A recent article in the Daily Mirror gave a list of 7 places you can live that are far cheaper than buying a normal house. Intrigued by this I read the article and to my surprise and delight, Bodrum in Turkey is listed at number 6. If any of you have never visited Bodrum it’s a beautiful coastal town full of culture, beautiful beaches, marinas, quaint villages and its very own castle.
However, it does sadden me to find that rising house prices are stopping first time buyers from getting onto the property ladder. According to the latest figures from the Land Registry, the average house price for first timers rose from £191,285 last year to £200,770 this May – that is an increase of 5%.
Southampton, Norwich and Nottingham are the UK’s most affordable cities for first-time buyers, with affordability peaking in Southampton where the average property price is £199,074.
A recent report from the Post Office stated that average house price growth has increased by 48% since 2005, compared with an increase to the average first-time buyer income of only 37% over the same period. Owen Woodley from Post Office Money, said: “There is no question that the UK housing market remains a challenging environment for many.”
New figures now show that the average age when people can eventually afford to become a first-time buyer in London is 34, while it is age 27 in Carlisle, Cumbria and South Wales.
Here is the list of 7 places you can live:
1. Caravan or lodge
2. Canal boat
3. Container home
4. Modular home
5. Tiny House
6. Buy abroad
7. Earth or straw-bale built home
In Bodrum, you can buy a 2 bedroom apartment from just £46,500 and we are seeing more young people choosing to climb the property ladder in this way. There are some great 2 bedroom apartments for sale and re – sales (some furnished) are very popular at the moment, more affordable areas in Turkey tend to be on the Aegean Coast and with frequent flights to Bodrum and Izmir airport it’s a great location to opt for.
It’s understandable to see why young adults are opting to live with their parents longer, they are trying to cut expenditure and save for a deposit. Why not buy one or possibly two properties in Turkey and rent them out, it’s a well-known fact the all inclusive hotels are a tad boring now and tourists and visitors prefer to rent an apartment or villa as a better option for their annual holiday. It gives more space, freedom of movement and privacy and you are not eating the same food at the same time day in day out.
A young person could live in Turkey and buy an affordable property, obtaining a work permit is not so easy, however, as many jobs are online now it’s possible to work for a UK based company from the comfort of a terrace with superb sea views in the sunshine, happy days!