How do any single buyers manage to afford houses when only able to borrow 4x income??

moneyistooshorttomention

Tell me about it:(. I'm in my 60s now and in what is probably my "lifetime house" (2nd one owned).

I was due to buy my starter house in my 20s (ie I come from a family that have been home-owners for at least the last 2 generations on my mothers side).

I have always been low-paid. Income should have been average level (£25,000 pa?) - but, at time I retired I know it was less than £20k. Add that I lived in a dear area of country (not London).

The answer boiled down to:

- Re-train for a career type job (and might land up having to move for that and no guarantees of any description). I left school not knowing what I wanted to do and reaching retirement still not knowing what I wanted to do:rotfl:

- Get lucky somehow/sometime and keep my eyes and ears wide open for any opportunities that might come my way and hope/hope/hope/think as positive as heck.

- Get married for the sake of it. That would have meant giving up waiting for The One (he never did show up:() and then there would be two of us to pay for everything. Obviously marrying The One was the ideal solution and the one I was hoping for. But I could have shrugged my shoulders and thought "Never mind. I don't know if The One ever will show up - so I'd better marry Someone Else instead". I strongly suspect a lot of people take that route - but I wasn't willing to do that. I was too concerned I'd might The One later and land up divorcing Mr Someone Else.

- Move to a cheaper area.

**********

What I personally did boiled down to alternating between hoping I'd meet The One and hoping/praying/thinking positive for Some Luck and keeping my eyes/ears wide open for a chance somehow sometime.

What happened - I got Some Luck and managed to buy my starter house (years late:mad::mad::(:mad::mad:) - but I did eventually get it.

I'm afraid I can't think of any other methods....

ukcarper

chucknorris wrote: »

I know, but I wouldn't be prepared to do it, if I was working full time, I would move back into one of my London properties. It was a marginal decision to withdraw my notice (of retirement) and continue to work as it was. I always get a seat going in, but coming home can be bad, it depends if I get to the station more than 5 mins before the train leaves at Victoria.

If I had to go back to work in London even though I found it a pain I would still commute. All of my interests are now outside London and I would rather put up with the commute, live in a better house and be able to indulge my interests in the summer evenings.

chucknorris

ukcarper wrote: »

If I had to go back to work in London even though I found it a pain I would still commute. All of my interests are now outside London and I would rather put up with the commute, live in a better house and be able to indulge my interests in the summer evenings.

Fortunately I work in careers, that mean that if I did have to work, it wouldn't have to be in London, so I wouldn't end up there. I don't mind working there part time though.

Jack_Johnson_the_acorn

Autumn868 wrote: »

Im sure those prices will be about accurate even if ou go up north to any towns or cities like Birmingham, Manchester, Liverpool, Newcastle... ect

Nonesense I bought 6yrs ago at 24 on 22k. Saving 500-600pcm. My wife at the time was a trainee nurse on a bursary so was unable to contribute much to the deposit.

We both lived with parents but I managed to scrape £10k in just over a year and then my other half worked part time and managed to contribute £3k for a 10% deposit. If my wife hadn't of contributed I would of still been able to afford a 2 bed house or saved a little longer for a similar outcome.

I appreciate the South East is more expensive but the opportunities for a better income are also greater.

MyOnlyPost

Autumn868 wrote: »

In London/Surrey/Most of the South East, even in the crappest cheapest towns and areas, 120k wont even get you a bedsit, let alone a 1-bedroom apartment.
You will typically need a minimum of 150k-170k for a 1-bedroom flat, and 160k-200k for a 2-bedroom flat, and that's in the most cheap and rundown areas.

Im sure those prices will be about accurate even if ou go up north to any towns or cities like Birmingham, Manchester, Liverpool, Newcastle... ect

When you say you are sure about prices stacking up elsewhere, basd on what evidence?

I live in the north, in a small town about 20 minutes commute from Leeds. It's a nice town, near open countryside and I live in a 4 bed Semi (extended) in a quiet Cul-De-Sac. Current value is under £200k. You can buy 3 beds in nice areas of town under the lower stamp duty threshold and starter homes are from £70-80k with new buiild flats starting at £60k but are in town center. The surrounding towns which are a bit smaller and have fewer amenities are around 10-15% cheaper

In all the major cities of the north there are crappest cheapest areas (your words) where you can buy houses under £70k easily.

Manchester http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION%5E904&minBedrooms=2&maxPrice=70000&minPrice=50000&sortType=1&includeSSTC=false

Liverpool http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION%5E813&minBedrooms=2&maxPrice=70000&minPrice=50000&sortType=1&includeSSTC=false

Newcastle http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION%5E984&minBedrooms=2&maxPrice=70000&minPrice=50000&sortType=1&includeSSTC=false

Leeds http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION%5E984&minBedrooms=2&maxPrice=70000&minPrice=50000&sortType=1&includeSSTC=false

zagubov

chucknorris wrote: »

I know, but I wouldn't be prepared to do it, if I was working full time, I would move back into one of my London properties. It was a marginal decision to withdraw my notice (of retirement) and continue to work as it was. I always get a seat going in, but coming home can be bad, it depends if I get to the station more than 5 mins before the train leaves at Victoria.

One of the most annoying things about commuting to central London, is when on the return journeys home, the platforms for trains to particular suburban destinations are invariably announced with only a few minutes notice, resulting in a mad hectic rush as everybody dashes to some far platform.

You'd think they'd have the planning ability to avoid this, but nope, it never seems to get better.:(

And that's before we consider industrial action and other stoppages.

beecher2

zagubov wrote: »

One of the most annoying things about commuting to central London, is when on the return journeys home, the platforms for trains to particular suburban destinations are invariably announced with only a few minutes notice, resulting in a mad hectic rush as everybody dashes to some far platform.

You'd think they'd have the planning ability to avoid this, but nope, it never seems to get better.:(

And that's before we consider industrial action and other stoppages.

that makes me think of Monsieur Hulot's Holiday

Windofchange

Don't get why so many people rely on the trains to get into work. I have a motorbike. Costs me about £14 a week in petrol and then £300 a year insurance along with some servicing costs. A travel card for me would be about £4 grand. I always get a seat and it takes me 30 mins each way as opposed to 1h30 - no exaggeration.

Cold weather is just a case of right equipment - I have heated clothes and haven't had to miss a day yet due to the cold. Risk, 5 years and nothing. I could live anywhere Northampton down and get into London within the hour. No stress, no hassle. Worth considering for all you commuters?

Andy_L

GreatApe wrote: »

The average salary includes children and part time workers.

The ONS pro-rata part time workers only look at employees on adult rates so that's not an issue and only look at employees on adult rates.

The latest median numbers are £539/wk or £28k pa


link
Although perhaps more relevant for first time buyers is the "by age" numbers where the 22-29 group are on an average of £22.5k

Doshwaster

Windofchange wrote: »

Cold weather is just a case of right equipment - I have heated clothes and haven't had to miss a day yet due to the cold. Risk, 5 years and nothing. I could live anywhere Northampton down and get into London within the hour. No stress, no hassle. Worth considering for all you commuters?

I know some people enjoy them but motorbikes scare the life of me. I'd rather walk.