Buying a house in London and the south easy

It seems impossible to buy a house on your own in these areas.

Indeed, unless you have generous parents to help you out with a deposit, a very well-paying job or (more likely) are a couple with very well-paying jobs and significant savings to put towards a deposit.

Shared equity schemes are a possibility, but the details need looking into carefully. Until someone sorts out the supply-side of housing, and stops coming up with increasingly short-sighted and cretinous schemes which do nothing but inflate house prices further, the outlook still looks a bit bleak for first-time buyers in London and the South-East.

Reply 2

TSR George

Is it the same up north? Will levelling up change this

Reply 3

Reality Check

Haha - 'levelling up' is one of Boris' meaningless slogans. Don't trust a word that lying toad says.

The North has historically lower house prices (on average), but also lower wages. There are parts of the North, such as Cumbria, North Yorkshire, Manchester, where property prices are at an all-time high, so it's not uniformly 'lower in the North' - though on average it is.

Reply 4

Mesopotamian…

Original post by Reality Check

Haha - 'levelling up' is one of Boris' meaningless slogans. Don't trust a word that lying toad says.

This is the single best post I have ever read on this site :congrats:

Reply 5

Reality Check

Original post by Mesopotamian.

This is the single best post I have ever read on this site :congrats:

Reply 6

londonmyst

Not impossible.
But quite difficult to buy in a reasonably desirable area without access to a six figure salary/bonus, inheritance or parental support.
Will generally take a lot of time for a single person to save up enough for a 15-20% deposit and almost all mortgage companies will require first time buyers to have a very good credit history.
I'm looking to buy a property over the next 18 months and know that I won't be able to afford London, Sussex, Surrey or Kent property prices.

Reply 7

Milky1

Original post by londonmyst

How much savings do u have

Reply 8

black tea

Original post by Reality Check

There are parts of Cumbria where you can buy a property very cheaply. You probably wouldn't want to live there though :redface:

Reply 9

TSR George

But Teeside has had a lot of investment and surely prices will rise there. The Freeport there is a big attraction

Reply 10

londonmyst

All my friends who live in Teeside or Middlesbrough are certainly hoping so.
So that their relatives will be able to sell up, make a massive profit and they will be able to achieve their life ambition by relocating to a more bearable area as soon as possible.

Reply 11

Quady

But why would one want to?

Reply 12

londonmyst

Original post by Quady

But why would one want to?

Several possible reasons.
Lifelong Londoners with very happy memories of growing up in those areas, close ties and the ambition of raising their families in the London region.
Close to their place of work and has the social lifestyle that they enjoy nearby.
View a London or SE England property as a reasonably good investment with the potential for a sideline renting as a holiday let or to a lodger.

Reply 13

Reality Check

Original post by black tea

There are parts of Cumbria where you can buy a property very cheaply. You probably wouldn't want to live there though :redface:

very true!

Reply 14

Reality Check

Freeports are another silly wheeze from this government to attempt to further buy the votes of non-traditional tory voters. They do nothing to increase trade: they just displace it from other ports.