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apom

London Buying....

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It has been quite a while since I have contributed...

The London market is key to me. I live and work in the town and this maelstrom, this chaotic place is going to be my home for a while.

I bought over three years ago.

I did what many do and for years I followed the expanding prices with concern and frustration.

Then I did what few do. I found a place that no one was talking about yet. A place still affordable.

Look to the edges, but track the transport links. Look to the South East. The Overland is fast and travels to Cannon Street, Waterloo, London Bridge, Charring Cross.

I found a village in zone 6, catchment area for two Grammar Schools. Easy walk to the station and all the pubs and restaurants you would want.

and I paid £210,00 for a three bed terraced house.

Don't follow the sheep... you are here because you don't.... Get there ahead of them.

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Then I did what few do. I found a place that no one was talking about yet. A place still affordable.

Look to the edges, but track the transport links. Look to the South East. The Overland is fast and travels to Cannon Street, Waterloo, London Bridge, Charring Cross.

I found a village in zone 6, catchment area for two Grammar Schools. Easy walk to the station and all the pubs and restaurants you would want.

and I paid £210,00 for a three bed terraced house.

I suspect you actiually mean £210,000, not what you typed.

Good for you. Any good earner who doesn;t spend a lot on a house will be relatively unaffected by any potential downturn, long term. Indeed, if you keep your income you'll be able to trade up excellently.

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.....fewer are buying in London to live.....far more renting out the place they once lived in and living somewhere else.......keeping that share that pays the best dividend. ;)

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I had not been on here for ages.... I did leap on the downturn in 2009-2011.. took a deep breath and jumped on.

I did my best to prevent the downturn and the collapse of the economy. But with the knowledge of it's inevitability I did also manage to prepare and make a little bit of money.. Which allowed me to buy.

New posters would be interested to know that HPC was discussing the 'Credit Crunch' (we did not have that moniker at the time) many years before it hit.. many years!

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I'm in a very similar situation to apom - have been a long term lurker on this site for many years and have lived and worked in London throughout that period- fervently hoping for a HPC.

I finally buckled and bought about 2 years ago - zone 2 and about 3 * single income (due to a very hefty deposit - not inherited btw)

So what pushed me over to the "dark side" ? - simply put I couldn't keep putting my life on hold and was sick to death of insecure tenancies and constant rent rises.

To paraphrase someone else in another thread - renting and buying are both sh**ty options in the current messed up, HPI obsessed economy we have in the UK - and London is the cherry on top of the turd.

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Buyers have to find the right property, in the right place, right time, for the right price.......renters have to find the right landlord, in the right place, for the right price.....other than that time is on the renters side who rent well. ;)

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I think you're right for most of the country Winkie but the problem is it's *extremely* hard to rent well in London.

At the bottom end you have the slumlords who don't even need to meet basic quality/maintenance standards because there's an endless supply of Housing benefit claimants to line their pockets.

In the middle, there's so much competition between professional working renters that you can constantly take the piss by increasing rents year on year (my situation before I bought)

And at the top, it's simply unaffordable for anyone who has to work for a living - unless you're at the very top of your profession (and even then, forget about most "prime" locations in zone 1)

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1. rent from friends or family.

2. rent from a cooperative.

3. rent from employer, ie employer provides subsidised rent.

4. rent a room in a house of a friendly, fun, owner occupier.

5. good reliable, trustworthy, tenants are worth more than money.

Homes are healthier if lived in......there are homes out there where people are paid to house sit. ;)

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1. rent from friends or family.

2. rent from a cooperative.

3. rent from employer, ie employer provides subsidised rent.

4. rent a room in a house of a friendly, fun, owner occupier.

5. good reliable, trustworthy, tenants are worth more than money.

Homes are healthier if lived in......there are homes out there where people are paid to house sit. ;)

I presume you are not being serious? Where is this magic land you speak of?

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.....being very serious......not magic you move. ;)

But you are suggesting we have friends with a spare house or an employer with accommodation or a cooperative (is that a posh squat) or a fun person that will rent a spare room to a family. I doubt these options are available to many. Happy to be proven wrong though.

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But you are suggesting we have friends with a spare house or an employer with accommodation or a cooperative (is that a posh squat) or a fun person that will rent a spare room to a family. I doubt these options are available to many. Happy to be proven wrong though.

They are available to all who wish to make themselves available to them.......for others it would be beneath them, they remain at the starting line, paying through the nose......with a little effort and determination along with help from like minded others, from small acorns large oaks grow. ;)

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Winkie - I would *love* for your suggestions to be viable - but in London, no chance.

The rental market here is brutal and unless you are extremely lucky, you ain't getting access to any of those cushy scenarios.

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Winkie - I would *love* for your suggestions to be viable - but in London, no chance.

The rental market here is brutal and unless you are extremely lucky, you ain't getting access to any of those cushy scenarios.

...exactly that they are not cushy scenarios........no gain without pain, that often turns out not to be so painful. ;)

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I found renting in london incredibly stressful. In a space of 1 year i moved out twice. hunting for rentals was stressful and incredibly competitive ( interviews with landlord, expensive letting fees, rentals secured within a few days). This is all zone 4 aswell. In the last 2 years rental prices have increased around 20% and with more downward pressure on buy to let, I expect less rental properties available.

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I

Don't follow the sheep... you are here because you don't.... Get there ahead of them.

Well with hindsight buying worked well for you. But to buy now in London or anywhere in the SE would be madness. Prices are at new levels of insanity. Sure it looks as though they will keep going. But it feels like 2005-6 to me and you know what happened in 2007... To be honest I don't know anymore. Maybe I'm wrong and prices won't fall. But I can't bring myself to join this party. Which is why this madness is forcing me out of the SE before I get any older,,, This could also be a terrible move as if all goes tits up the North will also do the same, but not like London.. ripe for 50% drop in my opinion.

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I presume you are not being serious? Where is this magic land you speak of?

It's full of unicorns galloping through waterfalls of rainbows, flying Grifins and Pegasus swopping through clouds of star dust, an uncharted lost world somewhere between Charing Cross and Tottenham Court Road.

In all seriousness, I do house sit, but I pay to do that (30% of market rate) and that was sheer fluke that the person sitting opposite me at a lunch happened to have a "spare house" (yeh because everyone has one of those) It could end at any moment and the chances of me stumbling on another one of those near London are close to zero. At which point maybe I should revert to #3 and ask my work just to pay my rent. Wtf.

Edited by Starla

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As I've pontificated before, it looks like London has suffered a large demand shock, in my view due to the rebalancing of the economy towards the private sector, and as a people magnet for European immigrants following the credit crunch.

I think it will resolve itself in the long run as businesses leave London and oldies die and release houses, as well as new housing supply coming online. But not quick enough for someone living there now.

You have my honest sympathy.

Edited by Si1

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