I don't know what/where to buy. Please advise

iuzarneim

Good evening all,

I just discovered this forum while I was trying to get more and more information about what shall I do. I am working and earning "average" in Bristol for about 3 years and I am thinking to buy a house/flat. The main problem is housing prices up to the sky in town. According to the statistics, property market went up 30% in the last 5 years. I am renting for 2 years (I sat 1 year sharing) and I am fed up paying 700+ for rent. I have an AIP where I can borrow up to 130k + 15% deposit (due to my circumstances) which I have it (22k savings). I am looking for more than a month right now on market and there is nothing I can afford/buy. I already viewed 3 small flats(140k+) but I cannot see myself in them being extremely small and far from where I work.
I also went to Newport and seen a flat and a house (the market is lower but the city is quite ... you know what I mean). It seems everyone is living on benefits, bags thrown on streets and furniture in their gardens/driveways. If I buy something in Newport, I will travel to Bristol to work and do shopping almost daily (in long term it will be hell). What shall I do guys?
To complicate more my situation, I must say I am from Slovakia and nobody knows (yet) what will be my faith in UK after 29th March. I am also thinking just to get used with the idea of renting here and with my savings and a loan to buy something home and renting (I see myself here for long term but I must do something while I am young).
I also took in consideration Share ownership scheme but it will help for short term (IMO) just because mortgage + rent/service charges will be same as buying a property @120-140k.
I can't see at the moment Share to buy a solution. Even if I live there 10 years, doing overpayments and finish the mortgage, I will take back x% of what I own and not what I paid. Of course, x% is better than 0 (by renting). I read a lot of info about share ownership and the "rules and responsabilities" are against you from the day one you moved in.

I have no idea what to do....

ka7e

If you could stand an even longer commute - Cardiff looks affordable and has more "buzz"!

Cakeguts

I think what may have happened here is what happens to some people who move from a cheaper part of the UK to London. They see the salary for the job and think that it is more than they can earn where they live. What they don't realise is that the salary in London although more than the cheaper area of the UK that they come from isn't enough for a good quality of life in London because it is just so expensive there.



Bristol is expensive. If you want to work in Bristol on an average salary you can really only afford to rent there. Owning a property in the UK doesn't give you automatic right to live in the UK.

Davesnave

If you were relocating, Swansea would give you more for your money than Cardiff, but there's a reason. Most of it isn't fashionable and it has little 'buzz,' but it is real seaside and the Gower Peninsula is nice if natural environments switch you on more than clubbing and footy.

Niv

Have you considered further south, Weston for example? It is quite cheap there and depending where in Bristol you are it may only be a 30min commute. Not a specific recommendation just wondering if you have looked into Somerset as you seem open to Wales.

lisyloo

Have you looked at Chepstow?
Cheaper than Bristol, not a bad place, motorway acces and really not far from Bristol.
My aunt and uncle bought a flat there when my grandfather needed a lot of visiting and it was cheaper and their flat was really nice and they liked the town.


Are you able to tell us roughly the location Bristol you work? Is it central?

iuzarneim

I live in Fishponds but work in Filton; and day to day traffic and congestion between Ring road, M32 and Filton road is killing me
I was thinking to move in another city but I like the job I have and I am terrified to start again to live and work in another city. I was looking online for some jobs in Weston/Newport to be closer to "home" but I couldn't find much. Maybe is this period of year where employers don't need staff, who knows?!

I am thinking more and more about buying 50% of a house in Bristol, do overpayments and finishing it in about 10 yrs. But I don't know exactly how much the developers/management will increase rent/service charge over time. As I said, on paper, moving from rent to S/O will save me 100-125 a month on actual charges (who knows next year/5 yrs). But I`ll live on a "brand new flat" which, in theory, doesn't need any improvments (repaint, maintenance, repairs,etc).

We (FTB's, young people,low to average incomers) are doomed here.

AlexMac

Can't advise on where to live (I nearly moved to Bristol 30 years ago, but didn't as the job flopped) but ...

-you won't have a problem, as UK (like most EU states) have said that people from EU can stay here after Br(maybe)exit can apply free of charge for settled status in UK:

https://www.gov.uk/eusettledstatus

gettingtheresometime

In fairness Newport is no different to any other city......there are bits of Cardiff that I wouldn't want to live in.

Bear in mind Chepstow is going to increase in price, if it hasn't already, because of the scrapping of the scrapping of the tolls

James_Green_1982

lisyloo wrote: »

Have you looked at Chepstow?
Cheaper than Bristol, not a bad place, motorway acces and really not far from Bristol.
My aunt and uncle bought a flat there when my grandfather needed a lot of visiting and it was cheaper and their flat was really nice and they liked the town.


Are you able to tell us roughly the location Bristol you work? Is it central?

I think Chepstow can be quite expensive.

lisyloo

James_Green_1982 wrote: »

I think Chepstow can be quite expensive.

My info may be out of date then.
It was certainly cheaper when my aunt and uncle bought but that was some time ago so perhaps the free bridge tolls are now priced in?