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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Single, earning £35,000 - is it possible to buy a property on this?

48 replies

isitpossiblee · 30/04/2023 19:14

I recently got a new job and have gone from £25k to £35k. I'm single and living with parents at the moment (I'm 25). I am happy living at home, but would like to move out. However, I'd rather stay living with family and paying them rent than be in a houseshare. I only have £8k in savings at the moment as I've done a lot of travelling (making up for lost time as I didn't get a passport until I was 23!)

If you were in my situation, AIBU to ask what you would do? Is it possible to buy a property on this kind of income? Would shared ownership be a good idea?

I live in the South-East, around an hour from London. I work in London around once a week, so need to be near the commuter belt.

OP posts:
Original poster
isitpossiblee · 30/04/2023 19:15

Also at the moment I just keep my savings in a savings account with my bank, should I be putting them somewhere else? I grew up in poverty where we lived in our overdraft so feel like there's so much I just don't know!

OP posts:
drpet49 · 30/04/2023 19:16

Stay at home and save as much deposit as you can is my advice.

RandomMess · 30/04/2023 19:17

Depends where you want to buy a house and how much it will cost.

Danikm151 · 30/04/2023 19:19

open up a LISA account. The gov will give you a bonus depending on how much is saved. Can only be used for a house deposit or at pension age.
Or see if help to buy is a better option.

it would all depend on the prices of the houses you are looking for and if you would be approved for a mortgage.

jimmyhill · 30/04/2023 19:22

You can generally borrow 4.5x annual income for a mortgage so they might lend you £157,000. But you'll need at least a 10% deposit (£15,700)

It's doable if you save for a while and if you live in a part of the country where you can buy a useful property for £157,000.

As for savings put it in a LISA

Original poster
isitpossiblee · 30/04/2023 19:25

I just had a look on Rightmove and flats tend to be around £190,000!

OP posts:
Allywill · 30/04/2023 19:31

Well you can buy a two bed terrace in my town for 50k although to be fair it will be in a very run down area. For up to 140 you would get a 2/3 bedroom in a much nicer area but I do live in one of the cheapest areas of the country for housing. I find the prices in the south absolutely mind boggling.

BelleMarionette · 30/04/2023 20:02

Not on that deposit and income anywhere near London. In your situation I would focus hard on saving as much as possible and investing into your career, to hope for further salary increases. Or look at moving elsewhere.

mackthepony · 30/04/2023 20:03

Not in Essex apparently!

RandomMess · 30/04/2023 20:05

Keep saving and hope that you end up with a partner you want to buy with or you end up in a much more highly paid job in the future.

It sucks.

We moved away from the SE so our kids would have the opportunity to either move out and rent or buy.

bellac11 · 30/04/2023 20:06

If you only need to be in London once a week then I would move up north/midlands. You'll easily get a nice little property for that money

Equalitea · 30/04/2023 21:40

Allywill · 30/04/2023 19:31

Well you can buy a two bed terrace in my town for 50k although to be fair it will be in a very run down area. For up to 140 you would get a 2/3 bedroom in a much nicer area but I do live in one of the cheapest areas of the country for housing. I find the prices in the south absolutely mind boggling.

Wow!!
Are rents cheap there too?

Doggymummar · 30/04/2023 21:44

Peterborough is about an hour by train to London, Nottingham and around that area are commutable once a week also. I am in Sussex 45 mins to London and you would need £250 or more for a two bed flat.

GarlicGrace · 30/04/2023 21:51

Try this search, it might cheer you up a bit. In central London, I worked with a lot of people who lived further than 30 miles out. If there's a really good rail connection, you have to do a bit of budget juggling because fares are high - but if you're only going once or twice a week, you've got more flexibility :)

There are blogs & websites that do this for you. I can't remember what any of them are called, but you can start by calling up the timetables of the major stations (and don't forget Clapham Junction) to check times & frequencies.

Rightmove.co.uk

Search over a Million properties for sale and to rent from the top estate agents and developers in the UK

https://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION%5E87490&maxPrice=150000&minPrice=70000&radius=30.0&sortType=1&propertyTypes=flat&includeSSTC=true&mustHave=&dontShow=retirement&furnishTypes=&keywords=

ChildrenOfTheQuorn · 30/04/2023 22:22

About 5 years ago I bought a 140k house on a 35k salary (2 beds) with a bigger deposit though and Up North of course.

nofusspot · 30/04/2023 22:25

How tied are you to the area? South Wales is a good place to look

DdraigGoch · 30/04/2023 22:30

If you only need to be in London once a week then I'd consider moving up to a couple of hours away.

user1471548941 · 30/04/2023 22:31

Expand your search area a little. I bought at your age, on that salary, with £18.5k deposit saved from living at home with parents. One bed duplex in a block for £185k.

Money was tight for a couple of years but 100000% worth it. Sold this year to buy a bigger place with the DH I acquired along the way and had made £50k on it.

GarlicGrace · 30/04/2023 22:39

nofusspot · 30/04/2023 22:25

How tied are you to the area? South Wales is a good place to look

Erm ... 2 hours each way, £280 return, and that's without having to get herself to Cardiff at the crack of dawn

Single, earning £35,000 - is it possible to buy a property on this?
PinkLadyLove · 30/04/2023 22:53

Suprised no one has suggested Shared ownership properties/flats. Its obviously not the same as owning outright but always an option to explore. Tend to be new build, much lower deposit required (although they do take into account salary), alot of options in London as well.

oneleggedspider · 30/04/2023 22:53

You're doing really well, congrats on the new job. 😊 If you can stick it out, stay with your family for a few more years and save as much as you can. Put your savings in a LISA. The best thing you can do is stay away from private renting as its a drain on your money and you'll find it harder to save.

I'd avoid shared ownership, though you could probably already get a little flat this way with the savings you've got and your income. It can be harder to sell them on though, and you will be paying rent and possibly service charges on the portion that you don't own.

I'd keep saving. They'd lend you around 155k I think? So if you can save around 1k a month it would only take a few years to save enough for your own flat. Can your parents help at all? Even by allowing you to live rent free for a bit to help you save?

PinkLadyLove · 30/04/2023 22:54

Just seen youve mentioned shared ownership op. Have a look into it x

Allywill · 01/05/2023 00:34

Equalitea · 30/04/2023 21:40

Wow!!
Are rents cheap there too?

Show quote history

about 500 - 600 a month for a well decorated 2/3 bedroom terrace. There are some for around 450 a month but they are in dodgy areas in the main.

Willyoujustbequiet · 01/05/2023 01:18

Yes absolutely if you were up.in the noth east, you could comfortably afford a nice 3 bed detached.