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CommonSense

Ftb. How Many Houses In Your Price Range?

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First time buyers only please (real ones). I mean those who have never bought a house before.

I was wondering if you could do the following.

Go to one of the property search sites and search for houses that you can actually afford in your area. I used ‘fish4’, then ‘propertyfinder’ to base my results. I earn bang on the average wage for the country. Based on 3.5x (which I’m sticking to).

How many results did I get?

Have a guess how many houses can I afford?

0?

None?

Zlich?

Diddly Squit?

Big fat zero?

Billy no results?

Nothing?

Llareggub?

Nil?

Not a sausage?

√Feck-all?

How many can you afford in your area?

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I'm in bristol and could get a 1 bed flat, but not have money left for the bullet proof vest you need to live in that area.

ril

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First time buyers only please (real ones). I mean those who have never bought a house before.

I was wondering if you could do the following.

Go to one of the property search sites and search for houses that you can actually afford in your area. I used ‘fish4’, then ‘propertyfinder’ to base my results. I earn bang on the average wage for the country. Based on 3.5x (which I’m sticking to).

Postcode: KT1

NONE

and I earn approx 40%-50% ABOVE average for area.

A crap studio flat not bigger than my current lounge comes into view at 4X earnings.

Anyone out there still think prices won't come down?

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Worcester....

76 on fish4, 12 on property finder.... But i do have a largeish deposit saved, and earn about 40% above average for the area...

Edited by moosetea

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Postcode: KT1

NONE

and I earn approx 40%-50% ABOVE average for area.

A crap studio flat not bigger than my current lounge comes into view at 4X earnings.

Anyone out there still think prices won't come down?

I earn at least 50% more than the local average, and can only afford a small 2 bedroom terrace.

Bear in mind, that this is SL1, and that's in some of the worst areas locally. In the nicer part of town, my buying power is reduced to a small 1 bedroom flat.

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Living in Woking, the closest place I could afford to buy in at 3.5x salary is Guildford - however it is a retirement home and I'm not 60 yet!

So in reality there is nothing - zilch didley, not even a caravan trailer park style home!

Still I rent for about 1/5th of my monthly income so am in no rush to buy.

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We'd do a joing application, therefore 2.75 is the traditional multiple. We could get a very small 1 bed low-grade flat if we put down all our savings as a deposit.

Going with some 'affordability based' lender, maybe a 2/3 bed terrace, again assuming we put every penny down.

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How many can you afford in your area?

Same here, couldn't possibly afford any houses around here, not just my local area, I couldn't afford a house anywhere for miles and miles around. I consider that I earn good money but on 3.5 times my salary I could get a studio flat. I think BTLs have bought the entire first rung of the property ladder, I'd rather rent and have a decent place to live.

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First time buyers only please (real ones). I mean those who have never bought a house before.

I was wondering if you could do the following.

Go to one of the property search sites and search for houses that you can actually afford in your area. I used ‘fish4’, then ‘propertyfinder’ to base my results. I earn bang on the average wage for the country. Based on 3.5x (which I’m sticking to).

How many results did I get?

3.5 x my salary: got over 150 properties in my area, N14. Mind you, I wouldn't buy any of them at the prices advertised; affordability isn't the only issue here.

Also I wouldn't want to be walking around with debts that equal 3-4 times my salary for the next 25 years - what would happen if I lost my job, or fell ill? See, it's much more than just 'what would 3.5 times my salary buy' - in fact '3.5 times my salary would buy me a very nice life! So why waste that money on a pile of bricks..?

Nomadd

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Couldn't get to fish4 (maybe me maybe it's down?) so I tried rightmove.

Anyway, like others who have already posted I earn well above the average wage, but only 4 one bed flats are in my price range.

Not much good when you have a wife and (very soon) two kids.

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Guest Bart of Darkness

Based on no deposit and 3.5 income, a search of the S20 area revealed 17 places I coulde afford.(mostly ex-council housing).

With planned deposit (50k), the number shoots up to 46, some of which I would actually be interested in.

But not at those prices! ;)

On average salary (oooh, say £20k), with no deposit, the number of affordable places is 1.

http://www.rightmove.co.uk/viewdetails-955...pa_n=1&tr_t=buy

Lovely place ain't it!

Using this criteria, the whole of Sheffield yeilds just 23 results.

http://www.rightmove.co.uk/viewdetails-955...pa_n=1&tr_t=buy

You couldn't pay me to live there!

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I'm not a FTB, but if I pretend I am, there are 8 properties in the area of Glasgow I live which would be affordable with RightMove. It is difficult to work out in Scotland, because of the offers over system, but that was estimating 10% over, which is probably about right for properties under £80,000.

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Postcode: KT1

NONE

and I earn approx 40%-50% ABOVE average for area.

A crap studio flat not bigger than my current lounge comes into view at 4X earnings.

Anyone out there still think prices won't come down?

Same area (KT1) as me... and I thought I earn 50% above the average for the area!

With x3.5 salary (no deposit) I could have the choice of 3 studio flats (£142k, £145k or £160k), which I would not touch with a barge pole.. but I could afford to buy the barge B)

Adding in my current cash stash as a deposit, would elevate me to being able to possibly buy a 2 bed flat.

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Only one-bedroom retirement flats - no good as I am not yet 55-60 and have a child so need 2 bed.

I also earn above average wage.

I would have to go to 4.5 x my wage plus a £20k deposit before I am in the bracket for the cheapest 2 bed flat in my area.

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Postcode: KT1

NONE

and I earn approx 40%-50% ABOVE average for area.

A crap studio flat not bigger than my current lounge comes into view at 4X earnings.

Anyone out there still think prices won't come down?

I earn well above average but I went to Kingston the other day and could barely afford a plate of Nachos and a bottle of beer (well over £11!! or twenty bucks in plain English)

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Two, if I'm only using 3.5x my (above average) salary, 37 if I include a hypothetical deposit of £20,000, of which quite a lot 'need improvement' apparently.

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We could probaby afford a town house where you get all the drug addicts etc... Oh yeah, we can just about manage to afford a flat above a fish shop and there's one particular property which has smashed windows, needs the kitchen sorted, well pretty much everything needs sorting. We could push ourselves to afford that. Wouldn't have much money left over, probably couldn't even afford to sort the windows.

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Guest The Dude

None. I suppose as a self employed person, I could always do a self cert and then I'd probably be able to buy loads. However, I'm not that interested in mortgaging my whole future away. My problem is that deep down, I'm not an investor..never have been....my psyche doesn't stretch that far. I don't own any shares or anything. I have no children.....so the need to purchase a house isn't the top priority, which is running my business. (Business is good by the way.) The only real need for me to own property would be to expand my business which I would like to do in the future. However, I would be an absolute fool if I bought something at these prices.

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Earn bang on average (which is 30% of the population - not median). Could afford a number of studios in the most undesireable and out of the way places with bad public transport, dangerous neighbours, smelly streets and almost certainly major repair problems. Then I could buy a 2nd hand 2 bd share ownership number for 300 pm more than one of those studios in the same dangerous places with bad public transport etc, and be hocked up to the neck when prices fall.

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  • 337 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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