How much is an FTB property where you live?

Kirri

Emy1501 wrote: »

I know 3 FTB couples who have bought in the last couple of years. First couple joint income about 45K bought 2 bed flat for about 150K. Second couple bought 2 bed flat for about 220K on joint income of about 60K. 3rd couple joint income about 65K and bought 3 bed semi for about £320K.

Now the areas bought are some of the cheapest in Surrey/greater london Border. One of the couples are in mid 30's so probably not far off peak of earning powers and therefore unlikely to be able to afford to have kids etc.

The point I was making was when my parents bought you could get a 3 bed terrace based on one wage in your mid 20's. When I bought you could get a 2 bed terrace for 3.5 single wage in mid 20's but we are now being told prices are affordable as couples can afford a 1 bed flat on joint wages when we are at the bottom of a cycle?

Also only one person out of all the people I'm talking about is a professional person

I agree it is harder these days for what size of place is affordable. Even if I'd bought 5-10 years before I did, things would be a hell of a lot easier.

Though from your friends' salaries, they are all still reasonably well paid to me even if not classed as professionals especially the 60k and 65k couples, I would be ecstatic to earn half of that!

Kirri

ukcarper wrote: »

Hundreds of people commute from this far out I did

It's not the time factor, it was the cost. I have commuted as I mentioned for 1.5 hrs each way before for a job.

But what you pay extra in train fares must cancel out any savings on mortgage payments?

I didn't find the actual property prices much cheaper where I compared (obviously further out = bigger savings) but train fares were over double being outside the London zones so it didn't work out worthwhile.

ukcarper

I move out here in 70s because I could buy with the mortgage I could get, the Building Society didnt take into account the extra cost of travelling.

There is a big difference between where I live on the Surrey/Hants borders to where I came from Cobham I'd say my house is worth about £270k and a similar house in cobham would cost at least £400k.

Kirri

ukcarper wrote: »

I move out here in 70s because I could buy with the mortgage I could get, the Building Society didnt take into account the extra cost of travelling.

There is a big difference between where I live on the Surrey/Hants borders to where I came from Cobham I'd say my house is worth about £270k and a similar house in cobham would cost at least £400k.

True re building soc not taking travel costs into account, I couldn't make it work with my own personal budget though!

I don't think with say 1 bed flats there is such a big difference, ie not up to 130k difference! - what's the cost of a 1 bed flat in your area now roughly?

ukcarper

Not many for sale best on sale for £126k not bad area close to station season ticket about £3k

Kirri

ukcarper wrote: »

Not many for sale best on sale for £126k not bad area close to station season ticket about £3k

I guess it depends what size of property you are buying, on a 1 bed I don't think it's worthwhile if still commuting to London especially with the extra inconvenience in having to move so far as the costs would be the same/bit less with mortgage vs travel.

rictus123

Depends really, gfs sister just recently moved out family home, 125k for hers on modest income, just married, still got plenty for 2 decent cars and a holiday when they fancy it.

HAMISH_MCTAVISH

house123 wrote: »

Don't you live in Scotland?
The people reading these posts are predominately English. The Scottish and English housing markets are completely different. After all Scottish house prices are falling like a stone and most of England is holding up.

:rotfl::rotfl: :rotfl: :rotfl:

A property located in UK which was valued at £200000 in Q1 of 2007, would be worth approximately £184691 in Q4 of 2009.
This is equivalent to a change of -7.65%.

Versus.......

A property located in Scotland which was valued at £200000 in Q1 of 2007, would be worth approximately £199182 in Q4 of 2009.
This is equivalent to a change of -0.41%.

http://www.nationwide.co.uk/hpi/calculator.asp



Falling like a stone????? :rolleyes:

A change of a whopping -0.41% over the last 3 years.

And whilst other parts of the UK are still lingering at 2005 prices, Scotland is now back to 2007 prices.

You may want to check your facts before subjecting yourself to public ridicule like that again.....;)

ukcarper

Kirri wrote: »

I guess it depends what size of property you are buying, on a 1 bed I don't think it's worthwhile if still commuting to London especially with the extra inconvenience in having to move so far as the costs would be the same/bit less with mortgage vs travel.

I agree but if I hadn’t moved out here I wouldn’t have been able to buy and renting wasn’t really a option back then. Now I am out here there is no way I would move back.

Graham_Devon

HAMISH_MCTAVISH wrote: »

:rotfl::rotfl: :rotfl: :rotfl:

A property located in UK which was valued at £200000 in Q1 of 2007, would be worth approximately £184691 in Q4 of 2009.
This is equivalent to a change of -7.65%.

Versus.......

A property located in Scotland which was valued at £200000 in Q1 of 2007, would be worth approximately £199182 in Q4 of 2009.
This is equivalent to a change of -0.41%.

http://www.nationwide.co.uk/hpi/calculator.asp

Scotland is part of the UK.

You'd have been better off comparing the north west to scotland.