Who can realistically afford to buy as a first time buyer in London?

[rafrafraf]

Realistically, as a first time buyer, who can afford to buy in London?

By London I don't mean Greater London, I mean actual London. Say 20-30 mins on the tube into somewhere central or Zones 1-2 and inner 3.

What careers do they have? Is it feasible for someone working in finance or the city? Or are the first time buyers in this area older (35+) or do they have family wealth to buy

Say 20-30 mins on the tube into somewhere central
We're in Zone 6 and it's 30 minutes to Liverpool Street. We're also 10 minute drive to several great country parks, it has its benefits

To buy in the inner zones as an FTB you would need to be very wealthy (independently, through family, or through a very lucrative career).

Zone 4 here, 15 minutes on overground to London bridge. I think zones 1/2 are reserved for the super wealthy or social housing. Not a lot in the middle.

Any graduate who gets a place on a graduate scheme (consulting, law, finance, banking) with a starting salary of 40k (which is very standard, in fact probably on the low side these days) will be able to afford a flat (not a grotty one, a decent one) for apx 300k where I live* if they saved apx 1k a month for 3/4 years as a deposit.

Bear in mind their salary will be min 50k and very possibly 65k after two years. Our grads at my old firm start on 45k and progress to 67k on qualification, I believe.

Even saving 1k a month would still allow them money for a flat share, commuting, socialising and holidays. They'd have to compromise of course but I'm not being goady, it can be done. I've done it!

*where I live is zone 4 and a 25 min train (40 minute door to door) commute into the City law firm where I worked (am now overseas). That's no worse than commuting in from Chelsea, Putney or Clapham.

Of course the issue is that not every wants to be or can be a grad on one of those schemes, but my point is it's not some kind of unicorn job: plenty of graduates earn enough to buy a modest starter flat within 5 years or leaving uni with no parental help

@dexy what area are you talking about? Where can you get a flat for 300k in London?

My experience is that it’s almost impossible even for high earners to buy a property anywhere central in London on your own. Rent eats so much of your after tax income as does the high cost of living. Many qualified people at eg big 4 accounting firms can’t afford to buy without parental help.

Hi OP Ilford, here's a decent one bed for £230k :

www.rightmove.co.uk/property-for-sale/property-61229700.html

Looks like you might want to replace the bathroom soon enough

And here's a rather nice 2 bed for £280

www.rightmove.co.uk/property-for-sale/property-69811579.html

Again to add value you would want to. Update the kitchen in time

Bought first flat in zone 2 in 2013. Peak of market, crap flat, combined income of £60k and inheritance. Renovated.

Bought second bigger flat closer in in zone 2 in 2017 with money from last one and slightly increased salaries.

@zsazsajuju it's impossible to buy somewhere 'naice' in zones 1-3 without parental help.

It's not impossible to buy a solid starter flat with a good commute, though you won't get to live next to a gastropub and a 2 minute walk from clapham Common.

But such is life

Ilford is In Essex, I wouldn’t regard that as ‘proper London’ as the OP describes, it’s Zone 4.

www.rightmove.co.uk/property-for-sale/property-67162321.html

And a one bed garden flat for 250k. Bit small, admittedly.

But it's 20-30 mins into Central (was 40 mins door to desk for me).

Ergo affordable and convenient for your first flat.

I have already agreed it's not chichi or 'central' london. I'm only trying to make the point that it can be done and by 'it' I don't mean living in Bedford, having a 1hr 15 commute and spending £££ on season tickets

On another thread on here a month or so ago someone said the starting salary for one top law firm was 100k. When i lived in zone 2 it took 45 min to get to work on central London. You could prob get something in streatham/brixton for 300k? But its worth noting that central London prices are out of reach for majority of people not just ftb!!

We've just bought a 2 bed flat near Shoreditch High Street (so Zone 1), but a decidedly gritty bit. We can walk to Liverpool St in less than 10 minutes. DH has put up most of the finance; he's a high earner but works in tech rather than the City (but has a City-type six figure salary). We're early 30s and had no parental help at all, but DH is tight a saver so has a large deposit from saving the majority of his income since he graduated, and investing it. He would be able to buy without my input as he earns many times my salary.

Our apartment building is pleasant and well-maintained but not aimed at the super-wealthy - no concierge or gym/cinema facilities, for example. People who live here are well-paid but certainly not super-wealthy (though there are some flats which are rented to Asian students, and I expect their parents are super-wealthy).

You could prob get something in streatham/brixton for 300k

Maybe Streatham. The south end towards Croydon.

Rightmove has several in brixton, streatham and stockwell (sw2, sw9)

SW2 stretches a long way. Most of the ones I can see on there are a good 15 min walk from any transport, couple of studios and a lot of very small things on relatively undesirable estates.

Certainly seems it can be done!

Ilford is In Essex

No. It's in Greater London, in the London Borough of Redbridge.

Double income couples who live on one income. Saving around 30k a year will get them to 100k in just over 3 years. That's a good 20% deposit on a 500k flat.

Its not hard to make 60k working in Tech/Finance in London with a few years experience.

After what I've heard on the radio about Ilford Lane, I would steer clear. The area is a red-light district.

SW17 near the tube and a common
www.rightmove.co.uk/property-for-sale/property-80432303.html

And a bigger one in the same development
www.rightmove.co.uk/property-for-sale/property-65203768.html

Ilford is in Essex.

This is close enough to me. £485k for a two bed.

www.primelocation.com/for-sale/details/50077145?search_identifier=1db5a6c103d4733522503afcf285e6ed#k9lhgoV8tfX2Kv1p.97

Ilford isn’t in Essex, I grew up in Redbridge so I should know.

en.m.wikipedia.org/wiki/Ilford

Ilford is in Essex.

Not since 1965.

I wouldn't buy a house in ilford Lane either but the houses I showed OP are nowhere near there!