Buying a flat

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D
Thursday 30 May 2002 3.43pm
Does anyone think buying a 1 bed flat in the Borough SE1 is a wise move financially.
Apparently there will be loads of regeneration going on that will up the market price in the future?
Thursday 30 May 2002 3.55pm
Definitely - I've made heaps of money on mine, and prices in Southwark are set to rise higher than anywhere else in London, apparently, because of the More London development, amongst other things.
christian
Thursday 30 May 2002 4.46pm
D. Buy wisely, choose your development/area carefully.Borough has seen huge price surges in the last five years, there is still room for more but be carefull. It really does depend on your budget ,you are looking at around 225,000 to 250,000 for a good one bedroom in a great location i.e Bermondsey Street. Best thing to do is have a chat with a good agent in the area. some do tell the truth.
Chimney Sweep
Friday 31 May 2002 11.47am
I agree with Christian. Prices have sored in the past two years but peoples Salaries haven't.

Remember, stick close close to the tube if you can and character goes along way when you are looking to re-sale.

As Christian put it, have a honest chat with local agents and ask them what they think.

Before you make an offer ask another agent who isn't marketing the property how much its worth without telling them the asking price.

But buy sooner rather than later !!
Monday 10 June 2002 10.07am
Which estate agents would you recommend?
Dee
Monday 10 June 2002 9.15pm
Not Kalmars, try Field & Son, they seem reasuringly eccentric
D
Tuesday 11 June 2002 10.19am
Thanx 4 advice guys.
Well I had the surveyor round and he estimated that my flat is worth abot 150,000.
It's on the 4th floor (top floor) and is a reasonably peaceful clean block.
As I have been a council tenant for the last 5 years in it, I have the Right To Buy from the Council, and apparently will qualify for a discount of about 36,000.
Unfortunately my salary will probably not allow me to get a mortgage for that price (I am on a measely 16,700pa).
I am waiting for the council to get back to me with a final price, but am expecting the worse.
From my front balcony you can see the London Eye, Big Ben and it is about a 10 min walk to the Elephant or London Bridge. I'm gutted but fingers crossed!
The Lady Miss Jo Jo
Tuesday 11 June 2002 10.29am
Your flat sounds brilliant, so why don't you just carry on renting? There's more to life than owning a flat. If I could have got into a council flat in central London I'd have never bothered buying a flat.
D
Tuesday 11 June 2002 11.51am
I just think that the amount of money I spend on rent could be used to pay of a mortgage, and then I could eventually sell the place and hopefully make a tidy profit.

Probably looks like that won't happen n e way!Damn
sarah
Tuesday 11 June 2002 1.15pm
Don't dispair D - have you thought about Rent to Mortgage? That will mean that you own part of your flat and the council the rest. By the way, was the surveyor one that you organised, or was he organised for you by the Right to Buy people? - it may be that theirs will value your flat slightly lower.
In any case, you will probably have had enough pay rises to afford the mortgage by the time that you actually get anywhere near completing on your flat. It has taken us a year and a half from the time we applied to completion.
I would be interested to hear how you are getting on.
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