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Housing ladder in Surbiton

11 years ago...

How easy is it to get on the housing ladder in Surbiton?

Say you arrived, got a job on £21K a year and got a bedsit.

Could you have much hope of getting a flat?

Can you keep pets in bedsits? Do they have a garden?


Not very easy at the moment, but prices are coming down.

Studio flats are £150k at the moment, but at the current rate of reductions in the market, they will be £100k before long.

This is not all good news for buyers, however. The drops in price are caused by problems in the mortgage market, which basically means you will need to have a higher proportion of the price as a deposit, and they will not lend you more than 3.5x your annual income. Interest rates are also higher, regardless of what the BoE does to the base rate.

On £21k, you should be able to borrow £73k. Top that up with a £25k deposit and you should be able to buy a studio flat next year. The jury is out on when house price falls will come to an end, though, so it may be better waiting even longer. Some predictions talk about 60% off peak prices, which would take us back to 1999 prices, and your £100k would buy you a nice 1 bed flat. The problem is, if prices go down that far, I guess hardly anyone would have a job anyway, so affordability would still be an issue.

Good luck.



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