First Time buyer Anyone else worried about the house prices?

[revolt3k]

HI

Me and my girlfriend are thinking about buying our own house, 2 problems to this...

1. We aint got the biggist income in the world. ( 15k combined )

2. House price's go up 28% a Year here.

So how the hell can we afford to buy these 60K 2 bedroom terraced house's on that ??

Anyone else in the same boat? or just been through it?

Cheers

 

[big-all]

depends where your are in round here surrey
things have slowed down approaching stagnation

i personaly think intrest rates will go up to 5.25 to 5.5%
which will slow things down even more
i dont think there will be a crash but i think there will be a
15 to 20% corrections[down wards in prices ]in some areas

but thats just my not so educated guess

big all

 

[david and julie]

The problem is your salary not so much the house prices. I know you want to set up home together but you are obviously not earning enough at the moment.

You should also consider how expensive houses are to run, £15K(nett or Gross?) won't go very far these days.

Most of us faced similar problems when we went for our first house and worried about the money. The usual way is to stay way you are, for now, work all the hours you can and save. When I say save I mean stay in, no holidays, no booze, nothing. Also consider further training or WHY to help increase your salary in the future.

House prices may well come down, but £60K houses are considered cheap these days. I would think this end of the market will be less affected by any falls though.

These things are even worse near me. I live in Sale in South Manchester the 2 bed terraces here are around £130-£140K.

 

[jasy]

Definately the salary being the problem mate unless you have a big deposit. Most banks work on 3 1/2 times your income. Obviously there is people who will give you more but stick to that and you wont go far wrong. The average price for 2 up 2 down where i live is 120 000

 

[securespark]

the 2 bed terraces here are around £130-£140K.

Eeeh, Lad, I remember when they were 10K.

It is shocking how prices have shot up over the years, in particular over the last few.

In 99 we bought our 5 bed detatched in Bramhall Stockport (nice area) for 143K, now it is worth 300-350.

 

[jasy]

bought my first house in 95 for 57 000, sold for 200,000...............whats all that about

 

[masona]

Paid £17,000 at the auction for mine in 1981 (still here) and live with my parent at the time, couldn't afford to live in it

 

[securespark]

mas - what's it worth now?

 

[mildmanneredjanitor]

I really feel for you being stuck in this situation.

My wife and I were in the very fortunate position of buying a spare property from her father. This did also entail living with her parents in their home for about 6 months to achieve this!!!

Neither of us had a hope in hell of buying anywhere with what we were earning (still don't now!) but buying off of the family at a cheaper rate gave us the leg up we needed.

I don't think there is an answer to your problem, if you do find one, let the government know cos they would love to find a solution I'm sure!

 

[kendor]

I'm going to be very cynical here but do what loads of other people have done, put your name down on the council list for a flat/house and then after a short time apply to buy it at a greatly discounted price then you can sell it for the market value making a killing!
just for a fraction of a moment think of the homeless before you cash it in!

 

[jasy]

Good idea but depending on where you live alot of council properties are being kept for asylum seekers only (another subject) as afriend of mine was told when they applied. They are in catch 22 not enough income and house prices to high. Maybe they should claim asylum here from an oppressive government.......... they might get a house

 

[jasy]

another way around it is housing associations like Orbit. You can get a new property by only having a motgage on half of it and rent on the rest. As your income improves you have the option to buy the remainder of the property even in small bits if you wish. Explore that avenue. It seems like your best answer.

 

[revolt3k]

another way around it is housing associations like Orbit. You can get a new property by only having a motgage on half of it and rent on the rest. As your income improves you have the option to buy the remainder of the property even in small bits if you wish. Explore that avenue. It seems like your best answer.

Looked into this a few days back, dont think we will as for a few reasons

they seem to want permission to put the bins out

when you come to buy the house back they want more than its wurth (there half)

They also too expensive to start with, say you got one for 100K you got 50k mortgage and they rented the rest to you, how you can afford to pay the mortgage and rent and all the other house bills is beyound me lol


cheers for the advice tho

thanks

 

[masona]

mas - what's it worth now?

Valuation last week approx' £275,000 but bearing in mind the roof collasped and a lot of work needed doing at the time. The bungalow now twice the original size.

 

[mildmanneredjanitor]

mas - what's it worth now?

Valuation last week approx' £275,000 but bearing in mind the roof collasped and a lot of work needed doing at the time. The bungalow now twice the original size.

Christ hope you knew a good builder!