Ever decreasing Z4M prices

Z4M-2006 said:
The thing is houses are affordable,but not neccessarily in the place you want,or the size you want..

Im not sure how old Tom is,but buying a 3 bed semi assuming around £250k as your first house is ridiculous.

It doesnt suprise me that the lenders turned you down..

Set your sites lower for 3-5 years and buy a smaller property or in a not so prosperous area.Then move up the ladder when funds and finance allow,thats how it has been done for years...

Its only in the last 15 years that people have hocked themselves to death to have the latest gadgets and mock tudor new build..
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Ye but houses are all thats available up here, people that live in flats up here are old people.... or they live in bungalows. Average prices here are 200k with houses in really bad areas less than 150k buying a flat is not something that is particularly popular so buying a house is a better investment and since when is a 70% mortgage prosperous? If anything I think its a good amount. So as a 24 y/o in 5 years time il be 30 and say if i rent wheres the money coming from to put more of a deposit?
 
I dont condone renting,but i realise some people have too..

But if there are flats/bungalows in your area for 150k then surely thats the better way to get on the ladder if you want too..? Then sell it to an old person when you look better financially to lenders..

If the banks deem you a risk now,do you think in 5 years that you will be a better prospect?... Maybe..
Your salary may rise and house prices may stay stagnant.Its all a guess..
 
tomscott said:
Z4M-2006 said:
The thing is houses are affordable,but not neccessarily in the place you want,or the size you want..

Im not sure how old Tom is,but buying a 3 bed semi assuming around £250k as your first house is ridiculous.

It doesnt suprise me that the lenders turned you down..

Set your sites lower for 3-5 years and buy a smaller property or in a not so prosperous area.Then move up the ladder when funds and finance allow,thats how it has been done for years...

Its only in the last 15 years that people have hocked themselves to death to have the latest gadgets and mock tudor new build..
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Ye but houses are all thats available up here, people that live in flats up here are old people.... or they live in bungalows. Average prices here are 200k with houses in really bad areas less than 150k buying a flat is not something that is particularly popular so buying a house is a better investment and since when is a 70% mortgage prosperous? If anything I think its a good amount. So as a 24 y/o in 5 years time il be 30 and say if i rent wheres the money coming from to put more of a deposit?
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if you are happy & contended at home Tom why not consider investing in your first property & rent it out ?
don,t get involved with style or area just work on yield .
you never know , it could be the first of many :thumbsup:
 
My advice is do what you can when you can. Save as much as you can, evaluate the markets, take a chance, push youself a little and work hard to keep the dream alive. After a few years and some clever geographic selection (near to transport links/invested areas etc) you'll be sitting pretty and happy in the knowledge that youre no longer paying somebody elses mortgage. Once you're on, you're on and the next purchase should be a lot easier.

I left it too long and could have been far further down the road to home ownership had I grown a pair back in the early noughties.

Alternatively you could always move to France, shun bricks and mortar ownership and rent indefinitely :lol:

Good luck :thumbsup:
 
Like I said for my chosen career path being up north is possibly the worst place so means buying seems even more silly because a move is imminent and moving south perspective wage is much better and say manc the houses are similar if not cheaper so who knows. Not really fussed just means I have to grow up faster ;)

Anyway thats my reason for buying a car
 
Depends where you live. A lot of my friends who have brought first homes have all been 250k - 300k.

These are people on Normal salaries, working for deposits etc. Teachers, Surveyors, New Doctors etc.

That's for a mix of 2 to 3 bed houses. When I buy one, I expect it will be a similar amount.
 
CornishRob said:
Depends where you live. A lot of my friends who have brought first homes have all been 250k - 300k.

These are people on Normal salaries, working for deposits etc. Teachers, Surveyors, New Doctors etc.

That's for a mix of 2 to 3 bed houses. When I buy one, I expect it will be a similar amount.
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Fair enough...

But if the bank will lend 3.5 x salary as a sole buyer,then even with a great deposit you need to be on 60k-70k a year to afford a house of that price..

That is not a "normal" salary...
 
pvr said:
Or even garages :oops:
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Now that's something important when I get round to buying a house. :thumbsup:

I can't quite believe Tom couldn't get a mortgage with a 30% deposit, on a house of that value it's a lot more cash than most first time buyers will have. A lot more than I'll have unless a lump of cash falls out of the sky.
Like Tom though, I'm not yet settled and I've no idea where I'll be working over the next few years. In my industry even if I do setlle, I could be forced into finding a new job every few years and that usually means moving around the uk, or abroad. So for now... :driving:
 
Z4M-2006 said:
CornishRob said:
Depends where you live. A lot of my friends who have brought first homes have all been 250k - 300k.

These are people on Normal salaries, working for deposits etc. Teachers, Surveyors, New Doctors etc.

That's for a mix of 2 to 3 bed houses. When I buy one, I expect it will be a similar amount.
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Fair enough...

But if the bank will lend 3.5 x salary as a sole buyer,then even with a great deposit you need to be on 60k-70k a year to afford a house of that price..

That is not a "normal" salary...
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Well looks like im never going to buy a place then! lol Cheap houses need money spent on them round here, my town has less than 20k people in it most of the houses are really old, victorian, and all the new builds are in areas that I wouldn't want to live, or are country villages, typical retirement country retreats or dream retirement properties.

Puts the price of property through the roof. Most of newer affordable properties are a bit cheaper but still expensive also built badly IMO you can hear whats going on next door walls thin as paper, just not what I would want. My area is typical of a outside economies affecting local economy where locals cant afford to buy properties.
 
As is where i live..

There are less than 200 houses in my village.. House prices are at a premium..

But i lived in a Manchester suburb a long time before i could afford to move somewhere that was nicer..
 
tomscott said:
Most of newer affordable properties are a bit cheaper but still expensive also built badly IMO you can hear whats going on next door walls thin as paper, just not what I would want.
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Sorry Tom but you clearly have no knowledge of modern construction. Current Building Regulations are the best they've ever been in respect of structural, thermal insulation and sound insulation standards and all new residential properties come with a mandantory NHBC 10 year warranty.
 
So why can you hear everything!? My mate has just bought apart of a new terrace and can hear his next door neighbours at it at all hours :rofl:
 
Z4M-2006 said:
CornishRob said:
Depends where you live. A lot of my friends who have brought first homes have all been 250k - 300k.

These are people on Normal salaries, working for deposits etc. Teachers, Surveyors, New Doctors etc.

That's for a mix of 2 to 3 bed houses. When I buy one, I expect it will be a similar amount.
Click to expand...

Fair enough...

But if the bank will lend 3.5 x salary as a sole buyer,then even with a great deposit you need to be on 60k-70k a year to afford a house of that price..

That is not a "normal" salary...
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70k per couple, 3 times mortgage = 210k, plus 20% deposit will get you to £250k. I would say an average of 35k per person in the couple is a normal salary for a young professional!

No has brought on there own though, for the reasons you have stated. Buying as a couple is the only way, but that is the price band most people here aim for.

Anyways, shouldn't we all be worried how much money we have lost over night on our Ms!
 
CornishRob said:
Anyways, shouldn't we all be worried how much money we have lost over night on our Ms!
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Yes we should apparently. Soon we'll be paying prospective purchasers to come and collect them from us.
 
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