Getting on the property ladder

For Sale Signs
The small town of Lochgelly in Fife finally joined the rest of the UK when it?s average house price rose to 104,738, meaning that every town in the UK has an average house price of at least 100,000 minimum. The overall average house price in the UK actually tops 200,000 now.

I did a check on the average house prices in my area, and I should be looking to splash out 176,636 to buy my own property. Of course their are some cheaper options, but why opt for that when I can be ?average??

I?m saving my money, well actually paying off my debt and I should be completely debt free in a couple of months which will be a nice thing, especially when it?s so easy to spend nowadays with many people gettign further into debt. Back in October I told you how I had 2,350 on my credit cards, well now I have only 700 on them, meaning that I?ve payed off 1,650 in 6 months which isn?t too shabby. I could actually pay off the remainder now, but am biding my time in case anything urgent pops up that needs paying. As my credit card is still ?interest-free? for another 6 months then there?s no rush for now.

I?ve got no overdraft, I?ll soon have no credit-cards, and then that means I?ll actually have ?real? money in my account, not money that I?m just looking after for the bank. I must admit that I still have my student loan but that is a long-term debt which I am letting sit on the back-burner as the interest rates are low enough to not be of concern at the moment and are certainly much lower than any loan I would get to finance a house.

If I bought a house, I would obviously be going it alone and so can?t expect to get a huge mortgage, certainly nothing near the ?average?, so I think the best thing for now is to try and get together a nice deposit so that when I do take the plunge I?ll be able to enter with less-debt. Of course I?m hoping that there?ll be a crash in the housing-market before then!!

Header image under CC by _moonpie

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7 Responses to Getting on the property ladder

  1. Aravis says:

    You know, it?s a buyer?s market here now, and your British pound-notes are worth more than our American dollars if I?m not mistaken. But you?re better off there, at least until ?08. *G*

    Seriously, though, congratulations on getting your finances in order. Good luck with your plans!

    Reply
  2. Well said, re the property market and re getting your head round your finances ? you sound well-organised.

    The credit card debt isssue is a spooky one ? gladly I?m from working class stock that deigned that any debt was bad debt, thus, I?ve rarely used my credit card. I had a pal who had racked up £25K worth of credit card debt by her mid-20s and had nothing but hideous shoes and big brand-name clothing to show for it. Not surprisingly, there was something of a hint of general impulse-control issues about her.

    Oh, and well done on your performance in the CUAS predictions league thus far.

    Reply
  3. Kieran says:

    I refuse to be financially responsible. Not until I win the lottery anyway. Well done on getting your stuff sorted though ? student loans don?t count. They?re just make believe.

    Reply
  4. Adem says:

    Aravis ? I don?t think I could see myself moving to the US anytime soon?Canada maybe??

    Shane- Before I was 18 I had no debt of course, but once I went to Uni banks started throwing money at me. I kept quite atight reign on it compared to other people I know, but it is terrible that a vast majority of people seem to think that debt is a way of life.

    also..I?m glad to be near the top of the CUAS?still behind you though!

    Kieran ? I got fed up waiting the win the lottery, I suppose buying a ticket would?ve helped!

    Reply
  5. Stef says:

    Don?t talk to me about this, I live in West London -officially the most expensive city in the world now- with an average property price of £366,000 or just over three-quarters of a million dollars?

    Reply
  6. Adem says:

    When I was a child I though one million was an amazing amount of money.. probably the largest amount EVER!

    Is may have been then?. but now it?s didley squat.

    Reply
  7. Adem says:

    Just an update to say that the crash did happen *as you know* and I?ve been able to buy a house!

    Funny how things work out eh?

    Reply

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