Headlines today:If your not on Property ladder now, you have no chance in next decade

fruityfairy

puddy wrote: »

i specifically looked at 70k 2beds because that way you know that the area will be a little better and the beds will be bigger than those on a 60k. if you get a doer upper then you'll get more for your money but it means that your 800 excess a month will be used up doing things for the next year or so. it is also very hard work and monotonous

is ex council judged badly in sheffield or are buyers just as keen for those types of property? you need to think about your ability to sell it on

I think in the past (like 90's) the area has gained a reputation because it was alot of council properties and of course high unemployment and crime usually go with that. But in the last 10 years alot of council tenant have bought their property and in the last 2-3 years a regeneration programme as been going on so improving the appearence of the area. Its not the best area by far in Sheffield but it certainly is not the worst.

LandyAndy

puddy wrote: »

i'll stop now

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

FireWyrm

evoke wrote: »

Removals costs, mortgage fees (could be £1K), buildings/contents insurance fees (around £150-£300 combined), utilities/services (eg. phone) connection fees?

Basically, think of a number and double it and you'll be in the right ball-park.

Umm, no. I've just bought a house, last week to be precise so I can give you ballpark figured. Of course, these figures depend on how much you are prepared to cut your coat according to your cloth.

Solicitor Fees

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£2200 (including stamp duty)
Removals

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£320 (1 x 7.5 tonne van and a two man crew)
Minor Removals

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£87 (1 x large transit and a two man crew)
Insurance

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£100 (building and contents from a well known provider with an annoying red phone)
Phone connection

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£0 from BT
Sky

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£0 using their moving service
Petrol

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£200 (4 trips for little things and loading the car to the roof)
First payment on mortgage

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£880 (1 month + a half apparently)

I had £2500 in 'contingency' money of which I still have £1200. I havnt taken into account takeaways because we couldnt be bothered to cook the first few nights, or incidentals that we needed for the house, but honestly, £10K should be more than enough to actually move house. You have to budget for your solicitor out of other funds true, but the actual moving component shouldnt be all that expensive.

The_Palmist

fruityfairy wrote: »

Ah, I have just looked online and alot of it seems to come from the assumption that due to increases in rent and other living expenses nobody will be able to save a deposit.

To be honest, I am 25 years old and think I am in a generation of people that think they can just get things handed to them, you know like 100% LTV mortgages?! Alot of people I speak to say they would love to buy there own house but they can not because of the government/ house prices/ credit crunch but yet most of them do not save any of their income and instead chose to spend their money on holidays, clothes and lots of nights out. They do not sacrifice anything but still think they have a 'right to buy'.

I on the other hand live in private rented accomodation but I am still managing to put away 35-40% of me & the OH wages each month because we have limited our selfs to one night out a month, started shopping at Aldi and stopped buying anything that is not essential....
Does this news mean I am wasting my time or is there still hope for me?? I felt so depressed on hearing it.

Well done on saving. Shopping at ALDI saving you 30-40% , I am impressed.

fruityfairy

The_Palmist wrote: »

Well done on saving. Shopping at ALDI saving you 30-40% , I am impressed.

I am amazed how much I am saving. I used to go to Morrisons because it was the nearest to where I live, I could never get the weekly shopping bill below £60. But I have started going to Aldi which is a few miles away and now spend around £40. Their fresh stuff is half the price of morrisons as just as good so far! A couple of doors up is one of them cheap shops (B & M Homes) so I can get toiletries & cleaning products from there a lot cheaper than Morrisons.

eamon

I agree with some of the other posters. Postpone your house buying aspirations for another 12 -18 months. That way your savings could be as high as £20k and that puts you into a different league i.e. you can look at properties upto perhaps £110-115K.

Todays news article re house prices is broadly correct, but it should have been explained better in that there are enormous regional variations in house prices as exampled by the OP and the type of house that has been focussed on in Sheffield. It is easier and realistic to save a deposit for a house if the mortgage multiple of 3 x average salary will get you a house, less easy if that is not the case.

The_Palmist

I always walk/drive past ALDI on my way to Tesco, I will stop by next time.

puddy

eamon wrote: »

I agree with some of the other posters. Postpone your house buying aspirations for another 12 -18 months. That way your savings could be as high as £20k and that puts you into a different league i.e. you can look at properties upto perhaps £110-115K.

Todays news article re house prices is broadly correct, but it should have been explained better in that there are enormous regional variations in house prices as exampled by the OP and the type of house that has been focussed on in Sheffield. It is easier and realistic to save a deposit for a house if the mortgage multiple of 3 x average salary will get you a house, less easy if that is not the case.

it also should have been explained that if inflation stays the same or more, then prices will have gone down in real terms over that period. the prediction is for 20% increase over 5 years, thats 4% per year and inflation is 4 or 5% per year, so no real increase

puddy

fruityfairy wrote: »

I am amazed how much I am saving. I used to go to Morrisons because it was the nearest to where I live, I could never get the weekly shopping bill below £60. But I have started going to Aldi which is a few miles away and now spend around £40. Their fresh stuff is half the price of morrisons as just as good so far! A couple of doors up is one of them cheap shops (B & M Homes) so I can get toiletries & cleaning products from there a lot cheaper than Morrisons.

aldi and lidl have been a revelation to me. i used to live on credit and my weekly normal shop would have been waitrose and marks and spencer

having to downshop meant tesco and asda, however i soon found that i didnt like asda products and tesco wasnt really that cheap so tried out lidl and aldi. i think the quality is much better than the price would suggest, much better quality than asda thats for sure, the only downside is that they dont sell everything you need but we do the majority in there and get bits and bobs from tesco or asda when we need to

jimjames

fruityfairy wrote: »

So today I have heard on the new that due to properties set to rise in price and lenders being relucant to lend, the chances of a FTB being able to buy in next 10 years are pretty much non-existant.

What does this really mean? Like to the people out there like me who are saving for their first property?

Seems like a sensational headline.

The situation today seems to me to be better than at most times. Yes you need to save a deposit (as you are doing) but interest rates are also lower than they have ever been and appear to be staying that way for some time.

Saving a deposit for a house isn't always easy but is something that had to be done historically until the easy mortgage money giveaway that started the credit crunch.