Any hope in buying a house near london

[Singlemum10012]

Will houses ever become cheaper? I live quite near London. I don’t want to move away from my family, but houses are so expensive. Is there any hope?

Sadly I think not, not anywhere near London.

Is there anywhere you could look to move that gives you good access to your family, fast train or good roads? There are places near us, in SW London, that are considerably cheaper but only about a 20 minute drive away.

Unfortunately I very much doubt it. I’d advise moving out but to an area with good transport links to family.

There will be a correction of the market at some point in the next few years. But highly unlikely there will be a massive crash in real terms.

If you’re still young can you think about buying something small somewhere up and coming and start plugging away that way?

no they won't..
shared ownership?

95 ltv mortgages are around and multiply your salary by 4.5 to get an idea of how much you could borrow

I doubt they will decrease significantly for a number of reasons.... but there are more reasonable pockets of housing all over the SE. Where are you now? We might be able to suggest where to look.

Might be a good time to buy as London prices aren't going up as fast as rest of country. Start very small and cheap (!!! Well nothing is cheap - but less than rent in repayments) if you can get a mortgage. Flat above shops are often much cheaper.

It depends on how much you're planning to spend, and what you need.

£400k and looking for a family house, probably not, if your budget stretches to £600k, then probably.

Houses are not likely to reduce in price any time soon, I would have thought. Too much demand.

Completely depends what your budget is. Hubby and I didn't want to be crippled by a crazy mortgage, so we moved to Suffolk and bought a 3-bed house in the centre of a smart town for a quarter of the price of the equivalent home in London. We can get to London in fewer than two hours, and there are lots of job opportunities with Cambridge so nearby.

I understand your pain, if I won the lottery I would live in London again, but I personally didn't want to be crippled by debt. On the plus side, people are friendly here and I know my neighbours!

Will they become cheaper? Probably not. Certainly not whilst people are not selling. I think a lot of people accelerated moves whilst there was the stamp duty holiday, and others accelerated extending and building works whilst wfh. I can't see house prices coming down in the short term due to lack of stock, they may plateau in the medium term with rising interest rates and when more people come to sell