Renting vs buying in 2017

RikM wrote: »

For, ahem, contrast...
http://www.rightmove.co.uk/property-for-sale/property-51620616.html?utm_content=v2-ealertspropertyimage&utm_medium=email&utm_source=emailupdates&utm_campaign=emailupdates1day&utm_term=buying&sc_id=23977624&onetime_FromEmail=true

Hackney prices look to be dropping.

motorguy wrote: »

Yes, absolutely. Conversely you could buy a semi detached in Gorton for £100,000. Massive price swings depending on area.

Didsbury apparently varies greatly even between East and West Didsbury and also even a particular street can cost significantly more than one next to it for a seemingly similar house.

Theres a semi for sale in Didsbury at the minute asking for "offers over £1 million"

http://www.rightmove.co.uk/property-for-sale/property-49876113.html

Seems nuts to me, but puts prices in Northern Ireland in perspective i guess - wages here arent that much higher either. Maybe 25% tops in the areas i'm engaging with.

In my experience wages are a lot higher


In my field (Accountancy) Graduatate schemes in England pay £20k+, whereas its around £14k in Northern Ireland.


Same for experienced accountants in business - about £35k in NI and possibly £50k in England.


Even 25% wages increase is very significant - a wage of £30k in NI would be equivalent to £37.5k in Manchester - and the cost of living (other than housing) isn't much different - in fact I find England can be a lot cheaper for a lot of things. For a yound person living a home or house sharing - that extra £7.5k per year, should be an extra £7.5k saved, meaning its much quicker to build up a deposit.


For comparisons - there are 4 bed semi detached new builds for sale for £500k in Holywood


https://www.propertypal.com/28-alexandra-park-holywood/475478

Tammykitty wrote: »

In my experience wages are a lot higher


In my field (Accountancy) Graduatate schemes in England pay £20k+, whereas its around £14k in Northern Ireland.


Same for experienced accountants in business - about £35k in NI and possibly £50k in England.


Even 25% wages increase is very significant - a wage of £30k in NI would be equivalent to £37.5k in Manchester - and the cost of living (other than housing) isn't much different - in fact I find England can be a lot cheaper for a lot of things. For a yound person living a home or house sharing - that extra £7.5k per year, should be an extra £7.5k saved, meaning its much quicker to build up a deposit.


For comparisons - there are 4 bed semi detached new builds for sale for £500k in Holywood


https://www.propertypal.com/28-alexandra-park-holywood/475478

I'm not in disagreement with you in any of that, and i did say in the area i am engaging with here in Manchester.

It was just an observation of what i'm seeing / hearing around the office here.

saverbuyer wrote: »

You should tell the ones around the office the Belfast market is mental. A semi sold for 750k and the wages are 25% lower there. Show them the link below and tell them it actually sold so puts Manchester prices in perspective.

https://www.propertypal.com/verona-6-deramore-drive-malone-road-belfast/366641/photo-6

Yes, as i said earlier it does seem that all major cities have their hotspots for pricing - even Belfast it seems.

I guess with Greater Manchester those hotspots are more prevalent and stretch out further from the city centre given the sheer size of the area (something like 2.6m people now).

I wouldnt like to have to pay £500,000+ for a semi detached anywhere (let alone in Belfast) and fortunately here in NI you can buy something an awful lot better / bigger for less outside the capital city.

saverbuyer wrote: »

That's very true. But the majority of jobs are in greater Belfast. For me, I'd rather sink an extra 300k and see the kids an extra 1-2 hours a day times 2 parents. Well worth it.

Indeed. If you've children still living at home and your job role is in Belfast i can see why that would be a constraint

Fortunately neither applies to my wife and i so all good.

Happy to neither have to commute to nor live in Belfast however that's just what works for us and our lifestyle choices.