I'm not sure if there is anyone sharing a similar concern as I do, as I understand the main demographic of this site are men not in their 20s or early 30s; however, I just wanted to know if anyone is having or seeing the same issues which I am seeing.
I have been priced out of buying a house in my local area/getting a mortgage due to the exponential growth in houses prices in london and in particular, my local area. See, I happen to live in a trendy area where the house prices over the last 10 years have gone through a bit of growth and now if I want to get a living place there I would effectively have to be rich or earn 100K a year at least, which neither I am, at the present time. The funniest thing about this all is that with the money I have now, if I had it over 10 years ago, I would have been able to afford to get a place in the area I live in, infact the places similar to where I live beforehand were going for about £250-300K for a 3bed, now...it's closer to 700K
. I was back in uni then and had no money to do anything before anyone says why did I not buy then. It's a right pain to move to the outskirts of london and get a place just to commute back into london to work, it just does not make sense to me at all, I have no interest in living in those areas.
Now I'm left with the options of finding a way of increasing my income exponentially to be able to get a place in my area or move out of the area to the outskirts, which I would rather not (moving out to the outskirts that is, I've already been racking my brain on how to increase my income). To be honest, I think I'm going to use the money and become a BTL landlord of places in the north of the UK instead at this rate or join a social housing waitlist and wait for 7 years or more to get a place.
Are there any others around my age range facing the same issue of being priced out of their local areas?
Are there people that have previously been priced out of their areas and had to move out of their preferred area, in order to get a property they could say belongs to them? What was it like?
For those that commute into London to work but do not live in central london, how do you manage your time and not get tired?
I wonder what will happen as the rise of house prices continue to increase in south east and London. It's almost like a lose-lose situation if you don't have rich parents, get a place on the outskirts in some dead area and commute into london for £££££, or rent privately and pay a BTL landords mortgage whilst contributing to their returns.
How do people deal with living on the outskirts of the city and commuting into work? I've seen them on the train and work with them and it seems like a right bother...they look miserable and are always tired. There's a chance I may join the ranks if I cannot increase my income exponentially. I need to prepare myself mentally from now for the potential scenario arising
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