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.

www.rightmove.co.uk/properties/116706233#/?channel=RES_BUY
Just an example of what you could get here ( Stoke on Trent).
Penkhull is a nice area and an easy walk to the train station. There's a regular service to London due to us being being between Manchester and Birmingham.

3 bed house with garden in Newhaven for £150K.
www.rightmove.co.uk/properties/126081116#/?channel=RES_NEW

Shared ownership, you'd never get something like that for that price in Newhaven!!

I spent until nearly midnight on rightmove last night! There are properties to be had, you have to accept they will need doing up. I personally would avoid shared ownership and I wouldnt accpet a leasehold flat, but I might accept a share of freehold with a very long lease

Thats really nice, that didnt come up on my list for some reason

Oh hell I hadn’t spotted that. I did think it was remarkable cheap!

Anyone who thinks its safe to assume their equity will increase in the next 2 years is completely bonkers and even at 5 years is silly.

Op, take a look at this. Borrowing 150k would, at a 6% interest rate, which is common today, would be a monthly repayment of 1k - is this affordable? That must be close to 50% of your income gone before even considering other bills.

www.barclays.co.uk/mortgages/mortgage-calculator/interest-rate-calculator/#/interest

You can in my similar home town!

House prices are at a peak, but things are currently being reduced all over Rightmove. If the OP can pay the right price, and is looking for a long term home rather than an investment to flip, then now is as good a time as any, and she will almost certainly be in a better position in 5 years time.

She needs to make savvy offers, but no reason why she can't do that. There are always people who need to sell.

I'd say it's actually a better time to buy than 12 months ago, when there appeared to be a bizarre feeding frenzy with people bidding crazy amounts over asking.

Also, the amount that would otherwise have been spent in rent over the course of those years would almost certainly offset any temporary housing dip.

North Wales? www.rightmove.co.uk/properties/122762387 150k gets you a 2 bed house with tiny garden near the sea and near a park.

10k more gets you 3 beds.
www.rightmove.co.uk/properties/127480259

Come up north!

A random selection near Newcastle:

www.rightmove.co.uk/properties/125821748#/?channel=RES_BUY

www.rightmove.co.uk/properties/127502936#/?channel=RES_BUY

www.rightmove.co.uk/properties/128251382#/?channel=RES_BUY (Kingston Park is super close to the airport to fly back down to see family and friends!)

OP, how about a little flat in Portsmouth? I was looking there recently and tbf you won’t get much but for the first step it’s all you need- good luck 🤞 Also Havant, if you don’t mind a bit of chavviness (avoid town centre on a Saturday night!).

Thanks for these pointers. Just getting started on this so keeping still learning the basics.

TBH I'd be happy with a bungalow-esque property - a living room, a kitchen, a bathroom, a bedroom, a small garden, that's all I need. Not interested in having a load of extra rooms I'd never use - never really saw the point of these typical 2.4 families having these enormous houses. Not bothered really about having an 'investment' - just want a home to live in, if it goes up in value over time, great. By the sea would be a dream, though perhaps unrealistic on my budget. Near-ish though (40 min train say) would be ok I guess.

I know the above sounds more like a flat but I'm renting one atm (my first actual flat in an apartment block - mix of renters and leaseholders) and it's been a complete nightmare from day 1 - communal areas in poor condition, other residents blasting out music/TV, dumping bulky goods by the bins, freeholder conducting noisy works with no notice etc. Absolute hell. Even in a mid-terraced house you are cutting those risks down to just two households either side.

As for the dog, that's one of the main reasons I want to buy. Have wanted a dog for years but obviously most rentals don't allow it. The dog is even more important if I have no kids and if I end up moving to a new area far from family/friends. It's not fair imo to have a dog cooped up in a tiny flat all day - it needs a little garden, for practical matters if nothing else.

There are areas out there you can
I'm in the NW

3 bed
https://www.rightmove.co.uk/properties/87344585#/?channel=RES_BUY

My first house was a 3 bed and I paid 85k, second is a 2 bed apartment with garden that was about 123k

Come to Wales OP, found this property on the Rightmove Android app and wanted you to see it: www.rightmove.co.uk/properties/128136827 160k with character, summerhouse for working from home. Lots in your budget.

How about a small 2 bed cottage in a genuinely sought after Yorkshire village, loads of walks and 10 minutes from the A1? Choice of 2!
www.rightmove.co.uk/properties/125127347

www.rightmove.co.uk/properties/125127338

Lincolnshire is still great value. You could get a house and garden for £150k. Some parts are dubious but there’s lovely villages too. Sod all employment which is why prices are low but transport links to London are getting better. Near the A1 is convenient too.

This £100K end terrace is a project, but it has a garden and Burgess Hill is a short train journey to the seaside (Brighton).

www.rightmove.co.uk/properties/127696670#/?channel=RES_BUY

You can in Devon so I’m amazed you can’t in the midlands.

Absolutely nothing in my neck of the woods.

4x salary of £30k is £120k plus your deposit puts you around £140k purchase price as you'll need some money for solicitors etc.

On the dog front, you can get doggy daycare and dog walkers which you might want even if you had a garden, if you are working all day - so the dog isnt cooped up. It might open up more properities/areas for you.

www.rightmove.co.uk/properties/127521707#/?channel=RES_BUY
A friend lived in this village until she had to move for family reasons. It’s friendly.