How does anyone get onto the property market??

revs

I remember being your age and thinking exactly the same thing!! I bought my first house at 29 with a 6x mortgage. Now I'm 33 and living in a lovely detached 3 bed. I'm a firm believer in, what you put into life, you get out! I worked 7 days a week, including evenings for over 5 years. True, I had no sort of life, but I wanted this house more than anything. There are ways of supplementing your income but at the same time you need to cut out luxuries completely. I remember back in the 80's when my parents couldn't afford Christmas presents and could just about pay the bills - these were difficult times! They didn't use debt, they did without - this is something that people today do not understand.

In short, supplement your income, clear all debt, and start saving big-time. The housing market will fall for possibly the next 5-10 years so whilst you're renting, the house you want is getting cheaper. Good Luck!

jahudson72

claire16c wrote: »

I didnt start renting after uni for freedom I did it because there isnt really enough room in my parents house for me, them and my boyfriend - now husband, and I dont think it would be fair on my parents to do that to them now they finally have their house to themselves after myself and my sister have grown up and they didnt either. Most people I know went back home for 2-3 months and then moved out because they pretty much had to. Not all parents want their kids coming back.

Also lots of people move out because they have to move somewhere to get a job. Renting isnt always a preferred choice.

I was referring to the types that couldn't face going home because they would see it as a loss of freedom. Not those whose parents weren't interested in them coming home to save cash to buy a house or didn't have the room, or even those who didn't want their kids coming back home.

I guess I was lucky, my parents told me that I was welcome to come back home so I could save up the final deposit I needed for my FTB and I took them up on their offer, gratefully.

Uncle_Rico

tyler80 wrote: »

In a country where there are no rules on minimum bedroom sizes it's not as simple as saying children can share you don't need a 3 bed. A traditional two up two down is far larger than a modern two bed. We looked at one when we were renting that had a master that was 10 x 8 and a second bedroom that was 6 x 8!

I'm always surprised how many people on a money saving site seem to think that the problem with the current housing market is people wanting it all rather than houses being overpriced. I think wanting a secure roof over your head before you're 30 is perfectly reasonable and in this country a secure roof means buying or a council tenancy. Private rental is not secure in this country. Questions on this board are testament to that

Sssshh! You're not allowed to point out the white elephant.

Brallaqueen

Houses are overpriced, but even that varies depending on region - isn't Burnley famous for being cheap?

You don't even have to go that far from the capital - go 40 miles from London andaccording to rightmove you can get a three bed terrace for 100k.

B_Blank

Thrugelmir wrote: »

That £30k plus the interest you'll repay on it would have been your deposit. The hard fact is that's how other people have achieved it.
They haven't been partying away with an attitude of pay tomorrow.

Its everyone's own choice how they spend their money.

They havent achieved it though, as the average first time buyer is 38.

B_Blank

BitterAndTwisted wrote: »

It's not going to be possible to save substantial amounts towards a deposit while you're paying off debts. I also don't understand why you think you NEED a three bedroomed house when you have a toddler and a newborn. Perhaps your ambition exceeds your ability to satisfy it. I think you're going to have to do what nearly everyone else does: make serious sacrifices for a long period of time. Fortunately you are both very young, so if you've got the stamina and can keep your energies focussed on the far horizon you should get there eventually.

I love how people who managed to buy property at low levels and benefit from the credit boom and subsequent bail out, then have the audasity to preach to others that "you cant have everything", or "you need to make sacrifices". Its a disgrace.

B_Blank

tyler80 wrote: »

In a country where there are no rules on minimum bedroom sizes it's not as simple as saying children can share you don't need a 3 bed. A traditional two up two down is far larger than a modern two bed. We looked at one when we were renting that had a master that was 10 x 8 and a second bedroom that was 6 x 8!

I'm always surprised how many people on a money saving site seem to think that the problem with the current housing market is people wanting it all rather than houses being overpriced. I think wanting a secure roof over your head before you're 30 is perfectly reasonable and in this country a secure roof means buying or a council tenancy. Private rental is not secure in this country. Questions on this board are testament to that

Yup. Good post.

B_Blank

puddy wrote: »

in the example i provided, bunk beds would work perfectly in either room, its ground floor so no struggling with the buggy and well within a reasonable price range. someone else on here has already confirmed that its not an awful area

so it is affordable for them to buy their own home, of a reasonable size for their needs, on their wages with their deposit

it is not affordable for them to buy a bigger property than that

So how much did you earn when you bought your property and what was the property?

dawyldthing

hcb42 wrote: »

Yes I wanted financial stability too. Growing up as one of four, poor, on free school meals, nhs glasses and relative poverty compared to almost all classmates, it was not something I could have rushed into. Surely leaving children to 30s isnt that late?

I second this, as well as seeing that when we ran out of money we had to go to shopacheck and the like to pay for things until we were out of debt. Catalogues were a massive problem at the time, until I realised and persuaded my mum that I wasn't bothered about the expensive things in life and just wanted us to be debt free and happy. I'm 24 and think I have probably another 7 years to go before I can buy, but live in the midlands where you can buy a house for what some people have to pay as a deposit.

mark5

I would be looking to buy a 2 bedroom property which could be extended to add a 3rd bedroom later on when finances allow.