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40k?
needs a new bathroom and kitchen. you could spruce it up for 10k.
i'd be more concerned with the neighbours, noise from the road and the lease left on the flat. not to mention the communal areas and whether there is any arrangement for that. not sure how it works for warner flats. end of the day, immediate risk to price fluctuations are only felt if you are in it for the short term. if you have a >5 year outlook i'm sure you'd prefer to pay slightly more now than rent for another 5 years and wait for the ideal place which everyone else (and the pensioners with easy access to their cash after April 6th are in the market for).
AirTime
all im trying to say is dont rush and buy something that might look like its a good deal at first blush, but that actually needs 40 grand spending on it. finance is cheap at the moment and its likely we are in a bubble. everything is fully priced in - there is only so much a shonky 1.5 bed flat in walthamstow is worth when the cheap money stops- just make sure you dont pay over the odds if you do want to get into the market, and do what you can to make sure you arent left holding the baby if it all goes wrong again..
I just think its worth a reminder that 5 or 6 years ago things were very different and that flat would have been 160-175k...