[Closed] What sort of basement hovel will a first time buyer spend £300k on near you?

Where I live, £300k would probably buy you the entire block of terraces.

A bit over, but we ride passed this on night rides fairly regularly and I like the look of it.
http://www.rightmove.co.uk/property-for-sale/property-45527960.html?

^ those houses, quite a bit better than a 2 bedroom flat in that London.

A ground floor two bedroom ex local authority maisonette. (this is the pick of the bunch)

A pokey 2 bedroom flat.

Or a really pokey 3 bed late 80's early 90's end of terrace that looks absolutely trashed and needs a good seeing to, preferably with a 5 litre can of petrol and box of swan vesta

Typically 3 or 4 bed detached or 4 bed semi, depending on the condition and which road/estate it's on.

MLC's house would be 500k+ around here.

Constituency: North Somerset. MP: Dr Liam Fox (Conservative)

In places I've lived about 5-6 terraced houses or a couple of ex council houses or a nice place in the country. Yet another good plan to keep the housing bubble going...

Only options close to that near me in Surrey village:

Retirement only 2 bed terrace house - £274.5k

Two bed maisonnette - £263k

One bed flat - £210k

[url= http://www.thedailymash.co.uk/news/society/south-london-houses-become-stately-homes-2015032096517 ]This?[/url]

A 2 bed flat with alocated parking*.

*someone will nick your space to go into the shop downstairs, you'll take the next one and NCP will give you a ticket for parking on your own land.

Recieved a flyer from the conservative candidate extoling their triumph over blocking the building of several hundred/thousand new hosues in the area, self serving, ladder pulling up after them, overweight chubby f***tard.

This is similar to the **** hole we currently rent http://www.zoopla.co.uk/for-sale/details/36655606?search_identifier=854f47d1248257186275213a979efaf1#jRcfXoZ60eJ8ELGY.97

however new builds in a similar style opposite are up for the best part of £250k owing to being on a London line.

This is actually a lot of house for the money down here http://www.zoopla.co.uk/for-sale/details/36655847?search_identifier=854f47d1248257186275213a979efaf1#gcaWv3IhwBVSCmql.97

normally they are depressingly expensive.

For the record back home I could buy most of Cannock Chase for the money. Things we do for love eh?

This is our next door Neighbour.

http://www.rightmove.co.uk/property-for-sale/property-50245853.html

A bit under at £275k

[quote=Teetosugars ]This is our next door Neighbour.
> http://www.rightmove.co.uk/property-for-sale/property-50245853.html
A bit under at £275k

*checks what bikes Teetosugars rides* 😉

£300k would probebly buy two thirds of Longbridge, Brum. 😀

5 bed detached here... Not sure if I get the glass kitchen / conservatory but I'd happily give it a go 🙂

http://www.rightmove.co.uk/property-for-sale/property-46440817.html?premiumA=true

[url= http://www.rightmove.co.uk/property-for-sale/property-33435105.html ]£300K of prime Hampshire property[/url]

I don't think you could buy anything in our village for that, so this is close. It's OK I suppose, but not a patch on the OP.

It will buy you a LOT in Prudhoe, it will not buy you a lot in Wylam - mostly because no bugger's selling.

edit: this could be nice though: http://www.zoopla.co.uk/for-sale/details/36282156?search_identifier=f9c931fbea7f15e4c64b1d0ceab5e255#AAmB3hojdSb1C7YY.97

Why are you dumbfounded OP?
It helps a lot of people to upgrade their home.
Bought for say £80k in the early 90's, need to move, their house now worth circa £250k and want to buy a £290k pad as the family home is now too big as the kids are gone and just want a more manageable pad.
This means they wouldn't get stung, allowing them to move and allow a growing family to move into their own place. And so the housing ladder goes on.
It can only be a good thing no?
Edit ignore that as I ignored the first time buyer bit.

A horrible modern attempt to look like a cottage on a new estate in a shitty location.
http://www.rightmove.co.uk/new-homes-for-sale/property-33455658.html?premiumA=true

a rather sad 2-bed maisonette for £275k..

[url= http://www.rightmove.co.uk/property-for-sale/property-51266168.html ]link to rightmove[/url]

Not a great location either...

In Farnborough Village itself (where we are) there is nothing other than retirement flats under £300k.
There is a 4-Bed detached bungalow a few doors up from us, on the market for over £600k.

Here's a right hovel near us, slight work needed 🙂

http://www.rightmove.co.uk/property-for-sale/property-37483216.html

But more representative:

http://www.rightmove.co.uk/property-for-sale/property-49595746.html

Teetosugars » This is our next door Neighbour.

Nice period house. Would go for about £1.5m if it was in Cambridge.

http://www.rightmove.co.uk/property-for-sale/property-51869447.html

Nice 3 bed Semi that's had an attic conversion making it a 4, with a garage which would be nice.

I understand the plan only extends to first time buyers - of which I am one, or will be next year.

Left it late in life I suppose, being 37, but with a wife and 2 kids I really should buy sometime now and with the average "2 beds and a box room" near me needing £200k to £220k to buy stamp duty is a bill I could do without - what with the £11k deposit and the grand a month they'll want us to pay for it.

What ever happened to the house price readjustment they promised eh?

A 240 sq ft flat or a garage, only two items on Rightmove.

Blimey! The Architect certainly put the hours into that one, didn't he Dezzy 😆

[img] [/img]

What ever happened to the house price readjustment they promised eh?

Have you not noticed the government ploughing billions, through various dodgy ruses, into ensuring that it doesn't happen? Well..... not just yet....

Do "First Time Buyers" actually spend anywhere near GBP300k in Doncaster North?

I'm very sceptical they do anything of the sort. Most first time buyers buy a fairly cheap house where they live. Unless we think SDLT should be charged differently in different counties, (a massive PITA), an arbitrary threshold is inevitable.

By exactly the same token, you currently always pay SDLT on a modest flat in London, you don't necessarily in County Durham.

lemonysam - Member
It will buy you a LOT in Prudhoe, it will not buy you a lot in Wylam - mostly because no bugger's selling.

edit: this could be nice though: http://www.zoopla.co.uk/for-sale/details/36282156?search_identifier=f9c931fbea7f15e4c64b1d0ceab5e255#AAmB3hojdSb1C7YY.97

Problem with that house is it faces onto the main road, and a lot of the new people in that terrace have started to park on it, as well as on Wheatfield Close behind it.

2-3 bed terrace cardboard box with no parking and a 4x4m garden.
Or a 2-3 bed new build flat with one parking space, no garden and paper mache walls.

Blimey! The Architect certainly put the hours into that one, didn't he Dezzy

I quite like that !

it will buy you a lot in Prudhoe

I remember when it would have bought you a whole street in Chopwell!

The old brewery at Wark is pretty quirky for that price

http://www.rightmove.co.uk/property-for-sale/property-44189623.html

And I'm in love with this bargain in Stonehaugh

http://www.rightmove.co.uk/property-for-sale/property-32051031.html

Well, I wasn't a first-time buyer, but the wife was:

http://www.rightmove.co.uk/house-prices/detailMatching.html/svr/2711;jsessionid=DCC9A25CA9DBE3F519BFCAD266665F8E?prop=44693896&sale=52282883&country=england

I quite like that !

I'm sure you could build one without too much difficulty.....

[img] [/img]

😉

In Wimbledon.....maybe a 40sqm 1 bed in a undesirable location.

£300k in Darlington will get you Duncan Bannatyne's former headquarters: http://www.rightmove.co.uk/commercial-property-for-sale/property-32969412.html

A [url= http://www.rightmove.co.uk/property-for-sale/property-32969367.html?premiumA=true ]big four bed detached house on the 'right' side of town[/url], or a[url= http://www.rightmove.co.uk/property-for-sale/property-34404865.html ] 6 bed period property on the 'wrong' side of town[/url] (5 minutes walk from my house.)

ericemel - Member
In Wimbledon.....maybe a 40sqm 1 bed in a undesirable location.

Hardly that undesirable then

In rural France you could get something really quite impressive, makes me think if you've got enough equity in a nice UK house just cash it in, buy a nice place in France and live off the difference.

[img] [/img]

http://www.green-acres.com/en/properties/1825a-30988.htm

3 bed semi with a garage if you're lucky. If new build, then a crappy little plasterboard house with a postage stamp garden.

Had a sale fall through at the last minute 2 years ago, prices for this type of house have gone up around £30k in that time.

People have been going on about a realignment of house prices for 10 years now. Saying it again won't make it happen.

Saying it again won't make it happen.

prices will just go up to compensate. the gap that used to exist between about 250k and 270k. guess where all the 250k houses are being sold at now.

That should get you a 3 bed semi near me

This has just had an offer and been taken off the market for exactly 300K

http://www.rightmove.co.uk/property-for-sale/property-34154616.html

There's plenty more around that price in the village as well...

Not a lot for your money, but then you're paying for the good local schools I suppose.

All the political parties are just rearranging deck chairs....

All these incentives/ sell off's etc are just playing at the edge of the market, the problem is and will continue to be a lack of supply.

All the targets proposed by the parties fall far short of anything that will address this. They need to build significantly more than the current annual requirements to address the deficit, maintaining that rate over several decades in a stable manner that renters, buyers, lessors, builders, financial institions can all understand.

a 1 bed lower ground or 1st floor flat c.500 sq ft

How many 1st time buyers do you know who earn roughly £100k (individually or as a couple) ?

£300k will get you on these. However, it would involve living in Sunderland.

http://www.rightmove.co.uk/property-for-sale/property-44501201.html

As a first time buyer a year and a half ago we spent £60k then another £10k doing it up. I don't know anyone who would be spending £300k on their first house.

My landlord is selling my 3-bed basement flat (cold, dark, needs new kitchen and double glazing) + on a main road in Zone 3 of London.
The neighbour upstairs expressed interest, and he said £750k. She bought her much nicer (as well as not being basement) flat a couple of years ago for £500k. I don't know if she laughed at him but she definitely refused to put in an offer...

The highest local authority was Camden in London where the average first-time buyer’s property price of £614,315 was 11.4 times the gross average annual earnings in the area.

[i]Blimey! The Architect certainly put the hours into that one, didn't he Dezzy[/i]

Unfortunately, compared to some on that estate, the house I posted is a beauty!

http://www.rightmove.co.uk/property-to-rent/property-34023960.html
"Hmm, these are a bit ugly... I know, let's paint them grey."

All these incentives/ sell off's etc are just playing at the edge of the market, the problem is and will continue to be a lack of supply.

Lack of supply compounded by mass immigration, especially in the South-East, which is rapidly becoming the arse-end of the universe.

[quote="grenosteve"]^ those houses, quite a bit better than a 2 bedroom flat in that London.
I assume by "London" you just mean inside the M25 ? Or possibly zone 6 on the Tube ? Because in London proper £300k won't buy anything at all.

FWIW, around here it'll buy a 2/3 bed end terrace or semi.

^ those houses, quite a bit better than a 2 bedroom flat in that London.

and what about the average pay and prospects?

and what about the average pay and prospects?

If you are an actual first time buyer in Doncaster North constituency where Red Ed thinks you might need help with the stamp duty, £65k will get you this:

[img] [/img]

but there are plenty cheaper. There certainly isn't either a boom in prices or a supply problem here.

For more than [i]double[/i] the £300k you could snap up this 3bedder near us....

[url= http://www.rightmove.co.uk/property-for-sale/property-34080930.html ]'needs a little tlc'[/url]

Residential properties
You’ll pay:

nothing on the first £125,000 of the property price
2% on the next £125,000
5% on the next £675,000

DezB, can you send your architect up north please, our local guy needs a hand.
[img] [/img]
2 beds, new build, yours for £130k

As a first time buyer a year and a half ago we spent £60k then another £10k doing it up. I don't know anyone who would be spending £300k on their first house.

This is why I'm seriously considering moving up north, £60k would get me half of a crappy new-build flat in Cardiff! My current rented one was recently valued for a remortgage at £125k. It's nice enough for a 1-bed ground floor on a reasonable estate but once you add on the management fees for the block it's similar cost to buying a £150k house in a much better part of town. I could buy in the Valleys but that involves living in the Valleys 😕

All this will do is push up the prices of the lower stuff, pushing the bubble to possible bursting point. I'm aware this doesn't apply to Wales (we have different rules) but it still is a bad idea.

Midlife - Presumably that's kitchen and living room on the middle floor, master bedroom upstairs

My ex rented one like that with another bed, bath and utility room on the ground floor and I have to say it was a really nice layout.

jam bo - Member
^ those houses, quite a bit better than a 2 bedroom flat in that London.
and what about the average pay and prospects?

yes, some people in the North have jobs. Not all of them work down'pit either.

eee, we're jus'like them posh-suthners wiv oor fancy-pants sat-down jobs an That.

ninfan - Member

Midlife - Presumably that's kitchen and living room on the middle floor, master bedroom upstairs

My ex rented one like that with another bed, bath and utility room on the ground floor and I have to say it was a really nice layout.

Unfortunately not, WC, kitchen-lounge-diner all on ground floor, family bath plus bed2 on middle, master bed with en suite on top. Idiot architect, you don't need a family bath so they could both be en suite, and downstairs is really cramped with a shortage of storage or walls to put cupboards against, I was in one last week.

yes, some people in the North have jobs. Not all of them work down'pit either.

eee, we're jus'like them posh-suthners wiv oor fancy-pants sat-down jobs an That.

I'd keep quiet about that if I were you, otherwise the next coalition might take note and fix it for you. Everyone in the North should be an unemployed miner.

I don't know anyone who would be spending £300k on their first house.

Not quite £300k but my niece spent £240k just over a year ago on her first house, it's optimistically listed as two bedroom but if you put a bed in the second room you can't open the door fully so it's more of a nursery/office size.

Everyone in the North should be an unemployed miner.

How ignorant... We're allowed unemployed steelworkers* and ship builders too.

*They take their clothes of in such an amusing way.

It may shock you but there are well paid jobs and great career prospects outside of London, just imagine how much better off you could be if you are not chucking all your money on interest for a overpriced house/flat/box room probably with some decent biking near by.

I don't need to imagine. I wouldn't live in or around london even if you paid me a 6 figure salary.

it may shock you that there is a wider choice than 'the grim north' and 'Laaandan Town...' 😉

[i]DezB, can you send your architect up north please, our local guy needs a hand.[/i]

Some bloke I reckon. Used up all his grey paint down here.

I know I'm living in one of those other places

me too.

[i]The highest local authority was Camden in London where the average first-time buyer’s property price of £614,315 was 11.4 times the gross average annual earnings in the area.[/i]

Maybe there was only ONE first-time buyer, and they'd just won the lottery?

Lets face it the high amount is to cover those buying in London and SE which is where the housing problem is the greatest.

300k where I live gives you something like a decent 4 bedroom Victorian Terrace or semi in a decent area.

The highest local authority was Camden in London where the average first-time buyer’s property price of £614,315 was 11.4 times the gross average annual earnings in the area.

Maybe there was only ONE first-time buyer, and they'd just won the lottery?

Def not the case - I know quite a few 1 time buyers in London all buying 500+, albeit in their mid 30s on decent salaries.

Personally I think its crazy - even though I am part of the momentum.

Admittedly the exchange rate is helping a little but this:

http://www.myhome.ie/residential/brochure/tir-na-n-g-long-lane-coolgreany-nr-arklow-wicklow/3082779

Which I wouldn't class as a hovel.

I the problem is, people need somewhere to live, and will make it work somehow.

The agent who came round to value our flat said it would most likely be first time buyers sharing it. So we've gone from it being a batchelor pad 20 years ago, to probably exaclty the same price per person now, only it's 3x more expensive and 3x people living in it.

"house building" seems to be catching up here though, they've converted a lot of empty office blocks into flats which should help, allong with new builds.

The problem is, new housing in the UK is the smallest in Europe. I view that as a symptom of impending doom as we've reached a point where people can barely afford a home, so what thy can aford is getting smaller and smaller as that's what developers can supply for the budget people have. But we must be pushing against a limit of what prople will actualy live in and at that point prices will have to stop rising.

But we must be pushing against a limit of what prople will actualy live in and at that point prices will have to stop rising.

I think London's hit that limit. ONS stats show the 30 somethings are moving out. London prices are beginning to fall and the rest of the country, esp SE is now beginning to rise. I suspect it's migration out of London that's leading to the rise.

Whatever estate agents and sellers think, you can't just push prices up and up an up. If mortgage repayments are so high that people don't have enough left over to eat and for day to day expenses, there's no sale. London I think is pretty close to that already - 80% of renters say they've given up all hope of buying - that's from a Halifax survey published a couple of weeks ago. No buyers at current prices = no more rising prices...

The biggest issue is not demand or availability of capital and finance it is supply. The IPPR produced an excellent report a few years ago which is just as relevant today. Definitely worth a read if you want to see how screwed up our housing supply has been for the last 30 years. A broken market where profit margins control supply, not demand.

http://www.ippr.org/publications/we-must-fix-it-delivering-reform-of-the-building-sector-to-meet-the-uks-housing-and-economic-challenges

Near our London place £300K would get you a nice 1-bedroom flat, an OK 2-bedroom or a very small 2-bedroom terraced house. Near our Edinburgh place there don't tend to be all that many properties on the market in that price range but there is a reasonable 3-bedroom terraced at the moment.

So many people here in London rent that it won't be uncommon for 1st time buyers to be at the point of going near £300K (or even well over - I know some colleagues that are buying their first place now and spending a lot more than that). Up in Scotland I suspect it'd be pretty rare though - our first flat cost all of £23K (although that was 25 years ago!) and even in Edinburgh there are plenty of decent flats under £200K.

[img] [/img]

This and £21k change. It only has 10 acres though.

Not bad
http://www.rightmove.co.uk/property-for-sale/property-46551373.html

We're currently wondering whether to make the jump from a 2 bed flat to a 3 bed house - but that requires a step up of at least £300K to do so.
Our alternative thoughts are instead to buy somewhere out of London for about the same additional money and get somewhere that we can go to instead... that somewhere might be France or Italy...

This fabulous "penthouse" apartment or one bedroom flat in the eaves if you aren't an estate agent.

http://www.zoopla.co.uk/for-sale/details/15074039?search_identifier=dd41b69aabcca40f934d72b0ef0bb392#xrEHs2CBAdHOEHCR.97

£340k in Royal Wootton Bassett:
http://www.rightmove.co.uk/property-for-sale/property-48930268.html/svr/2718;jsessionid=A68A1A135643C3A14152FFB756FF6F45?showcase=true&premiumA=true
£225k in Chippenham: http://www.rightmove.co.uk/property-for-sale/property-51862484.html?showcase=true&premiumA=true
£230k will get you this in Corsham: http://www.rightmove.co.uk/property-for-sale/property-49562716.html?showcase=true