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At what price is a house considered 'expensive' in Britain?

Poll

Above what price do you think a house is 'expensive' in Britain

obviously this is a little bit subjective and varies from region to region. But in general, what do you think is the cut-off price where anything above it is 'expensive' (in other words anything below is 'not expensive' ). More in terms of what older generations (i.e. your parents) would think.
(edited 8 years ago)

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Reply 1
Avatar for TheNote
TheNote
3
My parents own 3 houses, 2 in the UK and 1 in France.

The one in France is worth roughly £150,000 (in the Pyrenees) while the two UK ones are around £130,000-135,000 (in Cardiff)

When i look at house price differences the largest difference i see between the two countries is that land is WAY cheaper in France, a 1 acre property in Shropshire could cost you £350,000+ if it's decent, in France you could pick one up for half that.

I said £300,000 or above is expensive, this is because most people can't buy a mortgage for a house if it's over £150,000 for their first home, so double that is £300,000 which could realistically be your second home if your willing to keep paying mortgage, and anything above £300,000 is normally out of reach even for middle aged peoples mortgages.
Original post by MaskOfKeaton
obviously this is a little bit subjective and varies from region to region. But in general, what do you think is the cut-off price where anything above it is 'expensive' (in other words anything below is 'not expensive' ). More in terms of what older generations (i.e. your parents) would think.


Pretty much any house


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Reply 3
Avatar for Drewski
Drewski
19
The regional differences makes this a hard one. What's expensive in most of the country wouldn't buy a garage in the capital.
Reply 4
Avatar for M14B
M14B
18
In London probably over one million
Reply 5
Avatar for Andy98
Andy98
20
Said 100k cause I'm broke as ****
Well it depends on your circumstances.

The most significant question is "is it too expensive for a first time buyer that doesn't have access to considerable parental assistance".

The average deposit for a first time buyer is about 17% although to get a cheaper mortgage deal you would probably need more than that. So say a house is £250,000 you would need a £50,000 deposit to get to 20% and I think once you go above that it becomes "expensive" because it will take a long time to get to £50k.

In London for instance a graduate might be taking home £1600 to £1800 a month, rent and transport probably pushes about £1000 so once they have factored in living costs they might be able to save about £200 to £400 a month so say £2,500 to £5,000 a year, which means 10 to 20 years of living frugally to get a deposit together.
Original post by MagicNMedicine
In London for instance a graduate might be taking home £1600 to £1800 a month, rent and transport probably pushes about £1000 so once they have factored in living costs they might be able to save about £200 to £400 a month so say £2,500 to £5,000 a year, which means 10 to 20 years of living frugally to get a deposit together.


Assuming their salary doesn't rise.
Original post by macromicro
Assuming their salary doesn't rise.


True - maybe a scenario factoring in a salary rise would be that graduate takes home net £1600 to £1800 a month when they start, then after a few years if they are on gross £50-£60k then thats more like taking home £2600 to £2800 a month which allows them to save considerably more, eg £10 to £12k a year if they are frugal.

But even so it takes quite a while, I think a lot of graduates will be looking at mid 30s before being able to buy.

Different in the north obviously.
I'd say anything above £1m is an expensive house but that's just because of the prices I'm used to seeing


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Any house, no matter what the value, is expensive if you can't afford the mortgage and running bills.
I'd probably say anything above 400k. That's when the houses start getting pretty big and only people on pretty good salaries can buy (hopefully me one day :smile: )
Original post by uberteknik
Any house, no matter what the value, is expensive if you can't afford the mortgage and running bills.


I can't afford any house but a house that cost £50k isn't expensive at all


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In inner London, I'd say the gross national product of Japan.

Anything under that is a bargain.
Original post by Underscore__
I can't afford any house but a house that cost £50k isn't expensive at all


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Expensive is a subjective quantity determined by each individual.

£1,000,000 is pocket change for a billionaire, whereas £50,000 is a kings ransom for someone on minimum wage.
100,000 can't be that expensive considering, its pretty much impossible to get anything below that.
Well, a week ago I read an article saying the average home in the uk is ~£270,000, so anything above £400,000 would be "expensive" compared to your average home in the UK.

Fun times for me living the the south east in the commuter belt around London where £270,000 is the averge price of a STARTER home, and the average cost of a house is well into the 400k mark, but I guess most people have an inflated London salary to go with it :frown:
Original post by uberteknik
Expensive is a subjective quantity determined by each individual.

£1,000,000 is pocket change for a billionaire, whereas £50,000 is a kings ransom for someone on minimum wage.


I agree that what's expensive is subjective but things are also relatively expensive. Relatively speaking £50k isn't a lot of money for a house in the UK.


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You have to be crazy to pay the ridiculous prices for a home in London.

High levels of pollution hemmed in by ugly "luxury" apartment blocks, overcrowded, large 3rd world and EU immigrant communities, stabbings every other day, unfriendly fragmented atmosphere and oversubscribed schools full of kids who don't speak English properly.

I have no idea why anyone would take out a half million quid mortgage to setup home and have a family in London.
All relative to your lifestyle, income, upbringing and size (no. of beds, baths, detached etc) expectations...

For me, an expensive house would be more than the price of where I currently live (at home, one of my parents houses) which comes in at £500-600k for a 4 bed, detached, 3.5 bath in a nice area.

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