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To wonder how ordinary people afford to live in such expensive places?

(195 Posts)
Sienna290 Wed 22-Jan-20 13:00:10

I have been job hunting and I saw a position based in Kent. I am not planning to apply for it but just out of curiosity I went on Rightmove to see how much it would cost to live there.

I earn 52,000 and would have a deposit of 50 so I was looking at around quarter of a million for starters. This would buy me - a rundown terrace or a one bed / studio flat.

Do most people buy in couples? Or is this just how it is in expensive towns and cities - ordinary people don’t live there!

GrumpyHoonMain Wed 22-Jan-20 13:01:16

Most people would buy the one down terrace or flat, do it up, and make money from it.

Sienna290 Wed 22-Jan-20 13:01:39

But for £250,000?!

CheesePleaseLoueese Wed 22-Jan-20 13:02:28

Yes in my experience ordinary people buy in couples, having rented for a bit. That gives them time to both: a) save for a deposit, and b) adjust to the expense (since often rent equals or exceeds the monthly mortgage repayment.)

In the south east both members of the couple also need fairly well paying jobs!

Cyberlibre Wed 22-Jan-20 13:11:21

It depends where you are looking. I have relatives in Kent who bought a lovely house for less than 250k. It has 2 big double rooms, 2 reception rooms and a massive garden. There is space to convert the bathroom in to a bed room too as that is huge. But it is a perfectly sized liveable house within walking distance of a big train station.

Cyberlibre Wed 22-Jan-20 13:12:00

I'm in an area with similarly priced properties but I'm alone and can't see buying anywhere in sight!

Kpo58 Wed 22-Jan-20 13:12:02

£250,000 is pretty cheap for anything in London.

lboogy Wed 22-Jan-20 13:12:09

Depends on where in Kent tbh. Also yeah 250k won't get you much down south. Most people do buy as a couple or if they are lucky, get help towards a deposit from parents

Juliette20 Wed 22-Jan-20 13:15:45

- Help with a deposit/purchase from parents
- They bought a house before the mid 00s
- Joint finances, highly paid professional jobs and huge mortgage
- Joint finances and previous home ownership
- Bought in London and moved out

Or a combination of the above.

Letsallscreamatthesistene Wed 22-Jan-20 13:25:00

@Kpo58 who said anything about London. Op has specifically mentioned Kent.

Me and partner have done it by doing it together. I wouldnt have been able to do it by myself.

Or theres always credit!

Bluntness100 Wed 22-Jan-20 13:28:58

Once you're on the housing ladder, as long as it's not short term and forced to sell then the only way is up. Better than renting if that's what you're doing,

Rayna37 Wed 22-Jan-20 13:30:55

I'm sure like anywhere it depends on the area. My sister bought in Maidstone after years of rental house-sharing. She certainly didn't spend anything like 250k (under 150k I think) and has a nice 1 bed flat. Maybe paid similar price to a 2 bed flat in Chester.

eminencegrise Wed 22-Jan-20 13:31:10

No idea. Just saw a job advertised for a receptionist/phlebotomist on the NHS in a city. They want the moon on a stick. The workload list is unbelievable. £8.75/hour.

dibdabber Wed 22-Jan-20 13:33:02

That is fairly standard for much of the south and south east sadly. Though £250,000 would often buy 2 beds in an average area, not a fancy or 'naice' area.

An awful lot of people, even couples, have to rent now, not buy. And pay huge rents.

Hence the massive boom in buy-to-let in the last 15 - 20 years, that in turn increased house prices even further.

Its not new for those of us already living here and it is shit. Massive divide between those who got on the ladder in time or inherited etc and those who did not or could not.

Justaboy Wed 22-Jan-20 13:38:45

Inhertiance from parents usual cause and it will do this as time goes on with more properties being bought and passed onot children.

Or more haves and have notssad

AuntieDolly Wed 22-Jan-20 13:39:17

Kent is a big county - you'd get more for your money in Margate than Tonbridge.

notalwaysalondoner Wed 22-Jan-20 13:40:15

Most people do it in couples or have parental help, or else buy the tiny studio and live with it. The other options are:

- Bigger mortgage - that’s a 20% deposit, you could go down to 10% and get a 90% mortgage - but this depends on what you earn and your comfort with huge payments or willingness to have a lodger
- Help to buy
- Shared ownership

I don’t know anyone on your salary who has bought alone without help in the south east - I’m 30.

dottiedodah Wed 22-Jan-20 13:41:37

We live in a prosperous town on the South Coast .Homes here are around 250k for a 2 bed terrace home .My friend was looking at Accountancy jobs ,starting figure 15k ! WTAF ?

ColaFreezePop Wed 22-Jan-20 13:42:36

I've worked in Kent and the people who bought were like @Juliette20 said.

BarkandCheese Wed 22-Jan-20 13:44:46

I live in one of the expensive parts of Kent. I bought my first property in 1996, a studio flat very cheaply which I was able to pay half off straight away as a deposit using money I’d inherited. I sold it in 2007 for a considerable profit and bought a two bedroom flat with DH, which we sold in 2014 for a small profit and we bought a two bedroom house.

So in my case it was getting on the property ladder when property was much cheaper, a bit of family help from inheritance and accepting the reality of the size of property we could afford.

FriedasCarLoad Wed 22-Jan-20 13:45:12

We live in the South-east. My husband (sole earner) earns a similar salary to yours.

I had equity from a house I used to own in a much cheaper area, plus some inheritance, plus help from my parents.

Most friends who have bought around here either have a mortgage based on two salaries or had substantial help with the deposit from parents. Or often both!

Justoneuse Wed 22-Jan-20 13:46:30

If you can buy the run down terrace for £250k that is a good start . DIY all you can , get a lodger if it’s 2 beds ... save for anything you need a trade to do .

I got on the ladder by buying the run down place , having hand me down furniture and doing everything I could myself / with my Dads DIY skills .. think the only thing paid for was damp proofing and new windows . When I was made redundant and took a lower paying job I got a lodger ... it’s all still possible

OnlyFoolsnMothers Wed 22-Jan-20 13:47:02

buy in couples.... I have friends with big deposits, ranging from £30-£130k...they earn above the average wage (between 40-80k)- but as alone they can afford just 1 bed flats. Granted in London but zone 3-5.Even with a successful partner Im not sure how people buy such expensive homes.

fruitbrewhaha Wed 22-Jan-20 13:51:50

What's wrong with a run down terrace? All the houses/flat I've bought have been run down and I have added value. You can also do it up how you like it rather being stuck with someone else's kitchen choice

MyuMe Wed 22-Jan-20 13:52:23

I have asked myself the same thing OP.

I can't buy anything decent despite earning slightly more than you and having the same deposit.

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