To accept we will never move home due to the prices

[LioKa]

DH and I purchased our first home 5 years ago - very much a starter home, quite compact and always intended to be our first step on the ladder.

Yes, it has increased in value, but looking at what would be the natural next step in terms of property size - prices are just bonkers and we’d be taking on a much bigger Mortgage which would not leave much room for luxuries such as holidays.

We are both in decent jobs but realistically our earnings can only increase by so much in the best future. Likewise no help from family not that we’d ever expect it.

Has anyone else ‘accepted their lot’ in terms of moving and tried to come to terms with the fact it’s just not affordable?

But the op said herself that she could afford it but would have to sacrifice expensive holidays.

Which part of the country? I do think sadly any where within easily commutable distance to London is only going to become even more exponentially out of reach for most average families on an average salary. Since the start of the year, I've noticed house prices for second time buyer type properties gradually plateau and now slightly dip in Yorkshire whilst the average FTB sold house price has remained similar. Generally speaking, you seem to get much more bang for your buck in Wales and Scotland.

I think a decent number of the super rich multiple home owners are starting to cut their losses and sell up, so they can move abroad, given the state of the current economy and how they predict another 4 years of Labour Government will pan out . Obviously there's lots of other factors like family support and how tied you are to a certain area for work etc.

Yes, we have never been able to move up the ladder from our 3 bed 1 bath mid terraced house since we moved here in 2004, despite quite significantly increased income. Now we're quite old and looking at down sizing.

I think in this climate the best bet is to cut expenditure, save as much as possible and reduce debt. Spend on what you value most.

I think you are reasonable and unreasonable

You are reasonable, in that there is nothing wrong with accepting and learning to be content with your lot. People have long managed, thrived, enjoyed accommodation which others might say is small or cramped or a 'starter' house, a starter house for many is the usual 2 up 2 down terrace that lots and lots of families grow up in.

You are unreasonable in that Im sure that if you moved area you could move so you're not right to say you could never move.

I bought a 2-bed property in 2020 although I’m currently renting it out as I live/work overseas.

I have no desire or intention to upgrade to a bigger property and take on a bigger mortgage. I’ve always been minimalistic and I don’t think I could even fill a bigger property.

Yes. We've had to accept our smallish flat in London is the best we can do. Anything bigger would be hundreds of thousands more.

I feel for you. Our daughter has just sold her house, in Manchester, and wants to move to a better part near a tram stop. She is prepared to add £250,000 to her mortgage and she will end up with a similar small 3 bed semi to what she has now. It's bonkers. All the houses that are available are ex rental, so cheap laminate floors, grey carpets, grey walls, cheap kitchens and bathrooms, so will need co.pletely refurbishing. Still, she would only spend the money enjoying herself.

We used to want to move.
Now we are staying put. Will make this the best house we can. Extending up and downstairs will mean no returns on investment for several years but we have made our peace with that. We aim to pay it off mortgage ASAP and then save for works as we have no plans to take out loans or to extend mortgage. Cannot justify stamp duty for property on next level up. That alone will convert our loft!