First Time Buyers- Can’t get on the Ladder

badger09

OP has been remarkably coy about where they work and want to live. Also dismissed all suggestions re changing their search criteria, commuting etc.

Perhaps they just want to vent, rather than actually seek advice

pretamang

Lots of my friends that teach are moving out of London as they just don't see it as a place where they can afford to buy a house; many of them going overseas for a better salary and cheaper living costs so they can save up for when (and if) they return.

Having spent my 20s and then some in London I had to move out and commute and afford a family home, as has everyone I know. My friends that are still in London either rent or have bought small-ish flat (none of them have kids).

Without knowing more about your personal circumstances I see the options are: keep going until you do get lucky, rent longer term in London, move out and commute, or move jobs and live somewhere where the salary/house price balance is more do-able.

katkatmachine

We bought a house outside London, in the southeast, but we still work in London. Commute time is 1.5-2 hours per day. My partner is the one usually commuting since I still WFH. She’s a nurse. 

My partner doesn’t really mind the commute and got used to it, she’s taking the national rail so it’s not stressful and noisy compared to the Underground. 

If you really want to buy a house you have to compromise somewhere. 2-3 years of searching and still nothing? There is definitely something wrong with your strategy. I think if you had been more open, considered a lot of options before, and compromised, you would have been long-time homeowners by now and the value of the house that you could have bought 2-3 years ago might have appreciated a lot already. 

Indigo_and_Violet

07hthom said:

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.

I understand not wanting to completely uproot to a different city or adding a very long commute, but what about one of you moving to another school in London that would open up access to a different housing market? If you are young teachers then after 2-3 years it wouldn't be unusual to be looking for a promotion. If you got one within cycling distance you'd also reduce your outgoings as you'd be able to get rid of a car (you need good panniers and good organisation to manage bringing books home for marking but it's doable if you focus on marking in school and lesson prep at home). 

Getting_greyer

You might be eligible for the First Homes scheme, which I think is being piloted in Bolsover atm.  Not sure when it's rolled out UK wide.  

theoretica

Can either/both of you look to change job so that you work closer together and so open up more possible places to live?

Have you had a direct chat with a few estate agents or your mortgage broker about your strategy? People who know the local market.  Are you being attracted to the properties which have been underpriced - and so of course look nicer than ones which have been realistically or optimistically priced - but of course sell for well over the headline price?  Or is everything going for over asking?

MrsBrush

Best bet, in my mind, is look for the properties that have been on the market for a couple of months. They will be the 'unattractive' ones, where the photos don't do the place justice, and they need some TLC. Quite often, these are full of the owners' stuff and need redecorating and modernising - all cosmetic but they do put people off even looking at them.

Quite often there are deals to be done with this type of property, but you have to look beyond the decor and look at the potential. Then you have to be prepared to get your hands dirty and clean, redecorate, etc etc. This can take time, money and effort, but is rewarding both in achievement and financially over time.

Every buyer has to make compromises somewhere as the 'perfect' property almost always doesn't exist. If you cant / choose not to compromise on location and commuting, maybe a project in the right area, with a less appealing house is the way forward. 

AdrianC

@ThirdGuitar, meet @07hthom.

https://forums.moneysavingexpert.com/discussion/6290656/struggling-to-sell-london-flat/

Elle83

We were in a similar situation, albeit in 2012. I lived in London  met my husband who was from Yorks. He moved to London and we rented, I'm a teacher, he's not. We were never going to be able to buy what we wanted in London so we moved up to Yorks. I worked at an academy chain and they sorted a transfer to one of their northern schools, I kept my London salary but had a TLR3. 

It appears you don't want to move out of London, but if it is really just down to the London salary, there are ways to make that up - promotion/TLR etc. Academies have their own payscales too so the difference isn't always as big as you think. It might be worth at least looking at salary/jobs etc. 

jackieblack

07hthom said:

lookstraightahead said:

07hthom said:

Areas with houses as cheap as that are too far away. We cannot be spending 2 hours travelling to work. We’re school teachers, we can’t be spending 4 hours of our day travelling. 

This is the issue (I'm not having a go honestly). You have to compromise somewhere. 

If you are teachers can't you teach outside of London? It seems you've a double blow as you don't get the benefits of a high London salary, but want to stay central.

So this means we can either put up with hours and hours of travel, or accept a huge salary cut where in some places drop our salary by nearly half? 

Overly dramatic much? 🤦🏻‍♀️

Ok, have it your own way, it’s all hopeless and you’re never going to find anywhere - happier? 🤷🏻‍♀️