Is there any way I can get on the property ladder in Brighton?

afterglow_2

yep those prices spiralling upwards on that discussion are scary, seems like a deposit in Brighton would need to be around £30k to get a small 1 bedroom these days!

Fire_Fox

afterglow wrote: »

So I work 50-60 hours per week for not much money and cant see how I will ever get on the property ladder.
And I need to make some big changes or it will never happen.

Any advice on how much deposit I would need, and how to save / get this (no relatives have the money to help out!!). Do I have to change career path, move away, when I m so happy here, what can I do........any advice would be great:o
Statement of Affairs and Personal Balance Sheet

Monthly Expense Details
Rent.................................... 600
Mobile phone............................ 35
Groceries etc. ......................... 120
Clothing................................ 30
Entertainment........................... 140

You say you "need to make some big changes or it will never happen" but are you really willing to do so? Is your priority to have fun now, to live alone now, to live in Brighton or to buy your own place ASAP? There is no right or wrong answer, decide and accept rather than feeling dissatisfied. There are five areas you could make easy savings, see above.

Why are you spending so much on rent when you are working long hours and clearly have an active social life?? If you need to have your own flat then use it to entertain, stop spending £140 a month (£1700 a year) on your social life. If you think you can give the eBay thing a go then quit your evening job so you have time for your retro furniture, make use of the flat you are paying so much for or downsize. And !!!!!! get registered for tax and as a business seller NOW before you end up with a fine from the IR or barred from eBay.

If you work as a chef and in a bar you must get some free food at work? In which case why are you spending £1400 a year on groceries? Maybe because you are working so many hours that you can't be bothered to cook for yourself (my ex was a chef)? Sometimes working two jobs is a false economy as you waste money in other areas.

afterglow_2

This is why i am in such a quandy over it all, I was working 2 jobs so much whilst paying off debts and putting some mony aside, now I need to get back to a bettter work life balance, and then have time to do my own ventures which are what I would rather be doing....
The amounts for entertaining and groceries are maximum amounts, generally spend far less, and do get free food from work, and bar work becomes socialising, maybe just video and meal, cinema, free gig every week so hardly spend anything!
Will register as a business seller, so far have acquired stuff to sell, and tried a couple of items but all other sales are personal items for extra cash.
Does anyone have any experience of being a first time buyer in this area?

Jowo_2

How much debt do you have?

afterglow_2

I have no debt anymore, and have now saved £3000 since paying it off last year, this is why im thinking about my next move

mattdragon2

I earn just a bit more than you. I live in a shared house and I save 1k a month which is 12k a year but I use the 2k from that 12k to pay for birthdays, christmas, car insurance, mot, car repairs etc.

I was looking to buy a house but with prices so high I won't get myself into that much debt, stuck in a single location for 25 years. Maybe if prices were to come down I might consider it but I can find much better things to spend my 1k a month on than a house.

I saved up 25k deposit but I live in the east so even that amount won't get me much.

afterglow_2

I have friends doing the same, good salaries but due to the absurd prices are happier to save for the future, and spend the rest on a good lifestyle, holidays etc, and rent rather than buy in this area.

welshy_2002

Am a trained photographer

Wedding photgrapher. Friend does it down there. 1k a day or so he says he can get.

Running_Horse

olly300 wrote: »

He needs to balance cheaper rent compared to costs of getting to work.

Buy a second hand motorbike and commute.

That's how I managed to buy both my houses and live in a cheaper area than I was working.

Oh, and house share while saving got me the deposit for my first place.

If you want it badly enough...

neas

indeed... wife and I both house shared for 3 years before meeting one another.... wife had a 10k savings pot i had a 15k savings pot...... now another 2 years later... thanks to MSE, couponing, cashback and beign savvy shoppers we have saved enough to buy and are in a really good negotiating position (FTBers with mortgage in principle and a large deposit)...

We found one house but lost it due to owner droppind it down quickly lol.