£200k deposit and can't afford a family home

[Catcakes]

We have a sizable deposit, household income just shy of £100k and we can't find a basic 3 bedroom house (that's not a flat) that we can afford. Our budget is circa £600k but everything in our range is either a total dump, in a dodgy area, or we get totally outbid. I know the housing market is bad but seriously, what the hell is going on? We have don't have time or money for a big renovation. Where is everyone getting all their cash from to afford these basic houses?!

And yes we're in the SE and sort of in the London suburbs. And no we can't move to the north East 😂

Can you reconsider renovating? We bought in the Surrey commuter belt at about 200k less than what local houses were going for. It’s taken 5 years but we’re now where we want to be in a beautiful house and we’ve made a really nice profit.

That's interesting, it's obvious there's money about, like with anywhere. But DP has family who live in pretty average homes in surrounding area of Dorking and they're not particularly wealthy, and doubt they know many people on household incomes even close to £100k, let alone 500k. I wasn't aware it was a destination for the uber rich, it's a bit dull really, but maybe I'm wrong!

No! It is on the Progress Estate in Eltham :) The Progress Estate is actually a conservation area, with lovely properties. Property in Eltham does tend to be very good value (for a number of reasons) - and there is a lovely town centre, great schools, lots and lots of parkland, leafy streets. It’s lovely.

I think most people on here have missed the point of the OP which I read as frustration that 600k (which is a lot of money) really doesn’t get you that far/you don’t get a lot for it anymore. House prices in the UK are crazy especially compared to some European or American suburbs.

Got to say I still don’t really get this thread, OP. If your budget was 350, 400k I’d say perhaps you have a point, but 600k is really quite a good sum for a 3 bed even in somewhere like Dorking.

What don’t you like about these 2? Parking situation perhaps not great and the second one needs a little work and has a (easily removed) dodgy bedroom shower but they both look decent to me. Inside your budget.
https://www.rightmove.co.uk/properties/143129459
https://www.rightmove.co.uk/properties/136032098

Loads of links op. Is it shifting your view?

I think you are referring to the area more commonly known as “Surrey Hills” which is a very affluent area with many commuting to London.

@Catcakes

I live in Oxfordshire. If you moved to Thame or one of the villages around Oxford Parkway, you could be in (Marylebone) London in under 45 mins. Lots of lovely houses for 600K.

This place is next to Hanborough station, less than an hour to Paddington:

https://www.rightmove.co.uk/properties/143870438

I think most people on here have missed the point of the OP which I read as frustration that 600k (which is a lot of money) really doesn’t get you that far/you don’t get a lot for it anymore. House prices in the UK are crazy especially compared to some European or American suburbs.

I don’t think anyone would disagree with that. Housing is very overpriced in parts of the UK but unfortunately that’s a result if economic policy. The amount of equity some people have is insane but those days are gone really.

I think Dorking is pretty dull tbh, why are you looking there?

Well of course, it is shit. We should be voting for governemnts that reverse years of policies that have supported and even driven massive house price inflation.

However ll, it is still a nonsense to say the only houses at £600k within commutable distance of London are "dumps".

Because you’re being completely unrealistic and clearly have no idea what it would be like to live somewhere that is genuinely a “dump”.

If you can find somewhere less dump-like that’s cheaper, you go ahead. But a bite of a reality sandwich would do you the power of good.

We should be voting for governemnts that reverse years of policies that have supported and even driven massive house price inflation.

Too many people don’t want that to change though

Oh FFS. There’s always one.

Well then feel free to tell us where this is.

Exactly. She’s got a deposit of 7x median UK income, household income in the top 20% or so, and people are telling her she’s very unreasonable hoping to get a small family home in adequate structural and decorative order within commuting distance of London.

The system is totally broken. Not only that, the rats are starting to eat each other!

But she can get a decent house for her budget. She’s just not going to get a instagram house with an amazing extension, Crittal doors and pink tiled bathroom for that.

Id be looking at Horsham, haywards Heath, burgess hill etc.

The commute cost is a killer from that area. £60 odd a day if you need to be in London before 10am, before car parking & tube costs, and Chiltern Rail literally don’t own enough trains so most of the time you’ll stand.

When we were looking (albeit a few years ago now) there was a take away that prices reduced the further out on the SWT map you went but then they begun to rise again around Weybridge/Guilford/once you've passed the M25 area of Surrey. Have you checked prices closer to London too? I'm thinking the likes of Sunbury, Molsey, Thames Ditton in particular (as I know them well!) and also potentially Esher, Claygate, Ashford, Chessington, Epsom etc... Places which are either the last stop in zone 6 or just outside on a "slower" train line. Avoid Surbiton as they have fast trains but aside from that you should be able to find something in budget - I have just checked and have found 26 3+ bed mostly semis with drives, gardens etc within 0.5 of a mile of Sunbury station for around £500k and whilst I haven't checked all of them, none of them look like dumps or would need serious work to make it livable.

Dorking IS expensive.

I think a key contributing problem is that you are trying to jump straight into the market at long term family home level. It's easier to move up the ladder than join at a high rung.

It's easier to move up the ladder than join at a high rung.

completely disagree. I think it makes much sense to skip the first rung, lots of flats haven’t risen much in value if bought in the last few yrs, add in charges, high starting entry prices and stamp duty it makes sense to skip what you can. The colleagues and friends I mentioned upthread have done exactly that which is why they looked a bit further out rather than the trad starter flat in inner zones.

That's great for your colleagues and friends but the OP is finding they are unable to join the ladder at the level they hope to.
If they had bought a cheaper property a few years ago, before DC, they may now have been in a position to buy what they want now. 🤷

Gosh? Gosh?!

I haven't heard that since I read a Famous Five book when I was a young girl. 😂

@penjil

You haven’t been here long then.
I like it.