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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Moving from a 2 bed to 3 bed - expense rant!!

68 replies

SandandSky · 15/06/2023 15:43

my DH and both grew up in the area we live now. When we bought our 2 bed 8 years ago we could afford to live in this area. Prices have gone up soooo much! I know lots of people moan about Londoners moving into other areas, and that’s what’s happening here… and to be honest I don’t blame them! It’s just frustrating how much the prices have gone up

and the jump between 2 bed and three bed is ridiculous

our 2 bed has been valued at £360k with a 3 bed with a decent garden being on average £475k.. and that’s with work to do!!

this is out of reach for us, so realistically we will have to move away from where we grew up, and away from DCs grandparents and school/nursery if we want a bigger house (which we need with soon to be 3 kids!)

I know there’s no solution really, I just find it so upsetting and frustrating

anyone else finding it hard to move up the ladder?

OP posts:
BanditsOnTheHorizon · 15/06/2023 15:45

Can you carry out a loft conversion for the extra bedroom, or extend in any way?

IhearyouClemFandango · 15/06/2023 15:46

What did you buy your 2 bed for? Chances are that 360k is unaffordable for 1st time buyers now. The jump is at most steps.

PurBal · 15/06/2023 15:48

Similar situation. Our 3 bed is valued at about £350k to get a 4 bed with too many compromises to justify we’d be looking at £500k. It’s too big of a jump.

WonderDays · 15/06/2023 15:50

I remember paying 100k for an extra bedroom over 20 years ago.

TeaKitten · 15/06/2023 15:52

How much did you buy your 2 bed for?

wurtle · 15/06/2023 15:53

We went from three bed £160 to four bed £380 in same area in NW.

Original poster
SandandSky · 15/06/2023 15:53

We bought our house for less than £200k originally

we have extended it a little bit are very limited because of listing - the rise in value is because of the cosmetic work/restoration we have done and the general price rises in the area

we do have a large garden but no drive so I’d say the valuation is about average for a 2 bed/first time buyer house in the area now

OP posts:
Lcb123 · 15/06/2023 15:54

YABU. It’s not “Londoners” fault, low interest rates and lack of houses have driven up prices. Surely you’ve made a big profit in 8 years. And your choice to have 3 kids

NotSorry · 15/06/2023 15:54

We paid 100k more for same size house 20 years ago because of a different area - it’s not easy buying property OP - I sympathise

Lcb123 · 15/06/2023 15:54

And there is it. You’ve made £160k.

Original poster
SandandSky · 15/06/2023 15:55

And it would be going from a £360k in a 2 bed where everything is new (boiler, kitchen, bathroom) to £475 for a 3 bed which needs lots of work, a new boiler etc

if you wanted a 3 bed where you didn’t have to do anything you’d be looking at anything from £550-700k

OP posts:
instantpotnoodle · 15/06/2023 15:55

It’s not “Londoners”
more likely people who grew up locally, moved away for uni, work etc and have returned to be closer to family.

gogohmm · 15/06/2023 15:56

It's always been this way, just the zeros increased. We have a 3 bed, a 4 bed would be £150k more or require us to move to a less desirable location (I live by a marina)

TeaKitten · 15/06/2023 15:58

That’s still a good valuation though considering what you bought it for.

Original poster
SandandSky · 15/06/2023 15:59

Lcb123 · 15/06/2023 15:54

And there is it. You’ve made £160k.

Yes but when you add it stamp duty, the cost of doing remedial work etc.. we still can’t afford it.

I admit it’s not Londoners fault, but the fact that many many families have relocated from London and paid a lot of money has significantly driven up the prices. It’s just a fact. of course there are other contributing factors and I don’t really intend to use the thread to slag off people relocating from London! Like I said I don’t blame them

OP posts:
TeaKitten · 15/06/2023 16:01

I no it’s frustrating not being able to afford what you want. But you’ve chosen to have a 3rd baby knowing it means you have to move areas as you can’t afford the current one. You’ve made a perfectly reasonable choice for your own life, it’s not Londoners fault you will have to move away.

Original poster
SandandSky · 15/06/2023 16:01

instantpotnoodle · 15/06/2023 15:55

It’s not “Londoners”
more likely people who grew up locally, moved away for uni, work etc and have returned to be closer to family.

Ok well the six families that have moved onto our street from London in the last few years suggest something a bit different. Maybe it’s just this area (we aren’t a long train commute away!)

OP posts:
CRbear · 15/06/2023 16:02

Is it definitely out of reach?

you bought a £200,000 house with presumably a 10% deposit and could afford the payments on £180,000- you’re now going to need to make payments on £105K- even with interest rate increases it can’t be that dissimilar a mortgage payment monthly? Appreciate you’ll need to do work but can it be done over time?

Original poster
SandandSky · 15/06/2023 16:03

As for the third baby thing…
yes our choice in a way but a lovely surprise and not intentional after lots of heartbreak to get the two we have
so… sorry not sorry

OP posts:
Member589500 · 15/06/2023 16:04

Those Londoners have had to leave behind their areas too so nobody wins. Thank you for not blaming us!
I have spent my adult life in compromised housing because I’m a public sector worker in London. I am looking forward to retiring outside London and swapping my little house for somewhere lovely.
I don’t blame anyone for wanting one suitable home. It’s so hard.

mindutopia · 15/06/2023 16:05

I think this has always been the case for 2 vs. 3 beds though to be fair. Very few people looking to buy a 2 bed, so they come at a discount. Obviously, it's more of a discount these days relative to housing costs.

12 years ago, dh and I rented our first house together (3 bedrooms, very nice period property) for £650 pcm. When we finally managed to buy 2 years ago, we were renting a 4 br cottage in the same general area and that went back out on the market for £1600 pcm!

For what it's worth, we had to move 1.5 hours from where we used to live because we couldn't afford to buy there. I think this is just how it works. 20 years ago, when I was in my 20s, people were moving out of the city because they couldn't afford to buy there. But we feel it more acutely now because we are so squashed in every other way.

TeaKitten · 15/06/2023 16:06

SandandSky · 15/06/2023 16:03

As for the third baby thing…
yes our choice in a way but a lovely surprise and not intentional after lots of heartbreak to get the two we have
so… sorry not sorry

Not suggesting you should be sorry at all. You’re having 3 children means you need to move but can’t afford this area, it’s a choice. It’s not a bad choice, but this is your life and your choices that mean you need to move. Just like those Londoners have had to move further afield to afford to upsize for their own families. It’s not a hardship to be life rich.

Original poster
SandandSky · 15/06/2023 16:08

Member589500 · 15/06/2023 16:04

Those Londoners have had to leave behind their areas too so nobody wins. Thank you for not blaming us!
I have spent my adult life in compromised housing because I’m a public sector worker in London. I am looking forward to retiring outside London and swapping my little house for somewhere lovely.
I don’t blame anyone for wanting one suitable home. It’s so hard.

No exactly this - I would actually hate to be from London because I appreciate this issue is there times 100!

OP posts:
Febreezefantastic · 15/06/2023 16:12

You tend to go more for your money the more you spend. The problem is finding that money!

£360k for a 2 bed is insane if you think about it - I know it's market rate, but relatively, it's HGH.

A big jump for a house, with a garden? Sounds reasonable

Skiphopbump · 15/06/2023 16:12

20 years ago I moved out of London as we needed somewhere
bigger and couldn’t afford to stay. It’s been happening for a long time.

My children are unlikely to be able to afford to buy in the area they grew up and will need to move further out.