First Time Buyer - Advice On Bermondsey Needed

[FirstTBuyer]

Hi all,

I'm looking to enter the property market, as I am going to start my new job at London Bridge.

I have been looking at one bedroom flats near my workplace as well as close to the Nothern Line (my girlfriend lives in North London). My budget is around 200k and I have been looking at the Bermondsey area. I would have the advantage of being able to walk to work in 20 mins and it seems prices there are generally cheaper considering it's Zone 2.

I was wondering what your opinion on this area is? I heard it had a bad reputation in the past, is that still the case? Also, how difficult is it to get parking space in the area?

Many thanks for your help and insight!

[quinnbear]

Hi all,

I'm looking to enter the property market, as I am going to start my new job at London Bridge.

I have been looking at one bedroom flats near my workplace as well as close to the Nothern Line (my girlfriend lives in North London). My budget is around 200k and I have been looking at the Bermondsey area. I would have the advantage of being able to walk to work in 20 mins and it seems prices there are generally cheaper considering it's Zone 2.

I was wondering what your opinion on this area is? I heard it had a bad reputation in the past, is that still the case? Also, how difficult is it to get parking space in the area?

Many thanks for your help and insight!

I guess I can chime in here since I lived in Bermondsey for 30 years. It is not a particularly nice area, but then again if you look at the connecting areas of Peckham, Deptford, New Cross, Lewisham, Camberwell etc then none of those are particularly great either.

There has been lots of development in the area, and of particular interest are the gated community estates. There is clearly a reason why the people who live in these areas do not want to mix with the locals? Southwark is an area of some deprivation, and some parts of Bermondsey are truly awful.

I guess you could see what 20 minutes would get in you in the other directions? You are probably looking at Lambeth (south); maybe Croydon (south); Greenwich (east); Hackney/Islington (north).

Despite all this, the prices are not particularly cheap in Bermondsey, because (as you point out), zone 2 is quite convenient for the city/London bridge. You might be able to get a small house for £200K (have a look around Surrey Quays), and you ought to be able to get an apartment for under £200K.

On the positive side, parking is fairly straightforward and costs about £80 for the year. I think it is only for 1 car per household.

Good luck with your search. I am currently overseas, but when I return I plan to move out of London completely. I think 30 years is enough!

QB

[cool_hand]

I guess I can chime in here since I lived in Bermondsey for 30 years. It is not a particularly nice area, but then again if you look at the connecting areas of Peckham, Deptford, New Cross, Lewisham, Camberwell etc then none of those are particularly great either.

There has been lots of development in the area, and of particular interest are the gated community estates. There is clearly a reason why the people who live in these areas do not want to mix with the locals? Southwark is an area of some deprivation, and some parts of Bermondsey are truly awful.

Bermondsey covers a wide area. I agree that a high percentage is social housing and undesirable. If you're refering to around Bermondsey Street; then that is a really interesting and vibrant area to live; although I doubt you will find anything worth looking at for £200K.

I agree New Cross and Lambeth are grim. However there are a few streets around Peckham Rye Station which are IMO really good. Camberwell - avoid the North side; but check out Camberewell Grove, Grove Lane, Demark Hill. You could also consider East Dulwich / Lordship Lane. I know nothing about parking; you will probably have to get a permit depending where you end up.

[FirstTBuyer]

Hi QB and Cool Hand,

Many thanks for your insight, it's very helpful indeed!

I was looking at the Bermondsey Spa area where the Old Jamaica Road is. What do you think about this area? Would it be safer than other areas in the South?

@QB: I have looked at Stockwell, Lambeth, but heard that the area is a bit rough too - is that true? I felt it looked nicer than Bermondsey though which many more shops once you get out of the tube station. I thought that Croydon and Greenwich is a bit far and less accessible than the other areas and haven't considered it so far. What is your general feeling about Bermondsey after 30 years? Can I walk to from the tube station to my home without looking out for gangsters? Regarding parking: Would you say the streets are crowded with cars, or is it relatively easy to find a free spot?

@Cool_Hand: As I said above, I'm looking at flats near the Old Jamaica street which is about 5mins from the tube station. What is your opinion on this area? I noticed that the areas you suggested are quite far from tube stations. Do you think it would make a great difference whether you travel by rail or tube?

Once again, many thanks for your help - I appreciate any feedback and suggestions I can get before making my buying decision!

[cool_hand]

I know Bermondsey Spa but have never lived there. I personally wouldn't live there, but maybe it's good for you as it's close to work.

There are some good streets around Stockwell and Stockwell has a good tube link; if that is important to you.

Croydon is to far out IMO, and it is rough late at night.

I really like Greenwich and Blackheath but they are both a bit of a commute to central London. But would recommend both regardless of this as they would be good places to live.

Personally I hate the tube and prefer the overground. Being close to a tube station is a red herring (I've lived in London for 25 years).

Edited February 3, 2010 by cool_hand

[NoFlatsPlease]

Hi all,

I'm looking to enter the property market, as I am going to start my new job at London Bridge.

I have been looking at one bedroom flats near my workplace as well as close to the Nothern Line (my girlfriend lives in North London). My budget is around 200k and I have been looking at the Bermondsey area. I would have the advantage of being able to walk to work in 20 mins and it seems prices there are generally cheaper considering it's Zone 2.

I was wondering what your opinion on this area is? I heard it had a bad reputation in the past, is that still the case? Also, how difficult is it to get parking space in the area?

Many thanks for your help and insight!

If you want to live within 20mins walking distance of London Bridge for £200k, Bermondsey is probably your only realistic choice. The area is not great but fortunately it's on the up. Shad thames and the river is also close by.

[FirstTBuyer]

Thanks a lot for all the insight.

@Cool_Hand: I guess you're right, Bermondsey does feel a bit dodgy...but it is quite cheap compared to similar areas. Could you tell me why you wouldn't live at Bermondsey Spa? I am also looking at Stockwell and Kennington now and will hopefully find something soon.

@NoFlatsPlease: I was wondering if you could explain a bit more about why Bermondsey is on the up? I am aiming to live somewhere near the tube area, e.g. Old Jamaica Road, Bermondsey Spa - are these areas also improving?

Thank you very much!

[NoFlatsPlease]

Bermondsey started from a very low base but has always had the advantage of being very centrally located.

On the positive side, It got the tube station approx 10 years ago, Shad thames & Pool of London are excellent and within walking distance, Bermondsey spa is a regeneration project (http://www.bermondseyspa.org.uk/) aiming to improve the area and the Chambers Wharf development (http://www.chambers-wharf.co.uk/) should improve its riverside even more.

On the negative side, the immediate area around Bermondsey Tube station is littered with council estates and this is unlikely to change any time soon.

Devon Mansion, Tooley street is well located and worth a look ( http://www.spring-properties.com/sales/136778 ) if you can stretch your budget a bit. Check this flat out ( http://www.spring-properties.com/sales/374950 ) if you like Shad Thames. These properties are further from the tube but walkable from London Bridge or Tower Hill.

Have you considered a flat in Wapping? A more established and expensive area so you won't get as nice a flat but you should still be able to walk to London Bridge from there.

If you are looking further out, Clapham is very nice and is on the Northen line.

[monty1080]

Hi all,

I'm looking to enter the property market, as I am going to start my new job at London Bridge.

I have been looking at one bedroom flats near my workplace as well as close to the Nothern Line (my girlfriend lives in North London). My budget is around 200k and I have been looking at the Bermondsey area. I would have the advantage of being able to walk to work in 20 mins and it seems prices there are generally cheaper considering it's Zone 2.

I was wondering what your opinion on this area is? I heard it had a bad reputation in the past, is that still the case? Also, how difficult is it to get parking space in the area?

Many thanks for your help and insight!

I have lived in Bermondsey for the last 5 years, I love it (the bit I live in anyway). It's a 2 tier place really, I would say that it gets progressively more horrid the further east you get from Bermondsey Street/Square. The area around the Tube is truly scary. There is St.James Square if new build floats your boat. Also the Artesian building on Grange Rd by the Spa, although I doubt you would get anythng for £200k. I own a flat in Solarium Court on Alscot rd which I rent out. There may well be flats in that building in your price range. It's a good building, 15 mins walk from London Bridge, Borough Market and 10mins from Bermondsey Sq, with its new cinema and restaurants. (not an agent... honest )

Have a look on the SE1 forum

SE1 Forum to get a feel for the area. As I said I really love the area and have never felt unsafe there. There are signs of gentrification (new developments, restaurants) happening along Grange rd, due to the Spa Regeneration project. My wife calls it 'Bermondsey Street creep'.

Agents will tell you the most desirable areas are west of Tower Bridge rd and north of Long Lane, I would be surprised if you could get anything in that area for £200k ,but if you look a little outside that you may find something. PM me if you need an opinion, I know the area pretty well, and I have no VI other than I like living there.Edit to Say. If you live west of the Tube you are actually in zone 1.

Edited February 8, 2010 by monty1080

[cool_hand]

@Cool_Hand: I guess you're right, Bermondsey does feel a bit dodgy...but it is quite cheap compared to similar areas. Could you tell me why you wouldn't live at Bermondsey Spa? I am also looking at Stockwell and Kennington now and will hopefully find something soon.

Thank you very much!

Hi FTB,

Bermondsey Spa doesn't really appeal to me, sorry to be unspecific. I really love it around Bermondsey Street but as another poster mentions - the further East you go the rougher it gets.

I've been living in Clerkenwell - Old Street end, just off Whitecross Street for the past 9 years (housing association). Before that a couple of places on Upper Street for 4 years. Previous to that all over South London (Balham, Wandsworth Common, Earlsfield, Brixton, Blackheath). Living central has been great but I've grown tired of it, the urban mass, the lack of green, clean air, etc. And more recently in the block I live noise and anti-social behaviour have become a real problem. Avoid buying ex-council in a block as you just don't know what you could end-up with next to you. If you're young living central can be a lot of fun, I would recommend it for a few years. But longer term, unless you can afford a big loft appartment I would avoid and look to live somewhere in zone 2 with some parks and some good local bars and shops. Peckham Rye, East Dulwich, Denmark Hill (Camberwell) are 10/15 minutes by overground to London Bridge. Each of those areas are close to each other but have their own personality. You will get a 1 bedroom flat for 200K. If you want to go cheaper try Nunhead (Queen Road Peckham BR), it's not great but acceptable. There's also New Cross Gate, I think most here will tell you to avoid though. The only way to find out what is right for you is to go and check the areas out, do some research and spend a day exploring and then go back again. If you do find a property I think it's worth checking the street/area out during the evening, make sure it's safe. If you are new to London and are unsure consider renting for 6 months in the area you're interested in.

[FirstTBuyer]

Thanks everybody!

I think I've learnt a lot from the posts everyone made. I will PM one or the other for more information if that's okay.

Currently I'm looking at the areas around Stockwell, Kennington and Canada Water too. I did some research on the crime rate site and it seems that Bermondsey doesn't really get a good score... I might post back here once I have more findings - for now, thanks again!

[Englaender]

FirstTBuyer: am I right in thinking you're completely new to living in London?

You sound as though you've got a considerable sum to invest (or are able to access those funds) and are unlikely to be getting much in terms of interest at the moment, but if you're as unfamiliar with the area as you appear to be, why not rent?

I lived in Dodson Street, SE1 for about 7 years (not quite the area you're looking at but not a million miles away) but always felt lovely and safe there and was an easy walk via Borough to London Bridge or across the river to Covent Garden... or to pretty much anywhere. However, I'm really glad I rented in the area before I bought, even if house prices did go up while I was. And they annoyingly seem to be doing the same again, even if there are a thousand and one reasons for them not to.

Personally, I'd suggest considering renting.

One word of warning: if you end up looking at ex-council (Southwark) property, beware of impending major works charges. They're starting to roll them out across the borough and that can be a serious amount of money to have to find in the not-too-distant future if you're not aware of them.

The aforementioned SE1 Forum is excellent tho, so would advise reading up on there. And try not to get too put off by the reports of muggings and the like. These sort of things can and will happen absolutely everywhere. No, that doesn't sound any better now, does it?!