(First time buyer) First time moving to London - Shared Ownership or rent?

capt_trouble

Hi guys,

I have just been offered a transfer to London and so I'm seeking some advice on what I should do in terms of moving into a place - if you don't mind me seeking the wisdom of the board!

I currently live in Glasgow with my parents and on decent enough salary. I've been offered a role in London for £42k a year. It's a great opportunity and it would be really good on my CV. I have no debt and £20k worth of savings.

My mate currently lives in London but is looking for a new place to stay, so he'd happily find a place with me - so renting with him is my first option.

However, I have just recently discovered the 'shared ownership' option. Is this something that I could even consider in my salary bracket? Or is it too expensive? Are there any positives to this against the normal renting option?

I'm a first-time buyer and woefully ignorant of the cost of living in London - so any sage advice would be most welcome.

hazyjo

I'd say rent


London is enormous and areas vary from street to street, let alone postcode. Find out where suits you to live. You don't want to have to change tubes (ideally!) on your commute.


You also say 'would be really good on my CV' which maybe leads me to believe you don't intend staying long term. Is the job for a certain term on a contract or a permanent position/move (for now)?