You are reading a single comment by @Cornish_Bike and its replies.
Click here to read the full conversation.
-
Mediocre place was sold for £156k in 1998 and £630k in 2012
CBRE wrote an article that house prices have increased on average 10.9% per year if within 5-10 mins of a tube line since 1998.
Take mediocre house, that increase is inline with the current price.
Want cheaper, don’t buy near the tube.
Cornish_Bike-
Want cheaper, don’t buy near the tube.
Yeah there is that. But you won't get much cheaper. How about this for £900k? Even more mediocre than the first location wise. At this point you are in 'other half thinks the area is a shithole' territory.
https://www.rightmove.co.uk/property-for-sale/property-90270596.html
Howard
Only if they are young enough to get a 25-30 year mortgage.
This place - https://www.rightmove.co.uk/property-for-sale/property-93060317.html
Mediocre house, mediocre location
£1,100,000
SDLT: £53,750
Budget £15k moving costs / furniture whatnot
Assume they sell a flat and have £450,000 after they've paid EA fees
Still need to borrow £700,000 - at 1.4% on a 15 year repayment that's £4k a month
Would take a household income of around £170k to achieve it. If they have that, fine, £4k a month is shrug, but then if they have that, they wouldn't buy that property.