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Where to buy?

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  • Where to buy?

    Hi guys
    It might be a very open ended question but would very much appreciate your input as I am very confused about this matter. I am a first time buyer looking to buy a Studio, 1 bed or 2 bed flat(ideally). I will most probably not be residing in the property myself as I travel around a lot for work therefore need a place that is easy to rent out and attracts decent tennants(professional types).

    My budget is approximately £180k

    The areas that I have in mind are:
    1) Stratford in London.
    2) Mile-End in London.
    3) Clapham in London
    4) Tunbridge-Wells in Kent.
    5) Winchester in Hampshire
    6) Glasgow West-End
    7) Glasgow Merchant City
    *First 5 are London or Commuter towns. And the last 2 are in Glasgow as I currently live in Glasgow and am familiar with those areas.

    My main question is around which area to buy the property in? or if you were in my position which area would you buy in ?

    Apart from that any related advice/input would be much appreciated

    thanks in advance.

  • #2
    Re: Where to buy?

    I wouldnt advise anywhere outside London in the current climate. Amongst those areas Stratford and Mile End will be most easy to let. Then the other areas just depend on the exact location, proximity to transport links, shops etc around the property. I have been in Stratford for a good few years and have seen the area developing. You will always find some one to rent it out to due to the Olympics as this has created a lot of jobs around the area. Then again, there is the Westfield Shopping Centre and its within close reach to the City of London and Canary Wharf. And to top that up the UEL has a huge campus in East London which attracts a lot of students as well. So my pick out of the list would be Stratford or Mile End but to live I certainly would choose North London or even Glasgow. Hope this helps!

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    • #3
      Re: Where to buy?

      [QUOTE=highfive;14369]I wouldnt advise anywhere outside London in the current climate. QUOTE]
      What is your basis for this comment? Are you somehow impliying that london is immune? No area is safe from the current climate, especialy london, the south east in general is very much alive with property sales and there is also plenty of demand for rentals.
      www.tradesmanschoice.co.uk

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      • #4
        Re: Where to buy?

        [QUOTE=Trades MASTER;14370]
        Originally posted by highfive View Post
        I wouldnt advise anywhere outside London in the current climate. QUOTE]
        What is your basis for this comment? Are you somehow impliying that london is immune? No area is safe from the current climate, especialy london, the south east in general is very much alive with property sales and there is also plenty of demand for rentals.

        All I meant was London was picking up at a faster rate. You can find renting quite easy in Glasgow as well. I have never researched the South East really but yes you get better value for money property in outer London. As far as renting goes, my family have houses/appartments on rent in all parts of the country and have most benefitted from the ones in London or in bigger cities like Glasgow.

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        • #5
          Re: Where to buy?

          Hi there

          In my opinion you should steer clear of the commuter towns like Winchester for one simple reason...you've got it back to front! People with the capital to live in such expensive places want the studio/1 bed flat to go to London for when they work.

          In all though, the best place is where you know the local market the best, and since that's clearly the Scottish locations, I would say that's your answer. Failing that, London is a steady choice (albeit still not outstripping inflation) with rents rising.

          Hope this helps
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          • #6
            Re: Where to buy?

            1) Stratford in London. Yes Olympics
            2) Mile-End in London. Ditto
            3) Clapham in London Good place but expensive
            4) Tunbridge-Wells in Kent. Near Channel tunnel
            5) Winchester in Hampshire Probably your best option
            6) Glasgow West-End Lowest life expectancy in UK drink and
            drugs problems
            7) Glasgow Merchant City Ditto.
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            • #7
              Re: Where to buy?

              Originally posted by New Homes Expert View Post
              1) Stratford in London. Yes Olympics
              2) Mile-End in London. Ditto
              3) Clapham in London Good place but expensive
              4) Tunbridge-Wells in Kent. Near Channel tunnel
              5) Winchester in Hampshire Probably your best option
              6) Glasgow West-End Lowest life expectancy in UK drink and
              drugs problems
              7) Glasgow Merchant City Ditto.

              Hi NHE

              Thanks for the info. I would like to correct your perception of Merchant City and West-End of Glasgow; These are the posche parts of Glasgow and are quite studenty/multi-cultural. I have lived in these areas for over a year and never had any issues. Even very late at nights. The drink + drug + stabbing reputation comes from the East-End which is more or less a No-Go area unless you are from there

              Also I know that Winchester is constantly voted as one of the best places to live in the UK. I have been to the area myself as well but why do you think it would be easy to rent out property over there ? as some one already pointed out that people who choose to live there have wealth and therefore buy their own property.


              cheers

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              • #8
                Re: Where to buy?

                Hi alinaqvi90

                If you're seriously considering Winchester then the absolute best thing you can do it phone several estate agents there and just have a chat! Ask them what kind of properties see the highest level of demand. If the market's flooded with 1 bedroom flats then steer clear. If it's a rarity then you might find it easily pays the mortgage. Just get their opinion.

                Good luck!
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                www.FirstTimeBuyerGuru.com

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                • #9
                  Re: Where to buy?

                  OK so a bit of an update to add fuel to the discussion + inform any one needing info about the stratford area.

                  I spent all of Saturday in Stratford and surrounding areas just to get the feel of the place and see what it has to offer. While I was there I visited about 10 property agents in the high street as well.

                  My observations about Stratford:
                  1) Stratford has one of the best transport links in London: 2 tube lines(Jubilee+central), Central Bus Station + National Rail and prospective Internation Rail as well. Any one who has lived in London knows how important transport can be. It is also relatively close to central London.

                  2) Stratford has the University of East London campuses which could again provide some possible future tennants.

                  3) The area generally looked run down and the residents(on street)did not look very affluet. This might be a very important point for me as I would prefer to rent out my property to the young professional types. But who knows maybe wealthier ppl might start moving to the place after/around the olympics.

                  4) There is a lot of hype around the olympics event. Which would last approximately one month or so. While its taking place there might be good opportunities to rent out your property in that area at extortionate rates to make a few grands. But in the long run apart from the fact that the Olympic Stadium is a magnificent viewing site I dont see any other consequence of olympics on this area.

                  5) The West Field shopping centre might have a role to play in the future of the area. As its the largest shopping centre in Europe opening in September.

                  6) Thousands of new flats from the olympic athletes village will be up for sale in about a years time. This might bring down the whole rental + sale prices of properties.

                  7) There are no decent places to go out in Stratford. Some run down sort of pubs in the high street but other than that nothing. This might change once the olympic village is finished though.

                  Conclusion: I have a feeling that a one or two bed property close to the train/tube station will be easily rentable but perhaps not to the ideal type of tennants.

                  Lemme know what your thoughts are on this?

                  cheers

                  Comment


                  • #10
                    Re: Where to buy?

                    It sounds like you've made your choice!

                    It's great that you've put so much research into it.

                    Good luck, and please continue your updates
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                    www.FirstTimeBuyerGuru.com

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                    • #11
                      Re: Where to buy?

                      Hi deepikasnv

                      You make a good point. However, do you mind expanding on what you mean? The original poster is concerned about areas rather than individual properties.

                      Do you mean arrange to view no more than 7 properties in a day? Or do you mean don't even consider any more than 7 properties?
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                      • #12
                        Re: Where to buy?

                        Hi,

                        I agree with Highfive on many points. I am no expert but my opinion would be, the best places to buy would be with easy links into the city, i.e. near a tube station for London or train station. Look at what happening in the area in the future, in terms of is anything going to be built, you can obtain this information from the local planning office for the area you are considering, therefore make sure you do your research on all the area and when viewing potential flat to buy and then rent, knock on a few neighbours doors and ask there opinion on the area and how they find living there, this will help your when you come to renting the property.
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                        • #13
                          Re: Where to buy?

                          Talking to local estate agents and asking about what kind of properties are in demand would help too. They'll be able to tell you what and where a safe investment is. Some good points from JodieB there too.
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