Hey there! Sign in to join this conversationNew here? Join for free

Buying a House Watch

Announcements
    Offline

    17
    ReputationRep:
    (Original post by Reue)
    I think 10x an average salary is a bit high. Suppose it depends on your definition of decent. I've just purchased a 3-bedroomed semi with driveway and garage in a quiet area, home counties for way less than 10x my salary.

    Combine this with most people purchasing a property as a couple and it brings it down to less than 5x your salary. alot of money, but not unachievable.

    I saved my £30k house deposit in 3 years, even whilst renting.

    It depends whether people value their £50 a month iPhone contracts, £200 a month clubbing budgets and £50 a month sky tv subscriptions. Cut these out and in 3 years you have almost £15k - the required 5% deposit amount for a £300k mansion.. or 10% of a reasonable 2-bedroomed starter home.
    300k mansion? A 2 bed bungalow down my road just sold for 320k...

    Posted from TSR Mobile
    Offline

    19
    ReputationRep:
    (Original post by holson)
    300k mansion? A 2 bed bungalow down my road just sold for 320k...

    Posted from TSR Mobile
    Good for you? 300k will buy you a very decent house in the majority of places in this country. Maybe not down your road specifically.
    Offline

    17
    ReputationRep:
    (Original post by Reue)
    Good for you? 300k will buy you a very decent house in the majority of places in this country. Maybe not down your road specifically.
    I live in a town where everyone es on benefits. Its the entire south east - house prices are so much higher.

    Posted from TSR Mobile
    Offline

    19
    ReputationRep:
    (Original post by holson)
    I live in a town where everyone es on benefits. Its the entire south east - house prices are so much higher.

    Posted from TSR Mobile
    I live in the South East as well, it's not the entire south east.
    Offline

    17
    ReputationRep:
    (Original post by Reue)
    I live in the South East as well, it's not the entire south east.
    The south east has the highest average house prices in the country...

    Posted from TSR Mobile
    Offline

    1
    ReputationRep:
    (Original post by Makaveli_The_Don)
    How many of you realistically think that you will become a home-owner before 30?
    Well if you take the 18 year property cycle, 2008 was the last crash, so around 2026 will be the next perfect time to snap up all those homes being prepossessed.

    However I do plan on buying a cheap home before then.
    Offline

    19
    ReputationRep:
    (Original post by holson)
    The south east has the highest average house prices in the country...

    Posted from TSR Mobile
    Correct, but to suggest that £300K won't buy you a decent house is incorrect.

    I dont know what area of Sussex you live in, but taken as an example:

    Date Index Average price (semi-detached)
    May 2014 300.31 £198,358

    And for my own area:

    Date Index Average price (semi-detached)
    May 2014 299.71 £231,194

    Both well below £300K. And I speak from experience when I say you can get a decent 3-bed semi in my area for ~£200k if you look around.
    • Very Important Poster
    • PS Reviewer
    • Clearing and Applications Advisor
    Offline

    21
    ReputationRep:
    (Original post by holson)
    300k mansion? A 2 bed bungalow down my road just sold for 320k...

    Posted from TSR Mobile
    So move somewhere cheaper.

    3 bedroom house like the one I grew up in (except we didn't have double glazing or central heating) on sale for £70k: http://www.rightmove.co.uk/property-...6&fromMap=true

    If you want to own a house that means compromise. We bought our house for not a lot because it came without a kitchen. If you're not willing to move to another area or compromise on size/fittings then you'll end up renting or living with your parents for longer.
    Offline

    0
    ReputationRep:
    (Original post by PQ)
    So move somewhere cheaper.

    3 bedroom house like the one I grew up in (except we didn't have double glazing or central heating) on sale for £70k: http://www.rightmove.co.uk/property-...6&fromMap=true

    If you want to own a house that means compromise. We bought our house for not a lot because it came without a kitchen. If you're not willing to move to another area or compromise on size/fittings then you'll end up renting or living with your parents for longer.
    For those of us hoping to pursue finance and corporate roles, often the cheaper areas don't have the best rates of employment.

    I'd move out in a heartbeat if I knew I could find a job!
    • Thread Starter
    Offline

    2
    ReputationRep:
    (Original post by PQ)
    So move somewhere cheaper.

    3 bedroom house like the one I grew up in (except we didn't have double glazing or central heating) on sale for £70k: http://www.rightmove.co.uk/property-...6&fromMap=true

    If you want to own a house that means compromise. We bought our house for not a lot because it came without a kitchen. If you're not willing to move to another area or compromise on size/fittings then you'll end up renting or living with your parents for longer.
    In the link you gave - what is the area like? Especially to let a property

    I have around 60k to play with and have been looking in to the Liverpool area a lot in order to purchase a BTL
    • Very Important Poster
    • PS Reviewer
    • Clearing and Applications Advisor
    Offline

    21
    ReputationRep:
    (Original post by Makaveli_The_Don)
    In the link you gave - what is the area like? Especially to let a property

    I have around 60k to play with and have been looking in to the Liverpool area a lot in order to purchase a BTL
    It's not the nicest area but it isn't bad. Walking distance to the shops, trains, buses, park and leisure centre.

    I don't think it'd be ideal for renting tbh because there are thousands of houses like that in the area - supply is massive. It isn't a student area so the market for people renting isn't huge in comparison to the amount of houses available.

    There are places to rent on the same road to give an idea of rental income. I think for rental though you'd be better off aiming at 1/2 bedroom flats in the city centre (eg http://www.rightmove.co.uk/new-homes...-45309046.html )
    Offline

    12
    ReputationRep:
    I got my first house last year at 26. Mortgage is 5x my salary. It's not my dream house, it's a 3 bed semi (using the word 'bed' loosely unless you are a midget or your children are like Maggie in the Simpsons and never grow up) but does have a drive for 2 cars and a reasonably decent sized back garden. I just find it on the small side even when there is only me and the dog and these are marketed as being starter family homes, think I'd go mad if had a husband and child(ren) in it as there little room. The third bedroom is my office but once my desk was in there that was the room pretty much filled, no way it would fit even a small single bed in there only a crib and the second supposedly could fit a double but I have a single in there and a chest of drawers and that's the room pretty much full, no idea where clothes are meant to go!

    But I keep telling myself it's cheaper than renting and it's a start on the property ladder and hopefully in few years will have saved up enough and be on a better wage and can go for something better. Ideally on the seafront near my parents and on the plus side I live in Cumbria so nice and northern and not stupid bugger southern prices!! Get more for your buck up North!
    • Thread Starter
    Offline

    2
    ReputationRep:
    (Original post by laalNick)
    I got my first house last year at 26. Mortgage is 5x my salary. It's not my dream house, it's a 3 bed semi (using the word 'bed' loosely unless you are a midget or your children are like Maggie in the Simpsons and never grow up) but does have a drive for 2 cars and a reasonably decent sized back garden. I just find it on the small side even when there is only me and the dog and these are marketed as being starter family homes, think I'd go mad if had a husband and child(ren) in it as there little room. The third bedroom is my office but once my desk was in there that was the room pretty much filled, no way it would fit even a small single bed in there only a crib and the second supposedly could fit a double but I have a single in there and a chest of drawers and that's the room pretty much full, no idea where clothes are meant to go!

    But I keep telling myself it's cheaper than renting and it's a start on the property ladder and hopefully in few years will have saved up enough and be on a better wage and can go for something better. Ideally on the seafront near my parents and on the plus side I live in Cumbria so nice and northern and not stupid bugger southern prices!! Get more for your buck up North!
    Definitely better than renting. Paying rent is money that you will never see again. Paying in to your house is different, when you do sell the house - you will be able to recoup at least some of what you have put in. Congratulations.
    Offline

    12
    ReputationRep:
    (Original post by Makaveli_The_Don)
    Definitely better than renting. Paying rent is money that you will never see again. Paying in to your house is different, when you do sell the house - you will be able to recoup at least some of what you have put in. Congratulations.
    Thanks. That is the plan. I didn't want to waste paying rent so I lived with parents to save up whilst paying them £160 pcm and helping towards food bills etc (both of which my brother managed to avoid.........not sure how, maybe because he's the only boy??!:confused: lol) but I contributed to the household since I was 16 and was taught to be careful money wise and save. Then when got a new job (better wages) last spring could finally justify moving out. The deposit is the hardest part, mortgage payments are less than what some people I know pay rent wise for 1, 2-bed flats!
    Offline

    19
    ReputationRep:
    I bought my first flat with my ex when I was 20 (kudos to dad for helping me with the deposit) - it was a complete fixer-upper, hadn't been touched since the 70's. We got it for a steal because it was part of an estate and we made about an extra 50% on it in 5 years (whilst living like tramps on a mattress etc.). Which was lucky as we broke up soon after it was finished and with the money I was able to buy my current house by myself.
    • Thread Starter
    Offline

    2
    ReputationRep:
    (Original post by laalNick)
    Thanks. That is the plan. I didn't want to waste paying rent so I lived with parents to save up whilst paying them £160 pcm and helping towards food bills etc (both of which my brother managed to avoid.........not sure how, maybe because he's the only boy??!:confused: lol) but I contributed to the household since I was 16 and was taught to be careful money wise and save. Then when got a new job (better wages) last spring could finally justify moving out. The deposit is the hardest part, mortgage payments are less than what some people I know pay rent wise for 1, 2-bed flats!
    Agreed. The rental market is ridiculous. Housing benefit is going straight in to the hands of landlords. A lucrative market though if you are a landlord. I know many landlords that live abroad off the income that their properties bring in rent.
 
 
 
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • Poll
    Will you be richer or poorer than your parents?
  • See more of what you like on The Student Room

    You can personalise what you see on TSR. Tell us a little about yourself to get started.

  • The Student Room, Get Revising and Marked by Teachers are trading names of The Student Room Group Ltd.

    Register Number: 04666380 (England and Wales), VAT No. 806 8067 22 Registered Office: International House, Queens Road, Brighton, BN1 3XE

    Quick reply
    Reputation gems: You get these gems as you gain rep from other members for making good contributions and giving helpful advice.