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I've developed a crazy idea to buy a flat in NCL. I have enough money for a deposit and there are banks that provide mortgage to people on work permits - Halifax, for example. As soon as I bring nIcholas over, I wouldn't be able to rent a room and flat's rent is comparable with a mortgage. So why waste the money?
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My neighbour has decided to leave for Canada. She sells a two-bedroom *apartment* in our converted manor right now. Not a large one, I must say. The price's bloody £165K! Tell me about "affluent neighbourhoods"... This is probably near the top of the range I could afford without indebting myself forever, and deteriorating my quality of life -- and without a second income source (read: a partner).
All that happens thanks to strong buy-to-let demand who drive the prices through the top. If this insanity doesn't stop, there will be no entry to property market (in South East) even for people like me... definitely not the worst-paid in this country. I really hope the bank regulations discourage further practice of irresponsive lending (which most of buy-to-let really is), so there will be still a remote possibility of clinging to the bottom rung of the property ladder for me and people like me.
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it was a) 5 years ago and b) in North-East where the housing is generally
cheaper than in South.
As to leaving for Canada, here you won't be able to buy anything decent for
under 200 K CAD (it will be either a very small 2-bedroom condo apartment or
condo townhouse, or a detached house in the middle of nowhere and you'll have to
spend 2-3 hours a day commuting). At least these
are Toronto prices; in other Canadian cities the housing is cheaper but the job market is
much worse... same as everywhere else, I guess.
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