What are my options?

jimpix12

Harper123 wrote: »

Except £25,000 is not an average wage in London. It's pretty low.

I think £36,000 is the average salary for London? Which yes again wouldn't get you a flat in London as a single person without a large deposit. As a couple with both people on £36,000 you'd be fine.

Ah the plot thickens. You need to vet any potential partner's earnings before seaaling the deal too.

Harper123

spunko2010 wrote: »

Ah the plot thickens. You need to vet any potential partner's earnings before seaaling the deal too.

I wouldn't know I bought and am buying again by myself. On a bit less than average London salary

marksoton

I'm afraid what you want and what you can get are poles apart. You're going to have to take one of the options as above.

jimpix12

Harper123 wrote: »

I wouldn't know I bought and am buying again by myself. On a bit less than average London salary

Can you share with the OP how you are managing to do that as that's what she's probably wondering.

It wasn't simply down to luck of being born at the 'right' time, was it?

Smodlet

Take a second job? Slightly less drastic than taking on a partner primarily for their salary, perhaps?

Or, for a more drastic suggestion, stop feeling entitled to things you cannot afford!

jimpix12

I feel really bad for the OP.

So far the suggestions are:

1. Stop being so entitled into thinking you are ALLOWED to own an actual home, silly.

2. Desperately find a partner and shack up with them. Make sure to find out that they earn at or above the London average wage though.

3. Work harder. Somehow manage to increase your salary by 33% at a time when salaries are stagnant.

4. Live in a bedsit with 5 other unknowns. It'll be fun!

5. Go begging to the government asking them to lend you some of their cash via one of their dubious schemes (that are generally regarded as a no-no except on here).

Harper123

spunko2010 wrote: »

Can you share with the OP how you are managing to do that as that's what she's probably wondering.

It wasn't simply down to luck of being born at the 'right' time, was it?

Erm I'm 30 so you probably don't class that as being born at the right time...

First of all in total I earn nearly £10,000 a year more than the OP.

Secondly I bought 3 years ago after saving a deposit for 3 years. I didn't buy in London I bought in a commuter town in Hertfordshire that wasn't that popular at the time.Its now booming so I sold a couple of months ago for a substantial profit and am now looking to make my new step up the property ladder with a much bigger deposit in one of the other commuter towns that are just as nice as the one I've left but still haven't quite caught up in price yet.

I don't have a magic solution but rather than just complain about property prices and hope for a crash for years (don't get me wrong I've moaned a lot in addition to ) I worked hard, saved hard and did A LOT of research about areas.

It is possible.

jimpix12

Harper123 wrote: »

I don't have a magic solution but rather than just complain about property prices and hope for a crash for years (don't get me wrong I've moaned a lot in addition to ) I worked hard, saved hard and did A LOT of research about areas.

It is possible.

You don't have to moan about them, but offering false hope to people isn't fair. The OP has no options, like so many others of her/our age, aside from moving to another part of the UK or even abroad where earnings/price ratio isn't so high. All of the other options here are nonsense.

I am a homeowner too, by the way.

PeterLWilson

Seems that you are stuck with two choices, a long drive each morning or shared ownership. Personally I would go with the long drive, since as Harper123 said, surrounding commuter town house prices are on the up and will likely continue to increase.

marksoton

spunko2010 wrote: »

You don't have to moan about them, but offering false hope to people isn't fair. The OP has no options, like so many others of her/our age, aside from moving to another part of the UK or even abroad where earnings/price ratio isn't so high. All of the other options here are nonsense.

I am a homeowner too, by the way.

I don't understand your argument.

Living in London will never be cheap, and 25K really isn't a lot.

The OP can either retrain to secure a better salary or move elsewhere. That's the reality.