To wonder how anyone affords to move house?

The housing ladder doesn't really exist anymore, especially in the south. People start much later and the jumps are just too much money.

We bought a three bed house in our mid-30s then had a child. We now have about 100k in equity thanks to house prices increasing and paying off some of the mortgage, but we've been there eight years and can't afford to move somewhere bigger. For it to actually be worth moving (extra bedroom, more space downstairs, and to be in an area we like) our mortgage would go from £900pcm to £2000pcm. Liz Truss did not help.

So - we stay. Perhaps eventually we'll pay off enough of the mortgage to afford the move. Perhaps we'll inherit something in future. I'm just grateful we own our house and can't get evicted anymore.

We bought ours 10 years ago and have in that time built up equity and had pay increases. It's always wise if you can to buy a property that you can live in for a good number of years. We have also done a lot of (mainly cosmetic) work to the house.

Everything to do with owning a house and moving to a new property costs a fortune nowadays. I'm constantly surprised at what people manage to afford and can only conclude that a lot of people are quite seriously in debt. Your current home sounds lovely and hopefully you'll be able to upsize eventually.

It is now a really lovely home with just a couple of rooms left to upgrade. It is technically a 3 bedroom but the third bedroom is very small and houses our clothes as well as the boiler so would never be functional as a third room.

@towonderwander You may be surprised to learn that many families bring up at least 2 children, to adulthood, in the size of house you are describing. Third bedrooms are often very small/tiny but as long as a single bed will fit in it and you can look at clever storage ideas throughout the house, people do manage ok without feeling deprived. Lots of very clever storage solutions out there if you need them

You are correct that many people find it difficult to move with the costs of moving being what they are, even if they manage to get a mortgage in the first place, but you are really doing very well if you are only in your 20's and have a 3 bed house.

At the start, buying a new house tends to be at the top reach of your affordability. After a few years, lots of things happen to change that situation. The amount of equity you have in your home, increases as you start to pay off the capital, so changes in Interest Rates has less drastic impact on your expenditure as time goes on. You get higher rates of pay/promotion so have more income to play with. After a few years of paying your mortgage, while rents have continued to do nothing but continue to go up, you will find you are paying less for your Mortgage, than you would have been if you had still been renting, but have much more security. In fact, rents are now so high that you could easily be paying the same or less right now than it would cost to rent a similar property

It will get better, you are expecting a baby ( congratulations) and you do have room to have a second while you are living there. You are doing really well, so try not to worry too much about whether you can afford another house in a few years time. Just consider the position after your child ( or children) start school?

People can be really mean about this, yes there is a housing crisis but that doesn't stop the situation being really frustrating.
We are stuck, trying to save enough to move up the ladder and as fast as we save the prices of the houses seem to go up even quicker. We both have decent jobs and have kids in school so it makes moving to other areas tricky.

I feel frustrated that 20 years ago my mum was able to buy a massive detached 4 bed house with a drive way, double garage etc for £150k, I saw the same house for sale a few weeks ago, offers in excess of 800k. Its absolutely crazy how fast housing prices have risen around here.
We live in the poor bit of a pretty affluent area and its hard to find what we need under 1million! Our house is worth 400k on a good day so it is completely impossible for us to make the jump. We can't extend the property any further so for now we will have to put up with it. I count my blessings that we have a roof over our heads and we are lucky to have got on the property ladder- my kids are going to have a much harder time of getting on the ladder than we did.

Essentially you need to substantially increase your income, or receive an inheritance. When DH and I bought our first house, we were earning approximately £60000 jointly, four years later and our joint income is over £100,000 and we could afford a much larger property. If your income is unlikely to increase in future, or you bought at the peak of your career, then unfortunately you are unlikely to be in a position to upscale.

When you sell you pay the estate agent a fee usually relative to the sale price, if you are during a mortgage term you pay a fee, you pay a solicitor for the sale and also your next purchase, you pay for surveys on the new property, you might need certificates for your current property, you usually have moving costs, stamp duty etc.

I think you are absolutely right and I don't know why people are jumping down your throat - except they are jealous

You are mid 20s and bought a 3 bedroom house a few months ago and are already moaning about how you can’t afford to upsize??

Exactly,

op you’re not alone, there is a multitude of posts where folks ask this sort of thing, the answer is they earn more. If you’re at the mid point, millions earn more than you do. Millions earn less. That’s life. But that’s how they afford more than you. And how others can’t afford what you can.

Where are the costs going when you've moved each time? Curious as I'm hoping to buy soon as a FTB and have been warned about costs of when/if I decide to sell up and move, but can't comprehend where it goes!!

You’ve done well for your self considering your age. We were early thirties when we bought our house. 7 years later and we’re still living here. We earn above average now but we’re lucky that we bought the max we could afford when we bought (3 bed and a study) with lots of outside space in an area that’s not as desirable. Now we have 3 children and we’ve converted the study to a 4th bed so they all have their rooms, built a conservatory for more living space because all the 4 bed houses here are now unaffordable for us. We’ll be staying put for the foreseeable future.
This area that was undesirable back then is now up and coming because the primary and secondary school in the catchment area are now outstanding and it’s also within a driving distance to another really good girls school. Families are now trying to move here so your area may get better with time. You need to see where you are now as a long term thing. When we bought, all our other friends that bought around the same time still live in the same house, people have made improvements, etc but not moved because prices have increased significantly.
We are prioritising saving, enjoying life now and overpaying the mortgage to moving unless necessary which is not for us.

Did you seriously expect your mortgage repayment to be under £1000?

It’s not asking that much tbh. Mine is £900. My mortgage was for £227,000 to buy a £300,000 house. I was lucky and fixed before the rates went to shit and am hoping to overpay as much as possible before I have to remortgage which should allow me to get another sub-1000 payment as the sum borrowed would be lower.

OP you are doing very well in your mid 20s! Fair play to you.

I had a flat in my mid-20s with help from parents.

Mid 30s (with a toddler in tow), OH and I both sold our flats and bought a little house.

Early 40s, with two primary aged kids (a year ago) we moved to a slightly bigger house close to a good secondary school.

Each time has almost completely cleared out savings - around a decade's worth of savings each time.

We bought our first house at 21 and 24 for 237k and earned £47k between us

Moved last month at 27 and 30 with two kids. We sold for 320k, bought for 450k and now earn 90k between us.

So we made money on the house plus wage increases, back when we bought we never expected to be able to afford to move

We moved from a 2 bed flat in a nice area, to a modest 3 bed terraced house in a less nice area.

If we wanted, say, a semi detached 3-4 house with parking, we'd have to move somewhere less expensive.

Couldn't afford it otherwise, and we both work v hard earning ok salaries!

We are very privileged but I’m angry on the behalf of others who should be able to afford the same standard of living as they would’ve been able to ten years ago, on the very same jobs.

Use that anger to advocate for others locally and nationally

Get involved with politics. Anger is a wonderful tool to start change happening

And we REALLY need change within housing in the UK

You start off small, buying a house or flat with fewer rooms that you need, then when salaries increase and your home very likely increases in value, then that's the time to move. And I struggle to sympathise with someone complaining about serving the high costs for a three bedroom house they didn't need to buy.

If your mortgage is only in 4 figure @towonderwander you’re doing pretty well, for most people it is in the hundreds if thousands. You’re also in a 3 bed house, which is quite normal. If you’re seeing normal as baby boomer big 4+ bed detached houses with garages, big gardens and off road parking I think you are sadly out of touch with the housing conditions of most people in this country.

Various ways to move 'up' in the property ladder:

• higher salary over time with job moves/promotions
• once children start school, no nursery fees - makes it a bit easier!
• moving into cheaper areas e.g. London to Wales
• Buying do-uppers, making profit from sale
• Family inheritance when members die
• Winning the lottery/premium bonds (I wish)

I want to say this as nice as possible towonderwander.
Please please be thankful for what you have . I can only dream of being in your position and I’m 40.
Im about to become homeless after 15 year relationship and the likelihood is I’m probably going to be put in a grotty bedsit or hotel until the council can find me a home which could take 6+ months . Whilst I’m in this bedsit I probably won’t be able to have my children stay with me because ex wouldn’t allow it until I’ve got a house .
Im currently not working as I’ve got cancer Aswell as other health issues .
Also when I do get a home I won’t have any furniture.
I would love to be in your position.
Never let the things you want affect the things you have .

The answer to any of these pointless "How do people afford to..." threads is always the same.

Because they have more money than you.

Try not to take it personally, it’s a pretty emotive topic due to how hard it is to get on the ladder and also now cost of living.