So been in rented accommodation for many years due to exh huge debts spending money in takeaways and clothes (so not anything to actually show for it!) Three years ago finally filed for divorce and started to clear the debts, luckily most were in his name but cleared joint ones. Within 12 months I was debt free.
Two years ago, a lovely big semi came up for sale in my area. It need work as hadn't been decorated in years but was £150,000. Went to see a mortgage advisor who said I could get a mortgage for £135,000 based on my salary. So I spent the last 2 years scrimping a £20k deposit together and making sure my credit rating had recovered from previous debt....
Now in a position to buy, got my deposit and MIP and similar houses in my area are now selling for around £190,000. Even terrace houses with no garden are up for £170.000
I really don't want to move areas, I work and my children are in school within a couple of miles and my friends and their friends are all here. I'm just annoyed that I've saved a deposit and I now feel I will never be able to buy where i live as house prices are going up quicker than I can save more deposit.
I don't think there is a solution unless I move away from the area I'm in which will mean moving my children's schools or a 40 minute drive to school each day (currently a 5 minute walk).
Just interested to hear from anyone who has been in this position and what you did.