Topic: | Re:First time buyer stats | |
Posted by: | Adam Beamish | |
Date/Time: | 06/01/15 12:09:00 |
My developer clients often tell me stories from their sales teams about how on the very first day a development is marketed, a foreign investor will wander in and buy multiple units on a buy to rent basis in the same casual way you or I might do the weekly shop. Personally speaking, one of my biggest regrets is not buying a property around 13 years ago when I had the chance to do so. I had an offer accepted on a place but when I sat down and worked out all the costs it would have left me with very little to live on, so I didn't proceed, and since that time due to the explosion in prices I'm now left with no chance of buying a half-decent property in London. Had I bought the property I would have undoubtedly struggled initially, but I'd have a valuable asset now. My only good fortune in this regard is that unlike most landlords I have a very good landlord who has only increased my rent once (by a token amount) in the last 12 years (apparently I'm an excellent tenant), and consequently my rent is significantly less than the typical market average, allowing me to save. If we were paying the market average, we wouldn't be able to save up and would effectively rent for ever. But to me, and based on my experience, if you 'miss the boat' and aren't able/don't proceed to buy your first place in your late 20s/early 30s, by the time you get to your late 30s/early 40s it is then very difficult to buy a place within London that meets your requirements (not a fan of bringing up children in a flat, want a dog/garden etc.) whilst still being financially viable. |