Finding Accomodation
One of the key qualities graduate employers are interested in is flexibility. Most
graduates don’t have any ties when it comes to the location of their first
career position and are willing to relocate for the right position. Graduate employers
understand there is a cost involved in relocating and will often offer some support.
It is always far better to keep your options open when considering locations for
your first position. You have probably moved away from home once before to go to
university and to relocate again will not be a problem. Don’t be worried that
you will not know anyone because chances are you didn’t know anyone when you
went to university either.
Although you should be willing to move for the right position you must also consider
the area and how it will meet your needs for your personalities. If you are a city
person who requires a variety of bars and restaurants to cater for your social life
together with lots of shops and culture don’t move to a small town, where
you will not be stimulated. Likewise if you are more of a home bird and don’t
want to move away from your family and friends don’t put yourself in a position
and move 300 miles away, where you will be coming home every chance you get because
you will be miserable.
Buying a House
With house prices sky-high, most graduates are not in a position to buy property.
The government has recognised the issue facing first time buyers and is trying to
combat this by building 60,000 new homes costing as little as £50,000. For
graduates and other first-time buyers currently priced out of the market will be
offered cheaper mortgages for homes in which they share the equity with housing
associations and private developers. However, this is the government’s 5 year
plan and new housing is to be located in the South East, not much good if you are
based in Manchester.
A survey published by the Halifax said that the average age of a first-time buyer
had risen to 34, suggesting that graduates cannot afford to enter a market where
the median price paid has reached £131,024 and the average deposit is now
£26,455. A recent survey by building society Scottish Widows revealed that
two thirds of university graduates under the age of thirty still don’t own
homes, and one in ten say they can’t ever imagine getting on.
Mortgage lenders will typically lend you three times your annual salary, and if
we take the average graduate starting salary (anywhere between 15 to 20k, depending
on what papers you read), you are clearly not going to get a lot of house for £45
- £60,000. The Halifax puts the average cost of a new home at £162,911
(£243,034 if you plan to live in London). Many people will consider buying
a house with friends. Mortgage lenders tend to view a group of friends buying a
property together in the same way they would view a couple buying a property together,
and are increasingly tailoring their products to meet this trend. There are of course
advantages and disadvantages to this and you must consider in depth the people you
choose to make one of the biggest financial investments you will make in your life.
Renting
Renting allows you flexibility and freedom with most contracts only running for
6months. This is an extremely attractive position to be in when you may not know
what your long term plans are.
You probably have experience of renting whilst you were at university and have maybe
learnt some valuable lessons about what to look for in rented property and what
to watch out for.
Often you will have limited time to find a place to live once you have found a job
and may not know anyone in that area. There a several useful websites to help you
find flat-mates and accommodation at a price that suit your budget.
www.graduatehouseshare.co.uk - Rooms and flats to rent for graduates and young professionals