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Original poster

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

116 replies

Luv2chat2U · 28/08/2021 12:28

Hi all,

Would really appreciate your advice.

Born and raised in London and lived here all my life, work, friends and family here too.

Want to get on the property ladder but at the moment the market seems at a standstill. Either that or my budget isn't enough. Currently when searching Essex or Kent, my budget will only allow for me to buy a house in Ipswich, Dover and just about Gillinham (don't know these areas). But I can purchase a flat a little closer (not in london but closer than the above mentioned areas).

Do I gamble and hold off (currently renting but low rent) and wait for changes in the housing market (if any) or buy now? and if so

Would you buy a flat to get on the property ladder or a house further out?

OP posts:
Classica · 28/08/2021 17:13

In cities like Edinburgh and Glasgow many of the flats are nicer than the houses.

amiadillo · 28/08/2021 17:15

Why are people so sneery about flats in U.K.?

I think flats are often great. However this post is specifically about the property ladder implying the OP doesn't intend to stay in a flat.

Original poster
Luv2chat2U · 28/08/2021 17:20

@amiadillo

How long would you stay in the flat for? sorry if i missed this
Hi @amiadillo,

Until I could realistically afford a house. I would look at the equity gained and go from there.

OP posts:
MrsSchadenfreude · 28/08/2021 17:20

I didn’t see my first flat as my “forever home” - it was a step onto the property ladder. But these days people seem to want to have their first house/flat purchase as their forever home. Surely you buy what you can afford to start with and then trade up?

QueenHofScotland · 28/08/2021 17:23

Only if it is likely to increase in value.

We sold a flat 7 years ago - we made £20k at the time. It recently sold for the same price that we sold it.

amiadillo · 28/08/2021 17:24

The difference is today particularly in London people buy much later & the lower rung is already so high. Unless you are going to increase your earnings significantly or meet a partner etc than it will be difficult to move up the ladder.

SD makes moving expensive these days so number of moves have drastically reduced.

SmidgenofaPigeon · 28/08/2021 17:24

I agree @MrsSchadenfreude but-

It’s not always as simple as that. DH and I are 35 and it’s taken ten years to get a deposit together for a flat. No family help. We could have done it any sooner. We ARE moving into a flat because it’s what we can afford without leaving London, but with people only able to buy later and having to factor in children, the goalposts have moved slightly. What was doable and suitable for a young professional at 25 will not necessarily translate at 35.

amiadillo · 28/08/2021 17:26

@Luv2chat2U I wouldn't bet on gaining equity. And if you do you have to factor in that everything around you will have gone up. How much have flats gone up in the last few years where you are looking?

SmidgenofaPigeon · 28/08/2021 17:26

*couldn’t have done it any sooner!

Plus we didn’t meet until we were 30. You can’t buy a flat on a single wage here with a traditional mortgage unless you’re earning £70,000 or more! You usually have to pool finances.

amiadillo · 28/08/2021 17:26

exactly @SmidgenofaPigeon

bigbaggyeyes · 28/08/2021 17:28

Buying a flat or house is always going to be better than renting, renting is dead money. Even if the property doesn't go up in value, you'll still be better off as you'll be paying off the mortgage, so the equity in the house will go up

Paddingtonthebear · 28/08/2021 17:29

We are trying to get on the ladder and have considered buying a flat. The thing that concerns me is the price of flats here is pretty peak at the moment. If we buy now when everything is top dollar there’s a pretty good chance we won’t get back what we paid for it when we want to try and move on to a house in a few years and then we are stuck. Plus flat maintenance fees. It’s tricky.

thedarkling · 28/08/2021 17:29

Yes of course. I don't know anyone who could buy a house in London as a first time buy. Everyone got flats, made some money, bought houses further out.

thecognoscenti · 28/08/2021 17:30

I did because I had no choice - no way I could have afforded a house anywhere near work, I live in an expensive area (not London). I would do the same now. Sick of renting and paying someone else's mortgage or lining a landlord's pockets.

thecognoscenti · 28/08/2021 17:30

And had no problem selling it when I was ready to, either.

amiadillo · 28/08/2021 17:32

@Luv2chat2U would you happy to move out to the areas mentioned when the time comes that you want a house?

Original poster
Luv2chat2U · 28/08/2021 17:33

@amiadillo

I wouldn't buy a flat because I never wanted to stay in a flat. If you do then a flat is fine.

I also think prices in London aren't going to rise considerably over the next year so I think there is less of rush as you have affordable rent.

@amiadillo Thanks for your contribution. Ideally i would love this to be my forever home but whatever i buy with my current budget (unless in a different city) will mean that i will have to move on. If house prices don't rise considerably then i could hold out and save some more but it's always going to be taking that chance and being prepared for being out priced even further.
OP posts:
Original poster
Luv2chat2U · 28/08/2021 17:35

@QueenHofScotland

Only if it is likely to increase in value.

We sold a flat 7 years ago - we made £20k at the time. It recently sold for the same price that we sold it.

@QueenHofScotland Blimey
OP posts:
Original poster
Luv2chat2U · 28/08/2021 17:38

@Classica

In cities like Edinburgh and Glasgow many of the flats are nicer than the houses.
@Classica I've browsed them before on right move and you are right, they are gorgeous such beautiful features.
OP posts:
amiadillo · 28/08/2021 17:41

No one has a crystal ball but I think it's unrealistic that London flat prices will rise dramatically over the next few years.

You need to weigh up your options, what's your mortgage vs rent, would you mind if the only equity is what you've payed off bearing in mind that initially it's more of the interest, will you mind having to leave London to buy a house etc.

Original poster
Luv2chat2U · 28/08/2021 17:52

@amiadillo

Why are people so sneery about flats in U.K.?

I think flats are often great. However this post is specifically about the property ladder implying the OP doesn't intend to stay in a flat.

I have experienced living in both flats and houses like i'm sure many of us do and definitely don't look down on flats at all. In fact i really didn't want to leave my last flat it was gorgeous and spacious but the soundproofing was horrendous. I am currently in a house and of course it doesn't eliminate noise but i really appreciate the fact that the noise isn't above me, and that the house doesn't vibrate, also the benefit of outdoor space. I'm not getting any younger and my last property taught me that in my older age (far from this yet) i cannot have anyone above me. That said i have lived in other flats with no issues at all but that one experience was enough to haunt me forever really took a toll on my MH.
OP posts:
Original poster
Luv2chat2U · 28/08/2021 17:54

@thedarkling

Yes of course. I don't know anyone who could buy a house in London as a first time buy. Everyone got flats, made some money, bought houses further out.
Thanks for your contribution @thedarkling.
OP posts:
Original poster
Luv2chat2U · 28/08/2021 17:57

@amiadillo

No one has a crystal ball but I think it's unrealistic that London flat prices will rise dramatically over the next few years.

You need to weigh up your options, what's your mortgage vs rent, would you mind if the only equity is what you've payed off bearing in mind that initially it's more of the interest, will you mind having to leave London to buy a house etc.

@amiadillo I really hope so.

Definitely have no issues leaving London just not too far. Would prefer to still be within in an hours commute but prepared to make some comprise.

OP posts:
Original poster
Luv2chat2U · 28/08/2021 17:59

@thecognoscenti

I did because I had no choice - no way I could have afforded a house anywhere near work, I live in an expensive area (not London). I would do the same now. Sick of renting and paying someone else's mortgage or lining a landlord's pockets.
I totally hear you. Thanks for sharing your experience @thecognoscenti Glad to know that you sold with no issues.
OP posts:
Lweji · 28/08/2021 18:01

I did. It needed some work. Then we sold and bought a house. My salary had gone up by then, and better to pay to own property than to a landlord.

But research the area.