How do buy a house in London. Just, how?

161

Not helpful I know but you have to buy before you have kids. What happened to your dhs house?

Usually very high earners, family money or help, help to buy, rent to buy or shared ownership nowadays.

Either that or inheritance.

My DD (not yet 30) has a flat. It’s zone 1. 2 beds, 2 bath, shared garden. She earns a lot. We gave her a thumping deposit. All her friends who own property either earn a lot (£150,000 plus) or mum and dad help out. Or both partners earn less but together they have a high joint income. What other way is there? Many areas around London are not cheap either.

Yeah I couldn’t do it now I have my child. ! We bought while I was pregnant ! Didn’t dare even try for a baby until we had the deposit saved tbh

sorry not helpful

You need money, LOTS of it.

Or…you invent a time machine, go back in time 40 years and buy one for tuppence.

Everyone I know (who hasn't bought yrs ago) had good salaries & help from parents. I'm increasingly seeing further help from parents to move up the ladder. Obviously huge inequality as not everyone has parents who can or will help.

Although your DH has a home so I'm not sure why that doesn't help?

Not helpful I know but you have to buy before you have kids.

I don't really agree with this as it's not much difference when trying to move up the ladder.

Or…you invent a time machine, go back in time 40 years and buy one for tuppence.

yes if i'd been born 2 yrs earlier, not bothered with uni & got a retail job I'd be way better off now due to house prove growth.

You need a three step plan. Every step of it must be followed to the letter:

• Step 1: stop buy Starbucks coffees and save the money up instead
  
• Step 2: pack up a lunch and take it into work. Save the money you would have spent on lunch in a savings account.
  
• Step 3: win the lottery.
  
  Sympathies op. I agree. It's unattainable for most.

What happened to DH's house?

Do you have any wealthy relatives who might die and leave you millions in a will?

Thats about it I'm afraid

First time buyers buying flats worth 1+ million. I asked the agent how and he said parents are funding a lot of properties for their kids.

It is a helluva lot easier to do pre kids. You only need to buy a one bed. If you can afford a two bed you can rent out a room to help with the mortgage and split bills. Once you need a family home as your first purchase it becomes a lot less attainable.

You buy in outer London and commute in, you compromise, you start off with a small flat and work your way up. Possibly all of the above if you are only average earners.

If you’re wanting to buy a large house with big garden as a first home in e.g. Balham whilst one of you earns London average and the other only works part time then you’re being unrealistic.

You buy in outer London and commute in, you compromise, you start off with a small flat and work your way up.

This is quite outdated as it's much harder to build equity these days to move up the ladder.

It's called a property ladder because you are supposed to start at the bottom with a studio in a cheap part of town. If you wait til you need a 3 bed house near schools etc it won't happen unless you get bank of mum and dad and more.

DH got a scholarship while at uni, which he invested.

That was a massive help with the initial deposit, and we got on the ladder pre kids.

now we pay the mortgage by both having good professional incomes.

Inherit a property is sadly kind of the only way if you're not on City Big Money salaries.

I owned my own place as I inherited enough for a good deposit in my early 20s, let it out when DH and I bought our first place together (with aid of a smaller inheritance) and honestly we could only afford a family home in London because we had two properties to sell. Without it, even with a household income well above national average, we'd have had to move out of London to get a 4-bed home.

Sell your dh s house
Earn lots of ££££
Use helpto buy or shared ownership
Live in barking

Where do you want to buy how many bedrooms snd what is your budget?
How much can you get from dh s property?

Buy a flat
Not a house

It's called a property ladder because you are supposed to start at the bottom with a studio in a cheap part of town.

yeah but the issue is that cheap property in the cheap part of town is still prohibitively expensive. Plus generally flats in London aren't seeing anything like the historic growth & they certainly won't the way interest rates are going.

Except lenders take dependents and childcare costs into account when deciding how much to lend, and once your have kids you're geographically limited as parents often don't want to uproot their kids from a school and friends they're happy with to live in a shit hole that needs doing up.

I got an inheritance. Most people I know without dead relatives have been given a deposit from their parents.

Or if you buy in an unfashionable area of London, you can get a house for about £400k or maybe even less.

Shared ownership if your income is low enough