Area always feels bleak to me - agree with those suggesting a proper house instead.
It all depends on what your individual circumstances are - JS said he was looking for an investment - therefore i would suggest that a flat in NG is gonna be a better bet than a 2 up 2 down in Plumstead. Whats there not to like?, its close to Tube,O2,River,Canary WHarf and Charlton - does Plumstead do that ??
I would guess that well built terraces have held their value much better than new build flats over the years and have a much deeper potential buyer pool.
Apologies for my ignorance but what or where is NG?
Area always feels bleak to me - agree with those suggesting a proper house instead.
It all depends on what your individual circumstances are - JS said he was looking for an investment - therefore i would suggest that a flat in NG is gonna be a better bet than a 2 up 2 down in Plumstead. Whats there not to like?, its close to Tube,O2,River,Canary WHarf and Charlton - does Plumstead do that ??
I would guess that well built terraces have held their value much better than new build flats over the years and have a much deeper potential buyer pool.
Apologies for my ignorance but what or where is NG?
Area always feels bleak to me - agree with those suggesting a proper house instead.
It all depends on what your individual circumstances are - JS said he was looking for an investment - therefore i would suggest that a flat in NG is gonna be a better bet than a 2 up 2 down in Plumstead. Whats there not to like?, its close to Tube,O2,River,Canary WHarf and Charlton - does Plumstead do that ??
I would guess that well built terraces have held their value much better than new build flats over the years and have a much deeper potential buyer pool.
Apologies for my ignorance but what or where is NG?
North Greenwich.
Others will know better than me but I'd be concerned about flooding on the Peninsular unless convinced otherwise.
Not the best time to do what you're thinking. The Chinese have put in domestic restrictions on overseas housing very recently which is causing a lot of developers a bit of panic in recent weeks. That's been a core factor holding prices up. Look at the share prices of property companies in recent weeks - the big share investors are getting out.
Other economic factors are further restrictions mooted by the Tories on overseas buyers which will harm North Greenwich which is very reliant on Asian buyers to maintain prices.
Then there's recent tax changes (and some coming up in the next 2 years) on second homes and letting out property. Tax breaks are going.
The local council are also looking to tighten up on buy-to-let landlords.
And finally, the estate agency Savills today put out a report and predicted prices would be flat in London on this type of development - at best. If an estate agency is saying that at best then it aint good.
Not the best time to do what you're thinking. The Chinese have put in domestic restrictions on overseas housing very recently which is causing a lot of developers a bit of panic in recent weeks. T
Without wishing to derail the thread please will you elaborate more on this as of interest to me and have missed this.
@JamesSeed I know nothing about property investment other than literally ANYWHERE with a London post code will appreciate and the more central the better unless it's already been gentrified. Echo the Woolwich/ Plumstead comments as have family there and it's silly.
Lewisham too where unbelievably a bedsit is going north of £250k (for a bedsit in Lewisham) if you've not missed the bubble there. I imagine Catford will be through the roof too and estate agents calling it Forest Hill east etc. The new build flats that look like a prison where the old dog track will probably be half decent investment if not already all sold as right next to the 2 stations.
Is there anything really going on in walking distance in NG other than the o2? All seems a bit soulless
You've got the riverfront, ecology park, driving range and restaurants/cinema/venues at the o2. Density of development is far too high - blame Greenwich council!
Not the best time to do what you're thinking. The Chinese have put in domestic restrictions on overseas housing very recently which is causing a lot of developers a bit of panic in recent weeks. T
Without wishing to derail the thread please will you elaborate more on this as of interest to me and have missed this.
@JamesSeed I know nothing about property investment other than literally ANYWHERE with a London post code will appreciate and the more central the better unless it's already been gentrified. Echo the Woolwich/ Plumstead comments as have family there and it's silly.
Lewisham too where unbelievably a bedsit is going north of £250k (for a bedsit in Lewisham) if you've not missed the bubble there. I imagine Catford will be through the roof too and estate agents calling it Forest Hill east etc. The new build flats that look like a prison where the old dog track will probably be half decent investment if not already all sold as right next to the 2 stations.
I think you'd better start talking to some Estate agents. I've been told by a few clients looking to sell or rent out their properties in London (Canary Wharf, SE, E & N London) that the market is stalling and prices are slowing rapidly.
Thanks for all the advice. I can see now why CL is becoming more popular than CAFC to some!
I get the feeling that there may be a readjustment in London prices coming, a feeling strengthened by @SF-02
It’s all way out of kilter and has been for years. When I bought my house near Clapham Common in 2002 I thought it was overpriced. It nearly trebled in value, but just over the last four or five months it’s taking longer to shift properties round here, as I believe it has most in most areas that aren’t considered ‘undiscovered’.
Perhaps it might be a good time to put in some low offers? Will it become a buyers market?
Although property in Somerset is cheap at the moment, and my sister lives there.
Area always feels bleak to me - agree with those suggesting a proper house instead.
It all depends on what your individual circumstances are - JS said he was looking for an investment - therefore i would suggest that a flat in NG is gonna be a better bet than a 2 up 2 down in Plumstead. Whats there not to like?, its close to Tube,O2,River,Canary WHarf and Charlton - does Plumstead do that ??
Given JS's budget is 300k, the delights of the peninsula are irrelevant, cos literally nothing there has come up on Rightmove in the last 6 months for that kind of money. Closest thing I've seen was a flat on Blackwall Lane.
Not the best time to do what you're thinking. The Chinese have put in domestic restrictions on overseas housing very recently which is causing a lot of developers a bit of panic in recent weeks. T
Without wishing to derail the thread please will you elaborate more on this as of interest to me and have missed this.
@JamesSeed I know nothing about property investment other than literally ANYWHERE with a London post code will appreciate and the more central the better unless it's already been gentrified. Echo the Woolwich/ Plumstead comments as have family there and it's silly.
Lewisham too where unbelievably a bedsit is going north of £250k (for a bedsit in Lewisham) if you've not missed the bubble there. I imagine Catford will be through the roof too and estate agents calling it Forest Hill east etc. The new build flats that look like a prison where the old dog track will probably be half decent investment if not already all sold as right next to the 2 stations.
I think you'd better start talking to some Estate agents. I've been told by a few clients looking to sell or rent out their properties in London (Canary Wharf, SE, E & N London) that the market is stalling and prices are slowing rapidly.
Short term yes but if you hold on to it for long enough twenty or so years you'll unlikely make a loss. Doubt there will be many cases of negative equity in london postcodes (amongst normal properties) and as you point out you can rent them out. The supply is limited and demand is always high (im talking about the normal properties not the luxury shams that oligarchs and foreign investors having been buying up). Basic economics and if you hold on long enough you will not make a loss even relatively in a London postcode.
I don't own and don't live in London anymore plus many estate agents are full of shit. Estate agents panicking people into selling, well I never.
PS I will bookmark this and revert back in 2037 to see if my hypothesis is right. Hopefully Reeves will be match fit by then.
Not the best time to do what you're thinking. The Chinese have put in domestic restrictions on overseas housing very recently which is causing a lot of developers a bit of panic in recent weeks. T
Without wishing to derail the thread please will you elaborate more on this as of interest to me and have missed this.
@JamesSeed I know nothing about property investment other than literally ANYWHERE with a London post code will appreciate and the more central the better unless it's already been gentrified. Echo the Woolwich/ Plumstead comments as have family there and it's silly.
Lewisham too where unbelievably a bedsit is going north of £250k (for a bedsit in Lewisham) if you've not missed the bubble there. I imagine Catford will be through the roof too and estate agents calling it Forest Hill east etc. The new build flats that look like a prison where the old dog track will probably be half decent investment if not already all sold as right next to the 2 stations.
I think you'd better start talking to some Estate agents. I've been told by a few clients looking to sell or rent out their properties in London (Canary Wharf, SE, E & N London) that the market is stalling and prices are slowing rapidly.
Short term yes but if you hold on to it for long enough twenty or so years you'll unlikely make a loss. Doubt there will be many cases of negative equity in london postcodes (amongst normal properties) and as you point out you can rent them out. The supply is limited and demand is always high (im talking about the normal properties not the luxury shams that oligarchs and foreign investors having been buying up). Basic economics and if you hold on long enough you will not make a loss even relatively in a London postcode.
I don't own and don't live in London anymore plus many estate agents are full of shit. Estate agents panicking people into selling, well I never.
PS I will bookmark this and revert back in 2037 to see if my hypothesis is right. Hopefully Reeves will be match fit by then.
I read the other day somewhere that Dartford has been one of the highest property price growth areas in the country over the past year (I'm pretty sure I didn't dream that - think it was the Standard property pull out)
Personally for the sorts of process quoted in NG or Woolwich I wouldn't be touching those as an 'investment' property. Surely those sort of flats will eventually have a 'ceiling' price.
Dartford has gone up a lot (%) but don't know if one of the highest in the country but wouldn't surprise me.
The returns were/are pretty good there on BTL, 2 years ago it was easy to pick up a 2 bed house for around £150-170k which would rent easily for towards £1k a month.
Personally don't think there's any sense investing in property at present unless it's in an area that is due an infrastructure upgrade - will be interesting to see if the next stage of Crossrail goes ahead.
@JamesSeed I've been looking at North Greenwich too, as a place to live rather than an investment.
Prices in the new Lower Riverside development start at around £650k for a 2-bed. The quality of the build is good and the facilities are excellent (concierge, cinema room, co-working areas, impressive residents' gym etc) but they come at a cost. The service charge is reasonable considering the facilities now, but I suspect they will ratchet it up in future years. For reference, the service charge on a 2-bed in Pan Peninsula in Canary Wharf is around £8k per year!! That place has similar facilities.
Prices in the Upper Riverside (the flats currently being built near the o2) are around £100k more. I've been told that the real premium builds will be on the west side of the peninsula.
The plans for Peninsula Place, on the site of the current tube and bus station, are well impressive. Have a look. I just wonder if it will ever be built. If it is, I think it will transform North Greenwich into a desirable place to live.
Like others here, I think prices are due for a correction soon.
@JamesSeed I've been looking at North Greenwich too, as a place to live rather than an investment.
Prices in the new Lower Riverside development start at around £650k for a 2-bed. The quality of the build is good and the facilities are excellent (concierge, cinema room, co-working areas, impressive residents' gym etc) but they come at a cost. The service charge is reasonable considering the facilities now, but I suspect they will ratchet it up in future years. For reference, the service charge on a 2-bed in Pan Peninsula in Canary Wharf is around £8k per year!! That place has similar facilities.
Prices in the Upper Riverside (the flats currently being built near the o2) are around £100k more. I've been told that the real premium builds will be on the west side of the peninsula.
The plans for Peninsula Place, on the site of the current tube and bus station, are well impressive. Have a look. I just wonder if it will ever be built. If it is, I think it will transform North Greenwich into a desirable place to live.
Like others here, I think prices are due for a correction soon.
Lovely little pub there too. Food decent as well. Always important to make sure you live near a decent pub.
@JamesSeed I've been looking at North Greenwich too, as a place to live rather than an investment.
Prices in the new Lower Riverside development start at around £650k for a 2-bed. The quality of the build is good and the facilities are excellent (concierge, cinema room, co-working areas, impressive residents' gym etc) but they come at a cost. The service charge is reasonable considering the facilities now, but I suspect they will ratchet it up in future years. For reference, the service charge on a 2-bed in Pan Peninsula in Canary Wharf is around £8k per year!! That place has similar facilities.
Prices in the Upper Riverside (the flats currently being built near the o2) are around £100k more. I've been told that the real premium builds will be on the west side of the peninsula.
The plans for Peninsula Place, on the site of the current tube and bus station, are well impressive. Have a look. I just wonder if it will ever be built. If it is, I think it will transform North Greenwich into a desirable place to live.
Like others here, I think prices are due for a correction soon.
Lovely little pub there too. Food decent as well. Always important to make sure you live near a decent pub.
Pilot good. Been reet tarted up... I happened to be there on the day of a photo shoot for its website.
The bar at the driving range is excellent, especially on a hot evening. The rooftop bar at the Intercontinental is a good spot... and they do a bottomless brunch once a month in their brasserie which is very nice. Currently available at 39 quid on Groupon.
They are finally about to start work on the £185 million designer retail outlet in the O2 which apparently will be as good as Bicester.
I often walk the Thames Path and I find the area thriving with plenty of people walking along the river. Massive change from its start.
Though there's nothing wrong with a good solid terraced house in Plumstead which we're more than happy with.
Not the best time to do what you're thinking. The Chinese have put in domestic restrictions on overseas housing very recently which is causing a lot of developers a bit of panic in recent weeks. T
Without wishing to derail the thread please will you elaborate more on this as of interest to me and have missed this.
@JamesSeed I know nothing about property investment other than literally ANYWHERE with a London post code will appreciate and the more central the better unless it's already been gentrified. Echo the Woolwich/ Plumstead comments as have family there and it's silly.
Lewisham too where unbelievably a bedsit is going north of £250k (for a bedsit in Lewisham) if you've not missed the bubble there. I imagine Catford will be through the roof too and estate agents calling it Forest Hill east etc. The new build flats that look like a prison where the old dog track will probably be half decent investment if not already all sold as right next to the 2 stations.
Central London is seeing big drops in price. The old adage that London always rises is not happening in places.
Just checked Land Registry prices (the most authoritative in the UK as it includes all transactions) and the most recent release has 12 months growth in Greenwich borough at 2% and Lewisham at 1% Not steller performances.
Comments
Others will know better than me but I'd be concerned about flooding on the Peninsular unless convinced otherwise.
I know we have the Thames Barrier.
http://www.floodlondon.com/east-london/
https://wansteadmeteo.wordpress.com/2015/11/20/greenwich-peninsula-awash-with-development/
Other economic factors are further restrictions mooted by the Tories on overseas buyers which will harm North Greenwich which is very reliant on Asian buyers to maintain prices.
Then there's recent tax changes (and some coming up in the next 2 years) on second homes and letting out property. Tax breaks are going.
The local council are also looking to tighten up on buy-to-let landlords.
And finally, the estate agency Savills today put out a report and predicted prices would be flat in London on this type of development - at best. If an estate agency is saying that at best then it aint good.
@JamesSeed I know nothing about property investment other than literally ANYWHERE with a London post code will appreciate and the more central the better unless it's already been gentrified. Echo the Woolwich/ Plumstead comments as have family there and it's silly.
Lewisham too where unbelievably a bedsit is going north of £250k (for a bedsit in Lewisham) if you've not missed the bubble there. I imagine Catford will be through the roof too and estate agents calling it Forest Hill east etc. The new build flats that look like a prison where the old dog track will probably be half decent investment if not already all sold as right next to the 2 stations.
I get the feeling that there may be a readjustment in London prices coming, a feeling strengthened by @SF-02
It’s all way out of kilter and has been for years.
When I bought my house near Clapham Common in 2002 I thought it was overpriced. It nearly trebled in value, but just over the last four or five months it’s taking longer to shift properties round here, as I believe it has most in most areas that aren’t considered ‘undiscovered’.
Perhaps it might be a good time to put in some low offers? Will it become a buyers market?
Although property in Somerset is cheap at the moment, and my sister lives there.
I don't own and don't live in London anymore plus many estate agents are full of shit. Estate agents panicking people into selling, well I never.
PS I will bookmark this and revert back in 2037 to see if my hypothesis is right. Hopefully Reeves will be match fit by then.
Personally I wouldn't be buying in London right now as a pure investment.
Personally for the sorts of process quoted in NG or Woolwich I wouldn't be touching those as an 'investment' property. Surely those sort of flats will eventually have a 'ceiling' price.
....it's a hell of a commute from there to Frankfurt.
The returns were/are pretty good there on BTL, 2 years ago it was easy to pick up a 2 bed house for around £150-170k which would rent easily for towards £1k a month.
Until Brexit is sorted it leaves the UK in limbo.
If for a long term (20+ years) it might be a reasonably safe investment but not very high return as it has been the last 20 years.
Prices in the new Lower Riverside development start at around £650k for a 2-bed. The quality of the build is good and the facilities are excellent (concierge, cinema room, co-working areas, impressive residents' gym etc) but they come at a cost. The service charge is reasonable considering the facilities now, but I suspect they will ratchet it up in future years. For reference, the service charge on a 2-bed in Pan Peninsula in Canary Wharf is around £8k per year!! That place has similar facilities.
Prices in the Upper Riverside (the flats currently being built near the o2) are around £100k more. I've been told that the real premium builds will be on the west side of the peninsula.
The plans for Peninsula Place, on the site of the current tube and bus station, are well impressive. Have a look. I just wonder if it will ever be built. If it is, I think it will transform North Greenwich into a desirable place to live.
Like others here, I think prices are due for a correction soon.
The bar at the driving range is excellent, especially on a hot evening. The rooftop bar at the Intercontinental is a good spot... and they do a bottomless brunch once a month in their brasserie which is very nice. Currently available at 39 quid on Groupon.
They are finally about to start work on the £185 million designer retail outlet in the O2 which apparently will be as good as Bicester.
I often walk the Thames Path and I find the area thriving with plenty of people walking along the river. Massive change from its start.
Though there's nothing wrong with a good solid terraced house in Plumstead which we're more than happy with.
Just checked Land Registry prices (the most authoritative in the UK as it includes all transactions) and the most recent release has 12 months growth in Greenwich borough at 2% and Lewisham at 1% Not steller performances.
Here's a link to Chinese govt action in August on overseas house purchases https://www.forbes.com/sites/sarahsu/2017/08/28/chinas-new-capital-controls-expected-to-slow-real-estate-but-improve-countrys-economic-health/#6b5c0e0e66fd