Aibu to think that buying a property is impossible for single people?

[Iggleonkupsy]

I'm single and childless, I work really hard and although I try to also have a social life, I save as much money as I can to put towards a deposit someday. But I just get deflated when I look at properties that are so expensive. I relocated to this area about 5 years ago and although I could probably move to a different city and find a job in what I do, I don't feel like I should have to..I've built my life here, I have a good support network. I just get so down at the thought that buying somewhere will not happen. Why do they build these new homes if they aren't affordable? 200k for a 1 bed tiny apartment is not affordable is it?

Depends how much you earn. £200k is affordable for some people.

In london i would agree it's close to impossible without significant help.

No, but then I’m selling my 4 bed with a sea view for £215k...
YABU in saying single people can’t buy, YWBU to say that wherever it is you live single people can’t buy. Some places are more expensive. Where you are a couple with children would struggle to buy somewhere with the 2 beds they need.
Obviously it’s harder with one salary per, but you do have to decide whether location or owning are more important to you.

I know lots of single people who have bought properties more expensive than that (with a mortgage obviously). A lot of them used help to buy or had help from parents.

I don't live in London so my wage is the same as I'd be getting in other areas of the uk.

If flats are 200k, yes it'll be impossible for a lot of singles. Honestly though, I hear what you're saying about how you shouldn't have to, but if you can go somewhere cheaper I would.

cardi you're right. It does feel like I need to decide about location over buying. The problem is that even areas surrounding where I live are also expensive. It is a shame.
200k was just the cheapest if I'm being honest. I'm just feeling a bit down after having another search this evening.

Depends where you want to live. 90K would buy you a two bedroomed flat in my town.

That is tempting speakout !!

Are you somewhere very posh in the home counties? £200k for a diddy 1 bed is ridiculously expensive, I agree.

That initial step onto the property ladder is so much harder on one salary unless you have a huge deposit. 3/3.5 times one salary doesn't go far as a mortgage multiplier.

Have you considered shared ownership OP? It doesn't help much in terms of monthly outgoings, but does for the mortgage multiplier.

My friend bought a £90k 2-bed terrace.
Her mortgage is easily affordable (much less than renting). It obviously wasn't a perfect 'home' but it's amazing what a difference some carpets and wallpaper make.

Where are you looking?

I'm in the South West. Not in the home counties.
Thanks lido I have considered shared ownership, I will have another look in to it to see if it is an option.

No it isn't, depending on where you live in the country.

I have few people around who bought by themselves. I did too. But we are in a cheap area.
I wouldn't pay 200k for 1 bed. I didn't want to pay it even for 3 bed semi😂

I only managed by living with parents for some years to build a good deposit.

ouch that would be the dream and my parents would have me home in a heartbeat but unfortunately I wouldn't be able to get work there. I'm quite happy here and have got work lined up for a couple of years so I'd like to continue, it would just be amazing if I could afford to buy. I have built up a decent deposit so far and would get help from my parents but I just feel like it is too expensive!! Plus my wage would need to times by 3/4 so still don't think it would be enough!

I’m guessing you are in an affluent part of Bristol, there are many places in the south west where £200,00 would get you a 3 bed semi or even a detached, you just have to buy where you can afford, like everyone.

It's not impossible.

I bought a 2-3 bed (depending how you want to use the rooms) house on my own, with help to buy, for £115k.

I had to move 90m to do so though. I commuted back to London for a year until a job with London money came up nearer.

All depends how much you want to buy, really, doesn't it.

Where I live you can buy a modern two bed flat in the centre of the city, or a Victorian two bed terrace in an ok area for £100k. This is a city in the Midlands. I think with savings or maybe parental help of £20k that's affordable for a single person earning say £30k, which is not a ridiculous salary. So op I guess it depends where you are.

@ Iggleonkupsy you might find it affordable to buy a 2 bedroom place, using the Bath Building Society Rent a Room Mortgage. The extra amount they lend (based on the room rental) will make a BIG difference to what you can borrow. Best of luck.

It depends where you are. One can buy a 2 bedroom maisonette or flat in Glasgow for less than 85k (in areas that are not bad at all). Less than 200k would get you a 2 bed terrace house in a good area.

Thanks everyone, I really am taking everything you say on board. I am open to moving further out of where I live, but like i say, properties aren't much cheaper and so the money I'd spend commuting wouldn't make it worthwhile. I'm happy in my current job which is not likely to change for a year or 2 so until then, I'll continue looking where I am and continue saving.
clary i don't earn 30k. It is slightly variable but average 24k I would say.

didyou thank you for that. Off to google now as I hadn't heard of that.

I agree it's really unfair that people have to move where housing is cheaper, and lose all their support networks. The lack of community is damaging to our society too. It's just the way it is these days though, and I can't see things changing anytime soon, due to the world being over populated I think!

I'm in Yorkshire and my 2 bed terrace was 90k - the terrace is only 4 houses long and have a relatively decent sized garden for a) the price and b) proximity to the city centre. There's no way I would be able to afford to live anywhere south of the Midlands, and I don't consider myself to have an extravagant lifestyle.