Where can I afford to live? A calculator to help you work it out. | Discuss

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Where can I afford to live? A calculator to help you work it out.
16/07/2013
2:03 pm
Mary Latham
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Where can I afford to live?

There is a calculator here to help people to work out where they can afford to live and some helpful information too.

http://www.bbc.co.uk/news/busi.....s-23234033

"Whether you are house-hunting or just daydreaming, try using this calculator to see where in the country you could afford to live - and would it be cheaper to rent or buy?

This calculator is based on pricing and rental data provided by residential property analysts Hometrack.

More about this calculator

Hometrack's Richard Donnell says the affordability of housing varies widely by geography and whether you want to rent or buy. House prices and rents are set by market factors such as the state of the local economy, transport links and the supply of housing.


Lower mortgage rates have boosted affordability for households that have sufficient equity to put down as a deposit to buy a home”

Richard DonnellDirector, Hometrack

"Requirements for higher deposits have raised the barriers to entry for home ownership," Mr Donnell says.

"This has increased demand for private renting and in many parts of the country renting costs more than buying with an 80% mortgage."

"Government measures to stimulate mortgage lending have seen improvements in the availability of higher loan to value mortgages, which will start to shift the balance between renting and buying so long as mortgage rates remain low."

The calculator is based on pricing and rental data from 1 January 2013 to the end of May 2013.

The house prices used to calculate how much you would pay on your mortgage are based on sales recorded by the Land Registry and Registers of Scotland plus Red Book mortgage valuation - where a surveyor has valued a property for the purpose of mortgage lending.

In Northern Ireland, where much fewer properties are sold, the data includes asking prices and mortgage valuations. We have no rental data for Northern Ireland."

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20/07/2013
4:44 pm
charlie_b
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spent 10 minutes playing with this calc, turns out the answer is nowhere ! Cry

20/07/2013
7:51 pm
PaulBarrett
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charlie_b said
spent 10 minutes playing with this calc, turns out the answer is nowhere ! Cry

Go to spareroom.co.uk where there are lots of rooms; but NOT for people on HB.

You won't get your own place but a houseshare with say the LL is a better option

You are essentially a lodger; but you can find some very nice property  as a lodger.

Expect to pay £500 all in.

But if you are on low income then yes you cannot afford your own place.

What about trying to rent somewhere with an associate as a joint tenant!?

22/07/2013
11:28 am
charlie_b
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OOh I will have a peek at spareroom.co.uk

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