What about London?

Officer_Dibble

Part share??? Don't even think about it. You're on a decent wage and should certainly be able to afford your own 1 or 2 bed flat in a reasonable part of London. You can't at the moment, which means that prices are still too high.

I first arrived in London in 1988 and thought I'd never be able to afford to buy. Got very excited in 1990 when I saw a 2 bed flat going for "a silly low price" to quote the estate agent of 48k (they had been as high as 80k), bought it then saw similar flats going for as little as 20-25k in the next few years. It was finally worth more than I paid in around 1998, and I sold (for 67.5k) in 1999 after being stuck somewhere I didn't want to be for far too long! The same flats are now on at around 170k, after peaking at 200k...I reckon they'll bottom out at close to100k.

clk299

There actually is quite a lot in London that you would be able to get for under £100k NOT on shared ownership. Just had a look on Rightmove to prove my point. In fact there's one (Lovelinch Close SE15) and actually while people turn up their nose at that area it's right near New Cross, it's good for transport, it's not horrible- I work there and have been in a lot of these flats and a friend of mine lives in the development! I think that if you look around and aren't too fussy you will find lots that are listed at that price let alone would go for that (as some listed higher will sell lower etc).

My main thought would be that you will prolly need a higher deposit. I would probably advise to save, save, save- I am on less than you in earnings and managed to save £25,000 in 2 years so it can be done. I would say prices have come down substantially (like properties I looked at in March at £160k are now on for £125k etc) but still not low enough for me! Good luck though, I reckon you will find somewhere.

Officer_Dibble

Don't know about auctions - there'll certainly be bargains around for cash buyers, but I'd have thought that lenders will be cautious about giving approval for FTBs unless you were putting up a hefty deposit.

I do understand the desire to buy sooner rather than later, and even though I was stuck for a while in my negative equity FTB flat it was still mine etc etc (and also managed to pay off the mortgage quickly, so the next move up was a good one!), but I don't think there's a rush. Enjoy property bee, it's fabulous!

Running_Horse

Those nice people on the house price forum should be able to answer.

Doozergirl

Auctions aren't really the best place for a FTB. You need to be able to spot a lemon and it's also an absolute necessity to have a solicitor look over the legal pack for you beforehand and, if you need a mortgage, then a survey as well so that you don't accidentally buy yourself a non-mortgageable property and lose your entire deposit in the process.

You need the help of someone who really knows what they are doing and you need to trust them to get it right as well.

icebergx

Flats that are closer to the centre of town that are available for close to £100k are going to be ex-local high-rise blocks.
At the moment, to get something that's non-ExLA, you're gonna be looking at zones 4-6. You'd be better off waiting and hoping if this is going to be the limit of your budget.

blakalycious

Thanks for your advice everyone.

It wont hurt if I keep on saving a little, play the Lottery too!!! and just wait.

I am confident prices will go down to a level that is affordable to me and a lot of people, so watch this space this year. :j

Entertainer

blakalycious wrote: »

Hi,

I have just joined this great website after reading very insightful and interesting posts over the last couple of days.

.

Where?

sircharles

blakalycious wrote: »

Thanks for your advice everyone.

It wont hurt if I keep on saving a little, play the Lottery too!!! and just wait.

I am confident prices will go down to a level that is affordable to me and a lot of people, so watch this space this year. :j

If you do win the lottery old chap you could always buy this pad in London. It only has one bedroommind.........................

http://www.rightmove.co.uk/property-for-sale/property-20099008.html?pageNumber=1&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FsearchType%3DSALE%26locationIdentifier%3DREGION%255E87498%26radius%3D0.0%26displayPropertyType%3D%26minBedrooms%3D%26maxBedrooms%3D%26minPrice%3D%26maxPrice%3D%26maxDaysSinceAdded%3D%26includeSSTC%3Dtrue%26_includeSSTC%3Don%26sortByPriceDescending%3D%26primaryDisplayPropertyType%3D%26secondaryDisplayPropertyType%3D%26oldDisplayPropertyType%3D%26oldPrimaryDisplayPropertyType%3D%26oldSecondaryDisplayPropertyType%3D%26newHome%3D%26retirement%3D%26auction%3Dfalse%26partBuyPartRent%3Dfalse%26x%3D65%26y%3D11&locationIdentifier=REGION^87498&radius=0.0

sircharles

On a more serious note there's this 2 bed close in South West London

http://www.rightmove.co.uk/property-for-sale/property-24178853.html?pageNumber=1&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FsearchType%3DSALE%26locationIdentifier%3DREGION%255E87498%26radius%3D0.0%26displayPropertyType%3D%26minBedrooms%3D%26maxBedrooms%3D%26minPrice%3D%26maxPrice%3D%26maxDaysSinceAdded%3D%26includeSSTC%3Dtrue%26_includeSSTC%3Don%26sortByPriceDescending%3D%26primaryDisplayPropertyType%3D%26secondaryDisplayPropertyType%3D%26oldDisplayPropertyType%3D%26oldPrimaryDisplayPropertyType%3D%26oldSecondaryDisplayPropertyType%3D%26newHome%3D%26retirement%3D%26auction%3Dfalse%26partBuyPartRent%3Dfalse%26x%3D75%26y%3D14&locationIdentifier=REGION^87498&showcase=true&radius=0.0