31 Jan 07 One offer down

Last week we made an offer for a flat in Bethnel Green.

The Good:
- Located a 5-minute walk to two excellent tube lines, Central and District
- Quiet residential street lined with Victorian brick buildings
- Large 2-bed flat with eat-in kitchen, big sash windows
- Real wood flooring in some rooms covered by the carpet (apparently)
- Still within our East London ‘preferred living zone’

The Bad:
- Signs on lamp posts out front warning of ‘high-crime area’
- Entire innards need ripping out - kitchen, bathroom, carpet, etc
- Not insignificant labour and expense to rebuild & renovate
- 2nd bedroom quite small
- Questionable plumbing throughout building
- Much of the building occupied by renters not owners

The Nasty:
The real problem is the premium asking price, which we know is high from researching previous properties sold in the same buildings (at this useful website, the UK Land Registry database of House Prices). So we offered over 10% less than the asking price, what we thought the property is really worth considering all the work that needs doing. The offer was rejected, and rather unprofessionally I’d say. Sellers here are in the fortunate position of asking inflated prices and are likely to get it from desperate buyers willing to overpay. Reality is nonexistent.

I discussed this problem with one estate agent who said her agency positions itself as one that prices for fair value. She complained that certain dominant agencies inflate their list prices and buyers (for example with city bonuses) overspend, which in turn forces her agency to list properties for higher prices… it’s a vicious cycle that hurts first-time buyers, especially.

We still may get a callback on that offer though, as I find it hard to believe anybody in their right mind will pay top pound for that place.

Then again yesterday I viewed what I would call an absolute shithole 2-bedroom listed for £289,000. Yikes!

We were scheduled to view a place this past weekend in the lovely converted dock/warehouse area of Wapping, in a building called Vancouver House - Vancouver! Its a sign, right? Unfortunately that wasn’t meant to be, as our appointment was cancelled last-minute and the property taken off the market next day.

Onward then.. It’s been six weeks so far that I’ve been scouring listings and I think I/we have viewed only six or seven flats. It’s tempting to look only another mile and a half east where we could get a two or three bed house in the Olympic redevelopment area of Stratford for the same price as a 1-bed flat over here. Stratford’s got some stigma at the moment though, hence cheap prices, and we don’t really want a whole house. But who knows what will happen.

18 Jan 07 First round

So far I have viewed three flats and spent countless hours scanning listings on the internet. Properties are selling faster than they are listed, so I’ll see something new and call in to be told offers higher than the listed price have already been received.

What did I view?

250k 1-Bed Flat
Approx. 475 square feet
Somewhat near a tube station (Bethnal Green) and amenities
Partial first floor of a small terraced house
Kitchen with no appliances
Unoccupied and finished in rundown hospital aesthetic

249k 1-Bed Flat
Approx. 550 square feet
Over a mile walk north from Mile End tube
“Split Level” meaning internal stairs to top floor of Victorian House
Small with expected old-house slopey floors
Occupied with offers higer than list price likely to be accepted

280k 2-Bed Flat
Approx. 550 square feet
No tube in vicinity, 50 mins commute from Hackney Downs to Matt’s work
Victorian conversion, top floor of house
Beautiful bathroom, nice floors, kitchen in a closet (a long, narrow one)

Two websites are quite useful for general searches - Findaproperty.com and rightmove.co.uk - but otherwise you need to keep up with individual sales agencies. Depending on the area you want to buy there’s a dozen or so useful ones, so property hunting is a time-consuming process unless you have the pounds to hire a relocation firm to work for you.

I am just now heading off to view a 2-Bed in a street about 20 mins walk from where we are now, though I have no idea what to expect. The listing essentially read “2-Bed For Sale”.

1 Jan 07 Best for 2007

Today is not only the beginning of a new year; it’s the first anniversary of our arrival in London! At this time one year ago we landed at Heathrow, took a taxi to our hotel near Trafalgar Square and dropped our bags in the room we would call home for the month of January. We set out to explore the city for the first time (for me) and enjoyed the enormous welcome parade, what would become the inevitable street celebration of each anniversary to follow. Yes, shortly we’ll get out and watch what is commonly known as the annual New Year’s Day Parade!

The past year feels like a just a few months and somehow longer than a year, too. Londoners’ accents no longer sound foreign. We’ve learned enough new regional words and slang to form a small dictionary (which eventually I’ll publish here). Instead of riding the tube we’ve crossed the city on foot a number of times, each time diverting down unseen alleys and snickleways, discovering historical oddities and architectural gems in many turns. We visit many of London’s quirky markets regularly, such as those in our own neighbourhood - Petticoat Lane, Spitalfields, Sunday UpMarket, Columbia Road, Roman Road - and some further afield like Borough, Camden, Portobello Road. Our memberships for the Tate galleries and ICA have been well used, and the British Museum, the National Portrait Gallery, the Photographers Gallery, the V&A, Barbican and Museum of London are all familiar with us.

In the past year we have entertained visiting friends and family and had travels in Paris, Barcelona, Edinburgh, and Wales. And being careful not to snub England in our adventures, we’ve seen Brighton, Lewes, York, Scarborough, Cambridge, and a few country parts where the wind could blow through the train station without resistance by humans. This one time while walking in the woods we even entered the Matrix (perhaps a story for another day). Oh and we’ve encountered many sheep.

Matt has been to work most weekdays at his office in Mayfair, which has been sufficiently challenging and enjoyable. He estimates he’s read about 40 books in his leisure time, while I’d nearly double that number. He has also enjoyed almost all of his annual 25 days off from work. Last week he saw Victoria Beckham in Saville Row with a swarm of paparazzi close behind.

In 2006 I shot many photographs, mostly of people and landscapes. I joined the London Independent Photography group, had work in their annual exhibition and just took on the role of designing their website. I participated in a Street Photography workshop at Tate Modern and regularly attended forums at Photographers Gallery.

Yesterday - the last day of the year - I found five grey hairs in my head!

All that’s a general overview of what 2006 was for us.

Already 2007 promises to be a full one. We are currently searching for a flat to buy, which is an extremely difficult and expensive venture in central London, particularly for first-time buyers. There’s no doubt this will be a frustrating experience, one which I plan to document here blow by inevitable blow.

There’s a strong chance I could start a full-time job next week, too. I had an interview before Christmas that went very well, and expect to hear a decision by the end of this week. I have mixed feelings about working again full-time, but it has been nearly four years since I did!

Well, here’s to an healthful and exciting 2007 for those of you reading!