Flats For Sale In London Under 50k – Houses you can buy for under £50,000: Redbridge and Barking among top London boroughs for first-time buyers
Of all the lessons lockdown has taught Londoners, the fact that housemates can be hell is definitely on the list.
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Social media is full of complaints of young tenants stuck in spaces too small to live and work, with spouses refusing to practice social distancing, creating an often tense and stressful environment.
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New research from the London School of Economics found that more than a third of people surveyed, 37%, worked from their beds during lockdown and almost half, 46%, said there was no suitable place to work from home. .
Research by communications firm Motiv shows the starting price for total privacy is £225,000, although in some parts of the capital it rises to an average of £470,000.
Motiv not only showed the average cost of a one-bedroom starter home in each London borough, but also how much you’d need to earn to live there. Research suggests borrowing up to four and a half times their annual salary and that buyers have already saved a deposit.
The cheapest options are outside East London, where a salary of £45,000 is enough to get you on the Redbridge ladder. In neighboring Barking & Dagenham, £46,000 is enough to pay a mortgage on a modest house. Bexley, on the Kent coast, is accessible to those earning £48,000.
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At the other end of the scale, a Kensington & Chelsea listing requires an income of £94,000, while living in Westminster is limited to those earning £92,000. , the buyer will also need a deposit of around £50,000.
Mark Ruffell, head of sales and lettings at Knight Frank in Woolwich, said prices for a one-bedroom flat varied widely.
You can pick up a purpose-built house for around £300,000, which requires an income of around £60,000, or, if your salary is in six figures, spend around £500,000 on a smart new house by the sea. Royal Arsenal Riverside Development.
If this is beyond your means, you can buy a “micro house” or a studio. But Ruffell has his doubts about the wisdom of this strategy.
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“There’s definitely more of a market for the so-called ‘studio suite,’ with a separate, dedicated bedroom,” he said. This type of house is around 400 square meters and, in Woolwich, will cost from £275,000.
A smaller studio, say 300 to 350 square feet, might be fine for you, but Ruffell says selling one once you’ve outgrown your space can be “risky.”
Across London, Julian Kroll, director of estate agency Dexters in Acton, says first-time buyers can shell out £250,000 to £300,000 for a second-hand built one-bedroom flat. more glamorous new build flats from £440,000 in a scheme such as Acton Gardens.
Kroll says early adopters often use Help to Buy to open new homes, because it reduces the deposit by five per cent. Stamp duty holidays are another reduction in entry prices.
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Another important option for those who are priced out of the market due to their unique status is to choose shared ownership, buying 25 to 40 percent of a new construction home and the rest usually owned by ‘a housing association.
If you bought a house worth £600,000 at 25%, you would need a deposit of £15,000 and an income of around £30,000 to get a 10% mortgage.
Every month, in addition to your mortgage payment and service fee, you pay rent to the housing association to cover the part of the property you don’t own.
Some buyers shy away from the idea of owning a home but still rent, but rents are set so that buying is no more expensive than renting something similar in the same area. And of course, no one will go to your refrigerator shelf.
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David McMillan, 36, moved into his first home, a £465,000 two-bedroom flat in Trinity Walk by Lovell Homes in Woolwich, last October.
David, managing director of an industrial cleaning company, led a ‘monk’ life saving, cooking at home and cutting back on drinks, holidays and new clothes. “It was very boring,” he says.
Within a year, with the few thousand pounds he had saved in the ISA, he had accumulated £27,000 in savings.
His Help to Buy public equity loan covers 40 per cent of the purchase cost and his mortgage is £250,000 – five times his salary – but with low expenses and a good work history, the loan was easy to get
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Home loans available to buyers with a 10% deposit are slowly returning to the market after most lenders withdrew them almost overnight at the start of the pandemic.
A mortgage is still difficult for first-time buyers with a small deposit because lenders fear high levels of unemployment and economic uncertainty.
But there is hope for first-time buyers. Although average house prices are now £245,443, according to the Land Registry, it is possible to stock your first home for much less.
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Ok, so none of these houses are in London or the South of England, they are out of town and some are cheap because they need a makeover or refurbishment.
But if you’re looking to stay fixer upper or looking to relocate, these Zoopla properties may be right up your alley.
Upstairs there are three bedrooms, downstairs there is a lounge-dining room, kitchen and family bathroom. It also has its own garden.
It is currently rented to tenants on a short term contract but the capital is a real investment for the buyer.
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The house last sold for £26,750 in 2017, so it has almost doubled in price in the last four years.
For £50,000, first-time buyers can get a two-bed house in Saltburn-on-the-Sea, on the Yorkshire coast.
The house already has double glazing and gas central heating but needs some investment to modernize it, which needs to fit your budget.
First-time buyers can snap up a one-bedroom house in Blyth, south-east Northumberland, and still have £9,000 left to put their stamp on it.
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This is an end terraced house so you will only have neighbors on one side plus no onward chain making it a quick sale.
This two-bed house in Stanley, County Durham is under £10,500, which really needs the house to do some serious work.
There are also two reception rooms, but they need to be renovated throughout, which will mean the savings you make.
It is being sold with tenants in place, meaning if you wish to continue to rent it, you will not need to advertise for tenants.
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But if you wanted to buy it to live in, you’ll be happy to know that there are no strings attached, making it an outright sale.
This is a great property for first time buyers who don’t have the money, time or fixer upper. There is no forward chain either.
The house last sold for £21,000 in December 2017, meaning it would double its value if sold for the sale price.
There is a decent sized garden to the rear of the house as well as a small garden to the front
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Head to Carlisle and you can pick up a three-bed semi-detached house for £47,500, you’ll need extra cash to live it up.
While there is plenty of space outside, the interior is far from ideal in its current state, with most of the ground floor lacking space.
The SURVEY provides a detailed review of the property’s condition, highlighting any major repair work that may be required.
Reports are conducted by qualified researchers and the cost varies from company to company. There are also different types of studies depending on the depth of the report you want and your budget.
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This gives a traffic light report to indicate various housing conditions: green for always, orange for concern.
The report provides you with a summary of vulnerabilities and potential risks, but will not provide advice or scores.
In addition to everything you get on the condition report, you’ll also get an insurance appraisal and salvage value, which is an estimate of how much you’ll get if the building burns down.
These are carried out by the Royal Chartered Institution of the Residential Property Surveyors Association (RPSA).
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