At what age did you buy your first home?

J_i_m

ShALLaX wrote: »

Only? Seems like you can get a £135k mortgage with this, which makes a starter home quite within reach (even one near-ish to London)!

Yeah! That's over 12k more than my salary, and yet I ought to be quite comfortable on a one bed flat once I have my deposit sorted.

chelseablue

I was 27 when I purchased a 2 bed flat in Berkshire for £156,500

I put £47,000 down as a deposit

RevolvingDoor

I can't imagine the house prices ever dropping dramatically. I wonder if they ever will.

dawyldthing

I was 25 and the house was just under 60k in the East Midlands. I put a decent deposit down as I lived as cheap as I could and at home for the best part of a year and a half knowing long term it would save me money (walking to work, taking pack ups for lunch, cooking cheap, going out on the cheap, allowing myself a small budget for weekly spends etc). My nan did give me a bit of money years ago that I saved too. I'm hoping to clear it by the time i'm 30 (just over 3 years to go) fingers crossed.

dawyldthing

cz.art wrote: »

Since most of the fist time home buyers are in their early 30s, I am curious how much can people in theirs 20s afford.

I am committed to get myself a flat before I turn 21, but I'm still lacking idea on how buying a home works. Not sure how much I need and if I'm earning enough money. I need some peace of mind that it's possible for me to get a 'decent' abode within my targeted time.

Not sure if that justifies your question but that's the best answer I can give for now

I'd personally be careful getting a flat as they are more difficult to sell on. It depends where you live in the country. Around here currently on the market there are 13 houses under 60k within 3 miles, 33 under 70k and 76 under 80k, but in some areas this like London you'd need a similar deposit for what people pay for a house

Waterlily24

One of our later houses was bought for £87,000 in 1998 and sold for £295,000 in 2006. We had renovated it but hadn't done any extensions. It was in South Lincolnshire. We've never gone up in price for any purchase but different areas were why we were able to do this.

First house Kent, London, Surrey borders. 2nd, 3rd and 4th South Coast. The 4th house wasn't mortgagable but by then we had enough funds to buy without a mortgage and do it up to a high standard. The 5th one is the one I mentioned in the first paragraph. The one we are in now is in Cambridgeshire and has been renovated and extended.

Chimpofdoom

I was 27, OH was 28...

Been there for just under a year, 2 bed flat in Edinburgh, 124k with a 10% deposit.

Mortgage is the same as we'd pay for rent here, so win win at the end of the day!

LittleMissGiggles123

We were both 20. Bought for £52k (100% mortgage). We were earning £21k between us. We already had a daughter though, otherwise we both agree that we probably wouldn't have bought so young.

Sold 4 years later for £98000 to use the equity for our current home which was £220k but with the equity & a small amount of savings, we took out a mortgage for £170k.

Been in our current home for 7 years this October. Probably wouldn't move again, unless we came across our dream home. But as we're not looking for it & we both have slightly different views on a 'dream home', we'll probably never find it :rotfl:

Good luck

x

Davesnave

RevolvingDoor wrote: »

I can't imagine the house prices ever dropping dramatically. I wonder if they ever will.

Did you take a sabbatical from life in 2008/9?

I suppose it depends what you mean by 'dramatically.' If you are a FTB, then 15% probably doesn't sound like much!

Cycrow

ShALLaX wrote: »

Only? Seems like you can get a £135k mortgage with this, which makes a starter home quite within reach (even one near-ish to London)!

cheapest place i can find close enough to work is over £150k
which is for a studio/1bed flat