East Dulwich! Forest Hill! Sydenham! Where to live?

[Spangles30]

Ok, so I am just interested in people's opinions....but I am considering selling my (humble) ED house, and I would like to release some equity in doing so.

However, this means the following:-

1: If I stay in ED I would have to buy a shoebox like in that Barrett type development in Abbotswood Rd near the Sainsburys.

2: Or I go further afield and get a better house, release equity but it would mean being in Forest Hill/Sydenham - areas which I don't like as much as ED, but I know they are getting a tube, and they're not as horrid as Penge I suppose.

Just wondered what others would do faced with this decision. Better house and a nice cash sum BUT SE23 or SE26 - or great area and horrid house.

Thanks in advance!! :)

[Alan Dale]

Stay where you are.

After fees and moving costs your cash withdrawal will work out to be incredibly bad value and your new place will not appreciate at the same rate.

You risk making an expensive mistake for the sake of short term liquidity.

[Ganapati]

Well, if you listen to some "experts" selling up and renting is the best option right now--that's if you believe the housing market will tank.

[Asset]

I agree with Alan, bad move releasing large amounts of equity and spending it.

I don't think selling up and renting is really a good option. It's unlikely that the interest earned on the capital would cover rental and what's the point spending capital on rent?

If you plan to live in your house for the forseeable it is irrelevant whether the market drops, it will inevitably pick up again.

[Jah Lush]

Agree entirely with Asset and Alan. Stay right where you are.

[SeanMacGabhann]

I know the question is property/equity related but I just need to say re: areas, that after last night's party, that alone would convince me to stay in ED. To further convince me I have spent the morning out and about in the glorious sunshine, picked up some coffee, juice and pastries from the stalls on Northcross Road and sat on one of the Palmerston benches and watched the world go by.

Then we headed off past Goose Green where loads of people were playing/recuperating on the grass and everyone with a smile on their face (well apart from the drivers on LL and the roundabout who seem to be cross with... oooh just about everything. Seriously - look at their faces as you walk down LL)

Basically I'm going nowhere

[Spangles30]

Hm. Thanks. I do see all your points. I just have such a small property in ED, and could get a much nicer house in Forest Hill (which is quite close to ED, afterall). I would use the equity to try and get rid of most of my mortgage (that was the intention, not to spend it!). I am local - not one of those people who made a stash of cash moving over from Clapham, Battersea, Wandsworth etc.

I see Sean's point about Northcross Rd, but in some ways I find all of that rather pretentious. Everyone in ED seems to be pushing a trendy buggie (!), and although the stalls and shops look great they're not that practical and cost the earth (anyone seen the kitchen shops as a good example).

I just feel maybe Forest Hill will improve, especially as it is getting the tube in 2009 and ED is not. It's all very confusing!! 'They' do say that one should be ahead of the game when it comes to buying property - and I definitely don't like Nunhead!

[SeanMacGabhann]

or you could just not worry about property

I do understand what you are saying about so many things but... well, I'm willing to bet said mortgage that your place is bigger than mine. Mine is a small flat with no garden and badly converted at that. Plus it's as far from ED station as can be

And yet - I'm happier than anywhere I've ever lived including a picture-postcard Devon cottage and a house by the sea in Ireland. I could fret about why I haven't traded up property-wise but life's too short.

[Spangles30]

Yes Sean, thanks for that advice. ED is a lovely place to live - if you have the money (and I generally don't). Oh, no I wouldn't want to live in Devon or Ireland, or anywhere outside of London actually. Maybe I will just stay put in my humble abode. It is certainly stressful considering other options.

And by the way, I have not seen as many people smiling down Lordship Lane as you mention. Are you sure?

[SeanMacGabhann]

always sure - often wrong ;-)

[Ladygooner]

Please Spangles30 move to Forest Hill and stop annoying people who live in Abbotswood Road. We have a very nice community here, the neighbours are all very friendly and its a nice quiet cul de sac.

[Loz]

I've seen a number of properties in and around ED over the past month and I can assure you that the houses in Abbotswood Road aren't bad at all for space for a two/three bed house. Having viewed a number of Victorian style houses at the half-million mark, I can't bring myself to spend an extra ?150K for very little extra total room and a smaller reception room than I have now. If I'm going to spend that sort of money, I want some serious cat-swinging room.

Plus, as Ladygooner said, the St Francis area is a lovely area with lovely people. I've had eight happy years here. It's close to Sainsburys, close to ED station and not too far from Denmark Hill station. Lordship Lane and the Bellenden Road area are a nice walk away. All in all, you could do a lot worse for your money.

Though, it must be said, it's not a place for snobs... >:D<

[macroban]

I like the St Francis Road area too.

It's lost its stigma now too. It must be over 25 years since I heard anyone refer to it by its former name: Constance Road. No fear and dread anymore.

[Spangles30]

Ladygooner I did not mean to offend you about Abbotswood Rd area! The area is fabulous, but the houses are beyond small and rather reminiscent of that now defunct soap opera Brookside. I was shocked to see that the 3 bed houses now command between ?350,000 - ?380,000, but I guess one pays for the area. I do like the houses in the nearby St Francis Rd, but those terraces are almost ?500,000 now. In short, the area is great!

I second viewed a Forest Hill house yesterday which was very art deco and 1300 sq feet (the Abbotswood Rd 3 beds are about 750 sq ft) and its asking price is below ?350,000, so I suppose this is why I am weighing up all the options. I guess Forest Hill does still need to be gentrified, but I am keen to know if people are considering moving there due to the high cost of ED - and the fact it's getting the tube.

It sounds like most who've responded here love and prefer ED - which is fine!

[Alan Dale]

If you don't like all of the middle class amenities in ED then there's no point paying a premium to live there.

As you are quite prudently aiming to release equity to remove your mortgage burden then I think that it is a good idea after all.

Go for it. Trade up, reduce your mortgage and find a local demograph where you feel more comfortable.

Good luck.

[Andyng]

Even if you downsize a to a ?300k flat you will be paying ?9k stamp duty and about ?1800

solictors fees already ?11k there properties in ED are worth a bit more.Best stay put

for a good few years and release more equity then.

[Spangles30]

Thanks Andy. I don't want to downsize to a flat which is why I have been only looking at houses. Anyway, I am about 90% sure that I will stay in ED in my little house. Even though I have seen much nicer houses in Forest Hill and Sydenham - I just don't like the areas as much as I do ED!!!! Dammit!!!

I think I was tempted by the Foxton's 0% offer in truth.

[Keef]

I'm not a home owner, so can't comment on that side of things. However, I did move up to Sydenham about 18 months ago, and it's great. We get much much more space for our rent, and I can enjoy ED as much as anyone living there, I just sit on a bus for 15 minutes, and the same bus will take me home any time of day or night.

[bawdy-nan]

then there's always cornwall

[Spangles30]

Oh Gosh NO, Bawdy. I am a Londoner and I would not be happy somewhere like Cornwall!

Keef, thanks for that re. Sydenham....I am deliberating over a house which is SE26 (just off Dartmouth Rd). Perhaps you would be so good as to tell me what is so good about Sydenham (apart from that you get more space).

[Keef]

Well transport links are fab for getting to town, or getting to croydon for shopping, or going further afield.

Not as many food places as LL, but there's a really good curry house, a nice Chinese, a lovely chippy, plus your usual kebab and pizza type places. There are some shabby places, but it's definitely a place "on the up", and I think the next year or so is the time to buy in Sydenham, because it's going to start getting higher and higher...

Also, the houses and buildings in general are nicer, and there are great parks!

Oh, and as well as ED, you can also be in Crystal Palace in 5 minutes, and there are loads of bars and food places around there, and one of the best parks in London.

[Ganapati]

What's wrong with Nunhead?

[Keef]

I don't know, what is wrong with Nunhead? ;-)

[Spangles30]

Ganapati, I don't happen to like Nunhead very much. I am entitled to that opinion. Everyone harps on it has a nice fishmongers - which is as maybe, but I'm not a big fish fan.

[Alan Dale]

Little fish....