House prices and when to buy . Feeing fed up

[flopseyR72]

I was looking at houses before lockdown. Splitting from dp so buying own house for 3. Seriously fed up with local houses just saw a house I looked at in 2016 sold for £615k ( 3 bed semi) now listed for £850k this is in Buckhurst Hill area London. It just seems like madness to me. I earn 100k but seriously I just feel like giving it up and going to live in the country. I have savings. Even if the house prices go down with Coronavirus how can a 3 bed semi have gone up to that price when the house prices in London were supposed to be stagnant. I just don’t think they can possibly be worth that much.

Yanbu. I dont know what people are thinking...

We looked at a house - the ceiling on the road is 1.2m for a house with 1.5x more square footage. They bought it for 1.15m in 2016 and want offers over £1.7 good luck with that.

I’d rather spend less though and no where too polluted busy or stabby

My area of SW London has been pretty stagnant for the last 5 yrs however the prices were already 600k ish for a flat & 1.1m for a house, so I think affordability has been reached.

2 people earning well with some savings & some parental help can buy the properties around 600-700k. The big issue in my area is that people are now stuck on the ladder unless they get more parental help.

As a homeowner it's stupid imo & I don't want so much income tied up in property. A bigger home would cost us 1.6m & we can't afford that even with lots of equity.

Quite a few of my friends & neighbours who had budgets of 1.2/1.3m have moved away as they wanted more for their money/didn't want to pay more.

They've gone to Edinburgh, Bristol, Cheshire, Reigate, St Albans, Tenterden (not sure right spelling)

It's not just London. My DD2 has been looking for a property in Cardiff for nearly a year. We thought the market may go down but no such thing. They seem to be sts at the moment early days yet though. I think you need to wait until the true property picture appears.

The housing market hasn't been stagnant for four years though, especially in London.

And your choice isn't to either buy a house for 850k or move to Scotland.

You are so lucky - 500k cash and 100k job. Yes I know you worked hard, been frugal blah blah blah, but I've worked hard and been frugal and and don't have anywhere near what you have.

This is either a wind up or the best stealth boast ever.

I don't see it as a stealth boast , l see it as the OP has to make a real decision to jack it all in and go to live a simple life with her family in Scotland or keep on with the rat race.

What about the Chingford to Liverpool St line?

www.rightmove.co.uk/property-for-sale/property-77955682.html

www.rightmove.co.uk/property-for-sale/property-79969288.html

www.rightmove.co.uk/property-for-sale/property-92599052.html

Oh wait, you work in Romford?

I was in a very similar position to you op and I did move away from London. I earn less now but have a better quality of life. I would seriously consider moving back to Scotland. Good education and free uni plus closer to friends and family.

I totally understand re not wanting to spend all your cash ona house that cannot be worth that

Yes thanks I have been looking further out Brentwood she field and Epping also. I tried to relocate to Edinburgh but after a year of being run around in circles they pulled out as that has somewhat dented my confidence in relocating jobs. I am not that young so it’s hard to start over completely

What about Gidea Park?

I don’t know it but no where too in Romford

Bloody hell, come up north, you’ll get a 3 bedroom semi for £150000-£190000. You’d get a brand new 5 bedroom, 4 bathroom for £364000.

Look at Chingford it’s a lovely area (look at North Chingford), Epping is also nice but a bit more expensive. Otherwise Colliers Row is a nice part of Romford

You could go the other way and get more for your money outside of London - Chelmsford & Colchester

Clicked on this thread looking to sympathise with my 280k (300k absolute limit), but you lost me at 800k I know everything is relative but surely you can find the sort of house you want somewhere reasonable (if not on your doorstep) for that sort of money? In my area I could buy a very large (5 or 6 bedroom) beautiful Georgian house with an acre of land. Is london the be all and end all?

I don’t really like London. Actually I wanted to move back to Edinburgh but as I said I’ve lost a bit confidence in the job market. My current job I am well established and it lets me have a good childcare work balance in that I can part work from home even before Covid

I just looked at the house you sent in hinghmam park and you see also that was bought in 2017 for £505 and now they are asking excess of £575

What it your deposit if you dont mind me asking?

£500k deposit or cash to drop out

I think the house prices in London are a bit of a red herring. How do you want to spend your time and how would the potential life options change your children's lives. You can't predict the future but you can look at advantages and disadvantages of different scenarios. But do it without feeling bitter about what the people do or don't do. Some people would hate to swap to a "simple life' others would wish they had done it sooner. you are in a position to have a couple fo years living on savings while you establish a different life, whether that's luck or reward for your hard work it is still fortunate position.

The thing about the UK is we have such a supply shortage that prices simply won't fall. People need to have somewhere to live, if they can't buy, they will need to rent, there aren't enough nice places to rent which keeps rents high. The government furlough scheme etc involves printing money to keep paying people, as a result, asset prices (including property) won't fall.