FTBs buying v expensive houses

tomstickland

For a 3 bed, 2 reception, double garaged detached house we paid £110k. This has us paying a mortgage of just under £600 pounds.

You are very lucky; appreciate it!

I called into the local EA today and the best they could show me was £147K for a tiny 2 bed newish terrace house with a garden the size of two double beds.

pda

We are currently looking for a 2 bed flat around the Acton, Ealing area max budget of £230k, no debts and we are struggling to find anywhere nice...

tomstickland

I don't see how the market sustains itself if there are a lack of first time buyers.

suki1964

pda wrote:

We are currently looking for a 2 bed flat around the Acton, Ealing area max budget of £230k, no debts and we are struggling to find anywhere nice...

Does it have to be there? Come to the end of the Northern line - morden - and you will get a three bedroom terrace for less then that

Kingsblue

tomstickland wrote:

I don't see how the market sustains itself if there are a lack of first time buyers.

Its the Buy to let thats doing it.

Verbatim

Hi Mountaingirl,

For what it's worth try Walthamstow. It has good tube connections and all the hallmarks of up and coming. The market, the longest in Europe according to some, has a plethora of new cafes selling latte etc, apparently a sure sign!

The tube is Victoria line and there are 2 stations Blackhorse Road and Walthamstow Central. I know more about the Blackhorse Road End. B H Rd itself also has national Rail to Gospel Oak and near the market St James Lane Station has a fast line to Liverpool Street. Big spending plans by the council with various grants to help plus 2012 effect. Many roads already show classic signs of gentrification.

Good hunting

master_ian

Join the queue with the rest of you first-time-buyers!
My sister and I have a budget of £160K for a 2-bed flat in east london, with a 5% deposit, and my early searches have'nt picked up anything that low...Vendors and developers have factored in the regeneration + the whole bloody olympics opportunity into the current prices... We were originally looking at new developments, due to lower maintenance, less hastle, and eventually if we decide--better rental rates...however, there's none available within our price range!!

Now I'm looking into the idea of a place like Canning town or Hackney for capital growth, where places are cheaper, but millions and better transport links are being invested...

monkeydust_2

FTB in London! Looking around NW London ~ 255K with 5% downpayment. Not easy but workable for sure in the current low-rate environment

SammyD_2

suki1964 wrote:

Does it have to be there? Come to the end of the Northern line - morden - and you will get a three bedroom terrace for less then that

I second that - and that is exactly what we did! Yes, London prices are expensive compared with the rest of the country, but there are plenty of areas of London where there are affordable houses if you both earn reasonable incomes. Two bed flats are still available here for under £150k and plenty of three bed houses for under £200k (have just spent half the evening looking at the lastest property news that was put through the post box). It is safe with good transport links into the City and lots of parks.

As for the incomes of first time buyers, remember that in and around London there are lots of people who earn well over £30k. Just think of all the City workers for a start...most of my colleagues start out on well in excess of £30k and if they have a partner then multiply that by two, plus a deposit means that you can actually buy quite an expensive house on a "three times your income" basis. Also London tends to have concentrations of people with quickly escalating incomes - so they finish university, start work and a couple of years later have quite a high income but are only just ready to start looking for a property.

I know this is not true of most people, but there are lots of people in that position.

Also, remember that London house prices are high when you look at what the "average" price is...but the "average" price is just that. The BBC website says the average London price is £289,500 - so for every property changing hands at £6-700,000, there will be many more changing hands for less than £289,500.