hi im Talyn.
I'v been reading everything you guys been saying about this area. i am interested in buying a property sometime in may and am not sure which is the best area in london i would like to live in. currently, i am living in eats london, i dont really like and will be studying in central london at uni this september. i would like some help in narrowing my search in south east. i have a max budget of spending 5grand on the house and would just like some input in where abouts i should be looking.bear in mind im a student, with also two infants, so a nice friendly place,with nice big houses and a sociable atmosphere. thanks for you help folks
Hmmm.... threads like this makes me wonder about the sustainability of the London property market. Assuming Talyn meant a £5K deposit, then you'd be looking at a maximum spend of around £100K (95% mortgage). You can obviously obtain 99% mortgages, but its not shrewd. Nor is a 95% mortgage IMHO. Anyway, so on that basis, £100K would get you a house, maybe, in mid-Wales. I think the average UK house price is now almost around £150,000 according to the Halifax. And that figure obviously includes some places that you'd never want to live.
In SE1 - don't even think about it - cheapest flats (v. small) I've seen have been around the £200K mark - houses, as others have highlighted - you'd be lucky below £500K (that's half a million pounds in case you're struggling with the grand / K).
Without sounding patronising, on the basis of your posts, the fact you're going to be a student, etc I'm not sure if you're really ready to be buying yet, especially if you are talking about buying a house for £5,000. It's a huge undertaking, frequently taken on too lightly. It's going to be your largest purchase in your life quite frankly and you need to be on top of the numbers - if your deposit is £5K than your interest is going to be significant (and that's without any repayments / endowment policy) plus there is general belief that interest rates will be at 5.0% before the end of 2004, and continuing upwards to enable Mr. Brown to finance the hole in his back burner.
If I were you, I'd make sure you're completely comfortable with the commitment you're about to undertake (deposit, interest, replayments, rates (fixed / variable) - and then your bills (food, utilities, going out, transport, tuition fees, all outgoings) - then calculate your budget (leave some room in there, don't be tempted by self-certification at 6 x your combined incomes - stick to a maximum of 3.5x). Once you've got your budget sorted, come back to the group, tell us how much you can afford without putting yourself under huge pressure and I'm sure you'll get lots of helpful responses.
Not meaning to be negative and I hope you don't take this as a lecture, but if you make a mistake here, and we are talking big numbers, you could be regretting it (and paying for it) for the rest of your life.
Just to back up jrh.... between my partner and i we earn a pretty good combined salary. We are, however, first time buyers. We both work and could easily afford the monthly repayments (which would be less than the extortionate rent we pay now), BUT we only have 10 grand for a deposit and even that isn't enough.
Be very careful........
Hopefully the government will soon start to realise that they have to do something about the ridiculous nature of the property market - especially in the SE.
gee thats alot lol.well ok lemme give you more info about our budget!my bf and i have discussed our budget and hes got alotta cash stashed away in his savings and wants a house like we have described and calculated all the outgoings and incomings we'll be having. ummmm did i mention we have twins....i know im in a pretty weird predicament thast why i needed others input on things.ok so heres the budget and things we have sorted and figured out:
-he owns some property in plymouth so £100/week wed be getting for one house to rent out...£5200/year
-villa in florida £600/week let to rent...£2920/year
-he has some family shares which is £1500 per/a so thats £30700
-£130 per week with my job and £200 per week with his job possibly more once he moves here so our jobs would get us £6300/year
-child benefit £332/year
-combined student loans which will be put in our savings so we get more interest
wev calculated that our yearly outgoing will cost:£39983.88/year wev thought of everything wed be spending our cash on just to live,work,study etc etc
plus theres my savings which we aint touchin since il be going to japan in 2007 to study for a year which will lol cost alot.
umm i duno what other info i can provide you guys
his family are pretty wealthy and wer ready to make a comitment of buying ahouse together though we may be young and have lot to consider.we also have enough (i think) to send the boys to private school coz thats what we want for our sons having our own experiences of school kinda shitty!
ummmm ta-daa....i bet your mouths are wide open,jaw up guys! lol im not very good with money and figures so i dont even know what £5 grand looks like.im still thinking of what area to live in.oh and his best friend will possibly be living with us too so we have his share in money too!plus thats a quarter of our child care sorted. *sighs*this is very hard work huh!