That there London...It's a different world

[simon.r]

My son is trying to get on the housing ladder in London. He's looking to buy a 30% share of a new build one bedroom flat in Stratford for £100k

Son, I say, come back to Notts and buy a 2 bed semi in a reasonable area.

Or buy Mansfield

OK, I exaggerate, but...

 

[Markymark]

My son is trying to get on the housing ladder in London. He's looking to buy a 30% share of a new build one bedroom flat in Stratford for £100k

Son, I say, come back to Notts and buy a 2 bed semi in a reasonable area.

Or buy Mansfield

OK, I exaggerate, but...

Depends if his earning potential can justify the difference.

Stratford has lots going for it though. I would imagine a good return depending on the location.

 

[simon.r]

Depends if his earning potential can justify the difference.

Stratford has lots going for it though. I would imagine a good return depending on the location.

This location: http://www.familymosaicsales.co.uk/media/1045027/stratford-high-street-so-brochure-final.pdf Any thoughtts?

Earning potential - probably 2 or 3 times what he'd get in Nottingham. Hence my "different world" comment.

 

[Markymark]

This location: http://www.familymosaicsales.co.uk/media/1045027/stratford-high-street-so-brochure-final.pdf Any thoughtts?

Earning potential - probably 2 or 3 times what he'd get in Nottingham. Hence my "different world" comment.

Stratford has lots going on. Great park, shops and restaurants. It's not the Olympic park so probably why it's more affordable. Great transport links. Central London in under 30 mins door to door. The exact location will be busy and noisy as it's on and surrounded by major roads so I'd find out how high up and the direction the flat is.

 

[alicat]

Not much in the actual location except a very busy dual carriageway. I'd find out exactly how far it is to the tube and shops and whether the distance will rapidly become a bind.

 

[threebikesmcginty]

Stratford's got a fast train outta there.

 

[Beebo]

Not my favourite part of London but it is right on the river lee. Which may give good views.
As with all shared ownership schemes you have to watch for the cost of the rent on top of the mortgage.
He is effectively paying the equivalent of £330,000 for a 1 bed flat.
If he was prepared to go a little further out he could get much better value and have a second room to rent out.

 

[PaulSB]

My son is trying to get on the housing ladder in London. He's looking to buy a 30% share of a new build one bedroom flat in Stratford for £100k

Son, I say, come back to Notts and buy a 2 bed semi in a reasonable area.

Or buy Mansfield

OK, I exaggerate, but...

My eldest has been under pressure from his employer to move from Manchester to London. He, and his Manchester colleagues, are all refusing unless given help with housing and a 200% payrise. This is the increased cost my lad expects to face plus he doesn't want to leave the north or live in hell.

 

[Globalti]

In 1984 I considered buying a red brick maisonette in a nice square in E17, it was £75,000 and I decided that was too much for me.

Those same maisonettes are now on the market for £750,000.

 

[Markymark]

In 1984 I considered buying a red brick maisonette in a nice square in E17, it was £75,000 and I decided that was too much for me.

Those same maisonettes are now on the market for £750,000.

And there's the rub. Yes London costs way more than most of the rest of the uk but there's a reason why investors from all over the world are buying London properties.

 

[Globalti]

A very large proportion of the money going into London is stolen money. Africans from anglophone countries, Russians, Chinese and Arabs all view London as a super-safe haven for their looted money. Of course legitimate money finds its way there - one of my biggest Nigerian customers, a devoutly religious man of impeccable morals (I've known him as a friend for 25 years so I'm sure about this) owns three massive houses in north London worth several million pounds because in the end there's only so much ostentation you can buy in a country like Nigeria and devaluation of the Naira is eating away at your assets every day.

 

[Markymark]

But not one that is of any great use to us.

It is of use to those buying in London like the OP's son as the demand, including the artificial demand being added by investors, will (most likely, I am not offering financial advice!!) make a return.

 

[Markymark]

A very large proportion of the money going into London is stolen money.

There is stolen money for sure but a large proportion?? No chance.

 

[Drago]

I wouldn't disagree that it was a noteworthy proportion of the incoming money.

 

[Beebo]

There is stolen money for sure but a large proportion?? No chance.

Depends on your definition of stolen.