Active discussions

Meet the Other Phone. Flexible and made to last.

Meet the Other Phone.
Flexible and made to last.

Buy now

Please or to access all these features

Talk
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:
PotsofGold · 15/05/2014 22:16

I don't live in London so I haven't experienced this myself, but I can't help wondering how the hell people are affording to pay these prices when the OP can't afford to with 95k a year and 26k savings.

They can't all be on higher incomes than the OP and they can't all be Russian Oligarchs/Arab Sheikhs despite what the Daily Mail would have us believe.

Where do they all get the extra money from? How have they got larger amounts in savings? Some may have inheritances or help from parents, but they can't all have, surely?

Are people just borrowing horrendous amounts of money to be able to afford the prices? I thought that lenders were being very strict these days though...

???

Notcontent · 15/05/2014 22:17

I feel your pain. Prices are crazy.
I think a lot of people don't understand that it's not always possible to commute into London.

newnametoday1 · 15/05/2014 22:18

cheshunt?

Littlepicklehead · 15/05/2014 22:21

Potsofgold - I'm assuming just from my sorry experience, a large proportion will be people who managed to get on the ladder slightly earlier than us and so now have large amounts of equity to put towards a new property. And for our particular area a lot are moving from North London, where they can sell their 2 bed flat for £650k and buy a whole house for that round here. We are scuppered with our budget in comparison!

Howah · 15/05/2014 22:22

Good call, newname Cheshunt has plenty of trains straight into stratford.

cerealqueen · 15/05/2014 22:22

Could you buy as an investment and rent out so at least you have a foothold?

Notcontent · 15/05/2014 22:23

Potsofgold - I am in North London and I can kind of answer your question. Looking at the families of children at my dd's school there are mainly two categories:

  • people who work in banking, law, etc and earn at least £200,000
  • people who are at the other extreme, quite low income but rent and get housing benefit.
BravePotato · 15/05/2014 22:24

Go for a 2 bed? How old are the Dc?

cerealqueen · 15/05/2014 22:24

Sorry, just seen earlier posts about that, Sad for you

cestlavielife · 15/05/2014 22:24

Ey are "on the property ladder" if that means having small equity and a mortgage.
That's the problem with the property ladder...you get stuck.

UncleT · 15/05/2014 22:25

mrsballack can you please explain why you think everyone outside of London can only earn minimum wage?

cestlavielife · 15/05/2014 22:25

Op could rent out current property and rent somewhere bigger for themselves .

mrsballack · 15/05/2014 22:26

No, not everyone outside London is on minimum wage but we would be. Hubby left school with no qualifications and I was mainly in retail before I got my current job. Realistically, it would be unlikely we'd manage to get a non minimum wage job without retraining or completing further education.

fuckinglondonballs · 15/05/2014 22:27

Potsofgold: combination of people being given £100k+, living with parents until 30s so able to save buckets, got on the ladder earlier with help, inheritance, buying family property on knock down prices, living rent free for a decade in empty family home....

I have yet to meet anyone my age who has done it entirely themselves while living independently and supporting themselves.

I know of one couple who are using their life insurance money from him having a stroke aged 27.

BravePotato · 15/05/2014 22:27

Is commuting an option?

ouryve · 15/05/2014 22:27

That's not anywhere, then, is it? There's parts of the country where you can get a 2 or 3 bed terrace in a not at all scary area for a 5 figure sum.

Serenitysutton · 15/05/2014 22:28

People bought earlier with help many from. 100% mortgages. Able to buy in their early - mid 20s. In my experience. The rest are wealthy.

domesticslattern · 15/05/2014 22:33

To add to notcontent's post two more categories.

  • those who bought in their twenties rather than their thirties. One of my friends is mortgage free, for no reason than that her DH did something very unusual and took out a mortgage in his early twenties. Now living in a £700k house. Sweet.
  • those who are living in very small spaces. It is entirely normal to see cots in living rooms, children sharing parents' bedrooms etc. even among people on high salaries.

It is barmy. I don't think people outside London quite get how barmy it is. Average house prices in London have gone up 42 per cent in the last 6 years. That is truly insane. Especially as some areas have gone up more than that.

Not that Cameron gives a toss. Remember that interview where he couldn't even remember how many houses he had? Hmm

sleeplessinselondon · 15/05/2014 22:34

Littlepicklehead I think you are me - we've just started on our extension of a 2 bed flat in SE London as we've run out of space with 2 DC's. Prices everywhere in London are insane and it is ridiculous that families can't get a decent family home on very good wages. I am very excited about soon living in a 2 bed flat with more living space though!

smallinthesmoke · 15/05/2014 22:40

Another one here who just extended a 2 bed flat in London. The architects and builders round here are flat out.
Even just getting another 15 sqm has transformed our lives. So happy to do really simple things like get the whole family round a table, move the baby out of the living room, buy DD2 a bedside table as there was never room for it before.
Good luck to those who are doing it! It's stressful but worth it!

mellicauli · 15/05/2014 22:40

I would buy a 2 bed house with separate dining/living room. Convert dining room to bedroom. You do have loads more space with a house than a flat. Think potential for conservatory for extra living space. I saw lots of nice ones in your price range.

Freewheelin · 15/05/2014 22:40

Buy 2 bed and add loft conversion?

MissMooMoo · 15/05/2014 22:42

we live in forest gate, its up and coming Grin

LuluJakey1 · 15/05/2014 22:43

Property prices are mad in London.
We have a 3 bedroomed semi in the north of England, on the coast, near a city, with a downstairs extension - so one huge reception room, 30ft x 15, one 15 x 15, a small sunroom 15x8, kitchen 16x 12, 2 large bedrooms, one smaller, garage, 90ft garden- south facing not over- looked, lovely street- tree lined. House has lovely original features. Cost £200,000 10 yrs ago. Worth 290-300,000 now at best.
Cousin lives in almost same house in North West London, slightly smaller downstairs, smaller garden. £ 480,000 - £500,000 in quite grotty area with no charm. Costs him £700 every 3 months for fares to work in the city. It just amazes me. I have no idea how people afford to live down there. We have joint income of £90,000, very small mortgage. In London we would struggle to buy anything at all. Here we are comfortable- not rolling in extra income but comfortable.

TinklyLittleLaugh · 15/05/2014 22:53

I don't think people outside London get quite how bar my it is

Well yes we do actually, that's why many of us left a long time ago.