£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 😂

We lived happily in Dorking for over 10 years but needed more space as we had outgrown our 2 bed cottage. We looked in both Dorking and Horsham and ended up moving to a 5 bed family home in Horsham. We have zero regrets, Dorking is beautiful and still lovely and we occasionally pop back (I still use Medwyn GP), but Horsham is great for families - more facilities, bigger house for your money which improves your lifestyle. Biggest downside is longer/more expensive commute to London.

If they’d bought a flat then no. Flats have barely risen in value since 2014. The traditional housing ladder has been broken for some time.

https://insideconveyancing.co.uk/news/housing-ladder-broken-at-every-step/

If they’d bought a flat then no. Flats have barely risen in value since 2014. The traditional housing ladder has been broken for some time.*

Bit of a sweeping statement there; my flat has increased from 270 to 370k since 2014. Just had it valued last week.

Oh I live in London alright. I have an enormously over-priced tiny house of my own.

But some of the examples -not what you’d envision for a £600k house.

You mentioned family in Berkshire.

Look there. As well as London to Paddington there is how the Elizabeth line. Look near Twyford at places like Woodley and Earley and you will find nice places within your budget.

Well said. Not to mention solicitors, conveyancing, estate agent fees… I felt pressure like a lot of other people to just “get in the housing ladder” so bought a flat in London.. it’s now in negative equity!

I’m glad that you are an outlier, but on the whole, flats in the greater area the OP is coming from have not gone up in value. Most of your price growth will have come from 2014 to 2015 as London flats are virtually flat in nominal terms and behind in real terms (2015: £410 avg price, 2024 : £419k avg price).

London prices are ridiculous. DH and I started looking for a 3bed flat/house with a view to setting the kids up there for uni and saving the £25-30kpa rent/living expenses for 4-5 years and because DH still works in London part time and keeps getting stranded after late meetings/business events ‘cos the trains keep being cancelled or are on strike. Nothing really under £800k south of the river suitable for families. We might be making the kids commute instead…

It just sounds like you can’t afford the area you like. This is in a nice London suburb. https://www.rightmove.co.uk/properties/146251553

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.

But without a Time Machine how is that helpful? I would be loaded now if I didn’t go to university, went full time at my holiday/weekend job and got a 95% mortgage at 19. But who knew the financial crash would come, lending would tighten up & wages would stagnate? 🙄 The idea of ladder is pretty outdated for most nowadays.

I’m glad that you are an outlier, but on the whole, flats in the greater area the OP is coming from have not gone up in value. Most of your price growth will have come from 2014 to 2015 as London flats are virtually flat in nominal terms and behind in real terms (2015: £410 avg price, 2024 : £419k avg price).

exactly

I felt pressure like a lot of other people to just “get in the housing ladder” so bought a flat in London.. it’s now in negative equity!

Sorry to hear that @OvalLemon

There's actually quite a lot of us, we're landed!

It’s one of those “Only on Mumsnet” phrases. Adult women apparently say “goodness” and “horrid” too.

Maybe stop having coffees out a few times per week and you'll be able to buy a house in no time.

Err Dorking is not London it is Surrey and one of the most expensive home counties. But you're right it so full of pompous asses l expect they do want 600k for a dump

I have plenty of reality thanks.

I just wouldn’t spend 600k to live in Croydon. Apologies if this offends you, it’s just a stranger on the internet 😂

Because we thought it was cheaper, we have family and friends in Epsom (too expensive) and around the Dorking area. DP's mum isn't well and is getting on a bit, and lives in Banstead. I'm thinking most suburbs of London are generally a bit dull to be honest? But can't afford anywhere with any 'vibes.'

I can attest to this, unfortunately. We are in the same area as OP and ended up buying an old property for £620k + huge renovation costs. So much in debt that I can't sleep or function normally and not sure it was worth it. Although, I love our new house!

We live in Sidcup (Zone 5) and our 3 bed house cost considerably less than your budget. Our estate is lovely. The third bedroom is tiny though!

I am well aware of how an anonymous forum works, thank you.

I personally wouldn’t choose Croydon either. My point is that it doesn’t matter what you or I might choose - if enough people are willing to pay that, it’s worth it. And it’s childish to dismiss the property as “a dump”.

Think you have bought wisely then but the OP is correct that a lot of flats have barely increased at all. You can check on right move.

@Catcakes would you class as a dump?

https://www.rightmove.co.uk/properties/147111572#/?channel=RES_BUY

Its near excellent schools.

Or this?

https://www.rightmove.co.uk/properties/144573635#/?channel=RES_BUY

In London you could have a 1m plus budget and still need to buy somewhere that needs a new kitchen etc?