What can I realistically buy as a single person on an average salary?

[KookyNotOoky]

So, the UK's rental market circa 2022 finally defeated me, and it's time to think about buying.

I am in my early-mid 30s, earn in the upper £20s (more like lower £30s due to my freelance income) - also single and that's not going to change anytime soon. As a single person on this income what can I realistically expect to get?

I'm a remote worker so theoretically can move anywhere - I would prefer down south near-ish the sea, though this seems possibly unrealistic. I could move north I guess though then I'd be a very long way from my family/friends.

A flat might seem an obvious choice, though the one thing I want is a dog, and it's selfish too keep a dog in a flat imho, so would need a small garden.

If it helps, I have a fairly large deposit (£25k), however all the guides I'm reading say this doesn't actually matter that much as lenders are far more focused on your income.

You can get garden flats. My friend’s flat has the garden to herself, it isn’t shared. Sounds like a sensible budget would be ~£200k, so you’re looking at cheap areas of the south or the midlands. No idea about the north maybe someone else can help there.

I disagree with @Cuppasoupmonster - you can generally borrow 4.5 x your income maximum and also need to allow for fees in cash so I don’t think you can borrow more than about £150k maximum, so your budget should be more like £170k.

So your budget to start with is going to be

£25k deposit + 4.5 x salary- the most a lender will offer you for a mortgage.

Then I would look up a mortgage calculator and see how much a mortgage of this size would be per month based on various interest rates and terms. If you can’t afford the monthly repayments for the £25k + 4.5 salary with the longest term you can get (retirements age - current age) reduce the amount of borrowing until you find a monthly repayment figure you’re comfortable with. That’s the budget.

Then start on Rightmove with your budget- what can you get for that money in your ideal area? If nothing decent start expanding the mile radius to see if you can find stuff within a certain mileage of where you’d like to be.

If you’re miles off, start looking at towns with good transport links to your family and friends etc!

Why don’t you do a quote on Money Supermarket etc? Being single is irrelevant really, it’s more it do with your income and commitments like other debt and childcare payments.

You're looking at buying something for about 150k, so a 2 up 2 down in a midlands town within easy reach of a London line train station should do it

Agreed £170k is probably your max budget.

I don't know what that buys down south, but in the market town near me (up north) you'd be looking at flats or a 1-2 bed terrace.

There are some new shared ownership places at that price, but tbh I'd steer clear of shared ownership.

Wales. Anywhere in the South Wales Valleys will get you a three bed terrace. Newport in South wales also. 2 hours straight to London Paddington on the train.

www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION%5E1014&minBedrooms=2&maxPrice=150000&radius=40.0&index=24&propertyTypes=detached%2Csemi-detached%2Cterraced&includeSSTC=false&mustHave=&dontShow=&furnishTypes=&keywords=

Where ?

This is a lovely little one, needs a bit of cosmetic work but has an upstairs bathroom, not common for that sort of price and you dont have to go through the second bedroom to get to it
www.rightmove.co.uk/properties/126226355#/?channel=RES_BUY

Well I did a very wide range, over 300 properties came up. If OP likes that idea she would see where she likes and what sort of towns and villages she might prefer.

Even in my rough, run down, oppressive, fuck all to do E.Mids hometown, you can’t get a 2 bed terrace for £150K.

Where are your family/friends? Try near there if possible, unless it's a ridiculously expensive area. I know from experience that it's difficult to find connections in a new town once you're in your 30s

A quick search on Rightmove within half a mile of Southampton throws up a few properties with garden for under £160k?

You could do this around Cannock in the Midlands and have some choices. Good spot for dog walking too. May be a bit far if your family are in the south though.

avoid leasehold, think of something that will be easier to sell again, something you can add value to, it's brilliant that you're flexible with location, because your funds are a bit limited you need to be fairly savvy with bids etc. be willing to put in a few offers and with one you'll get lucky because of timing/vendor's needs/a random lack of competition that week etc. It's a bit of a numbers game, head not heart- that can come later :-)

I'd personally not just move somewhere for a cheap property, if it's a long way from friends and family. Think about your longer term lifestyle, location is honestly most important.
Leasehold flats are fine if you are careful, on lease length and service charges if applicable. We own a council flat leasehold and it's been completely fine, they barely charge us anything.

I agree. Where you live needs to suit your lifestyle and needs.

I don’t think £25k would be a large deposit. Even if you could find somewhere for £150k and could put down the whole £25k as a deposit it would still only be around 17% so you won’t get much of a preferential rate. My son is buying at the moment. Similar salary to you with a mortgage of £120k on a £190k flat. Even with his £70k deposit the best available with a five year fixed rate was just over 5% with a £1k up front arrangement fee.

For £150k ish you can buy in Folkestone. Or Hastings / St Leonards

It's large enough though. And her equity would have increased by the time she came to remortgage in 2 or 5 year's time.

OP - don't fall into the trap of thinking that you will be better off saving for another 4 or 5 years to get a +£50k deposit and get a marginally better interest rate. If you can afford a little place now, go for it. The money that you would otherwise be spending in rent will instead be building equity, and you'll have far more security of housing.

And for where to move to, start by looking at the areas you know and like, where you already have contacts.

I had a flat with a garden with my dog and am now living in a small studio on the fifth floor - close to good walks and opposite a park - but honestly it’s not as big a hassle as I had feared.

i do own the freehold though so no issue with permission. But don’t necessarily say no to flat if you’ve got a dog.

Ilkeston?

Maybe knock the idea of the dog on the head, for now, and give yourself more options. Surely being able to stay closer to family and friends has to trump a potential canine companion?

If you want down south and by the sea, have a look at Littlehampton in West Sussex. We holiday near there - it's a bit run down but charming nonetheless with lots to recommend it; you can get into London easily and Brighton even more easily.

I've just had a quick look on Rightmove, and there are a few one bed flats for around the £170k mark. Some even have outdoor space.