London home 'needs £93,000 wage'

Active_X

IveSeenTheLight wrote: »

Certainly a vast difference between £250k and £109k

At least £141,000 if my trusty calculator is correct.

IveSeenTheLight

Active_X wrote: »

At least £141,000 if my trusty calculator is correct.

Of course the £250k property would cost you more than a £141k difference when you factor in costs such as stamp duty

Really2

IveSeenTheLight wrote: »

Certainly a vast difference between £250k and £109k

Even more so if evaluating cost against rent. £100k at 5% is

£591 Repayment

£416.66 Interest only (for direct comparison terms)

don't know any of the area but rent against buying as always got to be done on a street level.

the_ash_and_the_oak

Really2 wrote: »

Looking at your link they start at £109K
http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=OUTCODE^2332&sortByPriceDescending=false

tbf that is a studio

and the studios to rent start at 439pcm imo

Really2

the_ash_and_the_oak wrote: »

tbf that is a studio

and the studios to rent start at 439pcm imo

A bit more than an IO mortgage at 5% then.

the_ash_and_the_oak

Really2 wrote: »

A bit more than an IO mortgage at 5% then.

yup. tho I'd lose the use of my 10% deposit tbf. and I couldn't really find anyone giving a mortgage at 5% with only a 10% deposit. and then theres kind of the fees to factor in

the_ash_and_the_oak

a&l want to charge me 7% if ive only got 10% deposit.

they'll do me it at 5% if i put down a 25% deposit for it tho tbf

Out,_Vile_Jelly

I worked in Camberwell for a while. The only place I've seen where the supermarket staff receive special training in dealing with troubled types from the local psychiatric hospital. There must be a special category at the annual Estate Agents awards bash for those that manage to flog £250k flats there.

Really2

the_ash_and_the_oak wrote: »

yup. tho I'd lose the use of my 10% deposit tbf. and I couldn't really find anyone giving a mortgage at 5% with only a 10% deposit. and then theres kind of the fees to factor in

HSBC do 3.89%, there are a few offers out there, check the comparison sites.

IveSeenTheLight

Really2 wrote: »

Even more so if evaluating cost against rent. £100k at 5% is

£591 Repayment

£416.66 Interest only (for direct comparison terms)

don't know any of the area but rent against buying as always got to be done on a street level.

Possibly, however some sites (don't like zoopla myself) have shown they have risen in recent months and you never know if this trend will continue

http://www.zoopla.co.uk/property/23-st-mary-s-road/london/se15-2ea/21058023 up £7,255 (4.7%) in the last 6 months

http://www.zoopla.co.uk/property/25-harfield-gardens/grove-lane/london/se5-8db/20921130 up £3,367 (2.1%) in the last 6 months

http://www.zoopla.co.uk/property/20-dowson-close/london/se5-8as/20920652 up £3,629 (2.1%) in the last 6 months

http://www.zoopla.co.uk/property/34a-linden-grove/london/se15-3lf/21064665 up £6,105 (4.7%) in the last 6 months

http://www.zoopla.co.uk/property/31-kings-grove/london/se15-2ly/21059423 up £8,513 (4.7%) in the last 6 months

http://www.zoopla.co.uk/property/flat-46/brookstone-court/peckham-rye/london/se15-3uw/21067020 up £6,494 (4.7%) in the last 6 months

All of these bought recently.
Now comparing them, was it better for these owners to buy or rent in the last 6 months?