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Any reasonable property prices in the London area??
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WalkinX
Posts: 84 Forumite
My gf and I are looking to buy our first home. She is from Sutton in Surrey and doesn't want to move outside of the M25 for family and work reasons.
I too currently work in the centre of London so moving too far away is probably not going to be a good option - train fares are set to rise even higher and the commute time would be pretty long.
However I can't find anywhere doing reasonable priced houses. When I was looking awhile ago places like Dagenam and Thamesmead actully did have a reasonable priced houses but having looked recently even these areas (bad for crime and transport I read) have got nothing in.
Despite being part of the civil service I don't even earn 20k a year. I earn 19,135K a year and my gf works in the theatre where work isn't that secure, you got form show to show. At the best estimate I guess it would be 18k a year for her. Going on the idea that mortagegs are roughly 3 times the combiend salary that only gives 130,000. We are saving I believe we could put down a £20k deposit between us but it's no where near enough for even a terrace house.
Any help on where properties are in the price level I mentioned would be gratefully recieved. Also am I right do do the mortageg based on 3 times the combined salary? I know there was 5x salray mortgages but I thought they had gone (plus were pretty unwsie to begin with).
Thanks
I too currently work in the centre of London so moving too far away is probably not going to be a good option - train fares are set to rise even higher and the commute time would be pretty long.
However I can't find anywhere doing reasonable priced houses. When I was looking awhile ago places like Dagenam and Thamesmead actully did have a reasonable priced houses but having looked recently even these areas (bad for crime and transport I read) have got nothing in.
Despite being part of the civil service I don't even earn 20k a year. I earn 19,135K a year and my gf works in the theatre where work isn't that secure, you got form show to show. At the best estimate I guess it would be 18k a year for her. Going on the idea that mortagegs are roughly 3 times the combiend salary that only gives 130,000. We are saving I believe we could put down a £20k deposit between us but it's no where near enough for even a terrace house.
Any help on where properties are in the price level I mentioned would be gratefully recieved. Also am I right do do the mortageg based on 3 times the combined salary? I know there was 5x salray mortgages but I thought they had gone (plus were pretty unwsie to begin with).
Thanks
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Comments
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Why a house? Would you consider a flat?
Doubt any mortgage provider would take your GF's salary into consideration if it's not steady work. That probably means you could get 3 x yours which would only be around £60k. If you had £10k to put down, it only gives you £70k.
I'd much rather rent somewhere than buy in Thamesmead or Dagenham (sorry residents from both areas!).
Most of us Londoners start off in flats. If you'd consider a 1/2 bed flat, there are decent enough areas in SE London you could get a flat for a min of about £70k. I used to live in Westcombe Park, Blackheath and Eltham so know the surrounding areas quite well.
Jx2024 wins: *must start comping again!*0 -
Well I say house as I always did want a house rather then a flat but also we want to have a dog.
I suppose if it had a garden, communal garden or was near a park it would be ok.
A house is my preferred choice but I think it may be a flat we'd have to go for but are their reallyones as low as that?
I know there is the shared owenrship scheme but I really don't like it - you pay 3 times instead of once so I do't see how it's any good, although I guess there is a low start up cost.0 -
You may be better off renting for a while and saving up a larger deposit. During this time you and your girlfriend may get better jobs / promotions etc. and you'll be able to afford something better.
My boyfriend and I rented for 5 years before we saved enough to get our flat.0 -
I'd say two people working full-time and dog-ownership are mutually exclusive. You had a look at the northern reaches of the Victoria Line?0
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Well at the moment we live rent free so I doubt we'd save more by renting.0
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BitterAndTwisted wrote: »I'd say two people working full-time and dog-ownership are mutually exclusive. You had a look at the northern reaches of the Victoria Line?
No not yet but will do.0 -
Are "find a property" and "rightmove" websites any good? That's the ones I have been using lately. Any others that might have better deals on woul dbe good to see.0
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I'd avoid the shares ownership too and the part rent ones. Each to their own though...
Think you need to give up on the house idea. Ain't gonna happen at that price unless you buy at auction, but you wouldn't be in a position to do that mortgage/deposit-wise.
There's this 1 bed in Lee: http://www.rightmove.co.uk/property-for-sale/property-26337271.html (£75k) Maybe you'd still get a few grand off, who knows. If you don't try, you don't get.
Jx2024 wins: *must start comping again!*0 -
PS please don't get a dog if you're both working full time! (Especially if your GF works irregular hours.)
Also, if you'd consider north of the river there would be other options. I'm not far away from the end of the Victoria Line - 3 or 4 miles so, again, can make suggestions.
Jx2024 wins: *must start comping again!*0
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