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What about London?
blakalycious
Posts: 9 Forumite
Hi,
I have just joined this great website after reading very insightful and interesting posts over the last couple of days.
I am a FTB and have been secretely wishing and dreaming for a little while about the HP crashes we are seeing now to jump on the property ladder. As I might finally be in position to buy something i.e. in terms of having enough deposit relative to the HP, I hear and read a lot on how difficult borrowing is and how uncompetitive deals are with small deposits.
I live in London and would like to buy here and need to understand how it all compares here (as London often is the exception to the rule!), as far as ease of borrowing and buying are concerned.
Has any of view attempted to buy in London since the crisis was 'declared'? Have you observed the significant price reductions everybody is talking about?
I have 10K on the side and am working towards saving a further 5K by September this year, meaning I would have a 12% deposit on a £100K flat/house with a couple spare thousands for fees.
I am on 32K and have credit score with Experian of 900 (although this doesnt seem to mean much?). I am 27 and got a new job a few months ago.
I think now (this year) is a good time and I am really keen but do I stand a chance?
I have just joined this great website after reading very insightful and interesting posts over the last couple of days.
I am a FTB and have been secretely wishing and dreaming for a little while about the HP crashes we are seeing now to jump on the property ladder. As I might finally be in position to buy something i.e. in terms of having enough deposit relative to the HP, I hear and read a lot on how difficult borrowing is and how uncompetitive deals are with small deposits.
I live in London and would like to buy here and need to understand how it all compares here (as London often is the exception to the rule!), as far as ease of borrowing and buying are concerned.
Has any of view attempted to buy in London since the crisis was 'declared'? Have you observed the significant price reductions everybody is talking about?
I have 10K on the side and am working towards saving a further 5K by September this year, meaning I would have a 12% deposit on a £100K flat/house with a couple spare thousands for fees.
I am on 32K and have credit score with Experian of 900 (although this doesnt seem to mean much?). I am 27 and got a new job a few months ago.
I think now (this year) is a good time and I am really keen but do I stand a chance?
0
Comments
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where or what are u going to buy in london for 100K?0
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First Get Property Bee.....its A Programme That Tracks Your Areas Price CutsIt is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
blakalycious wrote: »Hi,
I have 10K on the side and am working towards saving a further 5K by September this year, meaning I would have a 12% deposit on a £100K flat/house with a couple spare thousands for fees.
This may buy you an ex-council flat in Dagenham or a part-share of a flat in a more expensive area of London (ie everywhere else). I don't think these schemes are restricted to keyworkers any more, jus FTBs.Value-for-money-for-me-puhleeze!
"No man is worth, crawling on the earth"- adapted from Bob Crewe and Bob Gaudio
Hope is not a strategy
...A child is for life, not just 18 years....Don't get me started on the NHS, because you won't win...I love chaz-ing!0 -
where or what are u going to buy in london for 100K?
I saw a garage going for about that in Harrods Estate Agents. Here's one for £145k but I reckon they'd take £125k http://www.harrodsestates.co.uk/property/sales?code=KNI0802790 -
where or what are u going to buy in london for 100K?
I would quite like West London zone 2/3 but that might be asking for too much so I would be content with North or South, even the new trendy bits of East, so long as transport is good to Central i.e. tube and/or overground and it is not in the middle of a council estate. So I am not just looking at a home but also at something that would have renting potential if needed one day. I am looking at a one bed flat (a two bed would be ideal).0 -
Unfortunately your deposit really needs to be significantly better loan to value and you will struggle to find much in London at 100k. Your employment history will also not work in your favour, as lenders prefer if you are more established in your work place and you mentioned you have only been working a few months in this new job. Try and get some more savings under your belt if possible. Good luck!0
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Can't see you getting what you're after just yet. Keep saving, enjoy watching prices continuing to fall and you'll get there. It's only just begun...4.7kWp (12 * Hyundai S395VG) facing more or less S + 3.6kW Growatt inverter + 6.5kWh Growatt battery. SE London/Kent. Fitted 03/22 £1,025/kW + battery £24950
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George Wimpey has a huge new development at Gants Hill. Very convenient for all ameneties and close to the tube station. I'm sure I saw an offer for part share not long ago.Value-for-money-for-me-puhleeze!
"No man is worth, crawling on the earth"- adapted from Bob Crewe and Bob Gaudio
Hope is not a strategy...A child is for life, not just 18 years....Don't get me started on the NHS, because you won't win...I love chaz-ing!0 -
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Officer_Dibble wrote: »Can't see you getting what you're after just yet. Keep saving, enjoy watching prices continuing to fall and you'll get there. It's only just begun...
What about auctions and repossessed houses. Again, I am not expert and a newbie to all this but there is potential with places like Allsop etc..?
What's your experience of buying properties at auctions in London?0
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