Harder now for 1st time buyers?

racing_blue

littlegreenfrog wrote: »

The problem is, the "nice to have" things are more affordable, whereas the "need to have" things are increasingly unaffordable.

Can you give examples?

I see it differently. If you need to have a 2 bed property, here's one for £35K. It might be nice to have this one but it's rather more expensive.

snowqueen555

Not just in London, but those on low salaries (say sub 20k) AND single are hit hard, as in most cases a single persons salary is not enough to get a mortgage, even on the cheapest properties.

Cheapest 1 bed studios that are in reality glorified rooms with a sink and toilet go for around 100k here (Bristol).

I'm not expecting the Ritz, but in an ideal society there would be properties available to all full time working people.

littlegreenfrog_2

racing_blue wrote: »

Can you give examples?

I see it differently. If you need to have a 2 bed property, here's one for £35K. It might be nice to have this one but it's rather more expensive.

With all due respect, that is a rather stupid example. A two bed flat in Port Talbot is not much use to someone whose career is London-based.

looknohands

Fiscal drag adds to the problem along with cost of living in London, I have a friend who turned down 65k a year in London choosing to stay on 40k a year in another part of the UK, the take home pay increase would be small due to hitting higher rate and with the added costs of housing in London any benefit is lost. The role wasn't even a senior position, 4-5 years experience... I think basic and higher rate tax could do with a re-look, low to middle incomes are being squeezed, (not that there's any money left to help there!)

always_sunny

ukcarper wrote: »

People earning low salaries have never been able to buy in London.

Not even in the past when it was easier? What about those starter homes mentioned?

makeyourdaddyproud

littlegreenfrog wrote: »

With all due respect, that is a rather stupid example. A two bed flat in Port Talbot is not much use to someone whose career is London-based.

I disagree. It shows that there is easily a 100x price differential within a 170 mile radius and that there aren't many careers that are worth persisting in London for.

Or maybe it proves a point; if London is so much more expensive on even a 50x scale (let's take out the non-dom penthouses here), where is the argument to stay in a London based career?

If you want a better quality life, get out of London. Don't argue, whinge and demand a right to live there, move.

ukcarper

always_sunny wrote: »

Not even in the past when it was easier? What about those starter homes mentioned?

Definitely not in 70s I was earning above average earnings then and couldn't buy in London then.

southoftheriver

ScorpiondeRooftrouser wrote: »

I agree completely re nurses, but I am not sure why people are saying "teachers and doctors" as though the salaries for both are similar. Teachers salaries are higher than nurses, but far closer to the latter than they are to doctors. Starting salary for a registered nurse is currently £21K outside London and roughly 25K, I think, in inner London, while starting salary for a qualified teacher is £22K outside London, £27K within. A salaried GP is on a minimum of £55K (although there is a lower paid training period in hospitals).

If doctors can't buy houses we really are in trouble.

I'm 32 and a doctor. I live on the edge of London and work in Surrey. Husband works in Central London and is 35.

Despite the fact that we both make a decent wage (just under 100K combined), we cannot afford to buy a house in the areas we're looking at. I have no idea how people on an average wage buy houses in the SE. Neither of us have a bank of mum and dad to gift us a deposit.

We can't just move up north. Firstly I am on a 7 year training scheme whereby I am contracted to work in certain areas. I am allowed a preference about where these places are within the set counties I've been assigned to, but I have no choice. So we try to live somewhere in the middle to reduce commuting. I also have family responsibilities in London.

We could probably afford a one bedroomed flat, but I'm pregnant and that isn't realistic in the short term. I'm not looking for the forever 4 bedroomed detached house, but it would be nice to afford somewhere decent.

Oh and I don't have a contract phone or a gym membership. I don't smoke, I drink occasionally but at home not in fancy bars, and we have one car paid off in full that is necessary for me to get to work.

always_sunny

southoftheriver wrote: »

I'm 32 and a doctor. I live on the edge of London and work in Surrey. Husband works in Central London and is 35.

Despite the fact that we both make a decent wage (just under 100K combined), we cannot afford to buy a house in the areas we're looking at. I have no idea how people on an average wage buy houses in the SE. Neither of us have a bank of mum and dad to gift us a deposit.

We can't just move up north. Firstly I am on a 7 year training scheme whereby I am contracted to work in certain areas. I am allowed a preference about where these places are within the set counties I've been assigned to, but I have no choice. So we try to live somewhere in the middle to reduce commuting. I also have family responsibilities in London.

We could probably afford a one bedroomed flat, but I'm pregnant and that isn't realistic in the short term. I'm not looking for the forever 4 bedroomed detached house, but it would be nice to afford somewhere decent.

Oh and I don't have a contract phone or a gym membership. I don't smoke, I drink occasionally but at home not in fancy bars, and we have one car paid off in full that is necessary for me to get to work.

I must be really thick - would you give an example of what kinda place you're looking for in Surrey? Understand that area is key. On RM searching the whole of Surrey there are thousands of 2+ properties under £350k (affordable on £100k).

Without specifics it's all very subjective!

[Deleted User]

always_sunny wrote: »

I must be really thick - would you give an example of what kinda place you're looking for in Surrey? Understand that area is key. On RM searching in the whole of Surrey there are thousands of 2+ properties under £350k (affordable on £100k).

It's only affordable if you've saved £30k+ ... but at 32/35 they've had the time to do this.

The real trick was to attempt to get on the house market 10 years prior to now...