Saturday 19 May 2007 8.52pm
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: