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To think DSis should buy her own flat

(88 Posts)
user1494157537 Sat 27-May-17 20:17:42

I was talking to Dsis today. She's 27, she's been out of uni for a 5 years now and in her job for 3. She has just over £50,000 in saving and earns between £49,000 and £50,000.

She lives in a rented flat with a friend but I hate the thought of her throwing away £900 rent every month!

She says she can't afford anything within half an hour of her work (currently Westminster, soon to be Canary Wharf as her office is moving).

I think she should be looking to buy somewhere. She'd love to and she's saving hard but surely London isn't THAT expensive?!?

peppatax Sat 27-May-17 20:20:08

Hahahah

Suggest you rightmove properties up to £300k which arguably is the max. she can borrow and see how far out of London that is...

EssentialHummus Sat 27-May-17 20:21:22

All being equal and assuming she's buying alone she'd have a budget of £250k or so. There are places in London where she can afford a decent one-bed flat for that (or she could look further out), but frankly it's up to her. Lots of young profs prefer to live near the office and rent, even if it's not the most sensible approach.

talkingtofrank Sat 27-May-17 20:21:43

Have you looked at house prices in London on Rightmove recently? You sound very patronising, mind your own business.

FreeNiki Sat 27-May-17 20:24:32

£900 a month rent is cheap.

Buying a £300k flat will be miles and miles away from the city and she will pay loads on train fares affecting her quality of life.

She has a good salary and savings most people dont. she is happy with her life, what does it matter to you?

Quartz2208 Sat 27-May-17 20:26:33

I would suspect that London is far far more expensive than you realise. My old 2 bed flat is Epsom (so 40 minutes outside of Waterloo over an hour commute to Canary Wharf) is now over 300k.

so yes London is THAT expensive and more

MrTumblesbitch Sat 27-May-17 20:26:36

London Flat prices aside, in the loveliest way, it's her life - it's none of your business to say "I think she should be doing", well, anything!

Amanduh Sat 27-May-17 20:27:34

YADBU and clearly haven't done your research

Isetan Sat 27-May-17 20:28:13

Given your ignorance at London house prices, you aren't the best placed to be her giving advice sticking your oar in.

What your DSis does and doesn't do with her hard earned cash, is non of your business.

SmilingButClueless Sat 27-May-17 20:28:39

£300k (which would be right at the top end of what she could potentially afford) would get her a studio or 1-bed flat in the dodgier end of East London. I can fully understand that not being an option.

London prices are insane at the moment.

ijustwannadance Sat 27-May-17 20:30:22

To have such a great savings pot at 27 is fantastic. Maybe she's not ready to buy or would prefer a larger deposit.

HeyCat Sat 27-May-17 20:31:27

£300k really is not going to get her much within 30 mins of Canary Wharf. It sounds like she has a good wage, is saving well and knows more about the London market than you do, so I'd leave her to get on with it!

ImperialBlether Sat 27-May-17 20:31:46

If I were her I'd be looking for a studio or one bedroomed flat. Ideally I'd go for a two-bed and rent out one room and put the rent towards the mortgage. I hate the thought of spending nearly £1K per MONTH on rent!

Marmalade85 Sat 27-May-17 20:34:34

She isn't throwing away £900. Renting gives her the flexibility to move wherever she pleases and she doesn't have to stress about replacing a broken boiler or if the roof breaks etc as that is all managed by the landlord. Renting also allows her to live in a higher spec flat/house in a central area that she couldn't do if she bought.

You don't really seem to understand the London market so not sure why you're dishing out unwanted advice.

harderandharder2breathe Sat 27-May-17 20:35:48

On that salary on her own in central London she won't get much at all.

Her life, her decisions, it doesn't affect you in the slightest and itsbnone of your business.

londonrach Sat 27-May-17 20:42:18

Yabu. Ive left london and 900 a month is vvvvvvvvv cheap. Seriously you be shocked at the prices which are raising faster than you can save. Your dsis doesnt have enough money coming in. Doubt she get a mortgage. Best advice we were given by an ea is just enjoy living in london and move out when you can. We enjoyed 2012 seen all the sights and then left.

crazykitten20 Sat 27-May-17 20:45:36

Maybe an idea to research prices? Before deciding she's making poor decisions?

eddielizzard Sat 27-May-17 20:46:36

since you know so much, go onto right move and find her a nice flat she could buy.

HardcoreLadyType Sat 27-May-17 20:47:06

London property prices are falling, and will continue to do so, post-Brexit.

Your DSis is right to ride this out, as she may well get a lot more for her money in a few years time (if she's still lucky enough to have a job, of course).

RB68 Sat 27-May-17 20:48:49

I suggest you go on rightmove....

YoloSwaggins Sat 27-May-17 20:58:48

You sound patronising - renting is not "throwing money away", it's paying for a place to live!

The old "renting is throwing money away" is used by kids that want to move home and sponge off their parents instead of funding their own life.

Also, you can buy naff all for under 300k in London.

Andrewofgg Sat 27-May-17 20:58:54

MYOB

nannybeach Sat 27-May-17 20:59:31

That is cheap rent for London, but can see your point, houses are unlikely to go down in value for some time to come, a few years down the line 50 deposit wont buy much, I always feel its worth getting on the property ladder asap, not just the fact of "throwing" money away if you like, normally there is more freedom to decorate to your taste not that of a landlord.I would go out a little see what I could get for my money. House prices falling in London, have you been watching location,Location Location recently, or Homes under the hammer. The "average" london property is £500.00, I knew several people who live on the south coast and commute for this reason. But at the end of the day its HER money HER choice!

user1494157537 Sat 27-May-17 21:00:22

She wants to live alone and have her own house though. I just think her standards are too high. She can afford it if she settles for something that isn't as pretty as she wants.

Like this www.rightmove.co.uk/property-for-sale/property-47771781.html

Or this one www.rightmove.co.uk/property-for-sale/property-48417345.html

Or this is only £250k and in zone 1 www.rightmove.co.uk/property-for-sale/property-58015873.html

BumBumPooBum Sat 27-May-17 21:01:00

Is this a reverse?

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