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

It's not just about the deposit, it's also if the bank will give you the mortgage if it's 4/5x your salary. I live in zone 3 and our rented flat is £400k for a two bed. If we wanted to buy we would be looking for something that we could have a family in.

Personally I'd rather rent in a lovely area at the moment where I feel part of a community, great facilities, excellent schools, safe etc than move to somewhere the houses are cheaper but it isn't as nice.

This means I probably won't get on the property ladder till I'm mid-thirties, despite having a really good salary. I'm okay with this.

Dumb ass question.

FTB isn't a 'thing' that defines a budget.

Depends if the 'FTB' is buying on their own or as a couple. What they earn. What savings they have. If they are gifted anything from family.

I love how the cheapest, shittiest areas of 'london' are suggested as a perfectly reasonable place for a high-flying grad to want to live.

Also people are so out of whack with what actually constitutes wealthy - if you're on over £100k you are in like the top 5% of earners in the country. That is wealthy. Even if it doesn't feel like it trogging back to your zone3+ flat.

Shared ownership is a possibility but comes with its own issues.

I moved out of London 20 years ago because no way could I afford to buy then. I was a professional earning a good salary working for a local authority and lived in a rented fixed rent housing association flat. I looked at lots of options like buying from an auction, part buy part rent, cheap areas, my parents couldn't possibly have helped me. Things are worse now but it was still a struggle in those days. I moved to the midlands and bought a nice 2 bedroomed house for less than the deposit I'd have needed to get on the lowest rung of the property ladder in London.

Wow ilford is affordable (in comparison to rest of London). Would still take a good few years to save a deposit but doable in ilford. I stand corrected.

Most of Brixton, Stratham, etc would be out of reach though

Ilford is scummy.

Mega scummy

Darkpark, I wonder if we live in the same building?!

I’m a senior actuary with a good wage, I saved my arse off to build up a deposit, for me I would rather live here in a little flat rather than elsewhere in a large house.

www.rightmove.co.uk/property-for-sale/property-67462957.html

Brockley. Right by the station, zone 2, less than £300k. 10 mins to London Bridge, also on the ginger line.

There is a reason Ilford is so cheap surely...
A poster upthread is correct, high flying grads aren't going to want to live in a grotty area of outer London/essex.
Educated people tend to like living in areas where there are people like themselves.

Posters suggesting dodgy areas is a bit like telling two young doctors to buy on the local council estate up north because it's cheap. It doesn't happen!

Your definition of 'actual London ' is factually incorrect op. There are 33 London boroughs, all of which are 'actual London '. People who live there pay part of their council tax to the GLA and have a right to vote for the mayor of London.

Some London boroughs have county postcodes like Essex and Surrey, which is a hangover from before the current London boroughs were created in 1965.

Being factually London does not make somewhere London in its history or feeling.

Not sure if you are acquainted with Tokyo, but there are areas that are Tokyo that are countryside and mountains. Yes they may be Tokyo but are not really what one thinks of the city being.

This thread just made me look at houses to buy in Central London. It actual made my heart stop a moment, £30mil lying around anyone?

Op, wtf???? "Educated people tend to live in areas where there are people like themselves" God you sound so up your own arse

How about some people buy where they can afford?? And are grateful they have a house/home??

OP are you for real! Are you saying that people living in rough areas are uneducated? Wow!

Do you know for certain that there aren't any doctors living in council estates in the north? The starting salary of junior doctors is very low, do obviously cannot afford to buy in Belgravia. Would you consider them uneducated for buying in a cheap grotty area just to avoid paying rent?

Council estate doesn’t equal bad or unpleasant either. The one I grew up on was and is still nice.

This is borough which is zone 1 (I'm wondering what the catch is tbh). Can walk to London Bridge and the City. www.rightmove.co.uk/property-for-sale/property-70912426.html

Quite a few shared ownership schemes too for nice places (not desirable but an option if you're desperate to get on the housing ladder).

There is a reason Ilford is so cheap surely...
A poster upthread is correct, high flying grads aren't going to want to live in a grotty area of outer London/essex.

Such a lot of nonsense, it’s exactly where high fliers without parental help start out if they want to buy young, or if they have family there, or if they don’t want a stupid mortgage.

I know several first time buyers who are buying flats in Chingford (not sure what zone, but less than half an hour from Liverpool St). I was in one of the flats this week - very nice, right near station, partially overlooking a golf course. £280-something, ordinary jobs (couple).

I bought a beautiful 2 bedroom conversation just into zone 4, 20 minutes on the tube into the west end, overlooking a lovely park in 1997 for £65k, the same flat is now worth nearly £500k. I think even high fliers would struggle to buy it as a first home without help. A naice area in zone 3 would add another £50-75k to the price

Our first flat in London was a 2 bed ex LA flat in quite a desirable area. There were several council blocks in the road next to houses that were up to £1m - they were so much better value and obviously all the location advantages of the houses but just looked uglier!(on the outside) That was over 10 years ago and the same block is still pretty good value compared to the average in the area or more pretty/period homes.

Also, ftbs might be able to utilise help to buy and get a 35 year mortgage. Both of these significantly enhance their buying power. I think help to buy is for new builds only though.

DH & I aren't stupid or uneducated. We could have had a one bedroom flat in zone 2-3; we chose a three bedroom family home in a leafy road in zone 6 instead.
I respect people's right to choose what works for their lifestyle, maybe you should try doing the same OP.