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How much is an FTB property where you live?
HAMISH_MCTAVISH
Posts: 28,592 Forumite
As an aside to todays article which stated FTB properties are affordable in 39% of the country.
It used an average FTB price of £133,000, which seems high to me for most areas outside London/South East.
So a simple question, what town or county do you live in, and how much are the least expensive, entry level, FTB type properties, one or two bed flats there, or within a reasonable (45 minute) commute.
No shared ownership, studio flats, homebuy, static caravans, etc. Just normal properties with at least one bedroom, bathroom, living room, kitchen, etc, and it should be easily mortgageble, so no dodgy, crack den, ex LA 26th floor of a tower block.
I'll start....
For Entry level properties...
Aberdeen.
1 bed flat in the city, £75K.
2 bed flat in the city, £110K.
3 bed terrace in the city, £150K
1 bed flat within a 45 minute commute, £50K,
2 bed flat within same, 70K.
3 bed terrace within same, 100K.
You can get obviously also pay far more for better areas or properties, but these are not bad areas, and are places I would have considered acceptable when I was a student in Uni or just starting out, for example.
It used an average FTB price of £133,000, which seems high to me for most areas outside London/South East.
So a simple question, what town or county do you live in, and how much are the least expensive, entry level, FTB type properties, one or two bed flats there, or within a reasonable (45 minute) commute.
No shared ownership, studio flats, homebuy, static caravans, etc. Just normal properties with at least one bedroom, bathroom, living room, kitchen, etc, and it should be easily mortgageble, so no dodgy, crack den, ex LA 26th floor of a tower block.
I'll start....
For Entry level properties...
Aberdeen.
1 bed flat in the city, £75K.
2 bed flat in the city, £110K.
3 bed terrace in the city, £150K
1 bed flat within a 45 minute commute, £50K,
2 bed flat within same, 70K.
3 bed terrace within same, 100K.
You can get obviously also pay far more for better areas or properties, but these are not bad areas, and are places I would have considered acceptable when I was a student in Uni or just starting out, for example.
“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”
0
Comments
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not an exact figure but in wakefield you can find a starter 2 bed semi is 70-90k0
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Just for everyone's information, McTittish now lives in a part of aberdeen which is essentially a red-light district.
Lovely."The problem with quotes on the internet is that you never know whether they are genuine or not" -
Albert Einstein0 -
Cheapest property within 3 miles of me. (rightmove)
£425,000... I'll get saving0 -
Where I live in Surrey you could get a shared ownership 2 bed flat for approx £220. One of my cousins got a leaflet offering a 30% share of said flat for £990 (inc rent) and that was over 35 years. Doesn't seem affordable to me.0
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Problem is with FTBers getting ever older.... average is now 33?..... do they want a 1 or 2 bed flat at that age or do they want a house suitable for a young family?
Oh and where you getting your deposit from when "in Uni or just starting out"?0 -
Cheapest property within 3 miles of me. (rightmove)
£425,000... I'll get saving
Nice try.
What is the cheapest one bed property within a 45 minute commute.
What town or county is it.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Where I live in Surrey you could get a shared ownership 2 bed flat for approx £220. One of my cousins got a leaflet offering a 30% share of said flat for £990 (inc rent) and that was over 35 years. Doesn't seem affordable to me.
Again, what is the cheapest non-shared ownership 1 bed property within a 45 minute commute. What town?
Thanks“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
There are old properties in need of renovation going for around £70/80K in this area (but allowing for the majority of the population earning minimum wage that is not as affordable as it sounds) but the leap up to anything half way "decent" is probably more in the range of £120K. However, the leap between the bottom of the market and the middle is just so ridiculous around here that any of the nicer properties are generally only open to incomers and second homers.
This is the cheapest I can find within 10 miles of my home:
http://www.rightmove.co.uk/property-for-sale/property-25456004.html?sortByPriceDescending=false&pageNumber=6&fromSummary=true&backToListURL=%2Fproperty-for-sale%2FCeredigion.html%3FsortByPriceDescending%3Dfalse%26index%3D50
Doesn't look too bad until you realise that it is in need of a LOT of work and is totally surrounded by road since our new by-pass went in. This one and the one next door are now essentially on almost a "roundabout" so less than pleasant spot to live.
As you can see, this is Ceredigion in West/Mid Wales."there are some persons in this World who, unable to give better proof of being wise, take a strange delight in showing what they think they have sagaciously read in mankind by uncharitable suspicions of them"(Herman Melville)0 -
Cheapest property within 3 miles of me. (rightmove)
£425,000... I'll get saving
What a sterling contribution to a decent question. Thanks for that.
With regard to the OP, it's a bit difficult to answer the question as we live in a city so there is a huge variety of property depending on area. A two bed terrace in a bit of a dodgy area could be as low as £80k or as high as £250k in the really nice areas. I imagine you can then buy at all prices inbetween. You can buy a two bed flat in the city centre of Manchester for around £120k.
I used to live in an average size town in the midlands. You can buy a nice 2-bed terrace for between £100k and £120k as a typical guide price. 3 or 4-bed traditional semis would maybe be £140k up to £200k for much nicer ones.0 -
JonnyBravo wrote: »Problem is with FTBers getting ever older.... average is now 33?..... do they want a 1 or 2 bed flat at that age or do they want a house suitable for a young family?
Oh and where you getting your deposit from when "at Uni or just starting out"?
For a 50K flat, you only need a 5K deposit with normal lending criteria, or a 7.5K deposit even today. The rate won't be great, but mortgage payments will still be broadly similar to rent as yields up here are 8% or so.
Theres no reason anyone has to wait until the age of 33 to buy a small flat. In fact, it's madness to wait that long in areas where you can buy something cheaply.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0
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