Own a property in East London?
Renting in Dalston / Shoreditch / Bow / Haggerston / Stoke Newington
Looking to buy?
it can certainly be a headache trying to work out what is the best option – on one hand property in London is going up a rate some say of 30% per annum – so you could buy a place now for 270 grand and sell in 1 year for 350!
Right now with rates so low you are likely to be able to get a floating rate of maybe 1.99% plus base rate (currently 0.5%, unlikely to increase during 2014 but will almost certainly increase in increments of 0.5% quite quickly after that – a decision is made whether to increase by Bank of England every 3 months)
If you go fixed rate it will be more in the region of between 2-5% depending on size of your deposit (http://mortgages.telegraph.co.uk/thirdpartysites/home/?icid=telegraph)
more deposit, less you have to pay each month – normally you can go with 15, 20 or 25% deposit – so in theory you could end up paying of mortgage of, say, £800 on a flat would cost £1500 per month to rent – good deal huh? Well factor in agency fees, maintenance charge, no occupancy etc etc and you are realistically looking at making maybe £400 per month – but hey, someone else is paying your mortgage off for you.
On the other hand you might find a live / work space in a warehouse with 16 other people, have the time of your life and pay only £600 per month – like these places:
anyway, just for fun look at the frankly ridiculous and seemingly arbitrary differences in asking price for these places:
450 grand – bedroom is in the living room(!)- not enough room to swing a cat – everyone can hear (see!) you doing your business – nice location…but
or you could have 2.5 of these for same price!!
it’s bigger!!! and about 200 metres down the road
100sq ft for 375 per week
or 740sq ft for 515 per week
Haggerston Times says:
there are bargains to be had – you just have to look hard for them – don’t give up and don’t buy the first place you find
and if you have a spare 5 mill – don’t buy this!
unless you really like statues
buy this for half the price !
seriously the views expressed here are entirely subjective and we make no claims whatsoever to be experts in the property market – we feel we have pointed out out, in a layman way only, what look like bizarre inconsistencies
thanks for listening ; )