Only 3% of homes were bought by people aged 18-30 in June

harrys_dad

harrys_dad wrote: »

I bought my first house at 24, but that was nearly 40 years ago when things were a little different.

And I forgot to say that even back then I had to borrow the deposit from the bank of mum and dad. 10%, £795!!!!!!

kitty_kins

We completed on our first house June 30th this year. We are 23 and 24. It was a breeze (mostly) and we couldn't be happier it's a new build too so we feel very lucky

MissDitton

We bought our first house this week, 49K combined income, 21 & 26 years old - took 6 months to save 9k! Will not be rushing to do it again!

fromtheshires

Bought my first at the ripe old age of 23 (26 now) with a 30K deposit (all my own money) and 60K mortgage earning 19K a year.
I brought a repo that required a lot of work to be done and am doing it all myself so some things are still not done, even though I would like them done.
Glad I bought when I did as my neighbours sold for £140k last month and that is the same layout and size (3bed mid terrace) as mine. I could never afford one now with the way prices have shot up even with earning a lot more money now and am still living the modest no sky, basic internet, cheap old car etc

-:EDIT:- I got my deposit money from never spending any pocket money as a child and putting it all away, then working and putting that all away. When I got my first proper job I paid 'rent' to my parents at 25% of my take home and squirreled the rest away as I rarely went out drinking.

millysg1

First house in 2010 at 23 (OH also 23). Own deposit we saved up by both going home to our parents separately and living apart for 18months.

Bought second house last year at 26.

6 of my closest friends have also bought in the age range of 24-27 and as far as I know, it is all there own money from living at home between uni/college and buying a house.

None of my friends are type of people to get in any debt or have any loans etc (nor am I).

Its entirely possible if you really want to and you don't throw money away on holidays, new gadgets, going out, drinking etc and are able to stay at home (and sacrifice not seeing your OH in the week and only at weekends so we can live back with our parents)

quantic

Modgepodge wrote: »

Unfortunately living at home was not an option for my partner and I. Over 3 years we have paid around £35k in rent. If I wasn't paying that I guess I'd have a £35k deposit...but by living at home you were getting help from parents, really.

I agree, but what I'm saying is, I saved up 15k over the last 2 years, while paying mortgage at the same time - so I do believe it is possible with discipline.

engineer_amy

i bought in May 2009 aged 23.


I lived with parents previously and had minimal outgoings and a very good salary for my age. I had built up a bit of credit history with a car loan and some small credit card balances which were always paid off quickly and on time. I was able to save a 10% deposit on a 3 bed semi (offered £125K) and was accepted on my first application with the Ulster Bank.
Good thing for the downturn, the house I bought had been on the market since the previous year with an original asking price of £220k, which was a fair value at the time as other houses in the area were selling around that mark.


My fianc! had extremely poor credit (defaults, late payments, couldn't even open a bank account), so I applied for the mortgage in my sole name. He wanted to be named on the property but I said no as it was my funds being used as a deposit and the mortgage was in my name. He agreed to pay £100 a week to cover bills etc, but the novelty soon wore off after the first few months. Much the same as my feelings for him.....

verulamium

29 when we bought our first flat. 34 when we bought our current house.

firebird082

The thing I notice about this thread is that the earlier you are a couple, the better you can afford! I could never have afforded to buy in my single salary, and OH and I didn't get together until we were 29 and 30. We're in the process off buying our first house this year (at 31 and 32), and that's with substantial parental help.

kitty_kins

firebird082 wrote: »

The thing I notice about this thread is that the earlier you are a couple, the better you can afford! I could never have afforded to buy in my single salary, and OH and I didn't get together until we were 29 and 30. We're in the process off buying our first house this year (at 31 and 32), and that's with substantial parental help.

I wholeheartedly agree. My OH and I met in college and have been together 6 years. We have both been off to Uni and rented for just over 15 months while saving for our deposit. This is the only reason we've been able to buy so young!