First Time Buyers- Can’t get on the Ladder

Blue_bell_20

We spent a good 16/17 months looking in a specific area, no more than 3 mile radius, with certain criteria, and we wouldn’t go above asking. We didn’t get anywhere really. 

Then we thought to look at a 10mile radius and relax some of the criteria. We bought a house. Albeit not in the area we knew, but who’s to say another area won’t be as good? We did a bit of research and then decided to risk it. It’s going fairly well, adjusting to it all. 

Try changing your criteria? Whether that is expanding your range or making a list of must haves vs nice to haves. 

AdrianC

nicknameless said:

first post plus hundreds of offers plus two to three year search equals (trolling)?

One property a week for three years... 150 properties?

I'd be astonished if all the local EAs weren't just going "Oh, it's you again..." by now.

07hthom

nicknameless said:

first post plus hundreds of offers plus two to three year search equals (trolling)?

We’re definitely not a troll. This is just the reality for young first time buyers in London. This is our first post because we joined this forum after yet another rejection we had on Wednesdays. It was a 2 bed £350,000 house that went for £380,000 (and this is in the cheapest area we could find). There are so many people in the same situation as us and it’s incredibly sad actually. 

07hthom

Blue_bell_20 said:

We spent a good 16/17 months looking in a specific area, no more than 3 mile radius, with certain criteria, and we wouldn’t go above asking. We didn’t get anywhere really. 

Then we thought to look at a 10mile radius and relax some of the criteria. We bought a house. Albeit not in the area we knew, but who’s to say another area won’t be as good? We did a bit of research and then decided to risk it. It’s going fairly well, adjusting to it all. 

Try changing your criteria? Whether that is expanding your range or making a list of must haves vs nice to haves. 

Thank you for one of the most helpful posts so far. 

The only criteria we have had is the area. Me and my partner work in complete opposite areas of London and we needed something in the middle so we could both get to work. So we found the cheapest area in the middle and  that’s where we’re looking. We tried broadening our search a few times but the areas surrounding were too expensive.

07hthom

AdrianC said:

nicknameless said:

first post plus hundreds of offers plus two to three year search equals (trolling)?

One property a week for three years... 150 properties?

I'd be astonished if all the local EAs weren't just going "Oh, it's you again..." by now.

Haha it’s funny because it’s true… They do say that to us but most of them are nice about it. If they have a house in our price range they let us know.

RelievedSheff

07hthom said:

nicknameless said:

first post plus hundreds of offers plus two to three year search equals (trolling)?

We’re definitely not a troll. This is just the reality for young first time buyers in London. This is our first post because we joined this forum after yet another rejection we had on Wednesdays. It was a 2 bed £350,000 house that went for £380,000 (and this is in the cheapest area we could find). There are so many people in the same situation as us and it’s incredibly sad actually. 

Unfortunately as sad as you think the situation is that is what you are up against and it is unlikely to change in your favor anytime soon.

Your current strategy clearly isn't working so you need to sit down and have a good long think about what you are going to change to make your bids on properties successful. 

Can you look at flats rather then houses for example? Broaden your search area? Rethink your budget?

Tiglet2

Rather than just looking at the middle point between your two work locations, could you look at an area where there is a train station (or London Underground) that you can commute to the two work destinations from?  For example if you lived south of the Thames, you can get trains that go to Canary Wharf as well as trains to Waterloo (obviously I don't know the locations you need).

lookstraightahead

Why don't you commute into London? Did an hour and a half each way for years. Sometimes you have to compromise.

07hthom

Tiglet2 said:

Rather than just looking at the middle point between your two work locations, could you look at an area where there is a train station (or London Underground) that you can commute to the two work destinations from?  For example if you lived south of the Thames, you can get trains that go to Canary Wharf as well as trains to Waterloo (obviously I don't know the locations you need).

Unfortunately it would take too get to work if we moved across the river got the train. plus we both drive because it’s quicker and easier. 

07hthom

lookstraightahead said:

Why don't you commute into London? Did an hour and a half each way for years. Sometimes you have to compromise.

We can only use our Help to Buy ISA bonus on a property up to £250,000 outside London and that’s not enough to even get a flat.

But In London we can use our bonus on a property up to £450,000.