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I wanted to ask for advice on my current situation. I work in East London and have a deposit saved for a 450k house as my first property. This property would serve two purposes:
1) Live in + have a lodger (so 2 bed min., needs to be safe area etc)
2) Be a long term investment (so considering rent and capital yields)
After reading a few posts on this forum, people seem to suggest anywhere on the planned cross-rail line, mainly in West London, as the best for long term investment. This to me seems like old news and prices have already risen so its not good investment a people think? Would I be better off buying in West London and taking a longer commute, in terms of a investment decision?
Also many people offline have advised me to buy a flat instead of looking for a house in East london due to my budget, but am I right in thinking flats are a worse investment than houses in general? Mainly because there's a huge supply in new build flats, and houses have greater potential for price increases.
Finally, Within the east, I have heard Canning town is a good place to invest in now. What are your thoughts on South Woodford or Wanstead?
Thank you for your wisdom!
Your budget of £450k will be enough to buy a house in any of the places you mention, just buy somewhere you like.
Thanks for the reply. I disagree and anyway that is besides the point, I want to make this an investment too not just somewhere I like. Quite frankly I'd rather live in west London but my job location doesn't allow that.
You are funny, quite frankly everyone else would like to live in west London, but those of us without a trust-fund seek out the better bits of East London.
Canning Town is up and coming but make no mistake it’s still not that great whereas prices have already caught up.
You don't need a trust fund to live in west london, not sure how you came to that conclusion.
Then you will need to buy in East London if you want to be close to your work place.
Now a days any kind of property (houses or flat) there are quite rentable. There prices in London are increasing really quickly and there is all kind of tendants, working class people, family..
I just purchased a new 4 bedroom house in Basildon (Essex). I've looking everywhere East London is the cheaper place to buy right now. With your budget you can buy:
- A old 3 bedroom house or flat anywhere.
- A new 2 bedroom flat anywhere.
- A new 4 bedroom house or flat East London.
If you're not gonna do any prompt investment with the property, I will choose something that I like and would be close to my work places.
Check out the regeneration plans for Silvertown including the tunnel under the Thames, you'll then see why I like Canning Town, coupled with the fact that it's 15 minutes from Bank station on the DLR, 5 minutes to Canary Wharf and 20 minutes to Mayfair / West End on the Jubilee Line and walking distance to London City Airport and the Excel.
Thanks John. Will check it out. Is it viable to buy a house rather than a flat in this area? What Is your view on flat vs house here?
My answer is biased as I would never buy a flat anywhere, ever, as I despise the Leasehold system with a passion.
Geographically, draw a map with Barking Road as your northern border, Newham Way as your Western border Freemasons Road as your Eastern border and the River Thames as your Southern Border, then see if any houses within that "box" are in your budget.
I can't stress enough - don't invest east of Freemasons Road, you notice a change in the air when you walk past it, Beckton is gang ridden and Plaistow is a Caliphate, but more importantly Freemasons Road is where it becomes just too far to walk to Canning Town station.
Very helpful, thanks for posting the advice!
You mentioned you work in East London, may I ask whereabouts?