Property advice...

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Saturday 19 May 2007 6.24pm
Hello, been a lurker for a while but you guys seem to be a real wealth of information!

I've been renting in Borough (near borough road x borough high street) for nearly 2 years now and am now in a position to buy.

I know the redevelopment plans for the area are ambitious, I just wondered if I'd missed the boat a bit here?

Everything is very expensive, but I'd like to stay in the area. I could push my limits and lessen my expectations of the property if I could feel a little sure that the purchase would be an investment. I know that would definitely have been the case buying 5 years ago, but do people still think that buying in the area is going to reap fair rewards over the next 5 / 10 years?

I've got about 240,000 to spend on a 2 bed. Close to Borough / Elephant are the considerations. I'm a first time buyer and willing to modernise the place a bit myself.

Any expert hunters out there feel free to give me some tips!

Thanks in advance x
Saturday 19 May 2007 7.52pm
Rags,

Welcome to the forum!

I personally don't think that you have missed the boat, but it's notoriously hard to time the property market. Ultimately, if you are taking a long-term view, then the ups and downs in the market shouldn't concern you to much...just make sure that what you are doing is affordable and include a safety net if rates rise more etc. Also don't forget that although there are numerous financial benefits to owning, there is a lot more to it that that...you can decorate the place as you want, don't have to move every couple of years and can really call it 'home'.

With a budget of 240k, I think you might struggle a bit, but I'm sure those with local knowledge of the E&C will be able to help you out (for your information, some new flats which have just come on in Bermondsey are well over 300k for a small 2 bed).

It's hard to look into a crystal ball and tell you what the area will be like in 5/10 years/what prices will be like, but I am enormously positive about what is going on in SE1 and I believe the continued regeneration will make it an increasingly popular place to live.

You may want to have a look at this recent thread on property prices:

http://www.london-se1.co.uk/forum/read/1/69900

Good luck!

Chris
Zoe
Saturday 19 May 2007 8.55pm
If you are willing to consider ex-LA then you should be able to find somewhere. However, Southwark's leaseholder charges are getting a lot higher, which might be a consideration.

There are some nice blocks near Borough, but I wouldn't go too close to Bermondsey tube. Better to move towards Waterloo and Kennington (but that's my opinion, others will disagree). You also might want to try looking around the Brook Drive area. There is a 1 bed flat for 215K under offer on kfh.co.uk on Dante Road, which is 2 seconds from E&C, which might give you an idea of prices around there.

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