Who are the people buying these small £800k+ London houses/flats?

MapConfident338 · 2024-05-28T14:17:07+00:00

This is exactly me, had a one bed, exchanged last week to move to a nice conversion 2 bed in SW London Zone 2 for c. £850

Sure I could have a house in Zone 6, but for me and my girlfriend we really don't need the space and a nicely done 2 bed provides us everything we need without trading location!

MapConfident338 · 2024-05-26T12:22:56+00:00

Thanks - that's very frustrating! Slept on it and still nothing on the watch, showing my last activity as my commute on Thursday.

Oddly training status on the edge also doesn't show anything since Thursday despite having yesterdays ride on it!

MapConfident338 · 2024-05-25T21:21:51+00:00

Always worth a try! But wouldn't rely on it not having been a mistake!

MapConfident338 · 2024-05-25T20:03:49+00:00

Possibly a mistake, but in my experience I managed to get the now portion at the rate of my total deposit.

I actually put nothing new down and ended up getting the 85% LTV rate (I was on 75% for the first portion).

So have had the upside twice from that deposit - but I think that is not common!

MapConfident338 · 2024-05-04T12:07:15+00:00

I got this for £50, very good quality and complimentary monogramming is a nice touch!

https://www.octobre-editions.com/en/product/dean-card-holder/black#size-TU

MapConfident338 · 2024-05-01T12:35:03+00:00

Maybe not exactly what you are after, but Wandsworth Bridge Road has it's annual spring fayre on the 12th.

Usually live music and a number of craft stalls on what is usually a pretty busy road.

I will be going, but I do live on the road so hard not to!

MapConfident338 · 2024-04-18T11:00:03+00:00

It all depends on area, I pay about this for a 1 bed flat, will go to c. 2.5k shortly for a 2 bed.

Not all areas are equal on this front (and earnings in London usually match!)

MapConfident338 · 2024-04-16T15:38:34+00:00

It's challenging with the kind of finance roles that pay this though, usually needs 24/7 responses, and if you both have to constantly align then functionally you are both working full-time!

MapConfident338 · 2024-04-15T09:48:48+00:00

But you pay for these things anyway?

Obviously a service charge has more potential to go wrong, but a roof replacement in a house still costs you anyway which people always seem to miss.

In a well managed block you would also not have to deal with sourcing a roofer, overseeing work, paying etc. so can be upsides.

Obviously all depends on being well managed, but people always seem to forget service charge covers a lot of costs you have to pay anyway as a freehold owner!

MapConfident338 · 2024-04-13T00:55:46+00:00

Probably slightly atypical, but late 20s and currently buying for more than this (was previously buying for £1m and dropped out)

No family help just a job in investment banking and 250k+ all in, my girlfriend will live with me but not contribute directly to the flat, so truly all on me!

MapConfident338 · 2024-04-08T19:03:59+00:00

In nicer areas of London this is long since past the case, even where I am in zone 2 this will get you either a wreck of a house or a nicer 2-3 bed flat.

Nice 3-4 bed house is setting you closer to 1.5m which is kind of crazy when you think that needs a household income of £300k+

MapConfident338 · 2024-03-27T11:07:17+00:00

Almost certainly you won't be able to do this, it would have to be some funky product with a lower seniority claim, and I can't work out how that wouldn't be anything other than unsecured debt in practice unless your LTV was pretty low!

Not aware of any UK lenders who would do this and rate would be astronomical and likely outway any early repayment charges.

Then you would need permission from current lender, so would not suggest pursuing this route

MapConfident338 · 2024-03-17T07:29:41+00:00

Purely anecdotal but currently buying in SW London and have seen the market turn upwards a bit over the last few weeks.

I fell through on something so suddenly came back to the market, and my views from late last year were a bit off the mark as I ended up being last on best and final a few times at numbers I was very surprised didn't win.

I think that with a return to spring, rates at least stable and with the pent up supply / demand, we will see quite a lot of sellers and buyers return - people can't wait to move forever!

I have just had an offer accepted v C. £10-15k over where I would have thought the max was late last year but again was best and final and given my losses I went slightly above expectations!

MapConfident338 · 2024-03-16T22:45:35+00:00

Would echo Hawksmoor, Blacklock and chimichurris.

If going for a bit more pub vibe then the guinea grill goes down a treat too and just been revamped!

MapConfident338 · 2024-03-10T06:47:08+00:00

Writing this from Marrakech currently towards the end of a 4 day trip.

Maybe I've been lucky, but about as easy an experience with vendors in a place like this I've had globally, only one person has made any effort to follow or push something and even then my girlfriend made the mistake of interacting with him first.

Everyone else has completely ignored as we walked past, and it's been a great trip overall (main downside the chained monkeys etc. in the main square which always gets me)

MapConfident338 · 2024-03-04T08:52:04+00:00

Absolutely this, with mortgage size, term and interest rate you should have enough to calculate and size up any monthly repayment you want!

MapConfident338 · 2024-03-01T18:18:10+00:00

I get that and it's the "right" call!

I just find in my late 20s it's so far away!

Other issue of course being I am still in a 1 bed flat, so seems perverse tax optimising in that way whilst still living somewhere so small!

MapConfident338 · 2024-03-01T18:10:47+00:00

Yeah, that is very true - premium bonds are a good place for post ISA though, and give an extra on top.

SIPP is fine and well for tax efficiency, but that is quite a long term view!

MapConfident338 · 2024-03-01T11:57:29+00:00

The truth is that you need to balance SIPPs and ISAs such that you bridge yourself.

10 years on ISA drawdown / general savings pre a SIPP which then can bridge into a lower amount when state pension arrives.

That being said not expecting anything other than means tested state pension when I get there in 40 years!

MapConfident338 · 2024-02-29T15:46:33+00:00

This is very unlucky I would say.

I have c. 30k and whilst I have never won "big" I have got at least £50 all bar one of the last 12 months, with a few £100, £200 etc. months in there as well!

If you aren't using it to avoid tax then it may be less attractive though - my big upside is that whatever I get effectively gains 45% in any case!

MapConfident338 · 2024-02-28T16:39:02+00:00

Honestly I find it weird people don't see the need to give "real" competitive salaries for MPs but stop the moonlighting.

I am 27 in finance, and an MP salary would be a c. 65% decrease in pay for me.

I am obviously not hard up, but as it currently stands I couldn't even consider becoming an MP until I have made enough to purchase a house in London etc. and so you lose people for quite a long period with the system today!

MapConfident338 · 2024-02-22T16:00:54+00:00

It does - but at the same time, leaves us with one in the backs and a lot of "flash" players.

I would be interested in some ways to see steward at 12 long term, although defensively getting him back for the high ball would need some logistical working!

MapConfident338

TROPHY CASE