Average family will have to save for more than 30 years to raise first deposit

Graham_Devon

ukcarper wrote: »

We are takling about a single person trying to save i live quite comfortably on £12k a year

Oh. Well thats good. The single person with no life, no partner, no kids, no debts, no travelling costs. Brilliant.

Meanwhile an argument goes on about what's "average".

No doubt soon we'll be back to "well people need to be a couple ot be able to afford a house".

MrRee_2

OK, I see from the above that not everyone can save £1,000 a month.

Right, I shall run with the idea - let's assume £500 a month, now that's easy.

It still is just 5 years - NOT 31 .... which is my point.

ukcarper

Carl31 wrote: »

5 years ago you could buy places with little or no deposit

it was easier to buy then. One of my mates bought his first flat with 4k he had in the bank, that was deposit and fees, and another bought a 2 bed house with less than 10k

Thats in sussex, just north of Brighton. Try doing that now

My stepson refused to lie about his earning so needed a deposit he moved into a room in a house share and save hard. It can be done it's all about how much you want it. If you decide to rent a nice house with your girlfriend and have a good social life or have a baby I would agree it is almost impossible.

ukcarper

Graham_Devon wrote: »

Oh. Well thats good. The single person with no life, no partner, no kids, no debts, no travelling costs. Brilliant.

Meanwhile an argument goes on about what's "average".

No doubt soon we'll be back to "well people need to be a couple ot be able to afford a house".

I'm not concerned about what’s average or not all I’m saying is that when you start work or soon after you decide you want a house if you make some sacrifices and put off getting your own home it is possible to save a deposit.

MrRee_2

ukcarper wrote: »

My stepson refused to lie about his earning so needed a deposit he moved into a room in a house share and save hard. It can be done it's all about how much you want it. If you decide to rent a nice house with your girlfriend and have a good social life or have a baby I would agree it is almost impossible.

Good post .... so many people on here seem to think that they are entitled to have a new car, SKY, 50" TV, Mobile Phone Contract, Great Social Life, Broadband, Central Heating, iPad ... etc.

When I started saving for a house, we couldn't even afford coal for the fire! 10" Black and White TV, no Telephone ..... which is why I just laugh at those on here who enjoy slagging me off for making it as far as I have.

It took a lot of hard work to get this lucky!

ukcarper

The person I know living in the bedsit earns the minimum wage and lives in London I admit I would not like to be in his situation but he gets buy and is reasonably happy. So what I am saying is that if some one is earning over twice the minimum wage they should be able to save a large percentage of it.

ILW

Carl31 wrote: »

how many families do you know that can save 1000 a month?

A young couple earning say £25k each would take home around £3000 per month.
Saving a grand a month for a few years should be simple. If you are not on that sort of income, you are not in the "homeowner" bracket anyway.

MrRee_2

ILW wrote: »

A young couple earning say £25k each would take home around £3000 per month.
Saving a grand a month for a few years should be simple. If you are not on that sort of income, you are not in the "homeowner" bracket anyway.

That's what I thought ..... indeed, here in the South the average wage is not £25k - it's more like £40k.

Some posters on here are from the North and get paid in monkey nuts - so, we must amend what's real for us to what they can even conceive ..... funny isn't it?

ukcarper

marlonthemagnificent wrote: »

and are you retired and do you own your own home..and did you buy your house for a fraction of todays inflated prices?

I have retired early I do own a home which would be worth 20 to 30% less if it had only gone up in line with wages and to be honest it wouldn’t make much difference to me if it had. But what has that got to do with how much you can save.

ILW

MrRee wrote: »

That's what I thought ..... indeed, here in the South the average wage is not £25k - it's more like £40k.

Some posters on here are from the North and get paid in monkey nuts - so, we must amend what's real for us to what they can even conceive ..... funny isn't it?

True, but even up north, I would not consider someone on 10k should even be considering home ownership.