3x income

Pobby

boyse7en wrote: »

£75k will easily buy a house, depending on where you want to live of course.

A quick search on Rightmove found loads of 2 bed houses under £75k in South Wales, Manchester and Birmingham areas. Even South Devon (Plymouth) Cornwall and Dorset have some 2 beds available for that sort of money.
I guess if they live in the south east, or want sea views or 4 beds it would be difficult, but you cut your cloth to suit.

Interesting. Do you have links covering Devon, Cornwall and Dorset please?

ess0two

mitchaa wrote: »

Hit the nail on the head.

I think its peoples expectations that are perhaps set far too high

2 bed terrace in my town can be had for 60-70k,people seem to want a semi or detached without any effort.
These mythical houses at affordable levels do exist the majority dont want to use them as stepping stones though,as myself and others before did.

Storm

I think being able to borrow £75K for a mortgage would be fine, if they had a deposit saved up. It's only recently that the 100% or more mortgages were available, and it was part of the gorging on debt that we were all offered.

At the moment I would be advising them to just keep plugging money away each month into savings to build up a deposit, and sit tight to see what the housing market is going to do. We've not got crystal balls to know exactly when will be the best time to buy unfortunately, but a 10-20% deposit will give them protection from negative equity.

ess0two

http://www.rightmove.co.uk/property-for-sale/property-20863294.html?locationIdentifier=REGION%5E1155&maxPrice=80000&pageNumber=1&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DREGION%255E1155%26maxPrice%3D80000


Whats available in the next town to me.

Cannon_Fodder

Only Holiday homes, 50/50 shared equity, 1 bed retirement flats, mobile homes...in Dorset.

Devon does have some redevelopments opportunities going to auction around £75k.
http://www.rightmove.co.uk/property-for-sale/property-21386251.html?locationIdentifier=REGION%5E61297&maxBedrooms=2&maxPrice=80000&displayPropertyType=houses&oldDisplayPropertyType=houses&pageNumber=3&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DREGION%255E61297%26maxBedrooms%3D2%26maxPrice%3D80000%26displayPropertyType%3Dhouses%26oldDisplayPropertyType%3Dhouses%26index%3D20

Ditto in Cornwall http://www.rightmove.co.uk/property-for-sale/property-21696757.html?locationIdentifier=REGION%5E61294&maxBedrooms=2&maxPrice=80000&displayPropertyType=houses&oldDisplayPropertyType=houses&pageNumber=3&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DREGION%255E61294%26maxBedrooms%3D2%26maxPrice%3D80000%26displayPropertyType%3Dhouses%26oldDisplayPropertyType%3Dhouses%26index%3D20


A real bargain in Pembrokeshire, though...£70k
http://www.rightmove.co.uk/property-for-sale/property-19539742.html?locationIdentifier=REGION%5E61318&maxBedrooms=2&maxPrice=80000&displayPropertyType=houses&oldDisplayPropertyType=houses&pageNumber=2&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DREGION%255E61318%26maxBedrooms%3D2%26maxPrice%3D80000%26displayPropertyType%3Dhouses%26oldDisplayPropertyType%3Dhouses%26index%3D10

ess0two

http://www.rightmove.co.uk/property-for-sale/property-19084118.html?locationIdentifier=REGION%5E1155&minPrice=120000&maxPrice=125000&pageNumber=1&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FsearchType%3DSALE%26locationIdentifier%3DREGION%255E1155%26radius%3D0.0%26displayPropertyType%3D%26minBedrooms%3D%26maxBedrooms%3D%26minPrice%3D120000%26maxPrice%3D125000%26maxDaysSinceAdded%3D%26retirement%3D%26partBuyPartRent%3Dfalse%26_includeSSTC%3Don%26sortByPriceDescending%3D%26primaryDisplayPropertyType%3D%26secondaryDisplayPropertyType%3D%26oldDisplayPropertyType%3D%26oldPrimaryDisplayPropertyType%3D%26oldSecondaryDisplayPropertyType%3D%26newHome%3D%26auction%3Dfalse%26x%3D54%26y%3D16


Or even this for joint income of say 40k

sjaypink

Cannon_Fodder wrote: »

Only Holiday homes, 50/50 shared equity, 1 bed retirement flats, mobile homes...in Dorset.

nope. studio flat for sale, £18k :rotfl:

actually there are a few non retirement 1 beds on this page: i could actually buy them! < probably the first time ive ever been able to say that

System

Property is a lot cheaper where you guys live

Edit: East Sussex before someone asks.

MrsE_2

Really2 wrote: »

I think average family income is around £38K per year not £25K, that means thay are both on just over the minimum wage (on an equal £12,500 that equals £6 per hour @ 40 hours.)

£25K joint would not have purchased a house in 2000 never mind now. They are better off renting and saving possibly looking to get better jobs.

Minimum wage is always going to stuggle to get a family home.

Even 38k x 3 won't get you on the property ladder in the south east (not even in the less sunny side of town).

The average house price in the south east is far greater than the average wage x 3 in the south east.

Thats why the giv brought out schemes for key-workers, because they couldn't afford to live & work in the south east on "normal" wages.

MrsE_2

boyse7en wrote: »

£75k will easily buy a house, depending on where you want to live of course.

A quick search on Rightmove found loads of 2 bed houses under £75k in South Wales, Manchester and Birmingham areas. Even South Devon (Plymouth) Cornwall and Dorset have some 2 beds available for that sort of money.
I guess if they live in the south east, or want sea views or 4 beds it would be difficult, but you cut your cloth to suit.

So what do you do if you live in the south east?

Should anyone earning less than 50k move north?

Who would do the "normal" run of the mill jobs in the south east?