Buying in London

coley

coley

Active Member
Right I need to know a way of getting on the property ladder. I pay £650 rent per month and about £110 on council tax. Having a baby and wife to support as well I need to be thinking right about this. Needless to say Ibiza is taking a back seat whilst I get things sorted out.

I bring in roughly 1200 per month which is very minimal but I only do about 6 hours a day for that. Obviously property prices in London are way OTT IMO so whats a good way of getting onto that elusive property ladder.??

Can you still buy properties at auctions for knock down prices???

Any help from property gurus or people involved would be pukka.

Coley8)
 
coley said:
Right I need to know a way of getting on the property ladder. I pay £650 rent per month and about £110 on council tax. Having a baby and wife to support as well I need to be thinking right about this. Needless to say Ibiza is taking a back seat whilst I get things sorted out.

I bring in roughly 1200 per month which is very minimal but I only do about 6 hours a day for that. Obviously property prices in London are way OTT IMO so whats a good way of getting onto that elusive property ladder.??

Can you still buy properties at auctions for knock down prices???

Any help from property gurus or people involved would be pukka.

Coley8)
Click to expand...

good luck!

:lol:

add up yr joint income, factor in any of them tax credits yr sprog allows you to claim, minus a sensible living budget, bills... and how much have you left?

Even in harlow, 120k min even for a pokey 1 bed flat! - hate to think how much inside the M25...
 
coley said:
May start selling crack then:lol::lol::lol:
Click to expand...

probably worth the risk! - once yr out of prison (assuming they even put you in), you'll prob get straight to the top on the council list as a priority case, as you're being reformed... and need all the help in the world!

:spank:
 
I don't understand:?:?:?...since when was selling Irish comedy tapes a crime....unless of course you're referring to Hal Roach
 
u could send the nipper down the mines.......

think about a shared ownership, if your wife goes back to work full time later you can buy the other half of the property at a later date

housing associations have these also new developments have to make "affordable housing" within their schemes you can actually get sw*nky flats in shoreditch on these schemes...

good luck!!!
 
Last edited by a moderator:
ijustcantwait said:
u could send the nipper down the mines.......

think about a shared ownership, if your wife goes back to work full time later you can buy the other half of the property at a later date

housing associations have these also new developments have to make "affordable housing" within their schemes you can actually get sw*nky flats in shoreditch on these schemes...

good luck!!!
Click to expand...

What she said, also you can sometimes get ex-council places cheap(er) in London - ok they might not look particularly nice but will give you that must-needed first step on the ladder.
 
If you do a job that helps out the community- teacher, nurse etc, you may be eligible for key worker schemes where you get a grant + mortgage deal + a nice flat to live in.

Another route is part ownership, where you own [for example] 40% of the property, and the 60% you pay rent on. not entirely sure how it works but it comes out cheaper.

Auctions are a tough option for first time buyers, as you need to be able to exchange on the day of the auction, which means having your mortgage all set up on that particular property- if you lose the auction you lose all your fees etc- auctions are mainly for cash rich greedy property developers looking for quick turn arounds. The other thing with auctions/run down property, is that its harder to raise a mortgage against it, as it may be unstable- especially as a first time buyer with no borrowing history.

Ex council is a good option but in London they turn out to be not hugely different in value to non local authority. The advantage though is that they are purpose built = less sound from neighbours, bigger living space etc.

Type "mortgage calculator" into google and work out what you can afford to borrow.

Failing this, cut your ties and move to eastern europe- a friend who is a first time buyer has just bought a farm house in Bulgaria- 10k from a ski lift, 15k from a decent town with airport, for £40k :)
 
i live in a fairly nice area of birmingham, i payed 72k for my 1 bed flat almost 2 years ago im now looking at moving into a 2 bed house for about 120k
 
Get youself on as many housing association waiting lists as possible, even for rented accomodation. Once you are renting after a certain period you can exercise your "Right to buy" this is years however, not months.

Sell this property and use the equity to move to a more attarctive area.

As someone said most residential developments are usually required by the local authority to have a percentage of "affordable housing" and the standrad of much of the newer " social" or "affordable" housing is much better than you may think.

Why are property developers always called "greedy" BTW as mentioned earlier in this thread? Can't a bloke try to make a buck without being labelled greedy?
 
dano said:
Failing this, cut your ties and move to eastern europe- a friend who is a first time buyer has just bought a farm house in Bulgaria- 10k from a ski lift, 15k from a decent town with airport, for £40k :)
Click to expand...

you'll prob find its cheaper and quicker to commute from Sofia too. :lol:
 
The prices up here in Aberdeen are going through the roof just now! Aberdeen's always been quite expensive due to the Oil Industry, but this year has been ridiculous!

We have the 'offers over' system up here. A 1 bd flat with a price of 90k will go for around 150k!

Seriously thinking about buying somewhere in Eastern Europe to rent out then gain the capital appreciation.....
 
You must log in or register to reply here.
Back
Top