How much is an FTB property where you live?

wageslave

70k for the cheapest flat I would actually live in.

Surprised me, I thought it would be less.

Kirri

Emy1501 wrote: »

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 disagree in London these days, on a normal salary there really isn't a choice and a 1 bed flat is better than I could afford! Long term on the sort of salary I am qualified to get I won't ever be buying anything bigger, I don't want to stay in my size flat but I cannot see a way out as a single person!

I guess you are earning a fairly high salary to say that where you would never be in the position not to have a choice?

Moving to a much cheaper area, renting a studio flat was still £600 a month whereas an interest only mortgage was less so financially was the best option to go for although still fairly unaffordable.

Sammz

Emy1501 wrote: »

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.

I did. Newly single so knew I'd not be living with anyone in the near future and when I did want to live with someone I could rent it out for a bit then sell. The mortgage was/is cheaper than renting. Been here 4 years now. Know quite a few others in one bedroom flats.

Mr.Brown_4

HAMISH_MCTAVISH wrote: »

In other words, you have no intention of contributing to this debate because you don't like the facts presented so far, as they don't support your views.

Not at all Hamish. I have already contributed my anecdotal, which is that properties described as FTB or BTL properties in my area are still laughably priced. And they are by and large not sellling. These are my local 'facts', it doesn't matter to me whether you believe them or not.

You see Hamish, we have been through a ridiculous house price bubble, which means that prices overshot their correct value by some distance. Now, maybe there are still some who will scrape every penny together to buy some poky dive which they could rent cheaper, and maybe some of those people can still get a deposit and a mortgage.

But over the last few years we have seen the disappearance of FTB's, to be covered up by gambling get rich quick BTLers who are now exiting the market (Wilson, Bovey, InsideTrack, etc.). The 'good' times have gone.

Now I don't need to provide you with any details because I know my local market. I know what people earn in the area, what their work prospects are, how much is failing to sell AND failing to rent - and above all else I have that indefinable feel for the market. It's simply still overpriced, with further to fall.

There's nothing to prop it up any more Hamish, no dreams of instant riches. When was the last time someone was bragging about getting into BTL? Now, they are quietly getting out.... if they can.

So when you criticise me for not contributing I find it a bit rich. I am not on a mission to move the markets, I don't need to pump out the message all day, every day - but on occasion I am happy to say what I see.

JonnyBravo

Mr.Brown wrote: »

When was the last time someone was bragging about getting into BTL? Now, they are quietly getting out.... if they can.

It was me, the obnoxious housing depriver that I am.... who also isn't getting out of it!

JonnyBravo wrote: »

Successful financial decisions
Keeping my old house to rent out goes down as a success. I'm only mentioning it first to wind up those who hate people like me, those who have done this and made a success of it.:D

Mr.Brown wrote: »

So when you criticise me for not contributing I find it a bit rich. I am not on a mission to move the markets, I don't need to pump out the message all day, every day - but on occasion I am happy to say what I see.

Oh don't be so modest Mr.Brown you contribute your message more often than "on occasion" but as you see your message as the ultimate truth you seem blind to how often you do actually bring it up.

Mr.Brown_4

JonnyBravo wrote: »

Oh don't be so modest Mr.Brown you contribute your message more often than "on occasion" but as you see your message as the ultimate truth you seem blind to how often you do actually bring it up.

I don't see my message as the ultimate truth, that would be far too pompous. Worse than that it would be boring to constantly big it up or diss it down. Sometimes a topic interests me, but generally any sensible contribution is shot down in flames or attracts a variety of insults.

I think house prices were a bubble, and every now and then (too often perhaps?) I post that thought. Hopefully I am no worse than any other poster in that regard, and I would like to think I am more reserved than some.

So, no Johnny, not the ultimate truth. But it would be a great handle.

[Deleted User]

There are lots in my area so I tracked down a few 2 and 3 bedroom places that might suit a young family on a low income.

3 bedroom house - £80k
http://www.primelocation.com/uk-property-for-sale/details/id/YMJA4581101
http://www.primelocation.com/uk-property-for-sale/details/id/AYRC5273899

2 bedroom house - £60k
http://www.primelocation.com/uk-property-for-sale/details/id/AYRC5318716

2 bedroom flat - £60k
http://www.primelocation.com/uk-property-for-sale/details/id/AYRC4859277

Emy1501

Sammz wrote: »

I did. Newly single so knew I'd not be living with anyone in the near future and when I did want to live with someone I could rent it out for a bit then sell. The mortgage was/is cheaper than renting. Been here 4 years now. Know quite a few others in one bedroom flats.

But would you call yourself ie single the average sort of FTB? Like you say if you met someone you could rent it out and sell. I suspect at the back of your mind would have been HPI. I owned a 1 bed flat before I met someone but the reality was it was an investment property which when i sold was only bought by an investor even though it was not purpose built etc.

The point I'm making is the average FTB is not single.

moggylover

HAMISH_MCTAVISH wrote: »

I expanded the rightmove search on that flats postcode to 30 miles (45 minute commute), and found dozens of very nice looking properties, 2 bed flats, etc, for around the 100K mark.

Surprised there are not any one beds for less than that though.....

Quite interesting, thanks for that.

Yes, if you go further North there are flats - but within Aberystwyth mainly and not necessarily very good areas noise wise (university town).

That is definitely more than 30 miles away by road btw, and is going to take a good deal more than 45 minutes to travel as roads are not exactly wonderful;)

Work in that area is even less plentiful than around here:D

wageslave

House prices haven't gone down a huge amount in my area, ten percent at the most.

The exact percentage isn't really relevant, nothing is selling and hasn't for sometime. I have no idea when the market will pick up here. If I had to make a guess it would be upwards of a year.

People on wage freezes and overtime bans don't move house. Nor do people struggling to pay higher bills and old debts.

It will take a long time before people feel confident enough to take even the slightest risk.