Cant buy house due to stupid offer games!

Prothet_of_Doom

Why do you live and work in London ? Is there anything keeping you there ?

I ask because £250K would get you a 4 bed Detached house on the EDGE of the Derbyshire Dales, in a village, 5 miles from Derby, 6 miles from Derby Intercity Station, close to a region that is booming.

Same is true all over the country.

What jobs do you do and what is stopping you ?

mnorthern

Prothet_of_Doom wrote: »

Why do you live and work in London ? Is there anything keeping you there ?

I ask because £250K would get you a 4 bed Detached house on the EDGE of the Derbyshire Dales, in a village, 5 miles from Derby, 6 miles from Derby Intercity Station, close to a region that is booming.

Same is true all over the country.

What jobs do you do and what is stopping you ?

You're comparing apples and oranges. Yes, there are cheaper properties elsewhere, but at the same time you are not going to earn as much, so it's swings and roundabouts. London has its advantages still. It's always been seen as a safe investment which is not going to change any time soon, and it's a great rental market for BTL landlords, with demand always greater than supply.

makeyourdaddyproud

mnorthern wrote: »

You're comparing apples and oranges. Yes, there are cheaper properties elsewhere, but at the same time you are not going to earn as much, so it's swings and roundabouts. London has its advantages still. It's always been seen as a safe investment which is not going to change any time soon, and it's a great rental market for BTL landlords, with demand always greater than supply.

I agree. London is fabulous city with so much to do but I question whether the prices are sustainable for all but the best paid. If I could afford to buy a place outright in Chiswick, I would definately be off in a flash.

What puts me off is that only suited, business types flood this coveted metropolis, and they are the types that can barely hold a conversation about culture and the arts without decending their gaze to their notebooks.

Also everyone seems so stressed?

So sad.

Blogger

After losing out on yet another property my offer had finally been accepted by one of the vendors and now I am waiting for another set of surveys, conveyancing etc. I hope I will not get gazumped again as another lost fees for structural surveys will seriously dent my budget. This place in zone 3 is perfect for me so I am hoping with fingers crossed .

This experience really changed my view of the housing market in London. I think the inflated housing market is the consequence of the overcrowding in London as well as the cheap credit. EA-s are getting 9 or 10 offers for each house they have on the market which are reasonably priced <250K. We've seen loads of other house hunters during our viewings. People can afford since banks are lending on 6-7 times of income. When I got my figure from Nationwide I was shocked! There would be no way I would pay monthly mortgage with the level of borrowing I've been offered and have a life too. I know my budget, I know what I can afford but somehow Nationwide thinks I can afford more??? I am sure this is the case with other buyers too. The demand is already there for the smaller houses, people max out on their affordability and consequently we get into the situation where bidding takes places OVER the asking price.

Prothet of Doom

I love London. I love the vibe and culture. No place can replace London for me. I like people in the north too but I find the general atmosphere a bit boring for me. I live once and I want to make most of my life while I am young. North is always there if I change my mind.