No option to buy? Single people

theoretica

Unfortunately it makes perfect sense to me that couples are prioritised for properties - not as individuals with couple status being more important, but being able to pool their individual priority and the housing agency benefit more people with their limited resources.  As another single person I am very glad I don't live in that part of the world - and have discounted otherwise attractive jobs because they are in London and would not give me the life I want.  And no, I can't afford as much home as my friends who combine two salaries, but it is all mine and not shared.

Realistically, your options are to keep a broad eye on what might be available to you at the limits of where, what and how much and be ready to try try to pounce as soon as changing situations of your savings, prices and what is on the market turn up anything you prefer to renting. Or as suggested look at how much further a lower salary might go in other parts of the country and if you want to make major changes of that sort.

[Deleted User]

Indigo_and_Violet said:

I think it's been mentioned before, but I do think you could push yourself a bit more on the saving. 
£37k translates to about £2,400 per month, so you're currently spending £1,700 and saving £700.
Lots of advice on these boards about how to cut down your outgoings and increase your income.
As someone who took a paycut later in life I know it's hard when you feel like you've got to a particular age and you deserve to be able to have a few treats and buy things from the same shops all your friends do, but for the next 12-18 months you've effectively got double housing costs (rent and deposit saving) and being able to hunker down and build that deposit will make a big difference to your financial position in the longer term. 

The explanation is surely that OP is spending £1400 or so a month on rent and bills for a 1-bed flat.

Houseshares that'll accept (or be acceptable for) a 40 year old aren't that common.  Lodging with a family might be an option but difficult when you're used to having your own space and not being accountable to anyone else in your home.

Either that or OP really loves avocado toast!!

boxer234

I can’t believe in this day and age people are suggesting that the OP get a partner.  I am single after an awful marriage and plan to stay that way.  As for buying earlier not everyone has a step up from the bank of mum and dad.  

OP I sympathise it’s not easy.  You really have limited choices.  Save more or see if you can relocate.  There are some lovely cities up north.  I’m in the south east and you don’t need to have a family for shared ownership there are loads about.  

Indigo_and_Violet

Poster_586329 said:

Indigo_and_Violet said:

I think it's been mentioned before, but I do think you could push yourself a bit more on the saving. 
£37k translates to about £2,400 per month, so you're currently spending £1,700 and saving £700.
Lots of advice on these boards about how to cut down your outgoings and increase your income.
As someone who took a paycut later in life I know it's hard when you feel like you've got to a particular age and you deserve to be able to have a few treats and buy things from the same shops all your friends do, but for the next 12-18 months you've effectively got double housing costs (rent and deposit saving) and being able to hunker down and build that deposit will make a big difference to your financial position in the longer term. 

The explanation is surely that OP is spending £1400 or so a month on rent and bills for a 1-bed flat.

Houseshares that'll accept (or be acceptable for) a 40 year old aren't that common.  Lodging with a family might be an option but difficult when you're used to having your own space and not being accountable to anyone else in your home.

Either that or OP really loves avocado toast!!

Agreed. There's a reason I suggested it would be a push, and a hard one at that. I can understand not wanting to be in a house share for ever, but doing it for 12 months with a clear exit goal in sight changes the palatability to me. The market in London is favouring renters at the moment so there are some good deals to be had. I've lived in houseshares with 40 somethings in my late 20s - once you're all old enough to have to get up for work in the morning it was much of a muchness to me. Potentially a lodging arrangement might work well - the householder might prefer a more mature lodger and they're generally cheaper than tenancies. One of the benefits of having been in an area for a long time is having your ear to the ground for when good stuff comes up. Is it going to be a bit pants? Probably. Is it worth it? Only OP can decide. 

princeofpounds

boxer234 said:

I can’t believe in this day and age people are suggesting that the OP get a partner.  I am single after an awful marriage and plan to stay that way.  As for buying earlier not everyone has a step up from the bank of mum and dad.  

People aren't literally suggesting they should go and move in with someone just for accommodation reasons.

zagubov

Surbiton's not a place where people live out their lives. It's best suited for single people who need to get to central London quickly. Kingston's good schools put a price premium for houses.
Nearest area you might find affordable flats to buy would be in neighbouring Sutton. You just have to filter out the retirement flats.
https://www.rightmove.co.uk/properties/78215589#/
https://www.rightmove.co.uk/properties/79116597#/
https://www.rightmove.co.uk/properties/90162100#/
https://www.rightmove.co.uk/properties/71007762#/
https://www.rightmove.co.uk/properties/71007762#/

One of these looks like you have to step on the toilet to reach the shower!

I'd seriously consider looking for work in a big city outside London.

David2710

littlemissbliss said:

I just wanted to know if there was anyone else in my situation.

I am a single female – and struggling like hell to get on the property ladder.

I am on a 37,000 pa salary and saving on average £700 month towards my deposit.

Unfortunately, Shared Ownership would be my only option as my lone salary wouldn’t allow me to borrow more then £166,000 and in surrey you can’t buy anything with that – even further out. I can’t do help to buy as the properties are still stupidly high. However, the issue I am running into with Shared ownership is I am never classed a ‘Priority’ – even on one bedrooms.

I mean its getting a tad ridiculous. I would have thought it would be based on if you could afford it, and reading that couples are classed more of a priority really annoys me.  I am on the edge of just giving up as there doesn't seem to be an option for those in my situation. At my age my friends have families so a house mate is out of the question. 

Anyone else finding this?

Before jumping in I would seriously consider waiting to see what happens when furlough ends. I remember buying my first flat just before Black Wednesday in the early 90's and my flat that I purchased for £180K was subsequently sold at auction for less than half that amount. I was later sued for the balance by the lender. Traditionally house prices were around 3 X average salaries but these days it's more like 10 times. It's completely unsustainable and the reason why so many people in work are reliant on benefits to pay the bills and put food on the table. Anyone tying themselves to 25 years worth of debt in these uncertain times must be stark raving mad IMHO.       

BlueRydav

Dear OP,

I completely understand your frustrations. As a single male in my mid-20s, having a job in London (very few options elsewhere in my line of work) meant I thought that ownership was probably out of reach for me too. However, i'll soon be completing on a Help to Buy 1-bed property in a leafy suburb of Croydon, with a 25-30 min train to London Bridge. Instead of paying £750 rent a month, i'll now be paying £495 mortgage a month (although I was on the borderline of affordability paying £250 less.. make it make sense!) 

With your salary, you're within range of a £300k property using the HTB London scheme with a 5% deposit (subject to any debt), and there are a number of properties available in places like Croydon / Hackbridge / Purley / Sutton etc.

It's not easy, and using HTB has its flaws of course, but if there is any chance of getting on the ladder i'd say it is worthwhile especially compared with paying eye-watering rents in Greater London. 

As a word of caution, make sure that you consider if now is the right time for you. You need to ensure that your job is stable and that there is very little chance that you might lose your income in the near future especially as we approach the end of the pandemic. It is much easier to back out of a rental, than it is to back out of a mortgage!

Durban

Angela_D_3 said:

littlemissbliss said:

Angela_D_3 said:

littlemissbliss said:

AnnieB2018 said:

Surely you will need to buy a 1 bed hovel then, same as thousands of other young  and young-ish single people before you.

I am 40 - so i would rather not buy a hovel haha

You should have bought earlier then thats the bottom line

Wow haha
Yes life works that way.
I don't think you have any idea what my life situation was. I was in an abusive relationship and then he left me for a another women, leaving me with nothing. I think you should hold off making such offensive (and stupid) comments quite frankly. 

Yawn.  Same my dear.  Still bought s house before meeting the abusive twit.  You should think yourself lucky you dont have 4 children to supoort and house too.  

Angela_D_3 said:

littlemissbliss said:

Angela_D_3 said:

littlemissbliss said:

AnnieB2018 said:

Surely you will need to buy a 1 bed hovel then, same as thousands of other young  and young-ish single people before you.

I am 40 - so i would rather not buy a hovel haha

You should have bought earlier then thats the bottom line

Wow haha
Yes life works that way.
I don't think you have any idea what my life situation was. I was in an abusive relationship and then he left me for a another women, leaving me with nothing. I think you should hold off making such offensive (and stupid) comments quite frankly. 

Yawn.  Same my dear.  Still bought s house before meeting the abusive twit.  You should think yourself lucky you dont have 4 children to supoort and house too.  

What the hell is wrong with you. The OP is asking on here for some advice , not bitter comments such as yours.

OP - Difficult situation to be in.  Are you wanting to stay in Surrey because of the proximity to your job in London?   

Surrey can really be a very unaffordable county.  What about Kent towards the Dartford area. I know Dartford itself is not pleasant but how about looking at properties close by.  There really are some lovely villages in Kent close to good rail links.  It sounds as though you don't need to be close to good schools so that may make it more affordable for you.

Durban

Tiglet2 said:

littlemissbliss said:

I just wanted to know if there was anyone else in my situation.

I am a single female – and struggling like hell to get on the property ladder.

I am on a 37,000 pa salary and saving on average £700 month towards my deposit.

Unfortunately, Shared Ownership would be my only option as my lone salary wouldn’t allow me to borrow more then £166,000 and in surrey you can’t buy anything with that – even further out. I can’t do help to buy as the properties are still stupidly high. However, the issue I am running into with Shared ownership is I am never classed a ‘Priority’ – even on one bedrooms.

I mean its getting a tad ridiculous. I would have thought it would be based on if you could afford it, and reading that couples are classed more of a priority really annoys me.  I am on the edge of just giving up as there doesn't seem to be an option for those in my situation. At my age my friends have families so a house mate is out of the question. 

Anyone else finding this?

There isn't a lot of choice in your preferred area.  This studio apartment is very small, but it's not shared ownership or Help to Buy.  I think it would be a stretch, but it would be your start on the property ladder.  Since property in Surbiton is so expensive, this would be one way of staying in the area with your normal commute and in about 5 years time, you may be in a good position to move up to the next rung on the ladder.

https://www.rightmove.co.uk/properties/102074768#/

It can be difficult to get a mortgage on studio flats and can be difficult to resell later