At what age did you buy your first home?

Prothet_of_Doom

I bought my first house 8 weeks after graduating in 1989 in Brum for £48,500, with a deposit which was a gift from my parents of £3500, and my future wife had saved £1500 for all the legal fees. We exchanged contracts 2 weeks after I started on a Graduate scheme in Solihul.

We were both 22.

We sold it 5 years later for £44,600.

Today it would be worth only £120,000 as it's near Longbridge, and that whole area was desimated by ( Austin) MG Rover closing Down.

Thing is, I don't think many parents are in a position to give their kids a 10% deposit these days.

We have £50K saved up for our 2 kids to help them onto the property ladder.

Davesnave

Prothet_of_Doom wrote: »

Today it would be worth only £120,000 as it's near Longbridge, and that whole area was desimated by ( Austin) MG Rover closing Down.

They're putting money into that part of Brum now though, so it's surely a possible up-and-coming area? Living there also provides a very fast route away from the city, if you are not particularly fond of inner city attractions.

rover123_2

We bought our house just over 2 years ago. £160000 with a 10% deposit. I was 25 and my fiancee was 23.

I don't recall having much of a social life at the time but the sacrifices seem worth it when you're sat in your own gaff.

Everything seemed to fall into place quite well, so I proposed to my now fiancee in the October of the same year.

I have to say I don't envy people saving a deposit and buying a house now. Even though we only did it 2 years ago, the reported price increases seem to be pricing more and more people out of the market. Which is a shame as I know a few people hoping to buy their own place.

I recall reading a forum members sig recently, which said the only people who would benefit are those that sell and have no need to buy another house. Very true

50Twuncle

More Importantly..
At what age did you stop paying your mortgage (ie When the house became yours) ?
Me - I was 46 - I bought my first house (a 2 up 2 down) for £26800 in 1987 and moved to a large 3 bedroom semi in 2000 - I paid up to £800 per month on my repayments (plus an endowment) - especially through the late 80's and early 90's when the interest rates peaked at 20% !!

I made my last mortgage payment 4 years ago and I can tell you - the feeling of owning your own property, owing nobody a penny on it, is NICE !!

JellyBox

We are currently trying to buy our first one, 25 and 28, house is £125k and with a £20k deposit, half directly my inheritance from my nana, the other half a gift from the parents from their inheritance. We couldn't have done it without parental help in some form or another though, I don't know anyone of my age who could right now!

DilbertJones

We bought at 25 in 2005, paid £105,000 for a two bed end terrace

andyuk01

30, paid £249k for a 2 bed flat

Prothet_of_Doom

Davesnave wrote: »

They're putting money into that part of Brum now though, so it's surely a possible up-and-coming area? Living there also provides a very fast route away from the city, if you are not particularly fond of inner city attractions.

169 Cliff Rock Road. Lovely House, nice neighbours, close to the "City Limit". I'd move back if my wife's family didn't come first or they were closer to Brum than Liverpool.

matador04

I bought my first house in 2008 for £110k, when I was 24.

Just in the process of hopefully moving to our second home (£275k).

partialycloudy

I was 22, hubby was 25. Paid £155k in 2007 (completed two months after northern Rock collapsed) for a 2 bed flat in Essex
On the market now for offers between £160k & £169k