First time buyer, but I am fairly young.

[Deleted User]

Yes I am definitely considering that as Milton Keynes in particular has decent links into London.

[Deleted User]

Thanks for your input, you do make a good point, I have previously lived out for 3 years in 3 different rentals/ house shares during university time, got good experience out of it like you say.

[Deleted User]

Some great responses from people, thank you very much. I'll figure something out with all the advice. And stay posted.

societys_child

Thought you must be late teens or something.
Bought my first house when I was 20

(mortgage paid off at 28, much easier when nowhere near London)

AnotherJoe

Whatever you do, dont buy a studio flat. If thats all you can afford, look further out or just dont buy. Studio flats perform the worst in times when prices fall.

economic

dc197 wrote: »

I think this is bad advice.
Just as no one knows how house prices will change, no one knows how US stocks will change.
The OP earns well and has already saved well. He doesn't need to increase either.
It is unfortunate that the bottom rung of the ladder in London is so expensive, that's why he might like to consider the bottom rung elsewhere so that he either gets more for his money or gets the same for cheaper.

why is it bad advice? i agree maybe its best to keep the cash in safer investmenst for now since the op will want to buy a place say in 5 years however buying now given his position doesnt make sense. to have put all his savings and borrowing 4.5x salary in a market that looks set to cool doesnt make sense. i would wait 6 months but continually montor the property market. past history is no indication of future and i question how far back people see their historical data when saying prices always have gone up over all periods of time 10years or more. its also not as simple as house prices rising and thats it. the OPs savings and salary is merely just average for london and the average buyer in london property has higher savings and salary to the op. at 27 the OP need not rush to buying now. wait and see what happens. prices are already dropping. i really hope if the OP buys he is in a job that he likes and can easily get another if he loses his job.

economic

rjw4 wrote: »

Completely agree with everyone else who says this is terrible advice! I wouldn't invest into anything if you need the cash within the next 5 years.. There are so many better places to place the money so it is safer than the stock market! You should only invest cash that isn't needed in the next 5 years, especially for a house deposit/fees/emergency fund!

i never said put all the money in stocks. however lot of the posters are actually saying put all your money AND borrow to buy your home. i agree there are benefits of owning your own home. however given the financial position it just doesnt make sense in london. the OP will be forced to compromise a lot in buying a place and when he gets feds up and wants to move, if the property market is in a bear market he will find it next to impossible to do so.

Harper123

Where about in Central London do you need to get to for work?

There are still a few places left you could get a two bed house for £220,000 if you are prepared to commute in. Though do factor in increased travel costs.

You could still get a 2 bed house in the below for example.

Flitwick - 47 mins to St Pancras
Leighton Buzzard - 35 mins to Euston
St Neots - 46 mins to Kings Cross

[Deleted User]

I appreciate your insight, definitely something to look out for in future if I did make a purchase, I would want to know that I could sell up without too much difficulty. Perhaps even 5 years down the line or so.

[Deleted User]

Most jobs related to my work pop up in the business centres like Canary Wharf, Liverpool street, and other places around central like Farringdon, Holborn.

If I ever lost my job I would be searching or receiving offers in and around these central areas