The Echo suggest this is perfect for a first time buyer


Is that today's starter home price? Hmm.
So you'd need maybe 10% for a deposit, 22.5k.
You'd need to be earning around 45 to 50k to get a mortgage for the other 200k. That isn't in any way a starter home for the average person. So what a strange article to print.

Maybe not for a single person in the NE but achievable for a couple who are both working.
 
i think its the starter home price, for where ever the journo who wrote it lives... i don't think the person writing these stories for a "sunderland" paper is from the north east. just a hunch.

search engine bollox i think ("click bait")
It's based in Sheffield these days I think. Maybe that's a very low price in Sheffield this a starter home. Something tells me it isn't though.
Maybe not for a single person in the NE but achievable for a couple who are both working.
I still wouldn't class it as a starter home. You can get houses up here for half that cost. So I'd class that price range as a starter. But obviously if you've got the money and you're a first time buyer then any house you can afford is your starter home.
 
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I still wouldn't class it as a starter home. You can get houses up here for half that cost. So I'd class that price range as a starter. But obviously if you've got the money and you're a first time buyer then any house you can afford is your starter home.

Trouble is a lot of young first time buyers don't want a traditional "starter home" which might be a small flat or terraced house in need of some attention and then move up the ladder in a few years. Instead they want something with "kerb appeal" or "wow factor". Those property porn shows on Channel 4 have a lot to answer for.
 
Trouble is a lot of young first time buyers don't want a traditional "starter home" which might be a small flat or terraced house in need of some attention and then move up the ladder in a few years. Instead they want something with "kerb appeal" or "wow factor". Those property porn shows on Channel 4 have a lot to answer for.

Agreed. Most young working couples will have a budget that means the old fashioned starter homes are way below budget. Buy to let really hasn’t helped places like pallion and millfield.
 
Agreed. Most young working couples will have a budget that means the old fashioned starter homes are way below budget. Buy to let really hasn’t helped places like pallion and millfield.

Especially with more people working from home so more space is required. A one roomed bedsit isn't going to be big enough.
 
Yep if they mean first time buyers as in a couple on a decent wedge that have previously been renting. That bungalow would be a £22k deposit £1000 per month for 25 years😳

Yes, but that £1000 would be fairly constant throughout the 25 years so would get cheaper in real terms thanks to inflation and presumably the couple's income would increase too so would make up a decreasing percentage of their income. If they were renting their monthly payment would likely go up each year.
 
Yes, but that £1000 would be fairly constant throughout the 25 years so would get cheaper in real terms thanks to inflation and presumably the couple's income would increase too so would make up a decreasing percentage of their income. If they were renting their monthly payment would likely go up each year.
“Interest rates can go up as well as down.”
 
The Echo is an embarrassment, the website is as well? Say no more. only 60+ readers bother with it? So sad they abandoned the city. Ideal for 1st time buyer ? Peter Heron thinks we read it? Does he really think is ideal for 1st time buyer, dear me
 
The Echo is an embarrassment, the website is as well? Say no more. only 60+ readers bother with it? So sad they abandoned the city. Ideal for 1st time buyer ? Peter Heron thinks we read it? Does he really think is ideal for 1st time buyer, dear me

In fairness to the Echo marra, nobody is buying it / subscribing as you say so how can you expect high quality content? Local papers are pretty much dead imo, I can’t imagine many people under 50 buy one on a daily basis. Even if they were free and good quality younger people want to dick about on phones.
 
Yes, but that £1000 would be fairly constant throughout the 25 years so would get cheaper in real terms thanks to inflation and presumably the couple's income would increase too so would make up a decreasing percentage of their income. If they were renting their monthly payment would likely go up each year.
Still not a first time mortgage for most people in the north east mind which is the point of the op.
 
Kiss goodbye to any social life and holidays , no wonder divorce rate is high
Back in the day getting a house and being skint but doing it up slowly was part of life. There was a progression and it was fun to have a place of your own. I reckon Sunderland is a great place to be able to do it far more reasonably than most places. Still manage a few beers out no matter how skint.
 
You want to see some of the bungalows me mam's been looking at, £500k and needs a complete overhaul from 70s decor. Along the coasts like

Bungalow prices are mental due to bed wetting (perhaps literally) middle aged folk thinking a house with stairs will be impossible to use in later life. Mix this up with fat pension pots and low supply of the houses you can see why this happens.
I’d rather have a much better two level house and have a downstairs bedroom or a stairlift if mobility became an issue.
 

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