Buying Property in the UK

Lately I've been stumbling across these articles in the evening paper like, 'How much did your property go up last month?' and its gets you thinking.

I've been living in London around 2.5 years and the amount of rent I've paid is hurendous. I can see myself being here at least another 2 & the idea of buying a place with mates doesnt seem like a silly option.

I've done some research and it can definatly be done, with HSBC's buy between friends scheme and others out there allowing you to apply for a mortage of up to 4 people.

Has anyone else been thinking about this or have done it themselves?
I'd like to hear your thoughts.

Me and my girl are definately looking into this option in about 6 months time, our current flatmates have just bought a house in the same circumstances.

Seems silly to pay rent, when u can pay for a mortgage and get it all back at the end.
and some

How quickly do properties sit on the market before selling though in the UK?

And, do you know enough about the market to ensure you're getting a really good deal?

What's the story with visas? Do you need permanent residency or are banks happy to just lend the money if you have a working visa?

Sounds like a plan, but I don't think I'd buy somewhere that I didn't have a decent undersatnding of the market

Itchy - Buying property isnt rocket science, but researching any investment thoroughly is essential.

I think if you had a 1 year working visa, or what ever they call it now, you wouldnt consider this option as time just isnt on your side.
I guess that just depends on what your purpose of coming to the UK is.

Though with other visas, I think you'll find, you will be fine.
Here is HSBC's lending criteria.

1. Evidence of all you income (3-6 months payslips)

2. 3-6 months bank statements (not required for HSBC accounts)

3.Proof of ID (original passports or driving licences seen at branch and copied)

4.Proof of current address (normally a utility bill showing name and address)

I've spoken to a number of kiwis who have purchased in London. In most cases they are actually paying LESS on there monthly repayments than they were in renting.

Left out:

Also having a 5% deposit makes your case that much stronger.

The average house price in London is due to hit 400,000 in 5 year's time, according to what I saw on the news last night. In places like Camden, you currently pay more than half a million on average.

They say to buy a house that could function as a family home (i.e. not a tiny 2bedroom flat) in London you need a salary of around 55,000 - teachers and nurses earn half that.

It's something I am thinking about too, but not sure about doing it in partnership, buy-to-let would be preferable, with 1-2 boarders. But then I pay only £380 a month for a great room at the moment in a good location so to go from that to a £1600 a month mortgage in a small 2-3 bedroom apartment seems a bit out of kilter with my circumstances.

Sounds great then. I remember back maybe 6 years ago a mortgage in NZ was usually cheaper than the rent you'd pay on the same property .... no such luck no though.