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Original poster

How do people afford to buy a house!

407 replies

Itonlymakesyoustronger · 20/10/2021 15:42

Is it me or is buying a house a massive struggle!

Without boasting I have managed to save 45k, to some it may seem nothing but to me its a huggee amount. But after calculating mine and my husbands wage we could only buy a house for £290k, where we lived that wont even get you a decent 2 bedroom house! I don't know how people do it! when I search right move a two bed house is 320-370k.

How do you afford to buy a house, what jobs do you do?

OP posts:
Iseeyoulookingatme · 20/10/2021 16:30

I live in the west Midlands were house prices are a lot cheaper. I bought my 1st 2 bed terrace house when I was 23 for £87k and sold it 12 years later for £99k. We did loads of work so didn't really make much profit but We had £50k equity and then we bought a £187k 3bed semi detached house. Sadly I'm getting divorced and will be back looking for a house for roughly £100k I will have about £40k equity to put towards it. I make £19k a year and will be buying another doer upper, but it will be worth the work in the end. So the answer op is buy in a different cheaper area or buy a house that needs work.

JustFrustrated · 20/10/2021 16:31

£290k here would buy you a large 4 bed with big garden.

So I'd say area.

Also, you can't be earning much if combined you can only get 290, so also, higher income jobs.

Between us we could get 350 mortgage. Not that we would. But that's with one medium/high earner and one low earner, combined income less than 100k.

Dixiechickonhols · 20/10/2021 16:33

Live in cheaper area.
45,000 will buy you a 2 bed terrace in liveable condition in former Lancashire mill town. I know a couple who did that - they had been teaching abroad came back with cash and bought terrace outright - obviously they could work as teachers anywhere.
I live in a nice area/good schools/low crime where 120,000 will buy you a 2 bed terrace. Area regularly features in best places to live lists.
If you work in Manchester you can buy in Didsbury or city centre apartment etc and pay a lot or commute from Burnley where you can buy something for much cheaper it's all about compromises you are willing to make and lifestyle you want.

Jaxhog · 20/10/2021 16:33

You start by buying something tiny, unmodernised, and in a grotty area, and fix it up. That's what we did. then you scrimp and save until you can move upmarket.

Snoods · 20/10/2021 16:33

We live in the north. It’s a nice, quiet area with really good schools. Worth 175k for a 2 bed semi. Basically it’s because we live in the north and bought a smaller house compared to many families (We have 1 DC). So even on average salaries we afford it.

DragonflyFairy · 20/10/2021 16:33

We each owned a flat in our late 20s as our parents helped us each with a deposit (before we met)

I paid my parents back with interest with my next move up the ladder and still had enough to put to one side for our eventual house deposit, combined with the equity from my now husbands flat sale.

Both bought cheap flats in good areas about 10 years ago and made a lot of money on each one. We know how lucky we are. We now own a 3 bed detached which we can easily afford on one modest salary. Just sheer good fortune and I honestly thank my lucky stars every day (and our parents)

caringcarer · 20/10/2021 16:34

Don't forget the government LISA scheme.

Summersdreaming · 20/10/2021 16:35

Is there really nothing under 300?! If not then maybe serious thoughts about relocating? I really feel for you, I live in one of the cheapest areas in the NW and I can't imagine those prices or how people do it!

ErickBroch · 20/10/2021 16:36

What is your joint income? 45k is a good deposit and over 10% for a 2 bed house at 370k as you have mentioned. You must have a relatively low joint income for the area? I could be wrong, of course! 45k is significant saving so I am surprised your incomes don't match this.

londonrach · 20/10/2021 16:36

We moved to a cheaper and bought for less than your budget a four bedroom house in a lovely market town. If we moved more north your budget could get you an island ....we looked recently and surprisd how much cheaper things are the higher you go up....

Spidey66 · 20/10/2021 16:36

We bought in the mid 90s

Dixiechickonhols · 20/10/2021 16:36

240-260 is new build 3 bed semi detached pricing where I live.

GenderAtheist · 20/10/2021 16:36

Live in a cheaper area
Buy something that needs renovated and spend evenings and weekends doing it up
Buy a studio / small one bed flat and move up the ladder
Take in a lodger or take on a second job for extra cash
Save hard and have cheap hobbies and holidays for a few years
Don’t run a car and save the money

I don’t know anyone whose first property was £290k. You must be quite well off @Itonlymakesyoustronger

bubblebath62636 · 20/10/2021 16:36

Move to a different area?

We have 3 bedrooms for 150k, although bought from family so quite a bit cheaper than it would be.

sleepyhoglet · 20/10/2021 16:37

You can afford to buy a house, just not the one you want which is annoying but the way it is

bridgetreilly · 20/10/2021 16:37

You really need to widen your search area and consider relocating. With that budget, in most places you will be looking at 3 or 4 bed nice houses.

paperpusher · 20/10/2021 16:37

DH and I met when we were mid 30s. I had my own flat and he had his own flat. DH sold house and moved into my flat for about 18 months. With the sale of his house and renting the flat, we were able to buy a house. DH has always been good with money and earns around £85k so that has also helped. We haven't inherited any money.

FirewomanSam · 20/10/2021 16:38

We had a similar deposit and budget to you and we ended up doing Help to Buy to get a place remotely suited to our needs. Where we live we could barely afford a one-bed flat on that budget let alone a house.

Original poster
Itonlymakesyoustronger · 20/10/2021 16:38

I could relocate, but both our jobs are local and we have elderly parents, who really need us at this moment of time.

Also would need a 2 bedroom as we have a LO. I guess I should just buy small like most have recommended. Maybe a two bed flat which is still around 250- 300k.

OP posts:
lndnbrdge91 · 20/10/2021 16:39

Most I know have had help buying and if not money to extend from family.

Hollyhead · 20/10/2021 16:39

We got on the ladder by having 5 years in shared ownership. Bought a 110k share with a 10% deposit, carried on saving and the combination of extra savings and paying a mortgage meant that our next deposit was 40k. Are there any shared ownership schemes you could look at?

MooshWoosh · 20/10/2021 16:39

Start small! I don't know your circumstances but could you get a small flat within your budget?
Repayments will be lower than rent, you'll be building equity by paying down your mortgage every month AND you're much more likely to sell for more than you bought.

We bought a tiny flat to start out with. It was cramped; we couldn't have guests and it was a massive pain in the arse when we were both working from home from little more than a studio.

But we sold for a good chunk more than we bought. That, along with the built up equity, extra savings and increased wages meant that we could buy a much bigger house within a couple of years.

Pinkandpink · 20/10/2021 16:40

Me minimum wage part time, partner 38k. So aprox 47k joint. Large three bedroom detached house with garage in a lovely quiet street. House 140k. Had about 40k deposit from previous property. We live central Scotland

FancyLampshade · 20/10/2021 16:40

Move somewhere within your budget.

bridgetreilly · 20/10/2021 16:40

Okay, I looked on RightMove in Greater London for 2 bed properties, maximum price £290,000.

2100 results. None of those are any good for you, OP?

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