Quote:
Originally Posted by Toy Soldier
Also, I've mentioned my rental costs to older people at work (most of whom snapped up council houses for peanuts a few decades ago) - £525 per month for a two-bedroom semi detached house - and their jaws have almost hit the floor. We're looking to up-size to three bedrooms and there's nothing in the area for under £600pcm. Getting a first-time-buyer mortgage for anything more than a small flat is almost impossible, even though the outgoings on a mortgage for a similar house would probably be less than £600 a month. Lenders are just unwilling to commit.
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I agree with everything you have said TS but wanted to add to the bit I’ve quoted.
If you live in many parts of London, you will only get a studio or flat share for that sort of money and if you wanted to buy, 100k would get you a 1 bed flat in a high rise in a really ****ty end of London.
My parent’s first 3 bed house in a fairly nice area of west London cost them 17k. That same house would now sell for around 500k. Half a million for a frigging terrace that is little more than a starter home!!