Mortgage: How many properties did you look before..

[dbh]

One of the problems is the stamp duty. many first time buyers would not like to go over 250k even if they have say a 30k deposit simply for the fact that you ned nearly 10k more for stamp duties and thats a killer for some. For some, thats maybe another year to save up for that.

Thing is, its all good saying "keep saving and wait for prices to settle" but it can also backfire because the longer u wait, the more likely u will have to cough up 3% for stamp duty .

Also, HSBC told me that i can only get a property worth max of 275k as the bank can only lend me someting liek 250k max based on my salary and my wifes.

So unless both u and your missus are earning decent pay, you wont even be allowed to get a 300k house.

Now in London, its expensive. damm expensive, especially zone 1-3. Houses in Zone 1-3 "start" at around the 300k mark. im lucky enough that in my area it starts around teh 220k mark and is only a 30min train journey to liverpool street.

Prices in London are holding there own and if you work in a kind of IT sector like me, Most jobs are in cenral london and no poin buying a house outside london spending £300 a month on travel and spending over an hour going home either

Am in that same sort of boat. Been saving for the past few years. Gutted I'll miss out on the March deadline for a property but from the looks of it anything around my part of london 250-300k is essentially a flat. Even these so called new build developments are in that area. My only hope I can see is to probably do the FirstBuy scheme. That or perhaps look at up and moving out of London and finding a job elsewhere. The only issue is will I be able to command london weighting salary that I'm on now. I feel like it's a lose lose situation with me. Guess I'll just have to keep saving and get on when I can.

[j.o.s.h.1408]

Am in that same sort of boat. Been saving for the past few years. Gutted I'll miss out on the March deadline for a property but from the looks of it anything around my part of london 250-300k is essentially a flat. Even these so called new build developments are in that area. My only hope I can see is to probably do the FirstBuy scheme. That or perhaps look at up and moving out of London and finding a job elsewhere. The only issue is will I be able to command london weighting salary that I'm on now. I feel like it's a lose lose situation with me. Guess I'll just have to keep saving and get on when I can.

check ur pm. Try a different area

[Saracen]

....

Now in London, its expensive. damm expensive, especially zone 1-3. Houses in Zone 1-3 "start" at around the 300k mark. im lucky enough that in my area it starts around teh 220k mark and is only a 30min train journey to liverpool street.

Prices in London are holding there own and if you work in a kind of IT sector like me, Most jobs are in cenral london and no poin buying a house outside london spending £300 a month on travel and spending over an hour going home either

Not convinced about that bit, I'm afraid. The "no point" bit, I mean.

I'll caveat it by saying I haven't looked for some years, and I do not, any longer, work in London. In fact, I avoid the place like it was hell on earth ('cos in my view, it is) these days. But I worked, and commuted, and bought in the home counties, in the past.

The reason then was that I could buy in London, and get a pokey flat, or buy outside London and get a four-bedroom house, and even with paying the rail fares, it was still cheaper.

I would also point out that exactly where you are outside London can make a vast difference to house prices. And extra 15 minutes on the train can chop a hundred grand or more of the price of a similar property. And time on trains is not entirely dead time either. It never was, and in these days of laptops, Kindles, iPads and mobile phones, it certainly isn't. It's an ideal opportunity to relax, catch up, or even get a bit of work done provided you're prepared to travel at a time when the commuter rush allows this. I was. I was due on the office at 9, but was rarely later than 7 to 7:15 when I got there. So I got a LOT done in that 90 minutes before everyone else arrived. The boss noticed it too, as he often did the same.

But the "point", really, is about what you want. If you like London, if you want the restaurants, theatres, night life, etc, great. If you detest the place (as I do) then the "point" is having a life outside London, and only going in for work, i.e. when you absolutely have to.

[j.o.s.h.1408]

Not convinced about that bit, I'm afraid. The "no point" bit, I mean.

I'll caveat it by saying I haven't looked for some years, and I do not, any longer, work in London. In fact, I avoid the place like it was hell on earth ('cos in my view, it is) these days. But I worked, and commuted, and bought in the home counties, in the past.

The reason then was that I could buy in London, and get a pokey flat, or buy outside London and get a four-bedroom house, and even with paying the rail fares, it was still cheaper.

I would also point out that exactly where you are outside London can make a vast difference to house prices. And extra 15 minutes on the train can chop a hundred grand or more of the price of a similar property. And time on trains is not entirely dead time either. It never was, and in these days of laptops, Kindles, iPads and mobile phones, it certainly isn't. It's an ideal opportunity to relax, catch up, or even get a bit of work done provided you're prepared to travel at a time when the commuter rush allows this. I was. I was due on the office at 9, but was rarely later than 7 to 7:15 when I got there. So I got a LOT done in that 90 minutes before everyone else arrived. The boss noticed it too, as he often did the same.

But the "point", really, is about what you want. If you like London, if you want the restaurants, theatres, night life, etc, great. If you detest the place (as I do) then the "point" is having a life outside London, and only going in for work, i.e. when you absolutely have to.

But if u know your line of work is in central london, why live far out of london if u had the choice?

You would spend at an average 1.5hours going to work and another 1.5hours going home and in some jobs, you may have to work an extra hour or so to meet a deadline(IT sector) and then come home late, tired and knackered.

For me, i like to get home as early as i can so i can eat dinner and relax playing games, watching tv etc before i go to sleep and go to work .

if i had to travel far to go to work i would have next to no social life mon-fri. i basically be doing this:

wake up in the morning, go to work, come back home, eat and them sleep straight away, for 5 straight days

[kalniel]

But if u know your line of work is in central london, why live far out of london if u had the choice?

You would spend at an average 1.5hours going to work and another 1.5hours going home and in some jobs, you may have to work an extra hour or so to meet a deadline(IT sector) and then come home late, tired and knackered.

London's an odd place. Sometimes, often in fact, it's quicker to commute in from further away than to cross from another part of the town.

[b0redom]

Indeed. From Shepperton on the train it takes me about an hour, about the same as if I lived in Brighton.

Unfortunately Josh, you've hit on the basic problem everyone faces. Everyone wants to live in a castle. If you really want to live inside zone 1, perhaps you should be looking at a nice flat instead of a house.

[j.o.s.h.1408]

London's an odd place. Sometimes, often in fact, it's quicker to commute in from further away than to cross from another part of the town.

true. soon it will be quicker to commute from birmingham then my place LOL

[dbh]

I live in Harrow and yes I know what you mean I have friends who live in Brentwood and Southend and it'd take them the same amount of time to get home as it does for me to get home on the tube. Go figure. However they are paying much more for their travel than I am. Ahhh...choices choices.

[Saracen]

But if u know your line of work is in central london, why live far out of london if u had the choice?

I thought I already covered that.

- because I detest London.
- because I like quieter areas
- because I can be in open fields five minutes from my house
- because almost everything life requires is cheaper out here, from houses to carrots.
- because I'm not into the theatre / club / restaurant scene
- because I can afford to like in a nice, largish house not a pokey flat
- because I detest London.
- because I often travel to other areas, and from here, I can drive without having to battle out of London to do it.
- because I can (or could, as I don't do it any more) commute, door to door, in an hour
- because I can work on the train
- because where I am, it's QUIET at night. And I mean, silent.
- because I detest London.


I really don't understand people who actually want to live in London. Each to his own, and all that, but I'd have to be paid a very generous extra figure these days to get me just to work in London on a regular basis, never-mind live there, and to get me to live actually there, I'd have to be paid enough to settle Greece's outstanding debts .... every week.

Did I mention I detest London?

[scaryjim]

I really don't understand people who actually want to live in London

ditto. The dev manager of my employer's biggest client keeps asking me if I want to go and work for him, and I keep pointing out that I don't want to live in London. When he asks me why I point out that I work three days a week and live in a four bedroomed semi, and watch his face do this bizarre mix of envy and incredulity. It's fun

[b0redom]

I point out that I work three days a week

...and there we have the reason you can't afford to save for a deposit!

[kalniel]

However they are paying much more for their travel than I am. Ahhh...choices choices.

And much less for their rent/mortgage Choices

[melon]

And much less for their rent/mortgage Choices

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[j.o.s.h.1408]

I thought I already covered that.

- because I detest London.
- because I like quieter areas (The area i wanna live, in london is quiet)
- because I can be in open fields five minutes from my house(i am less then 5mins away from epping forest)
- because almost everything life requires is cheaper out here, from houses to carrots.(You can buy a house for 220k+ where i am)
- because I'm not into the theatre / club / restaurant scene(No clubs/theatre etc around here)
- because I can afford to like in a nice, largish house not a pokey flat(Again, 22k gets u a house, 250k gets u a 3 bedroom house with offstreet parking)
- because I detest London.
- because I often travel to other areas, and from here, I can drive without having to battle out of London to do it.(I am 45mins away from southend, 15mins from waltham abbey etc etc, loads of places to go whilst avoiding central london. m25/m11 right around the corner mate)
- because I can (or could, as I don't do it any more) commute, door to door, in an hour(can do the same if u work near liverpool street)
- because I can work on the train(Can do the same on the overground train that takes me to work)
- because where I am, it's QUIET at night. And I mean, silent.(Silent here too)
- because I detest London.


I really don't understand people who actually want to live in London. Each to his own, and all that, but I'd have to be paid a very generous extra figure these days to get me just to work in London on a regular basis, never-mind live there, and to get me to live actually there, I'd have to be paid enough to settle Greece's outstanding debts .... every week.

Did I mention I detest London?

I have commented on your reasons and the place i am, is almost PERFECT for u and is still in london.

point? You can have all the benefits you have listed easily in certain parts of london.

[oolon]

I really don't understand people who actually want to live in London.

I love living in London

I grew up in a village, then I moved to Birmingham (much better), then Loughborough (fail) I liked the place so much i moved to Leicester. Then I moved to London, and I have now been here half my life. The bigger the place is the happier I seem to be.

I love living in London
I love having 24x364 day public transport.
I love being walking distance from a tube station
I love my commute to work being less than a hour
I love not having to move house to change job.
I love the fact I have a choice of school for my child, all walking distance from my home.
I love living in London
I love having mobile phone reception.
I love having access to a good ISP
I love having early access to FTC internet.
I love living in London
I love all the different creeds and colours, I love my daughter will be brought up exposed to all of these things that keep the human race interesting.
I love having a commuter train station walking distance from my house.
I love that it takes 10 minutes to get the the North Circular by car.
I love it takes 5 minutes to get to the A10 by car.
I love it takes 25 minutes to get to the M25
I love living in London
I love the parks, they are like a garden i don't have to look after.
I love my small patch of grass, as I do more gardening that I would want to already!
I love that I can drink and not have to even think about driving, or getting home.
I love living in London

BTW did I say I love living in London.

PS you can buy a house in N22 (wood green) for less that 300k that is Zone 3 Piccadilly Line. My old house was walking distance from Turnpike lane tube station and it sold last year for LESS than 300k.

[mikerr]

22k gets u a house

If only I take it you mean 220k !

Actually, I wonder what's the cheapest you can buy anywhere in the UK, probably 30k ?