Do you own your own home?

It's my house, and I live here...

  • Total voters
    55
My 26 year old niece and her boyfriend bought a 2 bed terrace at the end of last year. Despite both being on 25k or so (which I'd consider a pretty decent if not stellar salary at that age), they could only afford it by moving out to South Glos rather than Bristol itself. And thanks to a nice little inheritance from one of his grandparents.

How things changed in a generation is utterly ludicrous. I really was incredibly lucky.
 
I pay £700PCM rent at the moment for a 1-bedroom flat in central Leeds. That's actually relatively great for the area at this point - I'm fortunate that having been here for 8 years my landlord just appreciates the fact that I'm low maintenance and reliable. Most flats in my area now go for closer to 800-850 or more.

And of course in London I'd probably have to be well clear of £1,000 for anything remotely equivalent in quality/location.
 
VoR said:
I pay £700PCM rent at the moment for a 1-bedroom flat in central Leeds. That's actually relatively great for the area at this point - I'm fortunate that having been here for 8 years my landlord just appreciates the fact that I'm low maintenance and reliable. Most flats in my area now go for closer to 800-850 or more.

And of course in London I'd probably have to be well clear of £1,000 for anything remotely equivalent in quality/location.
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Yeah, I’m paying £650pcm in a nice area of London, which is well below market rate, but it’s a 2 bedroom and I have to share with a rather strange person (to put it lightly).

Same situation that the landlords haven’t increased rent because we’re long term and reliable. They are rubbish with upkeep and repairs though so we are living with very tatty carpets and an extremely uncomfortable sofa they don’t want to replace at the moment.
 
I'm 29 and my loose plan is to own by the time I'm around 33/35, but it will be really difficult. Until my parents are gone I won't inherit anything and even when I do it'll be half of what I'll need to spend on a home in Amsterdam (or by then, a third!).

but you can get 100% mortgages here in which you just pay the agency fees, so I guess that'll be my avenue, and fortunately my salary is quite good and in 3 years should be really good.

renting culture is far more common in Europe than the UK anyway so I don't mind renting in my 30s, but I want to own by the time I'm 40 latest. spunking half your pension on rent until you die is NOT something I'm willing to consider.
 
Ellie said:
Same situation that the landlords haven’t increased rent because we’re long term and reliable. They are rubbish with upkeep and repairs though so we are living with very tatty carpets and an extremely uncomfortable sofa they don’t want to replace at the moment.
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The last time my landlord tried to up my rent I sent him a long list of the things that would need fixing/replacing if I were to re-sign at the new rate (and, implicitly, what he'd need to do before somebody else moved in).

He didn't mention it again after that. :D
 
No, but working on it! Hopefully in the next year.

I'm very fortunate to have financially wise and conservative parents who pushed us to save and use money wisely. Couldn't do it without them.
 
Rita said:
If I didn’t have children I’m not sure I would bother tbh and would be quite happy to sell up and SPEND SPEND SPEND.
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I don't have kids, I plan on releasing equity in my property when I'm older so I can go on lots of holidays!
 
Mr Star and I bought with mortgage just before we got married. Obviously we're mortgaged up to our eyeballs though with London prices! I know for the deposit we put down on this place, you could buy a similar place outright up north and have change to spare. Prices here are ridiculous. Since we've had the children our outgoings are insane with nursery costs added in. I only work for my sanity really, we pay more in childcare right now than I earn in a day.
 
Star said:
House opposite me is a 2 bed semi detached, small garden and driveway, sold for 477k a few years back.
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I’ve just had a look and for that you could get a 4 bed 2 bath detached house with LANDSCAPED GARDENS here :D
 
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Lolz

I am hoping to move soon and I can't afford a HOUSE ANYWHERE that I might want to live. Flat or NUFFINK
 
Kate said:
I am hoping to move soon and I can't afford a HOUSE ANYWHERE that I might want to live.
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scottish national party politics GIF by The SNP
 
Phoenix said:
Some people (me) aren’t as flexible as that. Good for you if you can just go with the flow but I don’t have that capacity.
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I don't, really, not with a child in tow. But still, the idea that having a mortgage is 'secure' seems daft, when you're basically just as fucked if you don't pay it for 3 months as you are with rent.

lolly said:
We're renting out Mr L's mother's old house for £1100 a month. It's a two bedroom terrace in not a particularly nice area (Bedminster).

Who the fuck can afford to save for a deposit if you're paying that in rent?
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I also find it bonkers banks wont look at rent payments as proof of mortgage affordability. I pay £1500 a month rent but it wouldn't mean shit on a £900 mortgage. How does that work?
 
Star said:
House opposite me is a 2 bed semi detached, small garden and driveway, sold for 477k a few years back.
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Oh my god :o that is ridiculous!! I'm not surprised it's hard for Londoners to get on the property ladder.
 
Kate said:
Lolz

I am hoping to move soon and I can't afford a HOUSE ANYWHERE that I might want to live. Flat or NUFFINK
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Move to my island. You can get a lovely house and unlimited fudge
 
I do hope London property has finally peaked, it feels like a lot of people of every income level have left in the last year and are unlikely to return.
 
Lucille said:
I do hope London property has finally peaked, it feels like a lot of people of every income level have left in the last year and are unlikely to return.
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Not with all the rampant outside investment of dodgy money.
 
Lucille said:
I do hope London property has finally peaked, it feels like a lot of people of every income level have left in the last year and are unlikely to return.
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Prices are definitely dropping. Half of the ones that come up in my Zoopla alerts are reduced.
 
I read somewhere that since all the lcokdowns, property prices are dropping in London but going up in the countryside. Not sure how true that is.
 
big ron said:
I don't, really, not with a child in tow. But still, the idea that having a mortgage is 'secure' seems daft, when you're basically just as fucked if you don't pay it for 3 months as you are with rent.



I also find it bonkers banks wont look at rent payments as proof of mortgage affordability. I pay £1500 a month rent but it wouldn't mean shit on a £900 mortgage. How does that work?
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I've got a friend going through exactly this. Now early 40s, renting for years privately, currently paying £1300 a month rent, never defaulting a single payment. Bank won't trust him with a £975 mortgage.
 
Rachey said:
I read somewhere that since all the lcokdowns, property prices are dropping in London but going up in the countryside. Not sure how true that is.
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I believe it - as I say I see them going down here, but my mum says everything in Norfolk is getting snapped up.
 
Of course it might only be flats that are dropping in London, I don't know about houses. You might be less likely to want to leave if you had your own garden.
 
Kate said:
Of course it might only be flats that are dropping in London, I don't know about houses. You might be less likely to want to leave if you had your own garden.
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At the very least though that should still see less pressure on sales in inner London and drive up prices even more in areas like @Star's

She'll be able to sell up and buy somewhere like the whole of Burnley soon enough.
 
Prices are definitely rising here and we don't even live in a "desirable" area. I suppose it's constant all over really and drops only really happen in places where it's insanely high to begin with.
 
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