How much is an FTB property where you live?

Kirri

HAMISH_MCTAVISH wrote: »

Thanks for that, so the cheapest one bed in London in an acceptable area is around 150K, and as posted earlier, the cheapest in a bad area is around 100K.

So far in this thread, London and the surrounding area is the only area where FTB property prices seem to be at or above the 133K figure used by the Halifax to measure affordability by area.

Does anyone have any other examples?

I should add, that in a good area of London where I grew up, the 1 bed flats are today priced on RM from 235k-295k so quite big variables in London. I'm sure there are even more expensive areas further in the centre of London.

Looking further out from me, just outside the M25, cheapest conversion 1 bed is 145k going up to 170k.

chucky

sjaypink wrote: »

I don't know the history of it all to be honest, but thought that mortgages for everyone was something very new- so was really surprised to find out my inlaws got a 100% mortgage in '83 (and thats with just one income)?

Don't know about my parents- this would have been late 70s. They both worked FT and I assume were gifted a deposit (I must remember to ask!) :A

as i understand your job counted a lot in your job application - so 'professionals' (doctors, accounts etc...) had more chance of getting a mortgage as it was all about being able to repay the loan.not sure about the 100% mortgage back then though.

you just have to look at the owner occupier stats to see how many people rented and how many people owned their property to see if it was easy to own. if it had been easy or affordable more people would have been able to own.

jackieb

sjaypink wrote: »

I don't know the history of it all to be honest, but thought that mortgages for everyone was something very new- so was really surprised to find out my inlaws got a 100% mortgage in '83 (and thats with just one income)?

Don't know about my parents- this would have been late 70s. They both worked FT and I assume were gifted a deposit (I must remember to ask!) :A

My parents were offered the chance to buy their council house in the 70s for £2000. They would've been able to afford the mortgage payments but had no idea they could've got a 100% mortgage - so i'm pretty certain they were available back then - just that my parents didn't know about them.

HAMISH_MCTAVISH

Emy1501 wrote: »

The point is I doubt the Halifax figures are based on the cheapest 1 bed flat in any area.

No, I don't suppose they are, or indeed even the cheapest acceptable 2 or 3 bed property in any area. Because from what we have seen here, 133K is far above acceptable FTB properties in all areas except London.

To be honest a 1 bed flat is nothing more than an investment property. No real need to buy them apart from investment purposes.

Or if you are single, or as a second property town flat for work if you have to commute long distances, or as a student flat, or a retired person, or even a couple that don't have many guests over to stay.....

Plenty of people live in one bed flats for up to a decade. In most cases, they'd be better of buying than renting if its for more than a year or two.

Kirri

Emy1501 wrote: »

To be honest a 1 bed flat is nothing more than an investment property. No real need to buy them apart from investment purposes.

A LOT of people have no other choice. A lot of my friends in London cannot even afford a 1 bed flat and we are by no means young which is even more depressing!!

Emy1501

HAMISH_MCTAVISH wrote: »

No, I don't suppose they are, or indeed even the cheapest acceptable 2 or 3 bed property in any area. Because from what we have seen here, 133K is far above acceptable FTB properties in all areas except London.



Or if you are single, or as a second property town flat for work if you have to commute long distances, or as a student flat, or a retired person, or even a couple that don't have many guests over to stay.....

Plenty of people live in one bed flats for up to a decade. In most cases, they'd be better of buying than renting if its for more than a year or two.

If you are single no real need to buy apart from for investment purposes. No real need for anyone to buy until they are in a stable relationship and most will not want a 1 bed flat. I have owned a 1 bed. When it came to selling only invetors were interested.

Sammz

HAMISH_MCTAVISH wrote: »

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.

Could you give me an example of what you are talking about? I can't see anything in a half decent area of Aberdeen for the prices you are mentioning.

Emy1501

Kirri wrote: »

A LOT of people have no other choice. A lot of my friends in London cannot even afford a 1 bed flat and we are by no means young which is even more depressing!!

But you would only want to buy if you believe in HPI and all that. Back in the day when my parents bought most people bought when they got married and were planning kids etc and therefore bought at least a 2 bed property.

Kirri

Emy1501 wrote: »

But you would only want to buy if you believe in HPI and all that. Back in the day when my parents bought most people bought when they got married and were planning kids etc and therefore bought at least a 2 bed property.

HPI??

Well yes but people used to get married more back then and at a young age, unfortunately people don't want to/don't choose/haven't been lucky enough to settle down or get married at the age they used to. Many people are single and having to live alone and most women now work and support themselves. So, for myself or many others there is literally no choice but to live in shoeboxes they can barely afford. Bills on a normal wage for a single person are crippling.

Emy1501

Kirri wrote: »

HPI??

Well yes but people used to get married more back then and at a young age, unfortunately people don't want to/don't choose/haven't been lucky enough to settle down or get married at the age they used to. Many people are single and having to live alone and most women now work and support themselves. So, for myself or many others there is literally no choice but to live in shoeboxes they can barely afford. Bills on a normal wage for a single person are crippling.

But you don't really need to buy as a single person unless you see property as an investment or you know you are never going to meet anyone etc. People do not buy 1 bed flats with any real plan to stay in them for any length of time. They buy them to make money so I'm not sure they are really FTB properties in the real sense.

I wonder what percentage of FTB's buy 1 bed flats.