Would you buy a flat to get on the property ladder?

[Spagbol78655]

Would you buy a flat in order to get on the property ladder or would you just keep saving until you could afford a house?

I think it’s a balance. If you’re quite close to getting a house then I would hold on. If you’re years away then that is a different matter. If you go for a flat be very particular about lease length, ground rent, location etc.

@PresentingPercy yes, lots, tons of bungalows, especially if you include Christchurch and Poole too. I was wondering if there were so many they'd become undesirable!

Not where we were.

I'm from Edinburgh and I'm over 50. Half my friends still live in flats. If we hadn't left the city centre we'd still be in our, much loved, flat. Flats rule.

I'm guessing all of you saying "house or nothing" must live in a place where houses are realistically affordable. Where I am the jump from a flat to fairly average house can be an astronomical amount of money.

SOME flats have lots of problems with ground rent, cladding etc etc but not all. Our first place was a Victorian conversion flat that had a long lease and low ground rent. It was a great starter property and meant we could make the jump to a house when we eventually needed more room. You just need to do decent research, which would be the case with house too...

This thread just shows to me that people are literally clueless about living in cities and the expensive parts of the country.

Get a flat with a share of freehold if you can. They are becoming way more common after the Leasehold Reform Act 1993 and further amendments. Look it up.

@HoldontoOneMoreDay

I'm from Edinburgh and I'm over 50. Half my friends still live in flats. If we hadn't left the city centre we'd still be in our, much loved, flat. Flats rule.

They are freeholds in Scotland. Makes all the difference in the world.

The trouble with owning a flat is that when you want to sell it can take much longer to find a buyer. In difficult times flats take even longer to sell, if at all.
Best decision is to buy a house in the best area that you can afford.
Try to imagine being there at least 8 years.
Consider flood risks, don't buy house in a dip, use your eyes inside and out eg cracks, make sure the owner hasn't hidden damage eg to kitchen units or shower door, if new ask the neighbours if well built, if old check roof, electrics, plumbing etc . Don't just rely on a B/Society survey. pay for your own surveyor and use the report to negotiate your price.
Good luck

@Chicchicchicchiclana

This thread just shows to me that people are literally clueless about living in cities and the expensive parts of the country.

This!

This thread is just bizarre. There are 100s of thousands of flats around the country being bought, sold and lived in quite happily. There are plenty of strange covenants, chancel liabilities and other pitfalls that are much more likely with a house than a flat! Very odd posts.

No, I'd rather wait longer for a house. I would not buy anything with a lease either.

Buy a flat - shared freehold if you can, but otherwise a long lease and Diana check to see there haven’t been issues. Aim for a small block, ideally managed by the residents. Avoid mega blocks - too much goes wrong. Try and get at least 2 beds. If you might want to keep it and rent it later then think c location.

All of those saying you wouldn't buy something with a lease at all, how much do you actually know about leaseholds? What would be your objection to a 999 year leasehold without service charges?

When I was in a position to buy for the first time, I’d although flats were technically cheaper, once I added on the service charges (that could raise at any point and weren’t capped) the mortgage on a small house in a slightly less desirable area, that was lovable but needed cosmetic updating worked out cheaper on a monthly basis.

I’d look at other areas before buying a flat, and if you do be really aware of service charges because they can be a nightmare

@korawick12345 & @Chicchicchicchiclana Yes - this - I have friends with lovely flats. I have lived in both but never had a detached house which does come up on MN sometimes as an absolute no. Nor have I ever had a house with a lawn - but then lived near a park. If I were to buy another flat I would check service charges etc - but share of freehold in a conversion - yes I'd consider that - or make sure service charges aren't onerous - that aside very much so I would consider a flat - in many areas in the country they will sell perfectly well to FTB or people downsizing - or if bigger to pretty much anyone . A compromised property will take time to sell - whatever the type it is - a nice property will pretty much always sell.

& yes check the lease is long enough - but then some houses look cheap but are on short leases - house does not necessarily = freehold.

Yes because I live in London and haven’t seen any houses below £350k (and they’re mostly ones that need a lot of improvement in zone 5). As a single person with a limited budget it would take me at least another 5 years to even come close to be able to affording a house and by then I’d be nearly 40, I’m going to have to take out a long mortgage term and I’d rather do that now than when I’m older. I actually like flats, I’m not a big fan of cleaning (I do it because I have to) but I don’t see the point in having extra space and rooms I won’t use or need. I actually went to view a beautiful house in my home town that was my dream house in many ways, same price as a London flat, but I decided not to pursue it because my life is based in London. I’m sure many people would think that’s a bonkers decision!

@Chicchicchicchiclana

This thread just shows to me that people are literally clueless about living in cities and the expensive parts of the country.

Agree! It’s actually laughable that a first time buyer without considerable help would be able to afford a house in London. I know not everyone lives in London before I get jumped on, and that a house is a realistic FTB prospect in many other areas, but the blanket ‘no flats’ sentiment does suggest a lack of awareness about how others live

Agree! It’s actually laughable that a first time buyer without considerable help would be able to afford a house in London. I know not everyone lives in London before I get jumped on, and that a house is a realistic FTB prospect in many other areas, but the blanket ‘no flats’ sentiment does suggest a lack of awareness about how others live

Equally, not understanding the viewpoint that for many people flats aren’t a good option, and that not everyone lives even in a city, never mind London is also lacking awareness of how others live...

Shock horror, people live in different areas where housing is of different prices

@LawnFever

Agree! It’s actually laughable that a first time buyer without considerable help would be able to afford a house in London. I know not everyone lives in London before I get jumped on, and that a house is a realistic FTB prospect in many other areas, but the blanket ‘no flats’ sentiment does suggest a lack of awareness about how others live

Equally, not understanding the viewpoint that for many people flats aren’t a good option, and that not everyone lives even in a city, never mind London is also lacking awareness of how others live...

Shock horror, people live in different areas where housing is of different prices

That isn’t what people have said though, the way the question was phrased was like everyone had a choice of whether or not to choose a flat. I know some people’s location and circumstances wouldn’t suit a flat or there might not even be flats nearby, I’ve never disputed that! I’m saying that for a first purchase, not everyone has the luxury of choice and saying things like ‘avoid leasehold at all costs’ isn’t applicable to all.

I live in a flat and have faced a lot of snobbery about it. It's a 3 bed in a central location just outside London. To buy the same size and spec house would be another £200k. Fees to the freeholder are £700/year and haven't increased in 12 years. Flats are fine. Really.

Lawn, yes agree with previous responses to you.
Of course the answer to Ops question is ‘it depends on a variety of factors’
Actually, those writing about never being able to afford a house but only a flat recognised that. They saw the nuance of the situation and the fact the answer depends. It was the early posters who piled in with ‘never buy a flat’ who couldn’t see there isnt only one answer and it depends.

No-one in London thinks that no-one in the country can afford a house...they know the prices there are not normal for the country. But to their people who clearly live in other areas often didn’t seem to be able to conceive of the idea of why anyone would live in a flat anywhere or have any real idea about flats and their leases or how they vary.

Absolutely not. All of our friends who bought flats now can't sell them at all, some can't even remortgage as their equity is

Gordon Bennett - if my son could afford a decent flat - absolutely I would encourage him to . Flats are not rubbish. Nor are terraced houses or semidetached houses, I do agree with some that in various areas a detached house is just not possible. - I have never had one but lived in nice terraced houses. Next property will probably be a flat & will be happy to have it. It is just not true that flats cannot be sold. But depends which area you love and what you have bought.

Oh ffs "live" not "love"