How do people afford it alone?

Indy315

I understand currently the price to buy a house is high, one way that people are getting onto the property ladder is shared ownership. This is when you buy a share of a property are then rent the rest, this process will continue until whenever you want to purchase more shares through staircasing.
Staircasing is when you purchase more shares of the property until you own 100%. But the good thing about this is that if you don't want to own all of the property you don't have to.
There are many new developments within lots of different areas, one of the most popular locations is Sussex. There are a wide range of homes and apartments available through shared ownership in Sussex.
I hope this helps

Loz01

Thanks everyone. I live in Cambs so its not exactly the cheapest but then again its not as bad as London and surrounding areas. A studio flat is probably about £130/140k on average (dependent on area. Closer to Cambridge is more expensive, but I don't wanna live that way anyway)
Thanks for all the suggestions, its given me a lot to consider.

nyc_451

Loz01 wrote: »

Thanks everyone. I live in Cambs so its not exactly the cheapest but then again its not as bad as London and surrounding areas. A studio flat is probably about £130/140k on average (dependent on area. Closer to Cambridge is more expensive, but I don't wanna live that way anyway)
Thanks for all the suggestions, its given me a lot to consider.

I live in a similar university town, too expensive for most of the people I know.

My salary is 24k, couldn't afford a studio in my area, or even somewhere close to it. Had to move 30 miles away and I don't drive, so I currently spend a lot of time commuting. Got a small flat for 120k, mortgage 107k. The idea is to find a job locally at some point.

I'm very happy with my decision, wouldn't want to have a shared ownership or continue living in a shared home for a sake of staying in the same town.

Mutton_Geoff

I bought my first place, a studio flat in nice part of London in 1980 for £20k. That was about 3.5x my salary at the time. I used a GLC equivalent of "help to buy" (they basically sorted you out with a mortgage even if the banks wouldn't normally lend to you). The flats now sell for £220k, so 11 times as much so you'd have to be earning over £60k a year which would be very unusual for a single 21 year old as I was then.


I remember a massive change to my lifestyle when I first bought and indeed for almost the first 20 years of property ownership when I was very careful what I spent. That discipline has served me well as I approach retirement.


If you can bear to give up things to obtain a place you can call your own, it's well worth it.

micky2phones

Peelerfart wrote: »

North/South divide anyone?

I'm a northerner but have relations in the south. I hear the stories, and like this thread, they just illustrate, how different things are.

Hi, yes indeed in the 80s houses were £6/7000 in the midlands, just outside London, like you i have relations down south houses were £70/80000.

guccininja

If you focus on your career, use Gov help for funding extra courses and dedicate your life to a career path you feel that you would enjoy or have a passion in, you will succeed. Put in the hours and you will smash it.

Gain the experience and work for yourself.