Newbie here, have been holding off buying for house in Oxford for years, despite having a reasonably respectable deposit and good credit history, in the vain hope that house prices here will come down, but I've not seen much evidence of this - at best they seem to have stopped rising so fast, though perhaps I've missed something?
Anyway, we're starting to get sick of paying £900/month rent for a (small) 2 bed terrace house in Headington (though its nice enough) and we're actually starting to think about buying, as prices don't seem to be coming down and perhaps never will here and soon I'll be too old to get a 25-year mortgage... The problem is that a house similar to the one we're living in now in an "okay" area would likely be well over £250k and we're not going to be able to get a mortgage for that much (probably only for £200k, £225k tops), and even if we could, the monthly payments would stretch us to the limit. Is a flat all we're likely to get for less than £225k within the ring road in Oxford?
If you must buy to live (and not having an investment hat of any sort on) and expect to remain in Oxford for a long time, if you do a central postcode OX1 3HY and search within 1 mile / 3 miles on RM, there are a few properties that are still under £250k. If you are willing to rent a room out, that might work.
However, as often discussed here, £900 rent is not comparable to £900 mortgage repayment as the commitments are totally different.
Finally, you are of course under zero obligation to offer the asking price or anything close to it.. offer what you think the place is worth.
Edited by easy2012, 25 January 2012 - 08:02 PM.