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

[TheLowestFormOfWit]

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??

Did I hear my name?
Lowest if you want to stay in E17 look towards Higham Hill.

You can still get a three bed ex council, sturdy 1940s house for your budget.

But you will have to get a wriggle on.

Just looked up E17 and loads of the house were on at 315-350 but have offers on of 363 etc - almost 40 grand above asking

Is it a nice area then?

Thread title extremely misleading since you say you do actually own your home ffs! I was all set to be sympathetic about London is mental and all that shite but now not so much. I have no chance of getting more than a 2 bed where I live for work, much cheaper than London, and have 2 children (pretty much all of the time too, not just half)- they share like most children throughout history. You are extremely lucky! (I am also extremely lucky to own house, so not saying you are more so, just that really you are misleading people by saying you 'can't afford to buy anywhere' when you already have bought a home within what seems like a reasonable distance of your workplace and social needs).

I feel your pain! Prices have become ridiculous. Most places aren't even shown at viewings. It's all done as a one day open house. Estate agents don't even have to market places anymore. A friend just sold her one bedroom shared garden flat in hackney for £410K!

www.rightmove.co.uk/property-for-sale/property-42073141.html

This needs work but is under budget.
Its in a good area. Easy access to stations and walking distance of the parks.

Its not the Village but you can't afford the Village.

Barking is grim, it was just a joke :)

We are in same boat. Roughly same income, rent a 1 bed flat with x2 children.

We are looking at moving out of London slightly and commuting in on mainline.
The problem is that dh and I work different sides of London. So like someone mentioned 28mins to euston from Herefordshire. However dh works in west London and I work canary wharf. So that's approx 45mins min added on top from euston. If we lived in area and arrived in Waterloo that's 20-30 mins to my work, 45-60mins to dh.

Atm we live very central so commutes ok. Would also need more childcare if longer commutes

Scouse - a full time nursery place is about £20k in London. X2. £40k. Rent on 1-2bed flat around £20-25k a year min, more in nice areas. That's £65k of £95k gone. Add x2 travel cards for x2 working parents -£5k a year min. £70k now gone. Leaving £20k max to pay bills/ food/ life, so not going to have much left to save each year. £5k savings a year tops. £50k is min deposit really so that's 10 years saving. Oh and in that time house prices higher...

YANBU! I so feel your pain OP but you're in a much better position than us. Just HOW are you supposed to save £50k?!

Saw a two bed flat go up near us the other day. Just look at the room layout m.zoopla.co.uk/for-sale/details/33046564 Half a fucking mill.

If anyone does have any idea how to save £50k please let me know!

I like E17 but it has only just become desirable.
It has a lot going for it but people only got over their disgust when they realised they couldn't afford Hoxton and Kentish Town and they didn't fancy living in a area with no tube stations.

We have two.
Tons of over grounds.
You can see Epping Forest from my road.
I can get to the East coast in 90 mins.
I can get to Oxford Circus in 20 mins.
Lots of good primary schools.
Secondary schools are a bit meh.

Prices have gone barmy in the last 6 months though. Utterly mad.
Its still one of the cheapest London boroughs.

Just a thought but could you not buy a home for the future, perhaps where you would like to settle or where one of you you is from? So you have an investment in bricks and mortar for the future. Rent that out carry on renting in London.

That's so sneaky. The house is £300,000 (to £350k)

living in london is for mugs - I left there 13 years ago and it was the best decision i've ever made. The quality of life for me, partner and our kids is far higher that it would have been had we stayed there.

there is always a choice

Bodicea: you need at least 25 % deposit for a buy to let and preferably savings stacked up in case of the property being empty/non payment. If you can't buy for yourself I really doubt you should be a landlord.

Firstly, you need much bigger savings. How long have you been saving?

Secondly, you will have to move to a scummier area. Walthamstow is on a very fast up so imo it's too late to bag a bargain there.

Agree, further East is an option. My flat was in gangland, shootings all the time. But there is no way I could afford to live there now.

Try Highams Park or Forest Gate?

It is true, there is a choice. We have chosen to stay, live in a cheaper area, and budget so we can retire early and enjoy our later life. If we left London we would have minimum wage jobs, and rubbish pensions so would end up working till we dropped. Life in the suburbs and long commutes are worth it for now (unless they get their hands on our pensions)

We are in exactly the same position. Lucky to own a 2 bed flat in SE London (but bursting at the seams with 2 DC) and we do have decent equity since prices have gone crazy, but it's not enough to be able to upsize to three bedrooms. Lost count of the amount of places we were significantly outbid on when we tried to move last year. It was such a depressing experience.

We are currently going through the planning process to extend our flat. It's far cheaper than moving, and we get to stay exactly where we are and love. We are lucky that we are ground floor with our own garden so we are (subject to planning!) able to do this. Would it be an option for you at all?

Didn't realise you needed 25% for buy to let. That sucks. It's not that they can't afford to buy though. It's that they can't afford to buy in London and they need something bigger than a starter home.
I was just thinking I know a few people in he military who have invested in homes and let them out whilst they move around. Thought that might be a set up
To c

To consider

mrsballack, why would you have min wage jobs if you leave London? is everyone outside of London on min wage??

Bodicea: there's also the issue of there not being enough homes. People who have more than one contribute to the problem of course.

We just bought a three bed in e4 for 292k but you're right, it has gone a bit nuts on the last few months around here (our offer was accepted in October)

They wouldn't have more than one. They would own one property and rent another and someone else would love in theirs. Not like a second home. Even if just bought a little easy rent starter home. At least they would be on the property ladder x

YABU, I know the area well and there are lots of places near to you for under £350k. Chingford has good transport links to London, Enfield does too (and the M25), Waltham Abbey is not far from Epping tube.

I think you need to look at what you want to buy. There are plenty of 3 bed flats...