Is Continuing To Save For A House Any Good As Prices Just Shoot Up..

[bluefortress]

I applied for a really nice house shared ownership but unfortunately Im £10000 short, they won't decrease the percent share from 50%. Gutted as its in a lovely location. Its my own fault for only working 4 days and not 5! 

My plan B is to continue to live with parents and save however my concern is that I'l not be able to 'outsave' the market value/increased cost in properties if that makes sense. In another 2-4 years they could increase a lot  

Guess im just looking for opinions/advice Im not far off 40 and feel the chance of getting a house ticking away. 

I have been a homeowner in the past but sold up due to the rough area

 

[Cloverjo]

I couldn't bear to be living with my parents in my late thirties, much as I love(d) them. We all like our space and privacy. I rented until I met Husband. I never expected to be able to buy my own house, as I had an unplanned baby in my 20s, with very little money.

Maybe you could work an extra day per week and a part time weekend job to help you on your way. 

[ToraToraTora]

Just keep doing what you are doing at some point the market will come to you.

[bluefortress]

Thanks Clover yea I will increase my hours its just even with the saving can I ever 'outsave' the increase in property prices, if that makes sense.

Luckily Ive no kids I avoided putting myself in that situation so theres only me to worry about but still house prices just shoot up

[bluefortress]

Thanks Tora thats the thing though I don't really see property prices reducing, I have seen them slow down but no real reductions. Unless Ive missed something. The general trend is that they progressively go up. 

[douglas9401]

"Just keep doing what you are doing at some point the market will come to you."

Not in this lifetime mate, the game's rigged.

 

[Cloverjo]

I don't know where you live, but in the Essex/Hertfordshire area new-builds on some estates are being reduced in price. 

[ToraToraTora]

There are peaks and troughs, they level out sometimes even fall. The fact is that if fewer and fewer can afford to buy then the prices will have to come down. We are at the end of a generation that were more easily able to buy. At some point they must at least stagnate and wages will rise. Keep saving and your ability to buy will improve and eventually you will be able to buy something. I know it's cold comfort but you are doing the right thing. Slowly slowly catchee monkey!

[New Judge]

"Its my own fault for only working 4 days and not 5! "

That may have something to do with it.

When Mrs NJ and I were saving for a house (and for a few years after we'd bought it) I was working six days a week (sometimes seven) and Mrs NJ five and a half, sometimes six.

The luxury of a four day week (or even five) was simply not an option.

[ladybirder]

I don't suppose you have a good friend who you could share with, if this property has more than one bedroom?

[david small]

On the continent renting is very commonly used and is acceptable and affordable. Here, well, so many thing don't need to be so expensive, but are. Also greed and circumstances drive a lot of people to tolerate the intolerable.

don't despair .

[bluefortress]

Ladybird- you mean the property I cant afford - I didnt pass the affordability checks. 
 

I should be ok to manage once I get a mortgage as Im looking to increase my hours 

[Old_Geezer]

The future hopefully included blocking the immigrant invasion, hopefully mass deportations of illegals too, and the gradual demise of the boom generation, so demand for housing should reduce and house prices stabalise. If you don't make sensible efforts for the future then you don't suceed.

[Untitled]

"The fact is that if fewer and fewer can afford to buy then the prices will have to come down."

not really... they'll just get sold to foreign billionaires or corporations instead. 

[ToraToraTora]

09:11  I'm talking about the streets and streets of normal houses that most of us live in not Belgravia. In the end its supply and demand. Landlords are selling up in droves because the regs are now out of control. The property market is slowing. The prices will have to come down to shift the stock.

[Untitled]

they'll sell those too and just rent them out as HMOs lol. it's happening everywhere. the housing "market" is nothing of the sort. if it was actually capable of responding to demand then we'd build far more than we do. it's held back by NIMBYs and by politicians who don't want to be blamed for house prices going down. 

[youngmafbog]

Sadly simple supply and demand and given that the World and his dog have come here means demand outstrips supply.

Renting may soon become a real problem soon as well given all the changes making it not worthwhile.

So my advice is same as TTT & NJ, keep on going you are on the home straight.  I too worked seven days a week and my wife did bar work on top of her day job.  Hard but worth it.

[barry1010]

When we were saving for our first home we both took on extra part time jobs - we reckoned the bigger deposit we had, the smaller the mortgage. It paid off for us.  This was when the standard working week was 48 hours.

[Old_Geezer]

Councils ought to only allow rare instances of HMO since they are always an issue and a blight to others in the area. Another case of councils failing to do what the constituents need and should be able to expect.

[ToraToraTora]

Same here, bought our first place in 1985, £26500, put down £1500 had our mortgage with the Woolwich! It doesn't sound like much but we weren't earning much at the time!

[youngmafbog]

£21K in 1982, we put down £2K it was the only way we could get enough Mortgage but it was a real struggle to save it.  We lived in  a tiny besit and lived on big soup.  When we moved in there was no money for funitire so we sat on my parents dec chairs in the lounge, I bought an old washing machine that wasnt working and fixed it, the lady selling the flat kindly let us have the old gas cooker.  Our only luxury was the rented VHS video.

It was only 2 times income if I remember rightly and both incomes cold not be added together you had to take the largest and then the other was a lower multiple of 1 or 1.5.

In addition you had to wait as BS only had a certain amount they could lend each month.

Things were not easier then, just the difficulties were different.