Is It Futile To Save For A Deposit On A First House In This Market?

getmore4less

Look at it another way.

If you don't save you can't buy.

So by saving you get to choose at some point.

If living at home is an issue spend a bit on weekends away when there are cheap rooms, perhaps some weekdays closer to work night out stay with friends. look at devere £19 rooms they oftn have pools gyms and close to other things.

if going down the rental route look at house shares.

Once you have a bigger deposit you can then decide to carry on rent OR BUY thats one extra choice.

A lot can change n a year, prices drop, job changes, pesonal relationships etc.

one thing tht does not change is if you don't save you don't buy.

if you save and don't buy you have funds to do stuff.

brit1234

Stay at home and keep saving whilst it is easy. Prices are falling, it's a buyers market, you want to be ready when prices turn in your favour.

I would also recommend looking at 2 beds and aiming at a 20%+ deposit. You can always rent a room out.

Kynthia

I agree with getting at least two beds. You will stay there linger which saves on buying and selling costs, you can get a lodger should you ever need the extra money and they are easier to sell.

smithm9

Thanks for all your views, advice and suggestions guys. They've all been really helpful. Now I just need to go away and think about it all. I think I'm going to stay put for the time being, keep plugging away at the savings and hope that the predicted fall in prices actually occurs. If it doesn't, then at least I'll have enough to buy my own place anyway at the relative prices anyway.

Thanks again. You've all been a great help!

SuzieSue

smithm9 wrote: »

I think I'm going to stay put for the time being, keep plugging away at the savings and hope that the predicted fall in prices actually occurs.

!

Good, you will probably never have such an opportunity to save and you should make the most of it. You are very lucky that you are able to commute to work from your parents's home, most people can't.

I know it isn't fun living at home in your twenties (I had to share a room as we didn't have enough bedrooms so it was even worse for me), but if you want to buy your own place then it is definitely worth it in the long run. You will probably live for another another 55 years so a few more years at home is nothing in the great scheme of things. And it will mean that when you retire you won't be dependent on a landlord for the roof over your head.

SG27

I'm 29, still living with my parents. My partner is living with her parents also and we have now got up to a 50% deposit. We will having mortgage repayments around half that of other people we know who have bought houses. My advice would be save as much as possible for the deposit. You will save a fortune in interest over the 25 years.

note_2

dont understand the point in buying somewhere when your single and young and can only afford a smallish property that you will probably soon outgrow long term.

for financial reasons its probably best you continue to save at your home with your family, renting will give you indepedance and a nicer property than you could afford to buy outright but will be a drain on your finances.

i would never advise buying for the sake of it though...:D