In despair!

[MandalaYogaTapestry]

OK I know we are in South East but is it really unreasonable to expect that 700K would get you a 3-bed detached with a decent garden and dining area? Apparently not. Have been looking for a month, houses within the budget are either the same-ish floor area than ours (96 sq m) so not much point in moving. Or require more work and more money.

Only two months ago, if I look at SSTC prices, it was very possible. Have the prices exploded?

We have just missed out on a good house because even our upper limit was not enough and someone offered more. I am looking at a 400K+ mortgage at 41 as it is...

Africa we have pets and use the garden a lot. Our current one is quite impressive. So that's something I am looking to have in the new house too

Have you considered extending instead?

Would you better off putting a winter proofed garden room in your current house?

At those ages I'm not sure whether it's worth moving? The eldest could go to uni and not come back... or they could come back and stay for another decade but then they would be paying board??

@woodlandwalker

The market is usually quiet this near Christmas, but out of interest, I typed in 3 bed detached within 5 miles of me in outer south London and there are 80 properties under £700k. It would be cheaper further away from London so not sure why you can't find anything.

Yeah, no, it doesn't work like that!

My current house is an ex-council semi (purchased from a previous owner, not through right to buy). It's a nice enough area but I wanted to move from the estate. So hasn't been keen to extend- although many houses in my street are, it's mostly private now.

Hence the big leap in price, moving to a "nicer" road/estate plus a bigger property...

Makes such a difference in £ where you are.

I think you're probably spoiled with ex council houses. They tend to be on big plots with big gardens and you get a lot for your money - they tend to be cheaper than privately built/always-been-private houses. I can see therefore that looking for a bigger house which isn't ex-council will be a big jump.

In Surrey as you have experienced yes it is difficult to get what you want, especially if you are close to a great school. There are many many people looking to relocate there at the moment but traditionally, even a decade ago, Surrey is one of the only places where you don’t get more for your money than zone 2. I’d recommend looking outside the catchment area as you say or looking for a dooer-upper but I think you are probably going to have to compromise somewhere. If I were you I’d get somewhere you can add value (extension/ loft etc) and then look to move again once your youngest has finished school as I would want to be rid of that mortgage, especially if you might have to help your kids with uni fees.

Thanks for your views everyone.

Yes, I do feel like I am getting a really good value with my current house. It is the same school catchment area as private houses.

So it seems like an extra 30 sq m in floor area, plus detached, plus a slightly nicer street 1/4 miles away - all of it will cost me £270K /70% more compared to my current house.

Is that really how much cheaper ex council houses are, in like for like?

Doesn't seem worth it to move up then... If you can get the same greats schools, same access to motorway, same local perks.

Where we live now ex councils houses are at the most 70% of the cost of private build and the generally have much bigger gardens!

FWIW OP I'd put a pin in your move for now. I suspect that prices will come down next year following Brexit/Corona double dip recession and layoffs.

If you're ok where you are for now then my crystal-ball prediction is that you'll find you can get more for your money next summer/autumn...

You could get a mansion mortgage free for 300k where I live, and we have amazing schools. Not helpful I know OP, we've just bought a beautiful 4 bed detached with land in the country near the coast for £180k

I hope you get something, otherwise you could relocate to NI

Of course there's been a housing boom since the first lockdown ended.
I don't agree that prices will come down next year - flatline maybe. You won't save the £15,000 from stamp duty holiday though.

I feel your pain op.

I am also interested in Surrey and also looking at West Sussex. Large area I know but I’m coming to the end of training (healthcare) and expecting my long term job to be in one of these areas. I’m also curiously looking at house prices to keep abreast of what is happening and I’m surprised at how prices have increased in the last 6 months. Very scary indeed!

I’m turning 37 next year and will also be TTC. I’ll would also be happy with one child as I think there will also be the decision about private schooling vs house in catchment area of good school.

I’m really concerned about the rising cost of living in this country. I think I I’ll just have to see it as keep the mortgage less than a third of income. We are unlikely to retire before 60 anyway.

Commiserations CarHire

In our area they seem to have shot up in the past 3-4 months if I compare the recent SSTC house which are still on Rightmove.

Which makes me think it must be something to do with the stamp duty holiday coming to an end.

A bit miffed with my estate agent too, to be honest. We accepted a 20K reduction in asking price for our house in its £400s as good and faie. But whenever I tried to offer £20k under for the £600-700k houses, their estate agents said that it was priced fairly and "the vendors need this much to move on". Well so did I but they can just take out a slightly bigger mortgage than I did, can't they?

I sort of even feel resentful that our buyers are getting our lovely house at much lower price when I will be paying 80% more in mortgage payments, for 25 years, for something that's not drastically different. I guess if we had lived in a smal apartment in a grotty area it would have felt a better deal.

*slightly bigger mortgage LIKE I did

What are your motivations for moving, and saddling yourself with a large mortgage Into the bargain? Maybe this isn’t the time to move, if you don’t actually need to?

At 14 and 17 you definitely need to look more openly at areas, and look for bus routes to school/college. If you are planning on living there for another 10 or 20 years, only a tiny part of that will have your children travelling to school.

Shauna wanted a private-owned (not ex-council) area and a bit more living space. Generally don't need to move right now. Have been thinking for some time, have a good salary (so can get a mortgage); the stamp duty holiday spurred things on.

Would have thought if children are 14 and 17 you'ld be better staying put until both finished A levels and then looking.

Silkie you are - and other posters- are making a lot of sense. I just had this thought of providing them a nicer house for a few years while they are here. Parent's guilt.

At the ages they are surely all they will see is the inside of their bedroooms anyway

Why not ask them if they want to move? Personally I would be saving the money, for university. Then move once the DC had flown the nest.

@ChoporNot too true, their own bedroom, decent WiFi and full fridge is all they want!

The eldest doesn't see the need to move, quite happy with what we have. The youngest wants to move but actually mostly wants a new bedroom- which is far more easily doable and which we will do straight away if we do stay put.