Will I ever be able to buy a house?

de_g.

GDVS wrote: »

Leeds: Look North and West, avoid the South and East. There are some decent parts of South and East Leeds but you'd need real local knowledge to pick them.
...
Personally I went for Tingley as the best compromise.

There's actually quite a lot of areas of South and East Leeds which are reasonable (as you discovered with Tingley), it's generally easier to name which bits to avoid.

Personally, I'd shy away from Cottingley, Beeston Hill, bits of Middleton, Holbeck, Richmond Park, Halton Moor and Osmondthorpe. There's some decent value to be had in Seacroft, Halton, Beeston, Gipton, Harehills, Belle Isle, and Hunslet, and looking on Rightmove there are a fair few terraces in Morley within budget too.

KnightSmile

Firstly WELL DONE for saving such a large sum on your salary. I am in a similar position in respect of salary and deposit (and work in London) It takes individuals who are somewhat financially savvy to succeed in saving this amount so please reconsider your perception on your ability to handle finances. You are better than you realise!

As the above posters have pointed out, you have no chance of getting a place in central London as the prices are obscene and out of many people's price range. That's unlikely to change in the short to medium term (if ever!)

However, you could move to south east london/ Kent way and find a flat for 100-120k and commute into central london to socialise and work (takes 35 mins on train). Many people do this.

You could look at places such as eltham/dartford/welling/and many other areas which are affordable and get as close to London as possible.
KS

GDVS

de_g. wrote: »

There's actually quite a lot of areas of South and East Leeds which are reasonable (as you discovered with Tingley), it's generally easier to name which bits to avoid.

Tingley's South of Leeds rather than "South Leeds" if you see the distinction.

Personally, I'd shy away from Cottingley, Beeston Hill, bits of Middleton, Holbeck, Richmond Park, Halton Moor and Osmondthorpe. There's some decent value to be had in Seacroft, Halton, Beeston, Gipton, Harehills, Belle Isle, and Hunslet, and looking on Rightmove there are a fair few terraces in Morley within budget too.

Cottingley in Leeds I'd avoid, Cottingley in Bradford is actually ok (just to confuse things). Most of your value areas I'd agree there's value to be had but I wouldn't want to live in them. Done Beeston twice now, not in a rush to go back. Went to visit someone in one of the Seacroft tower blocks 10 years or so ago and it was the first time I've ever driven past actual burned out cars, again not keen to return.

de_g.

GDVS wrote: »

Tingley's South of Leeds rather than "South Leeds" if you see the distinction.

Cottingley in Leeds I'd avoid, Cottingley in Bradford is actually ok (just to confuse things). Most of your value areas I'd agree there's value to be had but I wouldn't want to live in them. Done Beeston twice now, not in a rush to go back. Went to visit someone in one of the Seacroft tower blocks 10 years or so ago and it was the first time I've ever driven past actual burned out cars, again not keen to return.

As with all of them, Seacroft and Beeston depend on where you are. I've a friend who has recently bought in Seacroft and they're very happy with their street - wide, quiet residential street and I've seen much worse than that around bits of North Leeds (Ireland Wood immediately springs to mind).

Beeston I moved to almost by accident (wanted a place in Morley, the Landlord had already let it but had another in Beeston available), and I've never had cause to complain. Crime is low (or at least, it feels that way - in nearly 10 years I've never had been a victim!), it's easy for work and access to the motorway, local facilities are decent, and so on. I'd like to move, but only because of a lack of space - there's not much in the area with a decent garden.

GDVS

de_g. wrote: »

I've seen much worse than that around bits of North Leeds (Ireland Wood immediately springs to mind).

Beckhill in Meanwood too, but in general the ratio of de-militarised zones to crime free areas is lower over that way.

Tainted_love

How much can you afford to spend per month on mortgage repayments ? How long would you be taking the mortgage out for? Once you work this out then you may have a better idea but with that deposit I would have thought it affordable for a you to buy a 80-100k house

I live in S Yorkshire and there are plenty of 2 bed houses available for that price although not always in the most desirable areas. Unfortunately I would forget living in London on that salary.

pml_83

Wow, thank you very much for all of your replies.

I should have maybe been more clearer, I had no intention of buying in London, I maybe clueless but I'm not that clueless I would be renting if I decide to make the move down there... to buy would be near impossible for most.

I do live at home yes, but I am also careful with my money. I don't spend what I don't have, I don't go crazy and spend for the sake of spending, I enjoy myself and I have a nice time but I'm careful.

Re: all your comments about my salary, I know it's not brilliant, but it's surely not that bad is it?! The way some of you talk I feel like I need to leave the education sector and find something else...

THANK YOU everyone.

GDVS

pml_83 wrote: »

Re: all your comments about my salary, I know it's not brilliant, but it's surely not that bad is it?! The way some of you talk I feel like I need to leave the education sector and find something else...

It's about what I earned at your age, I found (and my friends experience seems to back this up) that my salary increased substantially in my mid to late 30s. It's not great, but it's better than a slap in the belly with a wet fish.

wine_night

pml_83 wrote: »

Wow, thank you very much for all of your replies.

I should have maybe been more clearer, I had no intention of buying in London, I maybe clueless but I'm not that clueless I would be renting if I decide to make the move down there... to buy would be near impossible for most.

I do live at home yes, but I am also careful with my money. I don't spend what I don't have, I don't go crazy and spend for the sake of spending, I enjoy myself and I have a nice time but I'm careful.

Re: all your comments about my salary, I know it's not brilliant, but it's surely not that bad is it?! The way some of you talk I feel like I need to leave the education sector and find something else...

THANK YOU everyone.

I don't think there's anything wrong with your salary. It seems that lenders are more concerned with satisfying themselves that you have a permanent contract. You have a good deposit saved so you should be able to obtain a mortgage on a good LTV. Say for example you bought a house for £90k (which is very doable for a starter home in W Yorks), you could easily afford a 25% deposit which would give you access to 75% LTV rates. It may be worth having an appointment with a mortgage advisor at a bank/building society to get an idea of what lenders are willing to lend to you. Mortgage rates are at an all-time low so it is a good time to borrow money.

I live in West Yorkshire and my hunch is that house prices will stay flat in most areas for several years. So if you are undecided about relocating to London I wouldn't necessarily look at buying in West Yorkshire and tying up cash in a property that you may otherwise need for a relocation move. If you are settled in this area then it may be something to consider.

Finally, you will never have as much spare cash when you buy/rent your own home as you do when you live with your parents! For me though, it was worth the money to have my own place, especially as an adult

florence4

In West Yorkshire, you can certainly buy a house in your situation.

You'll be able to borrow about £55K, though only certain lenders will lend to you, because many have a £20K minimum salary requirement. That, plus your £40k deposit and good credit history, would allow you to buy a house at about £95k, and there are plenty at that price in W. Yorks, including some nice ones.

There's picturesque, like this: http://www.rightmove.co.uk/property-for-sale/property-37916474.html?premiumA=true

Sub-urban semi, like this: http://www.rightmove.co.uk/property-for-sale/property-35908372.html?premiumA=true

And urban apartments, like this: http://www.rightmove.co.uk/property-for-sale/property-28038107.html

I can recommend a couple of brokers in/near W.Yorks if you're interested : one I'm using, and two others recommended to me by friends... Let me know.