Why Are Uk Houses So Expensive?

[Jack8991]

So I’m a teacher earning around £30,000 a year, 23 years old living at home with parents. My grandma was saying that when she dies (which hopefully isn’t for a very long time), I could buy her house, which is a semi detached estimated between £190-200K. I’ve been told by a family friend who is in banking that on my salary I’d be leant roughly £90-100K for property, so I always tell my gran there’s no way I could afford it as I’d have to put a deposit down of about £90-100K just to be loaned the rest. Even a lot of terraced houses are out of my price range. I just find it frustrating that I’ve worked hard since being at school to go on to get a degree and a career to not even be able to afford my own home. I know there’s renting but I don’t want to be paying out for a house I’ll never own until I die. Thanks

[bobbinwales]

So if youd been brought up in a house witha swimming pool would you be expecting that as a minimum for you now Jack??
At least your not in London (well I assume not as semis can start at well over 500K- I dont see how anyone there can get on the ladder unless they earn a joint income of around £100k pa
A shared morgage with 1 or 2 others might be worth looking at

[Jack8991]

I would also like to make it clear to all the people on here who think I’m wanting a semi right now this moment, well no I don’t and I never once said that....I’m quite content living at home for now and saving my money. However, what I’m frustrated about is that even after living at home until I’m 30 odd, single, I still probably won’t have enough to be able to afford a semi even when I’m in my thirties as I couldn’t save up the colossal deposit required to be leant the remanding £90k that the bank would loan me in the first place

[Jack8991]

Bobbin- well take the offspring of the average celebrity that has been brought up in a £20 million mansion. That is what they will be accustomed to, and I guarantee they would refuse to go and live in a house worth £150,000

[THECORBYLOON]

Ach well, get a job paying more money in a decent location with cheaper houses, gardens and sheds.

[THECORBYLOON]

What subject(s) do you teach by the way?

[Tilly2]

Economics?

[THECORBYLOON]

I was hoping it wasn't that or English.

[Tilly2]

:-)

[douglas9401]

Creative writing?

[bobbinwales]

23 years old is still young. I was about 26 before my future wife and I bought are first house, a terrace house which we still remember fondly, we'd saved for about 4 years and put down a deposit of 20% and really stretched usselves with the morgage, when rates were higher than now, so we spent the minimum on other things, no holidays, shared car and I did extra work at weekends (maybe you could do tutoring?? ) and some side hustles like car boots (I even did a paper round again!) plus overtime wherever possible. A few years later we were able to move up again to the semi we wanted, but by then we were 30s.
Youve got lots off time

[Peter Pedant]

Boys boys play nicely - - sir is on his way
did we really need 90 answers for why is it so goddam exp to buy?

[bobbinwales]

Yes Peter P because jack is still not convinced by are responses.. Maybe the simpler answerto the OP though is supply and demand- someone is usually willing to pay the asking price or more

[bobbinwales]

^ I know- "our" answers

[Jack8991]

I used to be a high school RE teacher but now a primary teacher

[davebro]

If you became a vicar or priest you'd get a nice house chucked in with the job!

[cashier]

It doesn't seem to have occured to you that, because of the current housing situation, a lot of people buying houses in the lower price group might be middle class snobs like you. Perhaps these areas are not as rough as you think they are.

[Ryzen]

Jack...things wont change unless you have some financial good fortune. High prices and/or high interest rates are here to stay. Get rid of the car, buy a bike and get a second job.

[Jack8991]

Why does everyone keep going on about the car? I’m driving a 2009 Jaguar Xtype that has done only 84,000 miles and costs £160 a year to tax and £60 every 6 weeks to fill up. I’m not driving round in a Rolls Royce phantom. It’s no more expensive to run than a Ford Focus

[davebro]

//If you became a vicar or priest you'd get a nice house chucked in with the job!//

And you might meet some eligible young ladies!

[Ryzen]

If you're only putting £10 a week in it then you dont need it.