Kay and her fiance's hunt for an affordable house in London continues. First of all most of the prices are completely unaffordable. But that is not the only problem. There just aren't enough properties for sale in the region they are looking at to be commutable to both their workplaces. In fact last weekend when she and her fiance went along the high street to introduce themselves to estate agents and see what was available, the agents just laughed and said they were one of thousands doing the same. Too many looking at too few properties. Which can mean only one thing - it is a seller's market! The recent stamp duty moratorium has caused a rush and thus exhausted the stock for sale. Plus the fear of rising prices generally has now made people cautious to move at all. Kay and her fiance are having to move to London to start new jobs as part of their training, so need to find something and as yet have never been able to stay in one place long enough to even contemplate buying, so have only ever rented. As they are in their 30s now, they see this as their next proper home to settle down and raise a family.
One very run-down three-bed terraced house needing lots of modernisation and hardly any garden was on offer in excess of £800,000. It's in a labyrinth of workers' houses built around the turn of the century - rows and rows and rows of them, back to back. There is no way a young couple on the bottom of the housing ladder can afford that. Even the 10% deposit is out of most people's reach. Their search continues in the hope that more properties will come on the market. Meanwhile it is looking like they might both move in with me in August, when they start their new jobs, and put their furniture in storage until a house in their price-range miraculously appears. That or the bank of Mum will have to help them get on the housing ladder at all.