Buying a flat as a singleton on average salary

rachlikeswinter

The rule is generally: Either you need to buy less house, or earn more money.

If you can’t buy less house (not much less than a studio flat is there =/ ) then you need to focus on your income. Sorry to get all #millennial on you but what about a #sidehustle - or a second job as they used to be called. If you’re living with your parents and saving hard then you’re probably not going out at weekends much anyway (right?) - so see if you can get some weekend work. Dullsville but extra ££ can be worth it, even cafe/bar work. I don’t know what field you work in but can you start a side business that’s related?; I.e I’m a graphic designer working a 9-6 but I also pick up extra freelance on the side. Time to get creative with your skills and time - what can you do to squeeze more money making potential from your life?

For background, I’m in a similar boat - 31, single, living and working in london, wanting to buy a cupboard / small hole as near to here as I can. I earn more than you but.. all relative isn’t it. I don’t even buy avocados anymore. Life is so cruel.

KiKi

I bought in Brighton in 2001 on a £19k salary - but my flat then was £75k. Two storeys above a shop and nothing very nice, but it was a step on the housing ladder. I literally lived off £25 a week (housing costs aside) at one point! Don't know if £19k was considered a significant salary, then - I was 23 and commuting to London, so paying a season ticket of £2600ish (AFAIR).

I sold it fewer than five years later for £120k, and bought for £180k. Sold that eight years later for £250k, and bought for £340k in 2014. Just been valued at £450k.

House prices are silly here. No-one I know can afford to do it if they are single and not on a good (London) wage, esp as wages in Brighton are so poor in comparison.

Not to say it can't be done, but most young people are not able to buy here because of the price and because renting (which is far more expensive in Brighton than mortgage payments) takes their salary. Yes, some people have all the latest gadgets and live off avocados, but that's not why most are missing out (based on what I observe of house prices - not based on empirical evidence).

Owain_Moneysaver

ProDave wrote: »

These days nobody wants to "go without" If I suggested you cancel your phone contract, your pay tv subscription etc, not even think of going out for at least a year to save money you would think I was strange.

AFF8879 wrote: »

Oh the fun I had flicking through kitchen and bathroom brochures on a Sunday afternoon

Y couldn't afford the pay tv or going out either? :rotfl:

boliston

bouicca21 wrote: »

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.

The simple answer then is to buy a studio during a slump as it will then rise fastest when things pick up.

Cakeguts

katejo wrote: »

Yes I am aware of that. I was only saying that it hasn't always been impossible. A chance conversation with an estate agent told me that my £41 K flat would have had a value of approx £65 K prior to the slump. That is still relatively moderate compared to the increase in value since then.
My parents sold a 4 bedroom semi in Kent for £37 K in 1982 and bought an Edwardian 5 bedroom period house for £49K (Rochester). My Dad was a senior teacher and my Mum had only been doing part time work.

That is a lot cheaper than our house which cost £191k in 1989. Then dropped in value to around £160k in the early 90s before increasing again. We bought it between us and we both had already bought houses so we were not first time buyers but it was still very expensive. London borough of Brent.

AdrianC

SG27 wrote: »

£25k for the south east is not a low wage, its almost spot on average. According to office of national statistics the average for Essex is £26k.

The national average full-time income is around £27k.
https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours

arthurdick

A very good helpful post there by Leagueofwolf...

Well done Leagueofwolf, good luck to you.

Littlemisssiwantahouse

Thank you also leagueofwolf and everyone else - I didn't expect so many responses. It's very motivating reading other peoples stories

Hoploz

Have you considered other options? Thinking out of the box ... Do you have any friends in a similar position? Is there any possibility you could join forces and buy together? I've heard this arrangement is on the increase. People buy for a certain length of time with a view to selling in say 5 years time.

luis1988

I would suggest to look at other ways to add to your savings as well.

My advice would be to look at matched betting (do a quick google) and other avenues like user testing etc.

With savings of £10k+ you can easily make £1000-£1500 a month from matched betting, so this would definitely increase your savings quicker!