How to save for a home deposit quicker?

hazyjo

lisyloo wrote: »

Out of interest - how long is your door-to-door? from leaving the house to arriving at work.

Around an hour and a half.

Leave 7.30am. Arrive work 9am.
Leave work 6pm, get home 7.30pm.

Used to be an hour. Not sure I'd ever have made the move though if it meant getting a tube. I walk 10 mins from home (max), and around 20 mins the other end (I get there early so I can sit where I want on the train!). Would be quicker by tube 1 or 2 stops from Fen St but I prefer to walk.

lisyloo wrote: »

I think it's quite variable.
A few people on southern trains have lost jobs because they were so bad.
Northern are pretty bad.
Non-Air conditioned tubes can be very hot (up to 40 degrees this summer)
Virgin are good.

I've been on some shockers over the years so feel their pain. Greater Anglia was awful! And I lived in the south east for years and the lines there weren't great either!

Mine's airconned, comfortable, and generally reliable. But get your point and there are many areas further out I'd not move to because of their rubbish trains/lines! I'd also not live on a tube line either though cos I can't bear them unless I have to. Did 19 stops each way on the Central Line for 4 years. That was enough.

googler

CarrieVS wrote: »

My brother and I are both in the process of buying our first homes. Both mid-terrace ex-council former rentals. He's outside London and I'm in the North-East. His is a two-bedroom shoebox with a postage stamp for parking. It's exactly twice the price of my good-sized three-bed with a nice bit of garden.

Exactly - the OP could get their deposit quicker by saving for a smaller deposit, outwith London, if the two of them could be persuaded to look for alternative work, or retrain into different fields.

No idea where the OP is, but let's say they went for a 2-bed flat in Chingford, which comes in at £325,000, for 57 sq metres gross.

https://www.foxtons.co.uk/properties-for-sale/e4/chpk4404402


Relocate to Scotland, and a 2-bed flat with an easy commute (15-20 mins from front door-city centre) just outside the capital can be had for £140,000 or so (64 sq m).

25% of £325k = £81k approx
25% of £140k = £35k

£325k gets you a 4 or 5 bed detached house up here.

CarrieVS

I suppose I should have added that while you couldn't pay me to live in London, my brother is somewhat envious of my house-buying prospects but not enough to up-sticks and join me (and we're both in the same line of work.)

user1168934

pollyanna24 wrote: »

The way I think about it is that I live in the South East where prices are high (I appreciate that I already own my house, so more replying to what I've quoted rather than the original post), so although my house isn't massive, I have the option of moving further north where it is cheaper at some point in the future. So this could be an option for you as your two bed would be worth more than what a house would cost further north.

I live in Zone 7, but honestly don't understand why people want to live in London. I'd live further out, but for my job. When that goes, I might just move out to the sticks. And this is from a born and bred Londoner.

Thanks. Well, like I said I am considering the move but it is a huge decision you know ... but personally I would rather do it now than later because I want to be in a familiar place and have a few friends settled nearby by the time I get old or retire.


You also made a good point about jobs. Most jobs (not all of course) are in or around London which is why I have stayed close to London in the past. And I think OP is making a smilar point. But then again, I haven't switched jobs in years so I am not really sure if having many "available" opportunities is making a big difference for me personally.

I guess the biggest thing keeping me from doing it is the fear of the unknown - I have never lived up north. I have no friends or family there and selling up everything and moving all of a sudden is a big big step, especially when I have a family. Say if I don't like it there and wanted to move back, do you think I will be able to buy a similar property I have here in the south? I think it might be difficult.


Sorry OP, wish I had any answers. For what it's worth I think I am more puzzled than you about this whole housing ordeal in the UK. I do know a few friends who have bought their houses in london or around but they had substantial help from the bank of mum and dad. Unfortunately I am not so lucky, may be you are?


There will always however be the issue that most houses in the south east (at least the ones I can ever expect to own) are just too small.

lisyloo

I guess the biggest thing keeping me from doing it is the fear of the unknown - I have never lived up north.

You don't necessarily have to make a massive leap.
There is no way I'd suggest resigning and selling property and moving to somewhere you don't know at all.
First go up for a weekend.


When I moved to London, my first trip was to spend a week in a travelodge.
That had downsides mainly having to eat out all week, but it was the easiest way to see if I liked to team/office/commute for minimum expenditure.


We then went through a few months of getting a serviced appartment for 4 days a week. We could now self-cater and the downside moved to living out of a suitcase, but we did try different areas of London, different forms of transport, different commutes with again minimal expenditure and risk.


Then we moved to renting. A bigger commitment but we made the rental contract period the same as the employment contract period, so again minimised the risk.


It is certainly best to check somewhere out before making a massive commitment.
Moving away from your entire family/friend network is a massive decision.


I'm still down south but we're very clear on the pros and cons we've accepted.


Another option that springs to mind is to try to find a job that has a northern branch and possible travel/relocation opportunities.
Not that easy of course, but when I moved up I just changed office and kept my job and I'm planning on doing the same when I move out of London as well.