First time thinking of buying. Overwhelming. :|

ncmscnc

I am on my own, with a 10k deposit. 28k pa. <35 age I don't know where to start or how to settle down. I don't even earn the median income of my own area in London an dI don't think it's going up in the next couple of years.
Feel like a fish out of water in London on my own. Should I be concerned about schools and median income of the area when choosing a place to settle down with a flat? Do I even have to think of a family if I don't have any immediate prospects? 
1 bedroom enough? should there be more? This is all before even starting to think of all the schemes available to wade through to find the best one. 
I don't know what help this rant serves. May be if someone out there had a similar experience, please drop by and say hello. I might ask loads of questions but at least I know I am not alone against the world. lol.
  

Slithery

You need to save a much bigger deposit, your £10k will only let you buy a £100k property. You haven't a chance of buying in London until you've doubled or tripled the amount you have saved up.

AdrianC

£28k income, £10k deposit, single... And you're looking to buy in London?

Not. Happening.

Sorry, but...

Slithery's even giving you false hope saying sufficient equity for £100k purchase - at the moment, few lenders are going above 85% LtV, which means about £70-75k purchase. Not even a small share of a shared ownership...

Job 1. Improve your income.
Job 2. Save.
...ideally...
Job 3. Relocate.

Vestraun

£28k will give you a max borrowing capability of £126k but may be reduced if you have debts or other monthly commitments. That and a £10k deposit would allow you to buy £136k, however you’re limited by needing at least a 10% deposit but in current climate more likely 15%. Realistically to buy somewhere in London you need a bigger deposit, a bigger salary and another persons salary. 

numbercruncher8

At £10k you may have to forget about London for a while.

Unfortunately, you are priced out. Even those earning the median income in London are priced out without a massive deposit.
If you want to own, something like shared ownership or HTB can be considered, IMO in your position I don't think they are great choices without a prospective increase in income.

If you want to own and can add another £5k to the deposit IMO the best you could hope for is a studio in the outer zones currently.

Probably it may be worth examining your current situation. If you reduced your costs as much as possible and maybe found some new income streams, your deposit could go up quite quickly. At the £150k level you'd probably be able to get a 1-bed flat in the outskirts somewhere.

dimbo61

Go North young person.
Get out of the madness that is the South.

csgohan4

Bare in mind buying costs such as solicitors, surveys e.t.c
Do you need to buy in London? I moved out as I couldn't afford to buy in London, bought a much bigger house than I would for a box room in London

NameUnavailable

Also, as you can only afford a flat (if you look further out of London but commutable) be aware of all the problems facing leaseholders at the moment with zero value flats due to EWS1 forms that can't be provided by freeholders and the upcoming fire regulations which will land leaseholders with even bigger bills in the future.

Presumably you rent somewhere at the moment so I would advise you to keep saving and keep renting, but, if the market crashes later this year which some people are predicting, look to invest your money in a property outside london and let it out.

ncmscnc

Reading through the responses, my anxiety just went through the roof. (which is someone else's as I am lodging with a live-in landlord) 

This is depressing and I only on my own with no else depending on me. I might start looking for job prospects in the north, possibly even can own a personal transport like a car or a bike If I moved away from here. 

macman

There are studio flats on Rightmove in S. London for around the £140K mark, but not many.

AdrianC

macman said:

There are studio flats on Rightmove in S. London for around the £140K mark, but not many.

Many studio flats aren't mortgageable.