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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

I hate London property prices

165 replies

Lolaredingfield10 · 30/09/2016 16:00

I was born, raised and still live in Uxbridge, Greater London.

DH and I have been saving up for a mortgage for years. Our Budget is £250,000

We have 2 DC under 10, we'd like a 3 bed semi with a garden in Uxbridge, even Hayes would be fine but the prices are all £400,000 +

The best we can get with our money is a 2 bed flat in our area and it's utterly depressing.

We don't want to leave London, I don't understand how anyone can afford these prices but Houses are being snapped up.

Surely this can't last. We can't decide between trying to save up for a bigger deposit and waiting a few more years or just settling somewhere else in England.

OP posts:
Inyournightdress · 30/09/2016 16:04

I'd consider buying the 2 bed flat. Housing prices will rise higher than you can save, and at least with the 2 bed you are on the property ladder and can look to getting something bigger later on.

EssentialHummus · 30/09/2016 16:16

I think (since size and budget are set in stone) you need to look at moving further out or accepting a flat rather than house.

I liked this (2 bed flat, garden) in Hayes.

mrsvilliers · 30/09/2016 16:17

I hate to say but I would also consider buying the two bed flat or make your peace with renting if you don't want to move from London. I just got a letter from my bank saying the interest on my savings is now 0.05%. There is no way sadly that savings are going to get any kind of decent interest rate in the short term or indeed long term.

Parietal · 30/09/2016 16:19

London has to build more houses. it is the only way to get prices down because there is so much demand and not enough being built. so do buy whatever you can afford now, but also tell the council & politicians etc that we need to build more. that means not objecting when someone wants planning permission for a block of flats, and telling your MP etc. Ultimately, London house prices are a political problem (lack of building + planning law) and need a political solution.

PoisonousSmurf · 30/09/2016 16:19

Move out of London. It's not what it used to be. Miserable, stinking place. You could buy a nice home in the midlands with space and nicer people.

SEsofty · 30/09/2016 16:20

Very, very few people first time buy three bed houses, irrespective of how long they have been saving for.

Probably best to get on the property ladder.

Also, investigate help to buy which is specifically for first time buyers

KnitsBakesAndReads · 30/09/2016 16:26

I can really sympathise. London prices are just ludicrous now. Even if we saved every penny we could it would take us at least a decade to have a big enough deposit just for a normal 3 bed family house. And, even if we managed to save that, it's unlikely we'd be able to afford the mortgage repayments unless we both had huge salary increases.

The majority of my friends who have children have either already left London or are doing so in the near future. Those who are staying have been "fortunate" to inherit large sums of money. (I say "fortunate" because I'm sure they'd choose to have their relatives rather than the inheritance!)

StrawberryQuik · 30/09/2016 16:26

I know what you mean though OP, I'm from Brighton and just want to move back home where my parents and friends are. Sigh.

eurochick · 30/09/2016 16:27

I can't think of anyone who has managed to buy a three bed as a first time buyer. I think you might need to moderate your ambitions. Sorry.

mrsvilliers · 30/09/2016 16:28

Help to buy has been cancelled by Hammond SEsofty

We moved to the Midlands from London but are still struggling to buy. We always seem to be stamp duty and fees away from the amount we need. I recently read someone describing getting a deposit together in the current climate like chasing a moving train and it's so true.

Vixxfacee · 30/09/2016 16:30

I really begrudge it. We have a flat already but need to up size as we are due a baby. We have a 30 % deposit but it will get us a 2 bedroom maisonette or a 3 bedroom which needs a hell of a lot of work.
We could buy a massive detached 5 bedroom out if London but need to stay here due to DPs job. Going to view a place tomorrow.

SEsofty · 30/09/2016 16:34

Help to buy is closing at end of the year, so there's a window to still use it if op gets a move on.

specialsubject · 30/09/2016 16:36

mrsvilliers you can get twenty times that interest rate.

Sadly that is still only 1% and real inflation is higher than that.

Cheers, carney...

sparechange · 30/09/2016 16:39

PoisonousSmurf

You're probably not going to win OP over by calling the place she doesn't want to leave 'miserable and stinking'

OP, those people buying the £400k houses are probably selling the £250k flats. Perhaps you can get a flat as an interim step to at least cushion against further price rises completely pricing you out.

Have you looked at shared ownership, Help to Buy, guarantor mortgages?

Any reason it has to be a semi and not a terrace or maisonette?

HeCantBeSerious · 30/09/2016 16:39

London has to build more houses. it is the only way to get prices down because there is so much demand and not enough being built.

Not selling almost everything off plan to overseas investors might help too.

LBOCS2 · 30/09/2016 16:40

We bought a three bed house in (greater) London as our first home. But we compromised massively on location, we have crap public transport and it's further out than we'd like. Is there anything within a compromisable distance you could go for instead?

mrsvilliers · 30/09/2016 16:43

specialsubject I know, 1%, whoop whoop. I can't be bothered. But maybe I should!

I'm gutted to have left London OP, it's a fabulous place to live but the prices in the area we lived were nuts.

Lazyafternoon · 30/09/2016 17:23

I live just inside M25 and the house prices are ridiculous.

The other day I was having a random look on Zoopla at places we'd been on holiday etc. We could sell our small terraced house just inside M25 and buy a big 3 bed windmill with sea views in Wales for less than our current house is worth. It honestly got me thinking what is important to us. In theory DH could do his current job from anywhere with good internet connection. But a quick light hearted conversation with DH and we concluded that location and proximity to friends, facilities, amenities, jobs and future opportunities for DS are way more important than the size and views our house has.

The current housing market is horrible. But we all need to compromise in some way when house buying. The question is what is it that you can compromise on - is it location for bigger house or settling on a flat to get the location.

We went for location and a luckily found a 'project' - a house in a complete state in need renovation right through out and a year of living in a building site to get something we could just afford yet big enough size wise. It's a very personal thing about what really are priorities to you that only you as a family can decide.

Crisscrosscranky · 30/09/2016 17:25

It's not just London. We are outside of London but in Essex commuter belt - 3 bed semi would be about £325k. Realistically you will need to move way out to buy somewhere for £250k. Could you buy a flat and rent it out?

SillySongsWithLarry · 30/09/2016 17:32

House prices are madness. I live in the South East not far from London and know no one below 40 who own a whole house. I own a flat in a block of shops for a family of 4 and all my peers own similar or rent. It's just how it is these days.

skippy67 · 30/09/2016 18:16

poisonous if you're typical of people who live in the Midlands, I think the OP should swerve that part of the country...

TheAnswerIsYes · 30/09/2016 18:38

I agree with the pp saying buy a flat to get onto the property ladder. You can want what you want but realistically you can only buy within your price range. I just had a look and there are 3 bedroom flats within budget within 3 miles of Uxbridge. Yes, you might end up living in Northolt or Hayes (which is experiencing a regeneration due to Crossrail) but you will have the space and your assistance will be appreciating until you can make that next step.

TheAnswerIsYes · 30/09/2016 18:40

*Asset not assistance.

greymat · 30/09/2016 18:55

We live in a 2 bed flat in London as that's all we could afford in our area. It's fine for us (family of three) - we don't expect to have any more dc and have no plans to move again. Our budget was higher than yours but I grew up in a more central bit of London and being close to the centre of town is a big part of our lives, so we couldn't really consider moving out to the outer boroughs, even if it meant getting a bigger property. I think you just have to accept that you'll have to move further out or compromise on the property.

Laineymc7 · 30/09/2016 19:01

I would definitely buy the flat now and get on the property ladder. The kids could share a room. A ground floor maisonette would be good. If it had a garden it would feel like a house. At least the value will go up and whilst you are there you are paying off your own mortgage and no someone's rent. Also it will feel like home when you own it rather than renting. Good luck