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

Reue

matthewpoll13 wrote: »

Have you bought your first home recently, & are you under 30? If so, how tough was it?

Yes, 25+26, Not very tough at all; We saved the deposit in 3 years.

bedfordshireboy

Exchanging this week, completing in 2 weeks.
25 years old, single, £200k house on my own, no gifted funds from parents and saved £35k over 5 years (on and off). Could've saved another £15k-£20k in that time if I didn't go on nice holidays, drive a nice car etc.
Living with parents paying cheap rent was the key.

jjlandlord

bedfordshireboy wrote: »

no gifted funds from parents
...
Living with parents paying cheap rent was the key.

Erm... Same thing isn't it?

Have I bitten on a bait?

sydenhambased

Still waiting to exchange on our £250k first flat (south London), I'm 26 and OH's 31. £20k borrowed from parents but £70k saved - that's a 25% deposit, stamp duty, costs etc. and £20k to do all the things that need doing to the new (old) place.

It's great that our parents have been able to help with the deposit, but I really do envy people that can move back in with their folks - both sets of parents live over 3 hours away (by car; more by train) so not an option for us. We've lived frugally, work as hard as we possibly can (both self employed) and have spent less on rent in London than many of our friends.

bedfordshireboy

jjlandlord wrote: »

Erm... Same thing isn't it?

No. I earned my deposit by working hard, they didn't 'gift' it to me.
Yes, letting me stay and pay cheap rent helped me save a bit quicker but they are 2 very different things.
But thanks for your helpful input.

Thrugelmir

How many people realistically can buy at age 18, 19, 20, 21 even 22?

Another daft statistic that has no bearing on anything.

Particularly as 20% of those aged under 25 are unemployed......

jjlandlord

bedfordshireboy wrote: »

Yes, letting me stay and pay cheap rent helped me save a bit quicker but they are 2 very different things.

They are different only if you are delusional or want to be able to boast on internet forums

GolfFoxtrot

jjlandlord wrote: »

They are different only if you are delusional or want to be able to boast on internet forums

I don't think so. I lived with my parents after uni for a while before renting with the OH. Cost me around £200 rent with my parents and £300 per month living with the OH.
I always bought my own food and contributed towards bills. My parents certainly didn't have £20k to give me for a deposit!

To answer the original question me and the OH bought somewhere in April this year aged 25 & 26. Took us around 2-3 years to save our deposit plus extra for furnishings, emergency cash and solicitors fees etc.

[Deleted User]

It depends where you live. Around here it's impossible. I have a good salary (well above national average) but my fianc!e can't work, so it's only enough for a garden shed. Parents can't lend me a large deposit, although Help to Buy does help, assuming it will still be going by the time I am ready to buy something.

learningaboutmoney3

We're just buyng our first house now (fc everything goes through ok!) and I am 29, hubby is 30. We've been together since 21 but have squeezed in a wedding, two babies, 3 years at uni on a very small bursary to get a professional qualification for me and 3 years at uni for him and 2 years on maternity leave.

We've both rented since 18 and are only able to buy now because my parents have gifted us the deposit. We are very, very lucky in that respect.

Most of my friends are just buying, and all have had help from parents.

Even so I'm not sure it actually matters. I always felt so guilty that we were renting but now I don't think it is that terrible, it is what we had to do. Yes it would have been good to be on the property ladder earlier but we've done lots of good things in our twenties too.