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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

To be totally fucked off that we just cannot afford to buy ANYWHERE

247 replies

TheLowestFormOfWit · 15/05/2014 20:44

I earn £50k, DP earns £45k. We have savings of £26k.

We live in a two bed flat and have two DCs (our DD and DSD) so need to move to a three bed place.

Can we afford anywhere remotely close to the area we need to live in? Can we bollocks.

Every house sale goes to a bidding war with people paying up to £70k over the asking price.

House prices in our area are going up by about £5k a week.

It's insane. I feel like we're going to be stuck in this flat forever.

Who the hell can afford to buy houses these days? Seriously, who are these people that an afford £600k for a three bed in East London? What do they do??

OP posts:
AElfgifu · 15/05/2014 20:46

Have you looked in Medway? Close to East London if you use the Dartford crossing. Depends where in East London you need to be.

UncleT · 15/05/2014 20:47

Great, me too. Get over it and rent. It's the whole mentality of 'having' to buy that fuels this insanity. It's not a right.

springlamb · 15/05/2014 20:49

Do you need to be in East London for work?
Is Stratford International any good? It's 20/25 minutes on HSRL1 from an area where a joint income of £95k will buy you a very nice house.

youmakemydreams · 15/05/2014 20:50

That's not really ANYWHERE though is it? It's London.

Serenitysutton · 15/05/2014 20:50

I hear you. Nightmare. It's so depressing to earn well
But have to start looking in horrible areas to live. Depressing. I guess with your deposit you'll have to look at places under £250k? It doesn't make sense does it?

Ubik1 · 15/05/2014 20:51

I wonder where these people come from too

It is insanity. You have a good income, you should be able to buy a house

mrsballack · 15/05/2014 20:51

Can you go further east? We earn roughly the same and our three bed was 230k. You'd be looking about 250k for one similar now.
I know people hate the suburbs but it works for us.

Mintyy · 15/05/2014 20:52

You haven't said what your budget is? Sorry, I can't work it out from your op.

Serenitysutton · 15/05/2014 20:52

Not many people can continue to earn that salary out of the London commuter belt. Yes she could get a 3 bed in Doncaster but how will they continue to earn? Besides assume OPs partner needs to be near their child from
Previous relationship

Original poster
TheLowestFormOfWit · 15/05/2014 20:54

Whereabouts are you mrsballack?

Can't move too far away as DP has DSD 50:50 and does her school runs and stuff.

OP posts:
Original poster
TheLowestFormOfWit · 15/05/2014 20:54

Budget will be about £350k once we've saved a bit more for the deposit.

OP posts:
Mintyy · 15/05/2014 20:55

What is the area you need to live in (and why do you need to live there, just being nosey?).

Serenitysutton · 15/05/2014 20:55

You can just about do Hertfordshire! That's nice. But how will you do £350k deposit + stamp duty when you only have £26k? I know you want to save more but you'll
Need more than double that...

mrsballack · 15/05/2014 20:56

Right out east, havering. No good for the school run I'm guessing, you're looking at about 30mins to mile end on the tube.

Mintyy · 15/05/2014 20:56

Ah, sorry, just seen your update about dsd and school.

Original poster
TheLowestFormOfWit · 15/05/2014 20:57

We live in Walthamstow. Need to stay there so DP can continue to have DSD 50:50.

OP posts:
Mintyy · 15/05/2014 20:59

You need MrsDeVere! She is the MN E17 expert Smile.

JustAboutAdeqeuate · 15/05/2014 20:59

I agree. We live in an ok part of Essex very close to London and have about 40k equity in our flat, but that means nothing as going from a 2 bed flat to a 3 bed house in our area means a jump of about 175k in price, for a bedroom the size of a wardrobe and a garden the size of an envelope. We can't move to the other end of the country - even if we could get jobs MIL has cancer and FIL has dementia so need us nearby - and moving a lot further out costs a fortune in travel and would destroy our quality of life.

GreenEyedGoblin · 15/05/2014 20:59

It's not anywhere, it's London. Not really surprising that property is sky-high.

I do feel for people in and around London though. Where I live, £350k would buy you a 4 bed detached in fantastic area with an acre of garden.

Original poster
TheLowestFormOfWit · 15/05/2014 20:59

I know serenity!

OP posts:
mrsballack · 15/05/2014 21:01

Ah yeah, i can do walthamstow in about 25 mins in the car but thats late at night, you'd be doubling it at school time. Crazy isn't it. There's areas of London you couldn't pay me to live in, yet we can't afford to live there. Who the hell is paying 6-700k to live in these scummy areas. Hubby used to live in leyton and I hated visiting him. Yet we moved to where we are now because we couldn't afford where he lived.

expatinscotland · 15/05/2014 21:01

What's wrong with two girls sharing a room, especially if one is only there 50% of the time?

Mintyy · 15/05/2014 21:06

If it makes you feel any better op, we can't afford to move up from a 3 bed to a 4 bed property in our area, even though we are in our 50s and have 80% equity in our house. And earn 100%+ more than when we bought it. An extra bedroom round here costs at least £300,000.

londonrach · 15/05/2014 21:06

I know we in a similar situation. At the moment just enjoy living in London and try and not think of those landlords stealing houses and flats from private families. (Waiting for landlords to come and say they not stealing when deep down we all know they are as you only need one house to live in.... :-)

3littlefrogs · 15/05/2014 21:07

We live in North london.
The rent for a tiny room in a shared house is £900 per month.
I would rent out a tiny room in my house, but my DC can't afford to move out.