Moving up the property ladder

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Monday 26 January 2009 3.29pm
The wife and I are considering moving house.

we currently have a one bed flat in SE1, which we purchased for 120K in 2003, and which was valued at just under 200K a couple of years ago, and which I think would probably be about 180K now.

We are interested in moving up to something with 2 bedrooms, and some outside space, preferably a garden, but a large balcony would be ok.

we're not sure that we can afford to stay in SE1, but does anyone have any advice, or know if now seems like a good time to move.

we've heard that the gap between one and two bed flats is now at it's least for several years, both money and percentage wise

Does anyone have rough estimates of price for 2 bed places?

or areas where the prices are relatively low at the moment, but which might benefit from regeneration soon (ie on/near the new east london line extensions)
Monday 26 January 2009 4.53pm
Personally, I think now would be a terrible time to extend your exposure to property by "moving up the ladder".

Property is still way, way overvalued and this housing crash has a long, long way to go.
Monday 26 January 2009 5.21pm
Beowulf wrote:
...Property is still way, way overvalued and this housing crash has a long, long way to go.


I agree with Beowulf - if you follow the property news, you can see that all major agents forecast a further decline in houseprices. Market recovery is not expected before 2010, so it might be worth waiting for another year.

You can find a lot of useful information on the websites of the major agents (e.g. www.savills.co.uk, or knightfrank), most of them provide free research information and forecasts. Hope that helps making the right decision!
Wednesday 28 January 2009 7.16pm
actually if you find what you want within your set budget, and haggle hard, I don't think its that bad a time to move. The hard bit may be selling your flat. the East London line is up & running 2010 i think - have a look round Brockley. leafy, good parks, nice street, enough going on and will be 5 direct stops from Shoreditch
Sunday 15 February 2009 11.47am
Jon,

Total property prices don't matter. It is whether you can afford the gap between the property you have and the one you want. Especially if the one you want is one you would be happy to live in for a while.

For a long time people in the area could not make the swtep up from flat to larger property and stay in the area. We did but this was 8 years ago and it meant making some compromises. (Backing onto the Waterloo Main Line for a start...)

We have found that living centrally has real advantages, for example my husband being able to get home quickly when the children were young, or me being able to go back to work without huge child care costs. But schools in the area are not, on the whole, good and we do a lot of carting kids around. (Football in Tooting, swimming in Barnes, cricket in Earlsfield, best-friends in Clapham.) The kids however love living here and will not even consider moving.

Prices, certainly in Kennington, can vary street by street. I actually took a job as a Saturday girl with a local agent 9 years ago first to earn a bit, but also to work out which streets we could afford. It paid off in that I learned enough to be ablle to sell our previous property privately and had seen enough houses to know that our current house was one of the few which met our needs which we would be able to afford. So no hesitation.

PM me with what you might be able to afford and where you both need to commute to and I will have a look at what there is on the western side of SE1.

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