| Comment | You're making assumptions about peoples lives, their work, commute etc. Sure there are cheap properties all over but peoples commute and priorities heavily way into the decision where to buy as well.
I know i need to plan for the possibility of a commute to Edinburgh, Manchester, London etc. So where i chose to live will factor in the commute to those places.
As someone thats shopping about and intends to buy soon the market does vary from place to place, but on average people need extra cash to bid in the region of 10-25% of the HR value.
Govan had a property valued at 120k, it sold for 150k. Govan of all places!
When someone in my position, early 30s, first time buyer, earns over 50k and estimates I need 40k saved and i've moved in with family to ramp up savings, what chance do others have. And I'm aiming for a mortgage ideally less than 150k.
* 5-10% deposit,
* 10-25% offers over,
On 120k people potentially need between:
* 6500 - 12000 deposit,
* 12000 - 30000 offers over,
So they need about 17500 - 42000 saved in cash, plus 1500 to 2000 to cover fees. So lets just say 45000 saved. |
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