Low salary can't afford to buy anywhere

Harrybrown100121

I am 33 years and want to move out of my parents, I just looked at my finance and I can only borrow around £110,000 which means I will never be able to afford a house or a flat. I live quite near Enfield. I was thinking about maybe moving further out but I can see the government plans to level up which increase property prices.

JGB1955

Back in the 70s not many people  could afford to buy a property on their own. I don't  believe that much has changed so.....

[Deleted User]

If you want to move out from your parents, you need to find something within your budget, whether renting or buying.

That means either increasing your budget or finding a cheaper property.

hazyjo

So earning around £24-25k pa? So that's around £1650 a month? How much have you managed to save over the years for a deposit?

I know the area reasonably well. Could you travel the short distance into London and earn more? It's a fairly low salary for London so I guess you're doing something local?

Could you retrain? Buy with a partner later on?

Sunsaru

Tbh honest, your only option (if you're that keen to move) is either look at shared ownership or look really further afield like Romford or Stevenage way. Not gonna get much for that amount any closer.

Grumpy_chap

Where does the OP work?  Luton could be a destination to consider.

testb2b

wages will catch up eventually with the prices. Wage inflation is required for affordability to improve. £50k will be average wages as the inflation fires up due to all this money printing.

FaceHead

hazyjo said:

So earning around £24-25k pa? So that's around £1650 a month? How much have you managed to save over the years for a deposit?

Given that they've been living with parents and paying low/no rent they should have been able to save at least £500 per month, so over the 15 years they've been working to date that's about £90,000. Combined with the £110,000 mortgage, £200,000 can get a decent 1 bed or grubby 2 bed flat around Enfield. 

hazyjo

FaceHead said:

hazyjo said:

So earning around £24-25k pa? So that's around £1650 a month? How much have you managed to save over the years for a deposit?

Given that they've been living with parents and paying low/no rent they should have been able to save at least £500 per month, so over the 15 years they've been working to date that's about £90,000. Combined with the £110,000 mortgage, £200,000 can get a decent 1 bed or grubby 2 bed flat around Enfield. 

I doubt they started saving when they first started work, or that they were on the same salary as they are now.

Let's hope they have something saved, but I'm not assuming anything...

Sunsaru

FaceHead said:

hazyjo said:

So earning around £24-25k pa? So that's around £1650 a month? How much have you managed to save over the years for a deposit?

Given that they've been living with parents and paying low/no rent they should have been able to save at least £500 per month, so over the 15 years they've been working to date that's about £90,000. Combined with the £110,000 mortgage, £200,000 can get a decent 1 bed or grubby 2 bed flat around Enfield. 

Thats a lot of assumptions to make considering what little the OP has posted.

Cakeguts

If you want to buy somewhere you will need to move to an area where your job with its low salary buys more.  That won't be in the South East.