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

[bednobs]

Either earn more and spend less or lower your sights and start with a flat or studio, or move somewhere less expensive in the country.

[bednobs]

Or team up with someone else

[Gromit]

Supply and demand.
There are enough houses, so the ones we have are expensive.

[davebro]

It's supply & demand I'm afraid. They build new boxes around here and nothing starts under £200k. They sell but I do wonder who can afford them on average salaries.
If you were a working couple you'd have a better chance or maybe the family could loan you some money.
(btw - I was 35 when I bought my first house having saved years for the deposit.)

[bednobs]

Thinking about it I was nearly 30 too when I first bought my one bedroom flat with my husband. I certainly didn't expect to buy a semi detached house when I was 23 and single

[MargoTester]

https://teacher-mortgage.com/teacher-mortgage/help-to-buy-for-teachers/
Did you know about this scheme for teachers?

[tiggerblue10]

I suspect many of the new builds are being bought up by those with enough money to do so and rented out at high rates. This then pushes the property prices up and has been doing so for many years.

[tiggerblue10]

I suspect many of the new builds are being bought up by those with enough money to do so and rented out at high rates. This then pushes the property prices up and has been doing so for many years.

[Teapots1]

I'm afraid like many you have to start at the bottom of the ladder and work your way up. Buy a much cheaper house, even one that needs work doing on it, sell on at a profit at a later date.

[Jack8991]

Thanks for your answers guys! Like I said though even terraced houses are out of my price range. Apart from the ones situated in a ghetto area, which obviously isn’t an area I’d like to reside in

[bednobs]

Thwn look at flats

[douglas9401]

Ghetto areas can be okay, as long as there are no angry young men lying face-down in the street with a gun in their hand.

[johnny.5]

ghetto area in the U.K. ??
never !!!

[Togo]

//Supply and demand.//

Indeed, and some demands for housing are prioritised over others.

[Jack8991]

They don’t tell you these things when you’re at school and college do they. All as you hear is if you work hard you’ll be able to have a nice house, car etc. In reality even with a career it’s still out of reach. The main reason I don’t want to rent is because that will definitely mean that I’ll never afford a property because it would be impossible to save that much. I mean whilst I’m at home I’m saving tens of thousands but just for a deposit on an average semi in a respectable area I would have to save till I’m in my early thirties, which is a long time from 23

[pat2604]

/bednobsThinking about it I was nearly 30 too when I first bought my one bedroom flat with my husband. I certainly didn't expect to buy a semi detached house when I was 23 and single/

You've hit thenail on the head, Bednobs, young people now don't realise that previous generations, unless they were rich, could never afford mortgages on their own salaries and probably lived in shared accommodation with mates or lived at home with parents. Nowadays a lot of single youngsters complain they can't afford to buy. We couldn't even consider it. We got our first joint mortgage, based on 2 salaries and bought a tatty little house that we had to do a lot of work on. And not many years later mortgage rates went up as high as 15%.

[douglas9401]

"They don’t tell you these things when you’re at school and college do they."

Actually, 'they' do sometimes. Maybe you just missed it.

Anyway, take it upon yourself to educate the next generation in the realities of life to save them the shock of your discovery.

[pat2604]

And it was in the cheapest area of the town. Not particularly desirable. The mortgage completely wiped out my salary plus some of his from day one. And we couldn't afford furniture. All good fun!! But we were young and coped.

[Jack8991]

Pat- I’m not asking for a five bedroom mansion and a Rolls Royce Phantom, I’m just saying that if I’m going to buy a house I’d like it to be in a similar area to the one I’ve lived in my whole life, which isn’t a mansion estate but just a nice quiet middle class respectable area. I don’t want to go from that to living in an area of social deprivation where there are people doing drugs, drinking all day and night, shouting which you can hear through the thin walls. I mean if I was a lay about then fair enough but not when I’ve worked hard to get a career

[Neveracrossword]

Jack8891, the difficulties involved in getting on the first rung of the property ladder have been mentioned, discussed for years. The problems are biggest in the major cities, of course, but it affects many more areas now. It's certainly not a new phenomenen. I'm surprised you haven't seen newspaper or magazine articles about the subject.

PS Do schools and universities really tell people 'work hard and you'll have a nice house, car etc?' That sounds more like something I'd say to a child at primary school, not to anyone older.