Why Are Uk Houses So Expensive?

[Jack8991]

So I’m a teacher earning around £30,000 a year, 23 years old living at home with parents. My grandma was saying that when she dies (which hopefully isn’t for a very long time), I could buy her house, which is a semi detached estimated between £190-200K. I’ve been told by a family friend who is in banking that on my salary I’d be leant roughly £90-100K for property, so I always tell my gran there’s no way I could afford it as I’d have to put a deposit down of about £90-100K just to be loaned the rest. Even a lot of terraced houses are out of my price range. I just find it frustrating that I’ve worked hard since being at school to go on to get a degree and a career to not even be able to afford my own home. I know there’s renting but I don’t want to be paying out for a house I’ll never own until I die. Thanks

[Jack8991]

Cashier- have you seen low income areas in Wigan/St Helen’s? I used to do supply teaching and when at schools located in the rougher areas of Wigan and St Helen’s the kids were out of control who were from those areas and some of the parents were on drugs and alcoholics. It’s a completely different culture to what I’m from

[Jack8991]

Ryzen- yes I do, it’s a very frugal car and sips fuel like a hamster. It’s a Diesel engine, they are frugal

[Ryzen]

BTW...you keep mentioning the RR Phantom...the Wraith Black Badge is more a young persons car...:-)

[tiggerblue10]

If you want to get on the property ladder now whilst living with parents...

1. Ask your parents if they can give you a few grand.
2. Go to a few reputable mortgage lenders and ask how much they will lend you based on your available funds and earnings.
3. Look for a property, house or flat, in that price range that you like even if its in a dodgy area.
4. Put a deposit on it and get a mortgage.
5. Rent it out so it pays itself and if you get more rent than the monthly mortgage payment put the remainder into savings.
6. You could also pay off some of mortgage early if you save a few grand whilst living with parents.

A few years later....
6. Property you bought should increase in value.
7. Hopefully grandma is still alive and well at this stage so don't take it for granted that you will be buying her house when you're 30ish
8. Your wage may have increased by then or you have a different job which pays more...you don't know as yet.
9. You may have met the love of your life and want to live together.
10. Get tenants to leave, move into your property and put up with dodge neighborhood for a few years.
11. By this time you would've been on the property ladder a few years and can look to upscale with or without a partner.

This is what I did (without a partner) and I now live in a nice semi in a cul de sac in a nice area. My previous house was in a rough area but managed to live there for nearly 25 years. And my earnings aren't that great either but I manage.

[bednobs]

you must be at the start of your career if you are only 23? you cant have finished your degree till you were 21/22? if that's the case there is probably some space for improving your salary in the coming years?

[Jack8991]

Tigger blue- that’s a really helpful answer thank you! Although I’m not sure about meeting the love of my life as of yet lol. Don’t know any girls in real life and dating apps have never worked for me haha

[Jack8991]

Bednobs- yeah I finished at 21 and was a high school teacher until I got a job as a primary teacher this year. I started on late 20 thousands and am all on 30k now. The only room for growth in primary really is to be a subject lead or assistant/deputy head. At the moment there is a subject lead already in my specialism area

[bobbinwales]

If you save £1000 a month while living at home which should be do'able and maybe find someone to share a mortage with, and you progress on the teacher scale and get some extra responsibilities plus some weekend tutering you should be in a strong position by the time your 25/26

[TheWinner]

Jack8991, I think I've read into your question differently. When your grandma said you could buy her house when she passes (hopefully not yet of course!), who are you supposed to be buying it from? Who is she leaving it to?

[Jack8991]

In conclusion I think the only options to solve my desire is to do what TiggerBlue said and/or find a girlfriend who can help. The only problem with the second one is that I literally don’t know any girls round my age and not been in contact with any since I left uni. I’ve approached girls at the gym but they all just make an excuse to leave and to be honest I think in today’s society it’s risky cold approaching women. I’ve tried every dating site I can think of but no success. I’ve never had a girlfriend before. I mean I’m not desperate for one but it would be nice at some point I guess

[Jack8991]

The winner- well the house would be going on the market and she said she would like me to buy it

[TheWinner]

Jack8991, your grandma must have children (i.e. one of your parents) plus any siblings, and I think there's more to this than meets the eye.

[Jack8991]

The winner- the grandma I’m referring to is the grandma on my mums side. Her and my grandad have two daughters, my mum and my auntie. I have no siblings. She said she was leaving me a third of the house price split between her two daughters and myself. Obviously the house would have to go up for sale in order for us to get that money, and she said when it is up for sale, instead of me just getting a third of the money she would like me to buy it as she knows it’s a good well built house

[TheWinner]

That's what I thought. So,..... if you got an estate agent (or use 3 to give an average figure)to give you an estimate of what the house would sell for, you would already own one third of it, and you would only have to find the other two thirds.

[Jack8991]

The winner - yeah true. Do you have any advice for the predicament that I mentioned before I answered your question lol?

[TheWinner]

There is someone for everyone, and when there's nothing else left, there is always Hope! wishing you all the luck in the world jack8991.

[Jack8991]

The winner- thanks! When I got on the dating apps I thought it would have been quite easy to find someone in a sea of options.....haha then I realised dating apps only work for two people...women and above average looking men!

[TheWinner]

Jack8991 please, don't ever lose hope, there is someone out there, waiting for you to come along. x

[Jack8991]

The winner - I hope so! The only thing that concerns me is that as I’m 23 and never kissed a girl, the older I get in the same boat, it’s going to look a bit weird to a potential girlfriend that she’s the only girl I’ve kissed and could be in my late twenties

[TheWinner]

Jack8991, not at all, you would be surprised at the people who are looking for someone like you.