What I Own: We bought an ex-council property in Hackney for £400,000

What I Own - James Baley - Hackney — This week, we’re in Hackney in East London (Picture: Joe Newman)

Welcome back to What I Own – Metro’s property series where we speak to homeowners about getting on the ladder.

This week, we’re in East London, where 40-year-old James Barley and his 51-year-old partner David own a vibrant two-bedroom flat.

Since buying the place in 2019, they’ve slowly made it their own – and now it’s plants and wall prints galore.

Here’s what James had to say about their property situation…

Tell us about yourself!

My name’s James: I’m 40, and work as a senior PR publicist and content creator focusing on men’s style, fitness and interiors.

I live in a two-bedroom ex-local authority flat with my partner, David, who’s 51 and a trainee psychotherapist in his final year. We share the flat with 9-year-old French Bulldog, Buster.

Whereabouts is your property? What do you think of the area?

We live in Hackney, close to London Fields and Victoria Park. The area has everything we need on our doorstep – great coffee shops, restaurants, parks and the canal for running, as well as a cinema at the top of the road for a lazy date night option.

When did you move in?

We moved into the flat in April 2019 after viewing it in the January. As soon as I saw the place, I instantly fell in love with it – David too, but he was a lot more chilled about it and was keen to see other properties to compare.

How much does your property cost?

We bought it for £400,000 which was under our budget, allowing us to start renovations pretty much as soon as we got the keys.

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How much was your deposit?

We had a deposit of £40,000 which was made up of savings and some money from an inheritance.

What is the monthly cost of living here now; both mortgage and bills?

A lot more than it did five years ago that’s for sure! We’ve recently renewed our fixed-rate mortgage and seen bills like utilities and service charges increase.

In total we’re paying £2,300 a month on mortgage and bills – £1,800 of that is our mortgage payment and £300 is on council tax and service charges.

The only saving grace is that it’s still cheaper than renting, so we feel very lucky in that respect.

How did you save up for your deposit?

I had an inheritance from when my dad passed away over 10 years ago and David had savings.

What was the process of getting a mortgage like for you? Did you find any parts challenging?

Yes, many mortgage lenders have restrictions on ex-council flats and buildings above four stories which limited our choices, but we had a great advisor who helped us through the application process.

Can you share details on your mortgage (rate/term)?

We are with Santander on a five-year fixed rate of 4.69%. Our previous fixed rate recently expired which has meant a huge jump in the cost of the mortgage as interest rates have gone up since we bought the flat.

We had a lot to think about when looking for a new deal, but in the end, we stuck with our current lender and prioritised certainty of housing costs over trying to guess interest rates.

Where did you live before this – were you renting or living with family?

Before buying the flat we rented a one-bedroom new build in Dalston. Although it was nice, the walls felt paper thin and the rooms were quite small.

What made you want to buy rather than rent?

For us it made sense to buy while we could – from my experience, landlords don’t care too much about the maintenance of their properties as long as they’re getting paid. They really do hold the monopoly over renters, especially in London where they can charge through the roof.

How did you find this property? What made you choose it?

We found it online through an estate agent. We both decided on it being the one we’d like based on the location, space and size. I still think we’re very lucky to be living in Zone 2 London in one of the best boroughs in the capital.

We don’t have a car so the transport links were also a big selling point; we can commute to work easily (I walk to Shoreditch on my office days) and can get into Central London by bus or overground in around 40 minutes.

How have you made the property feel like home? What’s the inspiration for your interior decor style?

The flats were built in 1970 so we always want to give a nod to that period through the decor and the colours we choose.

Having grown up in the 70s, David found a familiarity in the mid-century furniture that would have been in his parents’ house and, while I loved that, I am known for being someone who gets bored quite easily and (as David would agree) gets his own way.

I’d say we’ve now met in a sweet spot which is clean minimalism but with interesting things like our Giuseppe Parrinello Penis Vase and plates, and bright artworks like our Studio Lenca Limone portrait.

A lot of the things in our home come from our favourite lifestyle store, Earl of East which stocks beautifully curated selections of independent brands and their own home fragrance products – I think we have a candle from there in every room of the flat!

What’s your favourite room and why?

I know David loves the bedroom for its calming effect but I mostly enjoy the living room. It holds most of our objects, plants, and artworks, and in the evening, it gets the most amazing light.

Do you feel like you have enough space?

Yes, for now. The priority when moving in was to utilise the storage so we worked with a great company, Ply Kitchen who built custom wardrobes and did our kitchen. We worked with their in-house architect to get the most out of the available room.

Our niece Rachel is a professional dancer who has recently graduated and will be moving in with us which is exciting. She’s 20 and needs to be in London for auditions. So, this will be a true test of the space.

Sure, there’ll be an adjustment period but we’re so excited to be helping her fulfil her dreams and, in a way, feel like we’re going to be parents – or just very cool ‘Guncles’ [lol].

Do you have plans to change the property?

With Rachel moving in we’ve renovated our second bedroom from a home office (since the pandemic) and dressing room back into a bedroom. We’re planning some further work and have the balcony and internal stairs left to paint – we’re going to go bold with Yes Colours.

Now I’ll no longer have access to the other bedroom to get dressed, we’ve got new custom wardrobes on order from Tylko for the wardrobe storage that I’ll need in our bedroom.

Are there any problems with the property that you have to deal with?

No, we’ve had no problems *touches wood.*

What do you want people to know about buying a home?

Don’t get too bogged down with how someone else has used the space or decorated.

Look at the ceiling as your floor plan to give you an idea of a room’s scope, and get yourself an architect – they don’t cost as much as you think and will really help you understand how to make best use of the space.

Don’t be afraid to invest as much as you can into the things that are long-term investments either, like flooring, wardrobes and a kitchen.