Good Area in North London for £1300?

[magick]

Thanks for the replies everyone.

The more research I do the more I'm beginning to wonder if relocation is such a good idea. The job will be £50k pa. I can live comfortably in Chelmsford for that (which looks a very nice area) however it'd be roughly £600 a month on travel into central London and back unless I've missed something. That's of course if I have to travel everyday which I won't always be.

I need to research if the new job comes with an expenses account to cover travel costs round London and other costs incurred for work. Is it standard that an Account Managment role would refund travel and work expenses such as meeting clients for dinner?

Someone told this sort of role would likely come with contributions towards living expenses if you work from home a lot. BTW it's a FTSE 100 company.

 

[neviditelny]

Thanks for the replies everyone.

The more research I do the more I'm beginning to wonder if relocation is such a good idea. The job will be £50k pa. I can live comfortably in Chelmsford for that (which looks a very nice area) however it'd be roughly £600 a month on travel into central London and back unless I've missed something. That's of course if I have to travel everyday which I won't always be.

I need to research if the new job comes with an expenses account to cover travel costs round London and other costs incurred for work. Is it standard that an Account Managment role would refund travel and work expenses such as meeting clients for dinner?

Someone told this sort of role would likely come with contributions towards living expenses if you work from home a lot. BTW it's a FTSE 100 company.

I live in Chelmsford and find it a pretty good area. As in most places there is some worse parts than others but in general I find it a quite good place. Decent selection of restaurants (although I rarely eat out), quite a few pubs/clubs if you need that and about 30-40 mins to Liverpool Street with the train as well.

 

[magick]

I live in Chelmsford and find it a pretty good area. As in most places there is some worse parts than others but in general I find it a quite good place. Decent selection of restaurants (although I rarely eat out), quite a few pubs/clubs if you need that and about 30-40 mins to Liverpool Street with the train as well.

How much do you spend traveling to zone 1 a month ro do you work in chemslford. Surely daily travel can be done for less than £600?

 

[neviditelny]

How much do you spend traveling to zone 1 a month ro do you work in chemslford. Surely daily travel can be done for less than £600?

I work in Chelmsford (got 10 minutes walk to work as well) but if I need to go to London I think a day travel card (which includes underground travels in zone 1-6) costs about £35 a day if you travel within rush hours. If you can travel after rush hour it goes down to a bit below £30. If you also get a Railcard you can get I think it is a third of t he price for non-rush hour travels. I have no idea how much a monthly card would cost though.

 

[krooton]

How much do you spend traveling to zone 1 a month ro do you work in chemslford. Surely daily travel can be done for less than £600?

Monthly ticket to Liverpool Street and a 1-6 travel card is £500

 

[dowie]

I need to research if the new job comes with an expenses account to cover travel costs round London and other costs incurred for work. Is it standard that an Account Managment role would refund travel and work expenses such as meeting clients for dinner?

Pretty much, why on earth would you be expected to pay out of your own pocket for stuff like that? If you're regularly taking clients to dinner then that would rack up quite a bill...

Likewise travel ought to be covered too - granted not from your home to your company's own office but if you've got to travel to meet clients then petrol costs or taxi costs or tickets etc.. ought to be expensed.

Someone told this sort of role would likely come with contributions towards living expenses if you work from home a lot.

What do you mean by that?

 

[dowie]

Tell me what job or skill set there is only demand for in London and nowhere else in the UK or the world for that matter.

There are plenty of people working in highly paid finance roles who wouldn't (m)any suitable UK based roles outside of London.

 

[Biz.Kid09]

I live in Earlsfield, myself and partner in a large 1 bed apartment with a basement (man cave) for £1350 a mth rent. Pretty decent area, its known "Nappy Valley". This apartment sold in 2017 for about 445k I think which is crazy I admit but I am a year out of uni and I have a big group of 20 or so friends within 20mins of me so my 'quality of living' is very good at the minute which is important to me.

It is definitely not a long term solution and me and my partner are both still saving (ISA's). We will look to move out of London in 5-6yrs I would imagine. Likely heading further north but it depends on our careers really.

I balk at getting a mortgage on a 500/600k property just to stay in London but I will just have to wait and see.

Sorry OP, I don't know N.London very well but your plan to commute in from somewhere like Chelmsford seems pretty reasonable.
Regarding expenses, that is obviously company dependent. I know people who get everything covered e.g up to 1k a day expenses and some who have to pay for their own travel etc but could expense a client lunch/dinner.

 

[rG-tom]

One or the other I guess. Fast forward to the year 2070 and there's going to be a lot of homeless old people on the streets. And you think it's bad now

Er, since the 80s I'd guarantee rent has always been more expensive than a mortgage. E.g. 'Owning a home is cheaper than renting anywhere in the UK' (Jul 2018)

I call bull**** on this, at least in zone 2 North London. Rental yields are really not great yet house prices are still pretty strong, if you're buying with a 90% LTV, mortgage is more than rent in every scenario I've considered (including having literally just bought the apartment I was already renting, having been tracking sold prices etc for a while as well as the rental market...my mortgage is about 10% more than my rent was and I now have service charge and ground round on top, meaning my actual cost is about 20% more than when I was renting).


Now in Manchester where yields are 5+% instead of 3% then absolutely correct. London rents are very low compared to property value!

 

[Xire]

Pretty much the only reason anyone should be living there is if they are being paid a minimum of £80k a year.

Otherwise you could walk into a £50k a year job with any graduate programme up and down the rest of the UK.

Facepalm.jpeg

 

[Terminal_Boy]

Facepalm.jpeg

Don’t upset Sonny, I bet there’s a lot of graduates here who want to know where they can sign up for these £50K programmes.

 

[Scam]

Tell me what job or skill set there is only demand for in London and nowhere else in the UK or the world for that matter.

I missed this first time around. Try the film industry. And I don't mean little indies. I mean your Star Wars, Marvel, Jurassic World tentpoles. If you want to work in the pinnacle of filmmaking then you have to work in London and the surrounding areas (Pinewood studios, Shepperton, Leavesden etc., not forgetting all the vendors in the West End). Nowhere on the planet besides LA is as heavily involved in the Hollywood machine as London.

What about virtually? Because you have now! I own a couple of places in the midlands - which was my longer term plan to avoid the 'why rent for 20 years' thing, and rented where I live.

The only reason I bought where I am is because the landlord was selling up, and A ) I'm a lazy assed mofo B ) I love where I live and C ) Was fortunate enough to be in a position to deal with the landlord.

You're not really a fair example given that you own "a couple of places" If I owned a "couple of places" I wouldn't be so worried about renting, as you have another property to fall back on when you retire. In other words if all goes to pot at least you'll have a roof over your head. If you rent the place where you live and haven't invested in property then you don't have a fall back. Hence the homelessness.

I call bull**** on this, at least in zone 2 North London.

Things have changed in the last couple of years where it was harder to get 10% deposits (min 20%) but clearly the lower the deposit you have the worse rate you will get. Most people would aim for a 20% deposit nowadays and in that respect I think your rate would be better/cheaper than rent.

 

[kaku]

I call bull**** on this, at least in zone 2 North London. Rental yields are really not great yet house prices are still pretty strong, if you're buying with a 90% LTV, mortgage is more than rent in every scenario I've considered (including having literally just bought the apartment I was already renting, having been tracking sold prices etc for a while as well as the rental market...my mortgage is about 10% more than my rent was and I now have service charge and ground round on top, meaning my actual cost is about 20% more than when I was renting).


Now in Manchester where yields are 5+% instead of 3% then absolutely correct. London rents are very low compared to property value!

Surely this is because properties are being swallowed up under the name of 'investment', leaving empty homes which are far too expensive for anybody in the area to be able to rent (let alone buy).

 

[rG-tom]

Things have changed in the last couple of years where it was harder to get 10% deposits (min 20%) but clearly the lower the deposit you have the worse rate you will get. Most people would aim for a 20% deposit nowadays and in that respect I think your rate would be better/cheaper than rent.

Most people first time buying in North London are not going to be doing it with 20%, that extra 10% is three years of rent payments....also 2% mortgages are doable on a 90% LTV, they're not crazy.

i know more people buying their first property in London with 5% than 20% unless they're getting a leg up from the bank of mum and dad.

Either way bit of a pointless arguement if to make it work you have to throw 6 figures of deposit into the equation! Even with an 80% LTV, the mortgage plus ground rent and service charge is still more than my rent was.

Don't get my wrong I'm still an advocate of paying down your own property instead of somebody else's, but in London (certainly decent parts of zone 2 North London), unless you've got hundreds of thousands of pounds worth of capital sitting around renting is definitely less PCM than owning (in the first instance).

By contrast, I just ran the numbers on our flat in Manchester, and even if I took out a hypothetical 2% interest, 100% LTV mortgage at the value of the valuation done a few months ago, the monthly payments plus ground rent and service charge is still less than the slightly below market rate our tenants are paying us. This example, whilst not real world because you can't get 100% LTV mortgages, removing the equity from the equation makes it a far better, properly like for like example of what the article is trying to show, and I think these numbers are probably true of most of the country!

 

[rG-tom]

Surely this is because properties are being swallowed up under the name of 'investment', leaving empty homes which are far too expensive for anybody in the area to be able to rent (let alone buy).

That's more zone 1, or west London really...most stuff around here (Highbury) is pretty lived in.

I guess it's because the massive equity increases everyone has had who already owned has enabled them to move up the ladder paying more and more, but the rental market could never keep up as the tenants aren't getting the equity-backed piggy back so have naturally settled far lower? That's my theory.

 

[Dr House]

Im in Chiswick and LOVE the area, i moved from Hammersmith. You may be able to find a 1 bed in your price range.

 

[Energize]

North London for £1,300 makes the Auschwitz concentration camp look like Butlins.