Could It Be Croydon Next?
Posted
From Bracknell to Harrow and then Croydon? Why the hell am I even considering Croydon?
Let’s back up a bit.
I want my own place. Preferably I want to live in Marylebone. If not, then Hampstead. If not, then Hackney Wick. If not then Walthamstow.
There’s a problem here.
The average price for a flat in Marylebone is £1,551,010.
The average price for a flat in Hampstead is £946,658.
The average price for a flat in Hackney Wick is £489,164 (getting closer!).
The average price for a flat in Walthamstow is £393,681.
Oh yeah, and my budget is £250,000. This is worked out as me not wanting to spend more than half of my salary on rent & bills. I’m assuming service charges, electricity, council tax and broadband to come to around £500 a month. So this leaves me with £1,300 maximum mortgage that I’m willing to pay a month.
And type this stuff into a mortgage calculator (well, reverse engineer it) and I end up with around £250,000 as my maximum price at the current interest rates (cheers Kwasi), assuming a fixed-price mortgage.
Step in – Croydon, with an average price for a flat of £284,991.
Why Croydon?
There are really good, modern 1-bedroom flats for less than £250,000.
This one even has a gym!
I could even have a balcony here for the princely sum of £220,000.
Located in the highly coveted centrepiece of Croydon, I could even have a roof terrace and a gym for £230,000.
I’m kind of being serious. I’m fed up of house-sharing and want my own place. Croydon might sound miles away, but I can be in central London in 20-30 minutes – which far beats the 45-55 minutes right now. The office is 40 minutes away – better than the current 50 minutes…not that I ever go, but you know, maybe Elon Musk will buy M&S.
Also – the Thameslink runs all night! So do some Southern services, and this means that Luton and Gatwick Airport early morning/late night flights are doable.
I already have a few friends that live there. Bonus. I still have zero friends in Harrow.
And there is a good craft beer bar. Can I get craft beer in Harrow? Fuck no.
Oh and there are actually lots of properties on the market.
Sure, a 1-bedroom flat in Croydon isn’t exactly the dream, but it feels like it is my best step forward.
Now I just need to work out how long to hang on for…how much can house prices come down? Can I get a bargain under £200,000?!