At what age is 'normal' to buy? How old were you?

fairy_lights

molerat wrote: »

26. £500 deposit (just over 3 weeks pay), 97% mortgage, single earner family, married with 3 yr old and 1 month old children. 3 bed semi less than 2 x my salary. Those were the days.

Woah, how long ago was this? And what were your mortgage payments then?

missyrichards

I bought at 27, back in 2003.

Teddi

24 and 23. We moved out of parents houses at 19 and 18, spent the last 5 years renting and saving.


Most of my friends still rent though, our other friend who has bought earlier this year was 27.


It depends on the area, there is less of an earnings to housing costs gap here, a nice starter home is under £130-140K whereas go down south where I grew up and you will pay double that and wages aren't any higher. It is the reason I chose to move here.

System

People's circumstances would affect the age they buy a house. So much can influence it. I'm amazed at the amount of people that bought at under the age of 25, even under the age of 28 amazes me...

I assume the people who purchased this young were in one or more of the following categories....

Inherited at a young age.
Got huge help from parents.
Got Married at a young age (2 incomes).
Cheap house prices at the time.
Cheap area to buy.
Got a very well paid job - very young.

Based on the current average age of getting married (30'ish) and the current housing market and current wages - you have got to be getting an extra boost from somewhere/somehow to be buying before 28 years old in 2015.

I live in the South East where house prices are flaming ridiculous right now. Where some new 2 bedroom apartments are being priced at £500,000 and 3 bedroom houses are £450,000....soon to be £500,000 in a few years.

Just trying to get on the ladder with a 1 bedroom apartment is going to cost £180,000 - £230,000.

I have been looking elsewhere and bloomin-heck house prices outside of the South East = absolute bargains. Huge brand new 4 bedroom townhouses with garden, massive kitchens, all double bedroom, en-suite, own driveway......£210,000.

The difference between the South East and other areas is HUGE!

I'm 30 by the way....and currently keeping my eyes peeled for property.

I am pretty sure very few people from my year at school have yet to buy property around this area. I currently rent with a 40 year old and a 38 year old - they can't get on the ladder around here either.

cherylsurrey

It really does depend on where you live in the country, so in Yorkshire you can get a little 2 bed terrace for £55,000 and could afford to get on the property ladder in your early 20s, where as somewhere in the south the same property could be worth many times that amount, and you might have to save for years and do it in your 30s.


I bought in 2000 at 24 with my husband, just as the property prices were about to go mad, I had to move 30 minutes away to an area no where near as nice as where I had lived with my parents, but beggars cant be choosers, and I am glad I did it as I got a place in the nick of time which doubled in value in 3 years, if I had waited a few more months every would have been too expensive.

lippy1923

I was just about to turn 21, that was nearly 5 years ago. Me and my husband to be didn't bother with uni and got full time jobs straight after college at 18. Stayed living with parents instead of renting which was an important factor. Saved like mad for 3 years as hard as possible and brought in 2010. We were lucky as house prices were still down from the "crash" in 2007-2008 and the guy selling needed a quick sale, so as first time buyers we were ideal for his sale.

Also we were lucky as we didn't have stamp duty as the government had a "no stamp duty for first time buyers" scheme going on. Not sure if this still applies?
Have been benefiting from low interest rates as well which has been a bonus.

Red-Squirrel_2

dburford9 wrote: »

People's circumstances would affect the age they buy a house. So much can influence it. I'm amazed at the amount of people that bought at under the age of 25, even under the age of 28 amazes me...

I assume the people who purchased this young were in one or more of the following categories....

Inherited at a young age.
Got huge help from parents.
Got Married at a young age (2 incomes).
Cheap house prices at the time.
Cheap area to buy.
Got a very well paid job - very young.

Based on the current average age of getting married (30'ish) and the current housing market and current wages - you have got to be getting an extra boost from somewhere/somehow to be buying before 28 years old in 2015.

I live in the South East where house prices are flaming ridiculous right now. Where some new 2 bedroom apartments are being priced at £500,000 and 3 bedroom houses are £450,000....soon to be £500,000 in a few years.

Just trying to get on the ladder with a 1 bedroom apartment is going to cost £180,000 - £230,000.

I have been looking elsewhere and bloomin-heck house prices outside of the South East = absolute bargains. Huge brand new 4 bedroom townhouses with garden, massive kitchens, all double bedroom, en-suite, own driveway......£210,000.

The difference between the South East and other areas is HUGE!

I'm 30 by the way....and currently keeping my eyes peeled for property.

I am pretty sure very few people from my year at school have yet to buy property around this area. I currently rent with a 40 year old and a 38 year old - they can't get on the ladder around here either.

Living in the South East will give you a very different perspective to people in most other parts of the country. Its another world. I live in the North West and its not at all unusual for people to buy before 25, very very common to buy before 30, even with ordinary jobs, no partner and minimal/no help from parents.

Mickygg

For me I was about 24 and bought a starter home in an undesirable area.
Most of my friends are well into their 30s and have not bought. Some can't afford to and others don't want the commitment.

mumps

I was 20, had a 2 year old and within a year a new baby. The house was a tip, my mother cried when she saw it. It was a 2 bed terrace, we did it up and sold it with a 40% profit even though we bought at the height of a bubble. Moved to a 4 bed Edwardian semi where we brought kids up. Very unfashionable house at the time, very fashionable now.

mrsammyp

I'm 25 and we have just completed on our house purchase in the South East. We had been renting for the last couple of years and managed to save a 10% deposit without the help from parents.

Personally I think you should have moved out years ago (sorry) but if you are in no rush/not the right position then why not consider a BTL, at least you would get yourself on the ladder?