwood flat we sold in 2020 is still worth the same now 5 years later. As above from a PP, couples are just saving up longer to afford bigger later.

Streatham is near Tooting, both horrific.
Also it probably doesn't exist or not available.

Such a weird thing to lie about isn’t it? I wonder what she’s getting out of it. Are we meant to be showing off on here about how fast we can pretend to walk too now?

That’s a half hour walk at the very least and you’re pushing yourself to make it in that amount of time.

On the two new properties: first will be cheap because it’s in a tower block. Potential fire safety/cladding dramas (hopefully not). People fear noise & drama with neighbours and worry about safety. Upside is panoramic views and a big flat! Obv needs work too.

Second one looks lovely, small second bedroom again so more of an office. It’s above a shop so presumably on a high street which might put people off. I don’t know the area for that but can see it’s not far from Dulwich which is obviously lovely!

It’s all about compromise OP. If you can find something you are happy compromising on you can absolutely get on the housing market for those prices.

Also just to clarify the Streatham road wouldn’t put me off I’m just mentioning it does have traffic most the day so you are prepared!

Guessing you don’t live in London or get out much @Jibberishforever

You can always find a flat to buy in London if you are a cash buyer and don’t care about the lease lengh.

As others have said, cheap price, no info about the length of leasehold term/ major works fund ,probably means… you need to add another £150k to your purchase costs.

It’s “2 bedroom” but 472 sq ft, ouch. You can make a bedroom as small as you like, if it technically fits a bed. Are we the only country that rates houses by bedrooms? Zoopla is now attempting to show £ per sq foot where it can, which is an invaluable public service.

Use Area360 on RM. Noise levels are Very High from the railway.

I don’t know the stations around there but I think Streatham is pretty well connected.

I’m in south east London with 3 rail lines + the overground at my station. 3 of those 4 lines have air conditioned trains as standard.

Personally, it’s bliss not having to cram on the tube!

I’ve just done a quick search for Streatham on rightmove using share of freehold as a filter.
there seems quite a lot of 1 bedrooms around £250k. so if a first time buyer has £25k deposit and can get a mortgage for £225k it’s doable without worrying about a short lease or cladding.

How ridiculous.