No option to buy? Single people

littlemissbliss

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.  

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.  

Thank you
I am stashing it all away and making fairly quick progress. I am trying to get into freelancing on the side - and hopefully I can start dating again once lockdown ends. Hopefully this girl can get some luck one day haha

littlemissbliss

David2710 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?

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.       

No totally - my mothers has said the same thing. She thinks the prices will come down - not to sure how true that is in London - but the stamp duty holiday is defiantly keeping the prices high. 

littlemissbliss

BlueRydav said:

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!

Yeah i have thought about that - its just getting the deposit. It depends on how much the property is. If its 300,000 then that is still a big deposit for a single person to save - even at 5%. If there are properties in the 100,000s then its possible. 

SaintJudy

littlemissbliss said:

Mickey666 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?

Yes.  I had exactly the same issue, though from the male perspective.  I was earning decent money as a graduate but my salary would only fund enough of a mortgage to buy really grotty houses in grotty areas.  However, as soon as my GF graduated and got a job with a similar salary the increased joint mortgage we could suddenly afford opened up a whole new area of opportunity and we were able to buy a decent terraced house in a lovely village in the home counties commuter belt.  We've never looked back.

Oh yes, this was in the early 1980s.

My point is that a single FTB has always found it harder to buy a house than a couple - for obvious reasons.  In that respect, it's less to do with changes to the housing market over the past 40 years and more to do with changing demographics.

My nieces/nephews are all married, as are many of my friend's children and they've all managed to buy their first homes without commanding huge salaries.  They are mostly teachers, nurses, council office staff, uni admin, retail managers, that sort of thing - not high-flying corporate lawyers or bankers in the city.

I used to wonder how it is that with all the 'problems' of ever-rising house prices these 'ordinary' couples have managed to buy their first homes in their mid-late 20's.  I'm beginning to conclude it is precisely BECAUSE they are married, or at least partners sharing their finances.  

I'm in no way denying the house market is not tough for FTBs.  It clearly is and I can remember how frustrating it can be . . . . I'm just pointing out that this is nothing new or specific to today's market conditions.  T'was ever thus.

No i agree....its just frustrating because I feel I have to rush into a relationship - and lets face it. Its not fair on the guy either. I mean already id have to take a mortgage out over 20 years due to my age (40), and the older you get the harder it is. There should be more help for those who are single

Just to say that your thought about the length of the mortgage you would be able to get isn't strictly true. I thought the same until I spoke to a broker, I'm 47 and got a mortgage for 27 years at the beginning of this year. Granted that means I might still be paying it when I'm 75 but that's a long way off and knowing that, I can plan to mitigate it in the meantime

littlemissbliss

SaintJudy said:

Durban said:

Angela_D_3 said:

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.

Spot on. 'Advice' that requires a time machine is the most pointless advice anyone can ever give.

Anyway your point about Kent is good, it's exactly what I've just done. Single, mid 40's and on slightly less than the OP but I've just bought a 2 bed flat in Kent, in a village just outside Tonbridge and trains are about 50 mins to London Bridge. I had a good sized deposit which made the difference but there were definitely nice properties around here and even a bit into Sussex such as Crowborough or Uckfield that were in the 170-180 range.

It is doable, just not in Surbiton

Ah well done!
I am quite flexible with area - i have been looking at Surrey with a 5 mile radius. I have seem flats - Tunbridge Wells is a good bet also. Like you id like a 2 bed (id consider a spacious 1 bedroom flat). 

theoretica

littlemissbliss said:

I mean already id have to take a mortgage out over 20 years due to my age (40)

Your state pension age will be 68 though won't it, so you should have no trouble with 25 year mortgage. If you are planning on retiring early don't mention it to the mortgage provider!

littlemissbliss

SaintJudy said:

littlemissbliss said:

Mickey666 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?

Yes.  I had exactly the same issue, though from the male perspective.  I was earning decent money as a graduate but my salary would only fund enough of a mortgage to buy really grotty houses in grotty areas.  However, as soon as my GF graduated and got a job with a similar salary the increased joint mortgage we could suddenly afford opened up a whole new area of opportunity and we were able to buy a decent terraced house in a lovely village in the home counties commuter belt.  We've never looked back.

Oh yes, this was in the early 1980s.

My point is that a single FTB has always found it harder to buy a house than a couple - for obvious reasons.  In that respect, it's less to do with changes to the housing market over the past 40 years and more to do with changing demographics.

My nieces/nephews are all married, as are many of my friend's children and they've all managed to buy their first homes without commanding huge salaries.  They are mostly teachers, nurses, council office staff, uni admin, retail managers, that sort of thing - not high-flying corporate lawyers or bankers in the city.

I used to wonder how it is that with all the 'problems' of ever-rising house prices these 'ordinary' couples have managed to buy their first homes in their mid-late 20's.  I'm beginning to conclude it is precisely BECAUSE they are married, or at least partners sharing their finances.  

I'm in no way denying the house market is not tough for FTBs.  It clearly is and I can remember how frustrating it can be . . . . I'm just pointing out that this is nothing new or specific to today's market conditions.  T'was ever thus.

No i agree....its just frustrating because I feel I have to rush into a relationship - and lets face it. Its not fair on the guy either. I mean already id have to take a mortgage out over 20 years due to my age (40), and the older you get the harder it is. There should be more help for those who are single

Just to say that your thought about the length of the mortgage you would be able to get isn't strictly true. I thought the same until I spoke to a broker, I'm 47 and got a mortgage for 27 years at the beginning of this year. Granted that means I might still be paying it when I'm 75 but that's a long way off and knowing that, I can plan to mitigate it in the meantime

Well - i say I am 40. I am 39 but 40 next week haha
Thats always good to know ill remember that

strawb_shortcake

littlemissbliss said:

SaintJudy said:

littlemissbliss said:

Mickey666 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?

Yes.  I had exactly the same issue, though from the male perspective.  I was earning decent money as a graduate but my salary would only fund enough of a mortgage to buy really grotty houses in grotty areas.  However, as soon as my GF graduated and got a job with a similar salary the increased joint mortgage we could suddenly afford opened up a whole new area of opportunity and we were able to buy a decent terraced house in a lovely village in the home counties commuter belt.  We've never looked back.

Oh yes, this was in the early 1980s.

My point is that a single FTB has always found it harder to buy a house than a couple - for obvious reasons.  In that respect, it's less to do with changes to the housing market over the past 40 years and more to do with changing demographics.

My nieces/nephews are all married, as are many of my friend's children and they've all managed to buy their first homes without commanding huge salaries.  They are mostly teachers, nurses, council office staff, uni admin, retail managers, that sort of thing - not high-flying corporate lawyers or bankers in the city.

I used to wonder how it is that with all the 'problems' of ever-rising house prices these 'ordinary' couples have managed to buy their first homes in their mid-late 20's.  I'm beginning to conclude it is precisely BECAUSE they are married, or at least partners sharing their finances.  

I'm in no way denying the house market is not tough for FTBs.  It clearly is and I can remember how frustrating it can be . . . . I'm just pointing out that this is nothing new or specific to today's market conditions.  T'was ever thus.

No i agree....its just frustrating because I feel I have to rush into a relationship - and lets face it. Its not fair on the guy either. I mean already id have to take a mortgage out over 20 years due to my age (40), and the older you get the harder it is. There should be more help for those who are single

Just to say that your thought about the length of the mortgage you would be able to get isn't strictly true. I thought the same until I spoke to a broker, I'm 47 and got a mortgage for 27 years at the beginning of this year. Granted that means I might still be paying it when I'm 75 but that's a long way off and knowing that, I can plan to mitigate it in the meantime

Well - i say I am 40. I am 39 but 40 next week haha
Thats always good to know ill remember that

Do you have a LISA? That could get you an extra £2k towards a deposit in the next 12 months

zagubov

When I moved to London in the 80s, it quickly turned into a place where single people couldn't find a place for themselves. I don't remember anyone having a studio flat or a 1-bed. People who had a home to themselves would always take in a lodger to make ends meet.

I wouldn't worry about being too old for a mortgage. Loads of people I know have had mortgages until their 60s or beyond.

[Deleted User]

littlemissbliss said:

Deleted_User said:

FTB_Help said:

Wow! It's toxic on this thread, best put on a hazmat suit while im here.

Getting major throw back to 15yrs ago at my all girls school!

@littlemissbliss all i can advice is just keep saving, keep looking for ways to cut back on something, whether it's switching to a cheaper mobile, shopping in lidl basic, or even cancelling some of your streaming subscriptions.

Yes you could have probably been better with your finances in the past but whats the point in telling you something you can't change.

Just keep going, you'll get there in the end.

Agree. Although most responses are helpful, there are a few that show a remarkable lack of empathy for the OP and her situation. 

@littlemissbliss - Only you know your financial situation but it might be worth going through and seeing where you can make cutbacks (if indeed, you can). I've realised that I really don't need much to live off - food, petrol, rent and bills. Cutting back on all the non-essentials can make a remarkable difference over the course of a couple of years. Good luck!

I know. Thankfully I have no car bills, loans or dependants - but i have bills to pay and haven't got the luxury to sponge off anyone else. Everyone's life works differently which is why the government really needs to take this housing shortage seriously for everyone.

I'm the same (other than having a car). I like the idea of being financially independent but the reality of it is that sometimes it's more difficult than being in a relationship where there are two incomes. As someone who has moved from down South to up north, I would encourage this. The standard of living is comparable (if not better, since there is a lower population density) and the property prices are so much cheaper than down south. Of course, there are so many considerations such as work, friendships, family etc. but the 'north' is a vast area. If property is a priority, being up north would open up your options whereas it sounds as if you're limited by being in Surrey unfortunately.