How much is an FTB property where you live?

Mr_Matey

HAMISH_MCTAVISH wrote: »

Other than the few years of a crash, which we have just had, you can't beat HPI through savings.

This statement is very reliant on your assumptions.

Wages tend to go up over time, especially when you're 18 and not experienced / qualified.

Personally I can put down a much larger % deposit now than I could 5 years ago, and would be able to purchase a much better place.

Buying a cheap place to start up is a fair enough strategy and not a bad one, but let's not forget that over the same 5 years he will have to pay:
* Mortgage interest
* Maintenance costs
* Council Tax
* Electricity, gas, water, etc.
* Buying / Selling fees

Living at home rent free is a much better way to boost your savings.

rictus123

Well im 19 end of June, payrise end of July, same next July, payrise when i finish my 4 year apprenticeship, some people at my work claim my journeymen are on £30k a year take home, some sake its more like £45k:eek: Even at £30k, £2.5k take home is still a great amount and thats for less than 39 hours a week so think of the homers i could do with the free evenings aswel. I just think im going to have such a disposable income i want to get into good habits of putting it to good use as soon as i get it. So savings or over paying the mortgage. I cant see me getting into any more debt again, apart from buying my own place. Everything will be bought with my money. Fingers crossed :j

HAMISH_MCTAVISH

rictus123 wrote: »

Good post Hamish, i see all of your points. Buying somewhere little and cheap to start with would have be ideal to me, i just couldnt find somewhere near here(maybe im looking in the wrong places) That scenario you described would have been perfect for me if i could actually find somewhere id like to stay in to get me on the ladder, not just buying for the sake of having somewhere.

I dont know much in the way of mortgages but if i had a £15k or so deposit on a place thats say £80k(i cant find much at this price to be honest) So a £65k mortgage,id look to be clearing that in just a few years then save a deposit for a house, with the rental income from the flat making up at least half the mortgage payments on the house surely?

Do you think im living in dreamland?

Thats what would be ideal for me.

Everybody is different, and all of us have different priorities and capabilities, and different tolerance for risk.

If I was your age, I would have a very high tolerance for risk. Making risky moves early in life is the best time to do it. You have plenty of time to recover if it goes pear shaped, but the rewards are also potentially the greatest.

I don't think your plan is remotely unworkable. Just be careful with your research, do your sums right, and always allow for contingencies and the unexpected.

rictus123

Any good websites for Aberdeenshire that you know of Hamish?

HAMISH_MCTAVISH

rictus123 wrote: »

Any good websites for Aberdeenshire that you know of Hamish?

There is very good data available from Register of Scotland as to actual sold prices in Aberdeen, and Aberdeenshire. The quarterly release data also breaks it down by property type, ie, flats, semi, detached, etc, and the next one is due shortly.

www.ros.gov.uk

The other good source for Aberdeenshire prices is ASPC's quarterly price release. This breaks it down by type and area, so specific data for Inverurie, etc. It's always late out, so expect it around the 20th of Jan.

www.aspc.co.uk

I would also suggest you browse the Aberdeen thread in the Scotland section on www.hpc.co.uk and the thread on "is scottish housing overpriced" or similar, as there are some good graphs on there comparing house price history.

I got banned from there, along with many other bullish posters, but they do (or used to anyway) collect some good data. Just remember, most of their proclamations of doom have been proven false by subsequent events, so don't let the miserable sods get to you. The more sensible and moderate members have now given up and bought houses, so the only posters left are the crackpots, anarchists, BNP supporters, and professional doom-mongers. So if you post anything about buying, or becoming a BTL-er, expect torrents of abuse. Still, it's good to read differing opinions, even if you should remember to take it with a pinch of salt.

kriss_boy

My girlfriend longs to live in Edinburgh, but the reality is we could buy a detached house in our town for the price of a 2 bed flat in the city centre.

Theres some detached houses in the centre of Edinburgh going for around 2M, but 20 miles north you could get the same house for 500K.

Unless youre making the big bucks its a no brainer.

Running_Horse

A two bed terrace in Chatham will start from £90,000.

A half decent modern one bed flat is from £80,000.

London is about an hour away by train.

greenface

Wirral here
You can get a 2 bed terrace for ave 85k(ish)
3 bed for 100k-125k depending where up to £175+
but as most places prices can change and double in a short mile

bouche

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.

Too much for FTB's now I'm afraid. Couldn't afford it .....6 months ago, however they could have had mine for a lot less:(

bertiebots

West yorks here! About 6 miles from leeds..
Prices are all over the place (parents looking so I ve been checking local prices)
Ex council 3 bed, 1 bed terrace, 1-2 bed flat £65k-£120k
2 bed terrace,3 bed town house ,3 bed terrace,3 bed semi £100k to £175k
4 bed semi, 3 bed detatched £150k to £220k
4 bed detatched £180k to £350k
5 bed detatched £350k to £650!!
This is within a 3 mile radious of where we live ....a bit crazy and all I can figure is agents are guessing . In 2003-5 average prices in this area almost tripled!