Where to buy a BTL in Chislehurst

[Fat hippo]

Im looking to spend up to 300k on a BTK in chislehurst (or possibly Bickley). Im flexible about whether it is a small terrace or a flat but question is do i buy on the roads near chislehurat station and the caves or would it be worth considering the other side of the ponds in a private road around kembal road which has some nice gated developments.

My worry is that the kemnal road flats would not appeal to renters with no station nearby

[JimmyJam]

I don't know the area however I advise on resi investments in Surrey and would always lean towards a cottage/house over an apartment. There is generally a more plentiful supply of flats to rent on the market so you will be always be in a competitive marketplace. Flats tend to appeal to younger professionals who may be more transient, thus moving more frequently and exposing you to more void periods. Houses often appeal to the more mature or divorcees/ young families who may stay longer. You have opportunities to extend houses at the rear or in loft thus creating more value in future if needed and generally you may get better capital growth. There is the maintenance of a house but if you offset the cost of that against any charges you may have had for block management etc on a flat which often goes into the thousands then they may end up the same.
Maybe try and find a local letting agent who isn't attached to a sales agents and ask their unbiased opinion on what would be a good investment or what they need more of. Take with a pinchof salt the letting figure given by sales agents or their letting arm as they obviously have an interest.
Good luck

[kingston12]

Totally agree on houses being preferable to flats, but it doesn't always follow in all areas.

For example, where I am in Surbiton, small 2 bed terraces sell for £500k and rent for £1,600 a month whilst flats of about the same size cost £350k and still rent for £1,500. You do still have the disadvantages of there bring more flats on the market and the inability to extend if you buy a flat, but the difference in yield would offset that for me for a long term investment.

It depends what the Chislehurst market is like. Here there is a bubble in the selling prices of small houses caused by a lack of supply, but that hasn't had the same effect on the rental values.

Edited by kingston12 on Monday 25th March 10:24

[JimmyJam]

kingston12 said:

Totally agree on houses being preferable to flats, but it doesn't always follow in all areas.

For example, where I am in Surbiton, small 2 bed terraces sell for £500k and rent for £1,600 a month whilst flats of about the same size cost £350k and still rent for £1,500. You do still have the disadvantages of there bring more flats on the market and the inability to extend if you but a flat, but the difference in yield would offset that for me for a long term investment.

It depends what the Chislehurst market is like. Here there is a bubble in the selling prices of small houses caused by a lack of supply, but that hasn't had the same effect on the rental values.

Agree and this is often the case. However, the other angle in their favour is that I can see those cottages at £500k adding £50k easily and even £100k over the next 2+ years. I can't see the apartments growing at that rate, simply through the continued supply. And as new blocks get built then the older ones even from 10 years ago get stale and thus prices flatline.

[Bo_apex]

had a flat in Kemnal Road in the 90's. Very nice position close to pubs / amenities, although the walking distance to station proved prohibitive for some. I assume station parking is even tighter these days.

[Fat hippo]

Thanks all for your replies.
My feeling now is that small houses are the way forward.

I have to say i think you are right because i have noted that houses are also selling whereas flats appear to be struggling somewhat.

[Vince70]

Why don't you go for a 30s 3 bed semi in either Belmont lane,woodside ave, or homesdale ,or westhurst drive. that's what I would be spending my money on.
Plus you get a garage behind your house in one of the alleys.
I would never buy a flat as I hate paying maintenance charges.
If you buy in wood side at least you can say you lived in the same road as siouxsie Sioux

I can't believe they changed the name of the Chinese takeaway from the Hong Kong Garden takeaway there should have been a blue plaque put up.

Edited by Vince70 on Sunday 24th March 23:29

[Vince70]

Also Albany and Degema roads are quite nice and should be in your price range but keep away from barham road, and green lane is too busy.
Also try park road between Belmont parade and the highstreet.

Edited by Vince70 on Sunday 24th March 23:10

Edited by Vince70 on Sunday 24th March 23:31

[Vince70]

Also as for trains you can walk through the recreation ground and up walden road to elmstead woods station about a 15/20 minute walk.
Or get the 227 bus from Belmont parade which should take 10 minutes to chislehurst station.
It may not be called the 227 anymore as I haven't got the bus since I passed my test in 1987 lol.

[Vince70]

If you want to know any info on any road in Chigley just ask I grew up there, so I know the area well.

[NiceCupOfTea]

I wouldn't think you'd get much of a house in Chislehurst or Bickley for 300k to be honest, not near the station anyhow. A lot of the roads mentioned are technically Chislehurst but in reality they're closer to New Eltham.

[vinopete]

they are selling them in subway, go for the spicy mayo and french bread

[Vince70]

NiceCupOfTea said:

I wouldn't think you'd get much of a house in Chislehurst or Bickley for 300k to be honest, not near the station anyhow. A lot of the roads mentioned are technically Chislehurst but in reality they're closer to New Eltham.

All the roads mentioned Are within a 5 minute walk tops from Chislehurst high street so its hardly New Eltham
The only road mentioned which could be associated with new Eltham would be green lane but seeing its about 5 miles long and goes to new Eltham its not surprising.
In fact there's a recently modernised Victorian cottage which is in park road for 250,000, Which is just off chislehurst high street.
But personally I would wait to find a 30's terrace or semi in need of total renovation and you should just about get one at the top end of budget.
There's a sign about 3 miles away along green lane which says welcome to London Borough of Greenwich that's were new Eltham starts although the houses do look the same design.
It's a bit like saying Kemnal road is in Sidcup.
I did like living in the area myself I've lived in 6 houses in Chigley also try willow grove if flats are your thing as they come well within budget from time to time.

Edited by Vince70 on Monday 25th March 22:17

[kingston12]

JimmyJam said:

Agree and this is often the case. However, the other angle in their favour is that I can see those cottages at £500k adding £50k easily and even £100k over the next 2+ years. I can't see the apartments growing at that rate, simply through the continued supply. And as new blocks get built then the older ones even from 10 years ago get stale and thus prices flatline.

You are right, this is exactly what has happened here and the gap continues to widen.

My only concern as a potential investor would be where does it stop? At the moment, owner occupiers are prepared to spend 50% extra to get the same amount of square footage in a small house rather than a flat, where as a few years ago, they'd have only spent 30% more.

Surely as the difference creeps ever closer to 100%, more and more people just decide to buy a flat instead and the two types move closer together again? I am just not sure what the 'correct' differential is, or even if there is one.

[Vince70]

Also I'm showing my age as I remember Chislehurst before someone got a bung to build the Sainburys in the high street
.
There was so much opposition, Especially about the traffic congestion it would cause and since then the high street has always been chockablock with traffic.
But that was back in the late 70's

[JimmyJam]

kingston12 said:

You are right, this is exactly what has happened here and the gap continues to widen.

My only concern as a potential investor would be where does it stop? At the moment, owner occupiers are prepared to spend 50% extra to get the same amount of square footage in a small house rather than a flat, where as a few years ago, they'd have only spent 30% more.

Surely as the difference creeps ever closer to 100%, more and more people just decide to buy a flat instead and the two types move closer together again? I am just not sure what the 'correct' differential is, or even if there is one.

It is a good point, there has to be a tipping point somewhere although I'm not sure it means they get closer though. I think the drive behind prices of cottages is linked to the purchaser, often they are more mature or a divorcee etc who are downsizing or have higher deposits so can pay more. The average flat buyer is either an investor or a FTB and margins are tighter.

[kingston12]

JimmyJam said:

It is a good point, there has to be a tipping point somewhere although I'm not sure it means they get closer though. I think the drive behind prices of cottages is linked to the purchaser, often they are more mature or a divorcee etc who are downsizing or have higher deposits so can pay more. The average flat buyer is either an investor or a FTB and margins are tighter.

I guess it also relates to the overall state of the market. Using Surbiton as an example, it has become a much more popular place to live than it was 10-15 years ago as people can no longer afford to buy in Wimbledon or Richmond. This type of buyer is more likely to favour a house and will have the means to buy one if they are selling a flat in one of the more expensive areas to fund it.

I guess the same would happen in Chislehurst with people moving out of Dulwich & Blackheath.

[NiceCupOfTea]

Vince70 said:

NiceCupOfTea said:

I wouldn't think you'd get much of a house in Chislehurst or Bickley for 300k to be honest, not near the station anyhow. A lot of the roads mentioned are technically Chislehurst but in reality they're closer to New Eltham.

All the roads mentioned Are within a 5 minute walk tops from Chislehurst high street so its hardly New Eltam.
The only road mentioned which could be associated with new Eltam would be green lane but seeing its about 5 miles long and goes to new Eltham its not surprising.
In fact there's a recently modernised Victorian cottage which is in park road for 250,000, Which is just off chislehurst high street.
But personally I would wait to find a 30's terrace or semi in need of total renovation and you should just about get one at the top end of budget.
There's a sign about 3 miles away along green lane which says welcome to London Borough of Greenwich that's were new Eltham starts although the houses do look the same design.
It's a bit like saying Kemnal road is in Sidcup.
I did like living in the area myself I've lived in 6 houses in Chigley also try willow grove if flats are your thing as they come well within budget from time to time.

Edited by Vince70 on Monday 25th March 10:35

Chislehurst station is a long walk from Chislehurst high street!

[Vince70]

Elmstead woods isn't, and surely if you wish to live in a chislehurst I would wish to be near the highstreet for amenities.
It depends if you class a 10/15 minute walk long to chislehurst station.
You can either cut through the common or walk up prince imperial road and down summer hill or if you prefer you can go down old hill.
You don't even have to pay station parking that way plus drive around looking for parking.
If you are disabled and can't walk then fair enough then you will have to go about 3 stops on the bus which will take longer as there's always a traffic jam by the memorial.
I did the the train station walk for quite a few years and didn't find it bad.
There are also other alternative walks which are just as quick if you live in willow grove.

Edited by Vince70 on Monday 25th March 22:15

[NiceCupOfTea]

I don't want to be argumentative, but by road it's at least a 20 minute walk to the high street from Chislehurst station and I wouldn't fancy the prince imperial Road walk as a single female, for example. Elmstead woods is okay if you live on that side of the high street; just pointing out that it's one of those funny places where the station is a fair way from the centre - big hill too which may put some off.