Why is this studio so reasonable? Is it area

[Thatwaskindoffun]

My DC is a first time buyer ideally looking to buy not rent in London, yes I know London is massive and it varies from place to place. I know nothing about buying in London at all and just assumed anywhere would be out of their price range but it seems I might be wrong.

As an example, yes this is a studio but other than that is the area awful or is there something else I’m missing as there seems to be more available in their price range of £200k than I expected

https://www.onthemarket.com/details/19249305/

Thank you all, lots to consider. They definitely don’t want to get into the realms of negotiating lease extensions or paying for them!

I want them to rent just for 6 months and see how they find the move, they’re transferring with work in the new year from south west England but they’re adamant that’s a waste of money.

If you are in the south area then head towards beckenham, bromley, shirley, purley, caterham, kenley. All very leafy and family friendly but still technically London.

Greater London, but not what a young person looking for the London buzz would consider London. It's suburbia.

Flats prices have tanked in many parts of London, I would wait & try not to buy a flat tbh.

Caterham is definitely not London

It ok to rent in this economic climate, it’s not an automatic waste of money. Rent somewhere buzzy & actually London then look further out to buy.

What about this in Brixton Hill?

Studio with a swimming pool!

www.rightmove.co.uk/properties/90859305#/?channel=RES_BUY

I just had a quick look and there’s a number of 1 bed flats in south east London for £185k-£200k. Look at Sydenham, Penge etc

It has a service charge of nearly £6k

use the leisure centre 😆

It has off-street parking which is rare in London. That will make a significant difference to the cost of car insurance. Plus it’s on the tube and national rail so very good transport links.

20 mins from a station which is not super close but lots of bus options.

20 mins from a station which is not super close but lots of bus options.

I think up to 20 min walk is quite a good way to build some exercise into the day, and especially to wake yourself up in the morning. Wouldn't want more than 20 min, though.

I think you're right to advise he rents first. Different areas of London have very different feels, and very different commutes. Where he works is going to dictate where a sensible place to live is. I lived in various parts of SE London for years. It worked for my commute and I loved it. Friends from west London thought I lived in the middle of nowhere because it didn't have a Tube, but I was in zone 2 and the commute from their places would have been twice as long as mine was. Also be wary of house price falls for leaseholds and studios. I have a friend bought a studio many years ago and the price has never risen.

Crystal Palace is lovely and would very happily live there. I lived in Brockley, Crofton Park and New Cross. People turn up their noses most at New Cross but I liked it!

There will be some walking at the other end of the journey but my point was a 20 min walk to a station does not justify a 6k service charge.

There is a reason it is on for less than it was bought for 5 years ago

Your child needs to research the flat barker in London because it is dire. They seem to think that renting is throwing away money but if he buys a flat (realistically this would be in the outskirts) they could end up trapped for years unable to sell or sell at the price he wants to. I take it they don’t fancy sharing?

This studio flat is a no-no for me - on an estate and in a crappy location that I know well.

Also, the seller or EA is taking the piss because it is not worth the £54k increase over three years. What has the seller done to justify that? Even if it was selling for less than £100k I wouldn’t buy this dud.

The EPC rating is rubbish and the service charges aren't mentioned.

Your advice is good advice. If they are early career/early mid 20s then look for a professional house share for the first year. Then he can work out where he wants to live and what he can afford and will immediately have a start on a social network. This is what the vast majority of young people do coming to London for work - they house share (or take lodgings if budget is very tight).

PP are correct - London is not one place, it is a bunch of loosely connected towns and villages. Staying within zone 6 keeps commuting costs down but he really should get to know where he likes before buying.

To put it another way - if his job was moving to the North would he want to rent and choose an area or just buy anything so long as it was in "the North"?

And for the love of god do not get a leasehold flat in a big block. I know so many people stuck in them, unable to sell with thousands of pounds of service charges being loaded on them. It’s criminal

Reasons why it is cheap

Small

EPC is only an E so a landlord can't buy it because not up to required level for tenancy lets

Over supply of studios that noone wants to buy.

And it is an ex-council flat that a tenant bought for 20k back in the day.

54k increase over three years, with the jump in interest rates we have seen! Absolute piss take, the OP needs to review the definition of "wasted money" IMO, it is really scary that people are still so brainwashed with the "Get on the Ladder at any cost" mantra. This flat is worth about 80k IMO.

This flat is worth about 80k

I'd hate to think what a flat or even studio for 80k in London looks like!

Probably like a shed 😁

So like this flat then?

No....80 thousand would literally get you a wooden shed in a garden 😁
Or a garage maybe.....