kdbhpd Posted July 4, 2011 Share Posted July 4, 2011 Having been living in north london for the past 3 years I would like to start buying a two room bed flat for my small startup family. My budget is limited to 300-350K and am looking for somewhere that can commute to city in 30minish. I started my search at goldersgreen/finchley area as I quite enjoy the leafy/suburb/family feel it offer. However, my friends/colleagues keep telling me that for my budget I should look at dockland area as its close approximately to both city and canary wharf and better potential to grow for long term. Personally I am not quite into those high dense new purpose build flats in E14 and it is surrounded by a lot of horrible areas! But it does offer better rental values at the moment and there is huge demand from professional buyers hence better grow in value for the long term? In 8-10 years time we will ultimately escape to the country for better quality of life, hence I would like to ask your views on these two distinct area and which would be a better choice for my current situation? Thanks, kdbhpd Quote Link to comment Share on other sites More sharing options...
EDW Posted July 4, 2011 Share Posted July 4, 2011 Docklands flats have a porter = high service charges. Decent two bed flat with balcony start at 250k. My advice, buy a terraced house with a garden in a cheaper area. I would start by looking at Walthamstow Queen's Road station area. Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted July 4, 2011 Share Posted July 4, 2011 Save your cash and rent for the next 18 months then take a look at the market again. There is a LOT of risk out there at the moment. Quote Link to comment Share on other sites More sharing options...
thejaksie Posted July 4, 2011 Share Posted July 4, 2011 I've been living in Wapping (E1W) for the past 5 years, and have been looking to move up from my 1 bed which has been on the market for 7 weeks or so (and selling at a loss as bought in 2007). Part of my search over the past 3 months has been in E14, also looking for 2 bed flat. In my opinion E14 is a very risky proposition. Not sure how you define "grow value", but out of interest you might want to Zoopla "1 fairmont avenue" which covers Ontario tower and New Providence Wharf, and you will find there are exactly 102 flats for sale in just 2 buildings. Then there is the Landmark, the credit crunch towers, some new builds still be completed and some scry scrapers in planning. Overall there are 100s relatively similar flats for sale in "prime E14" i.e close to Canarary Wharf. If the banking sector does not grow very strongly (which it won't over the next 2 decades), and if there is a bit of shock to the market (i.e increase in interest rates), these flats all are pretty similar and the only distinguishing factor is price, so there is huge downside risk in the whole area. Also, rents have been under pressure last months. The EAs will claim all is going up and the good old "there are not enough properties for sale" story is repeated again, however statistics give a very different story and very little is actually sold I can tell you from having viewed around 15 2 bed flats over the past months. At least 20-30% overpriced IMO. If this happens flats in less nice areas become totally unsellable, which is already happening. I can show you a few flats which have been for sale for 2+ years and not selling as they are for instance on the wrong side of the highway or too far south on the isle. Have been offered a flat at 30% below asking price and it's still for sale. It has 3/4 bedrooms and although the asking is 499 you might be in for a long shot with your 350k budget. Close to some etstates and local fried chicken shops which is why it's not selling. WIth your budget in current market expect to relatively far outside prime E14 and unfortunately not near the river, and more towards the dodgy end of E14 and not sure how that stacks up compared to Finchley. With that budget you might want to move a bit further from the city to get some space, especially if you plan to grow your fam! good luck Quote Link to comment Share on other sites More sharing options...
EDW Posted July 4, 2011 Share Posted July 4, 2011 I spoke to a solicitor last week who has been asked to do repo work in N. London for £1m+ properties for major bank known for stupid boom lending. He reckons that there are plenty in serious arrears now, even with low interest rates. Quote Link to comment Share on other sites More sharing options...
miko Posted July 4, 2011 Share Posted July 4, 2011 I've been living in Wapping (E1W) for the past 5 years, and have been looking to move up from my 1 bed which has been on the market for 7 weeks or so (and selling at a loss as bought in 2007). Part of my search over the past 3 months has been in E14, also looking for 2 bed flat. In my opinion E14 is a very risky proposition. Not sure how you define "grow value", but out of interest you might want to Zoopla "1 fairmont avenue" which covers Ontario tower and New Providence Wharf, and you will find there are exactly 102 flats for sale in just 2 buildings. Then there is the Landmark, the credit crunch towers, some new builds still be completed and some scry scrapers in planning. Overall there are 100s relatively similar flats for sale in "prime E14" i.e close to Canarary Wharf. If the banking sector does not grow very strongly (which it won't over the next 2 decades), and if there is a bit of shock to the market (i.e increase in interest rates), these flats all are pretty similar and the only distinguishing factor is price, so there is huge downside risk in the whole area. Also, rents have been under pressure last months. The EAs will claim all is going up and the good old "there are not enough properties for sale" story is repeated again, however statistics give a very different story and very little is actually sold I can tell you from having viewed around 15 2 bed flats over the past months. At least 20-30% overpriced IMO. If this happens flats in less nice areas become totally unsellable, which is already happening. I can show you a few flats which have been for sale for 2+ years and not selling as they are for instance on the wrong side of the highway or too far south on the isle. Have been offered a flat at 30% below asking price and it's still for sale. It has 3/4 bedrooms and although the asking is 499 you might be in for a long shot with your 350k budget. Close to some etstates and local fried chicken shops which is why it's not selling. WIth your budget in current market expect to relatively far outside prime E14 and unfortunately not near the river, and more towards the dodgy end of E14 and not sure how that stacks up compared to Finchley. With that budget you might want to move a bit further from the city to get some space, especially if you plan to grow your fam! good luck +1 I am surprised that witth all the new build coming on in the E14 area the prices and rents have stayed up the way they have . Everywhere you go there is another new development , the newer ones are in most cases not in the best parts of E14 . Will an oversupply in the not so good parts of E14 also bring down the prices in the better parts ? Wait and see. Quote Link to comment Share on other sites More sharing options...
E3LDN Posted July 7, 2011 Share Posted July 7, 2011 +1 I am surprised that witth all the new build coming on in the E14 area the prices and rents have stayed up the way they have . Everywhere you go there is another new development , the newer ones are in most cases not in the best parts of E14 . Will an oversupply in the not so good parts of E14 also bring down the prices in the better parts ? Wait and see. With the amount of new developments going up in E14 right through the surrounding areas including Stratford etc, with good links to the city but far too many units being built eventually they'll be under subscribed and some landlords will elect to go down the road of renting to the local councils on 5yr agreements, which won't look so promising once the local ASB families move in after being evicted form thier council estate properties and need emergency housing. I'd stay away from the new build flats, unless they're established properties, try a small 2 bed terraced house. Quote Link to comment Share on other sites More sharing options...
spunkbubble Posted September 13, 2011 Share Posted September 13, 2011 Personally I would go East. Long-term I think it is a much better bet as it is where all the development is, better/newer transport links etc. Although it could get hit a bit harder if the prices do fall for a while - maybe that is a good thing? I can't see £350k buying a house in Finchley. Maybe a nice conversion flat though? Not all the flats in E14 are new build boxes: http://www.rightmove.co.uk/property-for-sale/property-34204433.html Quote Link to comment Share on other sites More sharing options...
miko Posted September 13, 2011 Share Posted September 13, 2011 Personally I would go East. Long-term I think it is a much better bet as it is where all the development is, better/newer transport links etc. Although it could get hit a bit harder if the prices do fall for a while - maybe that is a good thing? I can't see £350k buying a house in Finchley. Maybe a nice conversion flat though? Not all the flats in E14 are new build boxes: http://www.rightmove.co.uk/property-for-sale/property-34204433.html No maybe £350k won't buy a house in Finchley, but have you seen the area around that flat in E14 , you would not get the same surroundings in Finchley either. Quote Link to comment Share on other sites More sharing options...
spunkbubble Posted September 13, 2011 Share Posted September 13, 2011 True. That one is in a dirty stinking ghetto full of scum. Not all of it is like that though. Quote Link to comment Share on other sites More sharing options...
miko Posted September 13, 2011 Share Posted September 13, 2011 True. That one is in a dirty stinking ghetto full of scum. Not all of it is like that though. No of course not , if it drops and I had the money I would be back there tommorrow , but over the other side of the A13 right in Canary Wharf. Why not look at post code E14 5SG Boardwalk Place. Decent development where a 800 sq ft two bed would be around £400k. A while back they were £425 and upwards so the prices do seem to be softening a bit. Maybe someone in a hurry to sell might drop to £350k , keep an eye out there. Quote Link to comment Share on other sites More sharing options...
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