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/

What a depressing way to live.

Ok, this flat is worth 100k then, that would account for the rise in borrowing rates, the shed is definitely no longer worth 80k, that was peak bubble.

200k, LOL.

Thing is they will need to sell at some point.

The "London Buzz" is long gone, you are just being financially farmed the minute you step into the place, it is a massive Death Star run by bankers.

@KeepPumping it might be that DC is completely delusional about all of this but I don’t see an issue with them investigating it. Why so derogatory and sneering?

It looks like an extra floor/flats were built on top of an existing block. Unless they were very well built they could be very hot in summer and very cold in winter.

Uncomfortable to live in.

"The Only living boy in New Cross", who sang that again? Obviously it is a steal from a S&G song.

@Thatwaskindoffun I actually think that flat near Crystal Palace looks nice.
It's in a reasonable area with good facilities and transport links.
If I was single and in my 20s and it was within my budget I would definitely take a look.
Obviously he needs to check extra costs like leaseholder stuff.

It may be worth looking on the Isle of Dogs. It is a bit cut off - unless you work in Canary Wharf. But it is really close to Greenwich which is lovely, lively, cool, and to Canary Wharf which has great shopping and loads of pretty canal walks and water-based activities. You get a lot more for your money there.

https://www.rightmove.co.uk/properties/91890309#/floorplan?activePlan=1&id=media8&channel=RES_BUY www.rightmove.co.uk/properties/91890309#/floorplan?activePlan=1&id=media8&channel=RES_BUY]]]]

This one is in Bermondsey which is a bit rough around the edges in some places but also getting very trendy. DS loves it around there.

https://www.rightmove.co.uk/properties/93229887#/floorplan?activePlan=1&channel=RES_BUY

If you search for 1 beds within 3 miles of Westminster there’s a few to be had. Seriously don’t consider a studio, it’ll never sell. Expand to a 5 mile radius and even more. If his budget is £200k then look up to £230 or even £250.

eg https://www.zoopla.co.uk/for-sale/details/73429053/

Im just up the road from there. Its nice, near the lake and park but there is a school close by so road can be busy. Nice area though and definitely crystal palace/upper norwood.

Because I am sick hearing "Renting is wasted money" when a few minutes thought would come up with multiple reasons why large mortgage debt on random basic properties is very wasted money, remember you can leave a rental but you can"t leave a mortgage debt.
It is the cult-like brainwashing around mortgage debt that absolutely boils my blood, I was talking to people in their 20"s recently, no savings, putting money into a LISA mortgage scam account, no idea how the bond market ("10 Year Yield") controls the price of their mortgage debt, no clue about shared repairs in blocks of flats etc. just gagging to get into mortgage debt because they think it is some kind of life milestone that they must reach, the bankers must be pissing themselves at the gullibility of the UK public.

OP, I would strongly advise that he holds out for a one-bed rather than a studio. Studios are much harder to sell, and there are a few one beds around for similar price. Having everything all in one room, unless that room is vast and can be zoned off, will feel a studenty very quickly. And if your DC has to work from home several days a week, it could start to feel claustrophobic - working and sleeping and eating and living all in one room. The two I posted above, in Bermondsey and Isle of Dogs would give more flexibility.

It may be worth looking on the Isle of Dogs. It is a bit cut off - unless you work in Canary Wharf.

You're on the DLR. And quite easy to cycle into the City, if that's where you want to be - that flat is near Island Gardens - from there you can do quite a lot of it along or close to the river.

I should think it would appeal to a young person far more than leafy suburbia. I wouldn't mind it myself.

There's even a flat in Kingston - one bed, for offers over £150k. It needs work (and I didn't check the lease length or management fees) but it's much bigger and just minutes from Kingston centre which is very lively, has loads of trains to London, and has Richmond Park a few minutes walk away.

I think that studio is not the best value for money. There are deals to be had.

Mwe too, tbh. I quite like that area. I love all the waterways, and I love Greenwich too.

Thanks everyone given me lots to think about and share with DC.

Fair enough @KeepPumping I think you’ll see I suggested renting at least for a while but if DC wants to buy they’re an adult, albeit a young one (in my eyes) at 23, it’s not for me stop them. I’m trying to get more informed as I have no idea about any of this and this thread has been really helpful for that.

Kingston is not London.

That would be true if it were easy to rent in London. A friend's daughter spent months dragging herself around to interviews for a room in a shared rental house or flat and kept not getting chosen. Just a room, with no choice who you share with, no right to change the layout or decor, costs a grand a month. A one-bed flat in Outer London - zones 3,4,5,6, costs between £1.3k and 1.6k.

I'd prefer to pay that as mortgage. It may be debt, but it gives you more rights, and some of it can be recouped when you sell, or covered by renting it out if you need to move areas but want somewhere to return to. Rent money can never be recouped. And when you pay off the mortgage your home is free, which will never happen in a rental.

It’s 30sqm , minimum recommended for one person is 37sqm. It’s TINY

It feels more London to me than Thornton Heath, which is quite suburban. Cool riverside bars and cafes, Richmond Park, incredible music scene, markets, shops. It's in zone 6 and has trains to London every 10 minutes and all night buses back.

People buying with mortgage debt now will take 50 years to pay off the debt, they will be too old to enjoy it free from mortgage worry, it is a SCAM. In accounting terms rent is a cost, mortgage is a debt, they are very different in legal terms and the bond market can raise the cost of you mortgage debt quicker (and more effectively because you are stuck with the debt) than a landlord can.

Fair enough, good luck with it all.