Unaffordable housing

Matthewpatton

This might sound a bit odd, but what do you do if you really want to own a property, you are both working but can't afford to buy where you live because it's so expensive? Obviously, you would think 'move' but our jobs are here. We live in Oxfordshire, average property £400k. Between us we earn under 50k. Part buy part rent seems to me the worst of both worlds but I hate renting. Can't think of a way round. Any ideas folks? Otherwise I kind of think 'what's the point'. We're not eligible for any schemes or for council housing.

kimplus8

If you are earning under 50k then you are eligible for some of the council schemes.

HampshireH

That obviously depends on your criteria.

Just putting Oxford in rightmove for 2 beds or more comes up with 41 results for 2 or 3 bed houses under 280k. Starting at 210k.

[Deleted User]

Matthewpatton wrote: »

This might sound a bit odd, but what do you do if you really want to own a property, you are both working but can't afford to buy where you live because it's so expensive? Obviously, you would think 'move' but our jobs are here. We live in Oxfordshire, average property £400k. Between us we earn under 50k. Part buy part rent seems to me the worst of both worlds but I hate renting. Can't think of a way round. Any ideas folks? Otherwise I kind of think 'what's the point'. We're not eligible for any schemes or for council housing.

£50k between you means that either one or both of you earns under the UK national average yet want to buy in one of the more expensive areas of the UK. Is it likely your incomes will increase significantly in the near future?

The average property price might be £400k but surely there are properties that cost a lot less than £400k in Oxfordshire?

wymondham

Oxford has a canal system - have you thought about alternative housing options?

Matthewpatton

I have yes, but partner doesn't want to plus the canal network here is really strictly run, in Oxford itself you have to move every two weeks, that means in the whole of Oxford. A residential mooring also costs a fortune. Thanks for the thought.

G_M

wymondham wrote: »

Oxford has a canal system - have you thought about alternative housing options?

If you are hinting at narrowboats on the canal - finding a residential mooring in the oxford area is all but impossible. And even continuous cruising is a nightmare there as most moorings are restricted to 24 hours or a few days, rather than 14 days as elsewhere. So you are constantlyon the move.


That's before you look at costs of purchase, insurance, licence, maintenance etc etc....

MovingForwards

Then look further out and commute into work.

Simby

There seem to be 40 properties for under 200 k in Oxford?

epinjy

This probably reads like a bit of a rant, don't take it harshly or personally. I think 'put up or shut up' sums up my thoughts on this topic.

Personally, I think 'what's the point' in choosing to live in a more expensive region on below average salaries and complaining about the affordability of housing. If you want to live in what is considered a more 'desirable' area (using average house prices as a proxy for desirability) then you'll have to pay for it, because if you wont then there are plenty of others who will, hence why prices are higher in that region compared to elsewhere. I would suggest that on a joint salary of £50k, you have average kind of jobs that could be found quite easily in cheaper regions.

I moved from Berkshire to Northamptonshire, took a pay cut and I'm something like £10k a year better off owning compared to renting. In my judgement it was not realistic to expect a salary high enough to make it worth living there.

If those on average or below average salaries stopped accepting to live in slum HMO's or paying all of their disposable income in rent each month and simply moved away, then I'm sure we'll really see how much more 'desirable' those regions really are. The UK outside of the south east isn't exactly the third world country (countries) that some people seem to think it is.

AdrianC

You've got three choices.

1. Commute further.
2. Lower your standards/expectations.
3. Increase your income.

You don't say where in Oxfordshire you work. Oxford itself?

RM has 520 <£200k properties, including some really rather nice places, in the county.

Wantage - https://www.rightmove.co.uk/property-for-sale/property-72858151.html
15 miles to the city centre park and ride. Job jobbed.