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

onlyroz

I bought my first place with my husband aged 27 in 2007 - however, we used £65k of equity from his flat plus a £20k loan from the Bank-of-Mum-and-Dad as a deposit. Without this I don't think we would have been able to afford a house and would probably still be living in a 2-bed flat.

ChopperST

Bought my first house aged 23 for £80k with a 10% deposit. Sold for £100k in 2013. It was a new build on the border of Leeds and Bradford. My house was bought by a couple retiring who wanted to downsize.

It was a 3 bed end terrace with a garden and an open plan kitchen diner and separate lounge.

If it was bought by a first time buyer now they would have required a £10k deposit and a mortgage payment of around £400 a month.

Rents of the same type of house on my old estate were in the region of £500 - £525.

Is that really out of reach for most people?

lovehackney

My boyfriend and I recently bought our first flat together. We are 24 and 25. It's in London and was a lot for a first flat (£450k). This was only possible because:

a) we have London salaries so a reasonable combined income multiple and relatively low fixed outgoings
b) my boyfriend lived at his parent's for the three years following university and so was able to save a reasonable amount (I was able to save much less as I was renting)
c) inheritance from boyfriend's grandparents
d) small gift from my parents

In hindsight, I wish I had rented somewhere cheaper (spent £36k on rent and bills over the last 3 years) and saved more. At the time of leaving university, buying a flat seemed a completely unachieveable dream with house prices rising faster than I could have saved and so I didn't bother as much as I could / should have.
Due to a combination of unforeseen factors (e.g., the inheritance) it has been made a reality. But there is no way we could have afforded the property even if we had both saved for three years.

Similarly, we could have bought a cheaper house sooner, but chose to wait until there was something we really liked, and could live in for at least 3 years (thinking more like 5). Otherwise I would have preferred to continue renting somewhere nicer - I know some people will disagree with this view, but having lived in horrible houses throughout university, I did not want to do this once working.

Bluebunny

We are just in the process of buying now, both in our 20s, it would have taken us MUCH longer if we weren't living in army married quarters on very low rent. Since moving to married quarters we have put the amount that we had been paying in rent into savings every month, topped up wherever possible, and are now pushing ourselves to buy somewhere that we (hopefully!) wont outgrow for sometime!!

DRP

1st house at 27 with my girlfriend.

2nd (current) at 37 (she is now my wife).

Good point posted previously about mobility - i wouldn't have wanted to buy until my late 20s. I feel like it could have been done earlier, but was too busy enjoying myself, frittering cash away.

21yrold

I was single until 24 (just turned 27), lived life and got into debt to..way to many holidays and stupid purchases...Been with my GF 3 years now and we have started saving 600 a month between us (we both still live at home) we could save more but i have debt to pay and she likes clothes :P

I'm making a joke of it but unless i had a partner i would find it very hard to save on my own for a house, let alone feel comfortable with having enough to run the house correctly, 1 big bill and i would feel drowned by it!

*edit*

I would just like to say, i think there's a lot of pressure on young people to feel independent and rush into buying homes and marrying, I've not gone down the correct route ( 27 with debt ) but then again I've been employed since i was 14 and been with the same company for 8 years...I'm just useless with money lol

jules888

Not surprised harder now.I worry for my 18 and 16 year old sons.Hubby and i bought first house at 21,2nd at 26 and our 3rd forever house last year at 45.Paid off mortgage altogether by 40 and bought last house with cash from 2nd house sale and savings .Dont think my sons will buy so early or get mortgage paid off so early either.
We"ve never had help from parents and i wasnt working when we bought the first house so just on my hubbys civil engineer wages.
Had no spare money when bought 1st and 2nd houses but have when bought our 3rd we are in now.
Its been great being able to do house up as we want and buy new furniture,all with savings.
Getting new bathroom and downstairs cloakroom soon too.
Have told our sons to save and stay and home and dont rush to move out.

supersaver2

quantic wrote: »

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.

Round my way rental prices are nearly double what my mortgage is for a similar property so I would be in a much better position as a home owner to save than a person renting.

PlymouthMaid

Without the comparative figures I have no idea if 3% is a big drop or not. We bought when I was 25 but partner was 31 and I didn't know anybody who bought in their 20's (this was around 1988).

jules888

PlymouthMaid wrote: »

Without the comparative figures I have no idea if 3% is a big drop or not. We bought when I was 25 but partner was 31 and I didn't know anybody who bought in their 20's (this was around 1988).

Hubby and i bought in 1988 aged 21!