Please help me buy a home (Update on page 4)

Jami74

I live in the South East with my two (nearly) adult children, dog and partner currently paying £1200 a month rent. I am the main breadwinner, despite budgeting and saving and stoozing and working overtime I don't think I'll ever be able to afford more than a two bedroom flat. I'm nearly 50 so time is running out.

I work for the NHS so could relocate. I've done a search on Rightmove, there's a 4 bedroom detached house in Hull for £240,000 and there are 3 bedroom houses for less. Am I missing something? Is it really possible to buy properties that cheap? I don't have any real need to stay down here.

Brie

Yes houses tend to be cheaper up north.  Highest prices are London, South East in general and some of the nicer coastal places that attract a lot of retirement types. 

Question is where do you want to move to?  Is there a reason to go to Hull in particular?  What about your friends, family?  Do your children want to move?  Might not be an issue if they are about to head wherever for uni but they may have been counting on continuing to live with you while going somewhere local.  What about your partner? 

Maybe start with another agenda - where could you get your dream job?  Figure where your partner and kids fit in with that and then look at houses.  

EssexHebridean

You’re not missing anything - property prices do vary around the country. You will possibly find a drop in salary in those areas where the property I cheaper, but even that may well depend on what it is you do. 

There are cheaper areas of the southeast too though - so a drastic move may not be needed. How do your children and partner feel about the idea of uprooting so far away from what they currently call home? 

elsien

What about your partner? What are their views on moving so far away?

Jami74

Thanks for your comments. I don't have a dream job, I work for money, and I'd apply for the same band job within the NHS so pay would be the same. Partner works in a supermarket, I imagine even up north they still have to pay minimum wage? None of us have many real life friends outside of work and would make friends with new colleagues. Neither offspring have strong ties, one works from home with monthly visits to the office and the other is learning online. 

I only looked at Hull because there were jobs in the hospital I could apply for.

zagubov

I'm pretty sure you can find somewhere more central in England where you can get affordable housing but still get to London or other big cities with good facilities.

Look around the M1; places like MK, Bedford, Dunstable then, further north, Birmingham or maybe Leicester.
If you want to stay in the south-east,  have you checked Worthing or Portsmouth?

Jami74

I've been saving in a Help to Buy (was too old for Lisa) so if I buy a property for £250,000 or less then I'd get a bit of government help. Between me and my partner we'd have £25k for a deposit plus money for moving and fees. And my aim would be to pay off the mortgage before retirement age. 

I suppose my first steps would be to get a job there, maybe staying somewhere cheap to start with until I bought a property and then my family could move up. I think it takes months to buy a place.

MikeJXE

Yes it is possible to buy properties that cheap if you are a Londoner 

I remember selling my 4 bed in 1999, the agent wanted a viewing for a family from London, the viewing was arranged and it took them all of 5 minutes to view, they went through the place like a whirl wind and left.

10 Minutes later the agent rang to ask if thy could come back, apparently they were in shock, couldn't believe they would get something so big for so little 

They offered the asking price same day and stayed there 15 years

My place is half mile off an A42 junction midway between Birmingham and Nottingham, perfect on the road network. 

So yes get out of London and buy much more 

zagubov

The key thing for someone having to cope with London property prices on public sector salaries is that if you can find similar work elsewhere, the salary drop will be massively dwarfed by the property price reduction.

Mutton_Geoff

https://m.youtube.com/watch?v=yTS-rz5Ofuo&pp

Jami74

Thanks @Mutton_Geoff
Maybe I'm better off paying rent for the rest of my life rather than buying an affordable home in Hull.