Feel trapped in house- budget and schools

[Led92]

I don’t mean to sound ungrateful but I feel trapped in my house.

We’ve been here 8 years, had to totally renovate so every room is how I like things and had 3 DC’s here. It’s a leafy part of London but I feel done now.

I’d like to move somewhere quieter and maybe more rural but with good connections in and preferably a nice detatched house… Maybe like a Faversham type area…. but when I look at house prices of those that appeal we basically can’t.
Stamp duty for any move would have to come out of the house sale so that kills it further and then oldest DC is in primary school so we’d be relying on an in year transfer and ultimately I’d want to target an area with good secondaries but..

We can’t afford anything, so we’re stuck! I knew having third DC would limit our ability to ‘upgrade’ the house given our childcare costs but with increased flexible working thought we could move out further and our money would get us more but nope… nothing with kerb appeal anyway.

Its annoying and getting me down.

Move somewhere that isn't Faversham that you can afford?

Move out of London?

We are a step or so below you on the ladder. Ex council tiny property and would love a leafy 3 bed!

It’s mad. My fear is DC1 is very bright and motivated and gets grammar. DC2 could be left in pretty bad comp. Not sure what to do really!

This is why house prices coming down would be good. We are similarly stuck in a good ish position. But the cost of moving means we are stuck really.

It's not just London here I am also stuck because what I need does t exist in my budget in the area the kids go to school in. So I have to wait until I can downsize.

Stuck here too! Moved before we had the kids. House felt huge. Now we realise it's tiny but we like and area, the schools are great and our commutes manageable.

We're going to start again, again.

(Ironically, I remember asking for advice about the areas and schools on mn and was told 'don't worry about schools, you didn't even have DC yet'. It's shocking how time flies).

*Going to have to start again, again. I meant to say

Yeah this, sort of wish we’d been more careful where we bought initially as the cost of moving is high and Incidentally areas we can afford to move to mean a compromise and it’s often the schools which then stops us…. but staying here for the next 18 years? Ugh. At the very least our garden is pretty tiny and it’d be nice to have a bigger one.

We did look at north west but anywhere decent is just as expensive so it’s not the case of just move further out. Plus the further you go commuting costs increase and suddenly can’t afford the commute!

Just end up going round in circles. Wish I felt settled here but alas I just feel like it’s time to move on. If I had another £100k- £200k we’d be able to get what we want but sadly even another £20k is unlikely over the next 10 years!
As for house prices falling well yes that would be fine except it means our house falls in price too and we’re back to the same problem. Not enough money… or compromise on worse schools.

As for house prices falling well yes that would be fine except it means our house falls in price too and we’re back to the same problem. Not enough money… or compromise on worse schools

No, when house prices fall the gap between your house and the one you want to buy is smaller which makes it easier to climb the ladder.

One thing I've noticed on MM is that most don't encourage you to make common sense plans for a future that helps put you and your family ahead.

You’re going to have to give me an example? If house prices fall 10% then my say £500k house now valued at £450k. The house I want at £700k is £630k.
So yes gap has gone down from £200k to £180k and I pay less on stamp duty…. But it’s still unaffordable? I don’t have an extra £180k hidden somewhere…

And as I say the houses for £450k that I like aren’t near good schools or are so far out of London that the commute becomes too expensive !

and… stuck!

I cannot believe anywhere decent you've looked at in the NW is the same cost as London.

We’re in south East London so no tube and houses are cheaper here.
for example this (not where I live but similar).
If you sell it and need to take moving costs out including stamp duty you’re not left with much. I’d like to upgrade to detached with a large garden in catchment of good schools. Looked at West Wirral and Knutsford.

www.rightmove.co.uk/properties/125859548#/?channel=RES_BUY

Have you looked at the East Midlands rather than the North West?
and yes to a PP, properties in certain postcodes are just as expensive as London in the NW.

anyway you can be in London in an hour from Leicester / derby stations. But Leicester to London isn’t cheap. However Trains from rugby to Euston are very reasonable and not too much slower. But you have the small leafy villages instead.

You do know most of the population couldn't afford a detached house with large garden in Knutsford /London don't you???

Are you also sad you only have a small yacht...

Also lots of schools are "good." You get some mn types Chasing the fashionable so called "good schools" in posh areas - but lots of schools are good.

You’re going to have to give me an example? If house prices fall 10% then my say £500k house now valued at £450k. The house I want at £700k is £630k So yes gap has gone down from £200k to £180k and I pay less on stamp duty…. But it’s still unaffordable? I don’t have an extra £180k hidden somewhere…

You have given the example right there! It is cheaper to climb the ladder in a falling market as the gap is smaller, the fact you still can’t afford it is neither here nor there! You have champagne taste but beer money by the sounds of it, lots of people would like a house they can’t afford! I don’t know why you expect to be able buy a house that is out of your price range when you don’t earn enough to fund it!!

exactly

loads of MN think the world owes them their dream
it does not land on your lap. you need to work hard to get it like my DH did for us

Do you actually know knutsford? Why there in particular? I have to say that south Manchester/East Cheshire is pricey.

I moved out of London to East Kent and really regret it! Miss so many people /aspects of London. Faversham is also in East Kent and is really cheap! Can't imagine how you can own a house in leafy part of London but not afford faversham?

To be more helpful I should say please feel free to PM me about East Kent. Socially it is worlds apart from London, feels very Little England, highly conformist, no one complains about anything!

Yes I imagine they feel quite stuck too?
there’s no point moving and spending loads in stamp duty unless it’s worth the move. What’s the point in all that for the same house?

Kind of my whole point is being stuck. It doesn’t matter if it’s £100k difference or £200k difference it’s still completely not doable over the next 5 years. Property prices falling don’t close the gap by anything that significantly helps me.

To PP my family are in north west/Cheshire. Hence was looking there.

My parents and DH’s have lived in their houses all their married lives, I don’t know why I feel ‘stuck’ just seems everywhere I look for a nice house near good schools we’re priced out. Everyone I know seems to be climbing the ladder.

I’m sure lots of people including FTB are frustrated with uk property though!

What would your actual budget be? And do you need to be able to commute to London / a city with a branch of your office or can you WFH?

I find it very hard to imagine you couldn’t swap a 3 bed house in a nice part of London for a 3/4 bed outside of London somewhere quiet.

Large parts of Cheshire have lots of new builds with detached houses that would suit your budget. There are also plenty of existing houses that would tick at least some of your boxes. Look further towards Cheshire West or into North Wales and you will find.