Buying a flat as a singleton on average salary

Kevie192

Why are you so fixated on wanting to buy property? Can't you just rent?

To want to buy something you'd actually want to live in, in the South East, on that salary is really just a pipe dream.

SG27

a_silver_lining wrote: »

I bought a flat in the South East (near Brighton) with no parental help.

My salary was 22k and I was 27. I moved out of home and supported myself at 17.

Mini rant for those saying it's so hard for young people to save: Know what I did? I saved. So no it is not impossible for young people to buy, it's just harder. No holidays, no iPhone, no drink etc and it's done. I'm amazed by what people in my generation spend money on when saying they can't save

Other friends saved much smaller amounts and borrowed off parents and moved further out, Hastings way etc. It can be done, you just have to want it to happen and work for it. And be willing to compromise when you buy. OP I think you are being wise saying you're considering a studio flat now. If it enables you to be near work and still have a foot on the ladder it's great good luck!

Oh it can be done but its very tough. I saved about £65k earning around £23k it took 8 years, started when I was 22 and bought at 30. Luckily my then girlfriend did the same and we bought a house. Otherwise it would have been a 1 bed flat if I was on my own.

Owain_Moneysaver

Cakeguts wrote: »

If you chose to move to a different part of the country what you would need to do is to get a different job that pays the same as you have now or more.

There's a nice 1 bedroom flat near me for sale at less than £45,000. Freehold, own front door, commutable (with a bit of effort) to Glasgow and Edinburgh, etc.

DigForVictory

+1 for be ready willing & even keen to abandon the south & head North where every single pound goes so much further.
Need I point out Manchester scored higher than London in the Economist's Global Liveability Ranking?
(I should confess I live in Lancashire & commute into Manchester - but I can afford a really glorious family home, which I wouldn't have a hope of down South.)

You might even find you could afford a less well paid job you enjoyed more, as well as your own home. However such luck is achieved through diligent research.

Red-Squirrel_2

DigForVictory wrote: »

+1 for be ready willing & even keen to abandon the south & head North where every single pound goes so much further.
Need I point out Manchester scored higher than London in the Economist's Global Liveability Ranking?
(I should confess I live in Lancashire & commute into Manchester - but I can afford a really glorious family home, which I wouldn't have a hope of down South.)

You might even find you could afford a less well paid job you enjoyed more, as well as your own home. However such luck is achieved through diligent research.

I think its a shame that people have to leave the area where they grew up and where the probably have family, friends and are part of a community, just in order to be able to afford a home.

Its an option, but its not the ideal solution.

Rosemary7391

Red-Squirrel wrote: »

I think its a shame that people have to leave the area where they grew up and where the probably have family, friends and are part of a community, just in order to be able to afford a home.

Its an option, but its not the ideal solution.

Few things in life are ideal...


Could you take on a second job for a while? You'd spend less and save more. It is going to be tricky though. I doubt I'll ever move back south, even though I had help to buy my flat from my folks.

moneyistooshorttomention

Kevie192 wrote: »

Why are you so fixated on wanting to buy property? Can't you just rent?

To want to buy something you'd actually want to live in, in the South East, on that salary is really just a pipe dream.

I'm trying to understand why OP is supposed to view this as "positive" help:cool:

It is going to go down like a lead balloon with OP if they've come from a family that "know" they are home-owners/her parents are/her grandparents were/this is what one does - obviously......as in "You're telling me I'm not the person I am".

bouicca21

Personally I'd avoid studios. When the market slumps, studios slump fastest. Not that this is very helpful advice when you are desperate to get started. Was in a similar position, even as a couple, zillions of years ago and, yes, it was learn to be super frugal, live with relatives, save, save, save.

capital0ne

Littlemisssiwantahouse wrote: »

.... anywhere that is half decent.

This is the problem youngsters have. - you can all afford to buy something.

Back in the day, I bought a two bed terrace house, no double glazing, no c/h 30 miles from work.

There was no way i could afford a half decent place in a nice area.

Youngsters need to lower their aspirations, buy a wreck, do it up and you're on your way.

Good luck:)

capital0ne

Kevie192 wrote: »

Why are you so fixated on wanting to buy property? Can't you just rent?

To want to buy something you'd actually want to live in, in the South East, on that salary is really just a pipe dream.

Mortgages are cheaper!