The ex council near me, lovely little homes, are going for up to 500k. Sickening.
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I agree you should look at options outside of London. I bought my flat a few years ago in Scotland and at the time I earned 22k. It was under 100k so the mortgage repayments were about 350 a month. There's no way I could have bought a property London or the South East, although I didn't live there to begin with.
It is a huge achievement to buy your own place when you're single so stay focused on saving. It's a really great feeling to know that you don't have to rely on anyone financially. At this point it's about getting on the property ladder and you do have to make some compromises, but it's worth it.
It is a huge achievement to buy your own place when you're single so stay focused on saving. It's a really great feeling to know that you don't have to rely on anyone financially. At this point it's about getting on the property ladder and you do have to make some compromises, but it's worth it.
Ah same boat I was in at 30.I have worked myself into a right state and it's not even midday, so I hope this makes sense!
I am turning 30 next year and have been single all my life. My parents have been pushing me to look at buying somewhere of my own rather than renting, for my own security and to have a bit more freedom. I would love to decorate and have a cat as I am really lonely.
I am looking to buy in London (I know) as I enjoy living here and most of my career opportunities are here. Currently in a full time permanent position paying 25k with no debt/credit issues (minus student loans). I may have access to a deposit from inheritance, so I've been looking into shared ownership etc, which I know I'm really lucky to be able to do.
However, the luck stops there...everywhere I've investigated, even for a 1 bedroom small flat, wants a 'minimum income' of around 50k+. There is no way I could achieve that without a partner in the next 10-15 years. It feels like I am being penalised for being single and it's just set off a load of my insecurities: 'Why am I so useless for not getting a boyfriend? Is it because I'm unattractive? Will I ever be happy and less lonely? Why did I not choose a higher salary profession?'
Can anyone offer comfort/words of wisdom? I feel like I will either be renting forever and not enjoying the privileges of ownership, or owning somewhere where I didn't really want to live. This is not helping my depression spiralWhy are single women constantly penalised for everything?
Literally cried watching the end season of Love Island one year, didn’t understand why it wasn’t happening to me! The love thing, not being on tv(Embarrassing)
I went to a mortgage meeting and left in tears as she said my repayments would be about £1,900. Left and cried to my mum in the car park who agreed maybe a mortgage wasn’t for me! Dusted myself off and realised they gave me a meeting with the branch manager NOT a mortgage advisor so complained and got £200 back!
I’m a Londoner through and through but buying in London was never going to be an option. I chose an area just outside of London where I could continue to commute in (luckily my two best friends live in this area too).
my income was a little more so not sure about that aspect but I bought a 175k flat with about 30k deposit. Ex council and not an ideal area but I have my foot on the ladder. I’m leasehold too which isn’t idea (have a £1,800 bill I’m currently ignoring!) so be prepared you’ll pay for any work done on your block.
my friend is part buy, part rent in London with a similar income to mine. It is possible (not sure if that is shared ownership, sorry).
Hope that helps x
Depends how far out you go though. Like Herts/Beds is catching up price wise but it may be doable. Depends which way you go out as well, like essex/east london has nicer pockets to it and has been gentrified. Whereas Luton will always be seen as rough
not to derail from original post but yeah I looked at all those areas and Luton scared meI went to the cinema with my dad in the late afternoon and the town was carnage
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Regardless of deposit, as a single person on £25,000 I doubt you’d be able to get a mortgage big enough to buy anything for n London. The most you’d be able to borrow would be £110/120k...
I would really consider relocating, and/or exploring how you could increase your income.
Having said that, owning property isn’t everything. We bought 18 months ago, but I miss the security of knowing that if eg the boiler broke, it would be fixed for us. On a tight budget while we saved, renting worked for us
I would really consider relocating, and/or exploring how you could increase your income.
Having said that, owning property isn’t everything. We bought 18 months ago, but I miss the security of knowing that if eg the boiler broke, it would be fixed for us. On a tight budget while we saved, renting worked for us
I'm here to give you some hope!I have worked myself into a right state and it's not even midday, so I hope this makes sense!
I am turning 30 next year and have been single all my life. My parents have been pushing me to look at buying somewhere of my own rather than renting, for my own security and to have a bit more freedom. I would love to decorate and have a cat as I am really lonely.
I am looking to buy in London (I know) as I enjoy living here and most of my career opportunities are here. Currently in a full time permanent position paying 25k with no debt/credit issues (minus student loans). I may have access to a deposit from inheritance, so I've been looking into shared ownership etc, which I know I'm really lucky to be able to do.
However, the luck stops there...everywhere I've investigated, even for a 1 bedroom small flat, wants a 'minimum income' of around 50k+. There is no way I could achieve that without a partner in the next 10-15 years. It feels like I am being penalised for being single and it's just set off a load of my insecurities: 'Why am I so useless for not getting a boyfriend? Is it because I'm unattractive? Will I ever be happy and less lonely? Why did I not choose a higher salary profession?'
Can anyone offer comfort/words of wisdom? I feel like I will either be renting forever and not enjoying the privileges of ownership, or owning somewhere where I didn't really want to live. This is not helping my depression spiral
On a 27k salary in 2018, I managed to buy a one bed flat in zone 3 london with a garden via shared ownership (50%). The key was not looking at any new builds as they are wildly overpriced, my flat was build in the early 80s. There's a shared ownership website for London, when searching make sure to search for resales only.
It needed a complete Reno but my deposit was big enough that I had money left over to afford it.
Another tip i would say is visit as many properties as u can as images can be deceptive. My flats lusting only had pictures of the garden which I think put people off from viewing
Don't give up, it's tough and time consuming but u will find somewhere, prices are ridiculous ATM but I think they'll get better once the stamp duty holiday ends. My bf is looking for a flat now and lots of the places he looked at before have reduced their prices
I was sort of in your situation. I ended up single in my early 30’s, I rented for a bit then had some inheritance so I bought a flat, which I love. It’s mine and I can do as I please. I’m probably on double what you’re on salary wise, but banks will only lend you a certain x your salary. I bought just outside London as London is pretty much unaffordable. You might need to be a bit realistic. Don’t rely on a man to buy a place with. I would guarantee that once you’re happy and settled in your own place, you’ll probably meet someone. It always happens. But you’ll have your own asset that you can rent out or sell if you do decide to buy a place with someone later on. Don’t be hard on yourself. The bigger your deposit, the better mortgage rate you get. Trust yourself because things always work out somehow. But buying something on your own, whilst you can, is the best feeling in the world. I’m now looking to buy with my partner and I’m lucky enough to have a good amount of equity in my flat and have saved a fortune paying a mortgage over rent. So I can keep this place if I want and rent it or sell it and buy a bigger share of a house. Just get yourself on the ladder and see where it takes you x
I feel like this all the time. I am 31, living at my parents and single for 3 years now. I went travelling after university and I feel like everyone who got a job straight after uni now has the babies, the husband and the house or one of the above at least.
I’ve grown up in London, border of Essex end, and I love where I live. All my family are within 10 minutes and I don’t want to move far. I have looked at the possibility of relocating so I can buy but then I’d be on my own in a place that I don’t know anyone, constantly driving back to visit my nieces and nephews and dogs (plus the other family obvz). I am lucky to get on very well with my parents and we are still in the family home which is a decent sized so don’t feel cramped but I do need to live my own life soon. I just don’t see a way too. I don’t want to rent as it’s ridiculous money around here (£1000 - £1200 a month) yet I can’t afford to buy. I’ve only just moved on to a salary of £27k (as in the last week or so haha) as I used to be on £20k. I know I should have found a better job a few years ago but I loved my job and thought I was happy on the lower wage.
I also don’t want to do shared ownership as I feel it’s a bit scammy and there are lots of problems with only owning a percentage but I just don’t see a way out atm.
I feel discriminated against for being single and in my 30s!
I’ve grown up in London, border of Essex end, and I love where I live. All my family are within 10 minutes and I don’t want to move far. I have looked at the possibility of relocating so I can buy but then I’d be on my own in a place that I don’t know anyone, constantly driving back to visit my nieces and nephews and dogs (plus the other family obvz). I am lucky to get on very well with my parents and we are still in the family home which is a decent sized so don’t feel cramped but I do need to live my own life soon. I just don’t see a way too. I don’t want to rent as it’s ridiculous money around here (£1000 - £1200 a month) yet I can’t afford to buy. I’ve only just moved on to a salary of £27k (as in the last week or so haha) as I used to be on £20k. I know I should have found a better job a few years ago but I loved my job and thought I was happy on the lower wage.
I also don’t want to do shared ownership as I feel it’s a bit scammy and there are lots of problems with only owning a percentage but I just don’t see a way out atm.
I feel discriminated against for being single and in my 30s!
Have you thought about Glasgow? There's a really vibrant culture scene and, pre-Covid, I could have gone to gigs every night of the week if I wished. Same with museums, galleries etc. Library jobs can be a bit thin on the ground but you also have the option of commuting to Edinburgh/Lanarkshire.
A good friend of mine lives in London and is in a similarly position. Her deposit for a property in London would get her a 4 bedroomed detached house about an hours commute from Glasgow
She is still renting as, like you, she does love London and would prefer not to live within visiting distance of family (but that's her story not mine....).Finally, you could live quite comfortably in Glasgow on a salary of £25, 000.
ETA: Sorry, just read that moving to another city isn't on the agenda. If owning property is on your goals list then I'm afraid it would never happen on a £25, 000 salary in London. And working in your sector, I am aware that it is unlikely that salary will increase unless you apply for more management roles. As above, you'd be paid slightly less in Glasgow for a similar role but you would get more for your money.
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