How can I afford a property where I live?

chrishar

I live in a room and work for 24k a year in Reading. If I work my !!!! off I can earn about 30k a year with overtime.
There are some new one bedroom flats on the market, with a price of 250k! They are only small and have a lounge kitchen together.
How is someone like me supposed to afford a small property? On my basic wage I can borrow 108k, meani g I would need a deposit of 142k? Even if they take into account overtime and lend 128k I still need 122k deposit.
What is going on?

Physics

You're not supposed to. You're supposed to buy with a partner, or with an inheritance, or both.

HiToAll

move ooppppp north

HappyMJ

chrishar wrote: »

I live in a room and work for 24k a year in Reading. If I work my !!!! off I can earn about 30k a year with overtime.
There are some new one bedroom flats on the market, with a price of 250k! They are only small and have a lounge kitchen together.
How is someone like me supposed to afford a small property? On my basic wage I can borrow 108k, meani g I would need a deposit of 142k? Even if they take into account overtime and lend 128k I still need 122k deposit.
What is going on?

£24k isn't really that much to support yourself and buy a house worth £250k.

If you don't wish to rent then you'll have to move further out. There's quite a lot around the £170k price which would be affordable on £24k with a 40% deposit.

You could buy a "park" home. They're only around the £120k price range which you would only need a 10% deposit.

I would rent rather than buy myself....or seriously consider moving right out of the area.

phatbear

How do you think people who work in london feel?

You could move out to the suburbs and commute

HiToAll

HappyMJ wrote: »

£24k isn't really that much to support yourself and buy a house worth £250k.

If you don't wish to rent then you'll have to move further out. There's quite a lot around the £170k price which would be affordable on £24k with a 40% deposit.

You could buy a "park" home. They're only around the £120k price range which you would only need a 10% deposit.

I would rent rather than buy myself....or seriously consider moving right out of the area.

Is that a caravan?

HappyMJ

HiToAll wrote: »

Is that a caravan?

Sort of. It doesn't move...but it can be lifted on to a trailer and moved. You rent the land the "park" home sits on but you would "own" the home. They're bungalows and actually quite spacious so don't write them off too easily.

jaydeeuk1

You wait for 1) a well off relative to die, or 2) get married with someone who is working and/or has a house, or 3) go to bank of mum and dad or 4) ask for a pay rise.

I did 2)

Only going to get worse as the population is expected to grow 10 million thanks to our open borders over next couple of decades. I can see 2 bed terraces in crappy south east areas starting at around half a mil.

How old are you?

Edit - Jesus I'm a slow typer, wasn't any responses when I opened this thread!

firebird082

My partner and I bought 18 months ago just outside Reading - a £250k house and it took both our salaries plus deposit help from parents. Not a hope unless you're buying with a partner. Unless you want to live in Whitley... (we considered it!).

marksoton

Reading is commuter belt for London so you'll always pay a premium there.

PasturesNew

New is never the way to go if you're alone, on a single income, trying to get your first place and you're not earning big bucks.

New has always been pricier. It's all shiny and new and you want it .....

You have to compromise on something - and shiny/new might just be your compromise.

Work out where you CAN afford, then adjust your mindset from "I'm doing all right in life, I should be able to afford a great place" to "OMG I'm single and doomed, I'll get what I can afford, put up with it and at least have a settled roof over my head".