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

goodwithsaving

Everyone is different. Why compare yourself? There will always be somebody ahead of you, and another person behind you.

molerat

fairy_lights wrote: »

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

£8K salary, £15K 3 bed semi, around £100 pm payments IIRC in 1981 when 97% mortgages were nothing unusual Sold for £25K in 1986

Jhoney_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.

None of this applied to me, although I think that may well be the case in general.

It also depends on the attitude and priorities of the person(s) in question.

Most of my peers were blowing all their cash on expensive clothes, clubbing, gadgets eating out and lifestyle! I did a lot of clubbing/eating out too, but left out the more wasteful elements and worked hard for promotions etc.

Others were having families and work was a means of paying for that and the above.

Most are still renting or bemoaning the fact that houses in our then area and generally are no longer affordable and often regret that they did not make a different choice at the time. This was s.w London in the 90's - so no going back on prices any day in the foreseeable.

I also know that many well educated friends are having a hard time finding the jobs/salaries level that they are highly skilled in (perhaps the careers market has moved on?), so cannot afford to get on the ladder and are renting. Salaries are stagnant etc etc.

No-one was handing out houses 20/30 years ago and it was hard then too - no help to buy etc. It was and still is up to each individual to reconcile their wants with their wallet and try to make their way in the world. Choices create outcomes and we all then take our pick.

Red-Squirrel_2

Jhoney wrote: »

No-one was handing out houses 20/30 years ago and it was hard then too - no help to buy etc.

It wasn't as hard, and nobody doing it then would deny that it was easier unless they had some axe to grind on the subject.

As one example, my parents bought a 3 bed house for 6K 30 years ago, and even got a grant to put in a new kitchen and bathroom (not loan, grant!) Its worth about 200K now.

Property ownership isn't everything though, it has lots of benefits and I'm glad I've done it but its not the only way to have a roof over your head and be happy where you live. I'm sure it wouldn't have become such a national obsession if there were still enough council houses around that most ordinary people stood a chance of getting one!

Pixie5740

Red-Squirrel wrote: »

I
Property ownership isn't everything though, it has lots of benefits and I'm glad I've done it but its not the only way to have a roof over your head and be happy where you live. I'm sure it wouldn't have become such a national obsession if there were still enough council houses around that most ordinary people stood a chance of getting one!

I quite agree. If I could get a secure tenancy and was allowed to decorate, maybe even have a pet then I would have no problems with renting. I had hoped that the property I'm currently renting would be home for a while but that landlord served notice so that one of his little darlings could move in.

I think there is some stigma around renting and I don't know why. It's lead to adult children failing to fly the nest because they don't want to rent.

Pincher

Following the herd is fine, as long they are not lemmings.


My contemporaries bought around 1987, having graduated around 1984, if they were on the standard career trajectory.


One guy had a very nice job with an international company, but he was treading water for ten years in negative equity, and most of his salary went straight to the lender. I didn't want to pry, but interest rate was around 13% in 1992. Rhino bug gery imagery from The Firm, starring Tom Cruise, comes to mind.


Another guy was desperate to get the double MIRAS tax relief, and bought a house with a relative. MIRAS soon disappeared, but not the negative equity.


I bought in 1997, and have been laughing ever since.


Schadenfreude is such a terrible sin.

Jhoney_2

Red-Squirrel wrote: »

It wasn't as hard, and nobody doing it then would deny that it was easier unless they had some axe to grind on the subject.

As one example, my parents bought a 3 bed house for 6K 30 years ago, and even got a grant to put in a new kitchen and bathroom (not loan, grant!) Its worth about 200K now.

Houses are seriously costly in SE, but it was a different type of hard then - albeit that price were obviously cheaper.

Property ownership isn't everything though, it has lots of benefits and I'm glad I've done it but its not the only way to have a roof over your head and be happy where you live. I'm sure it wouldn't have become such a national obsession if there were still enough council houses around that most ordinary people stood a chance of getting one!

Well if you wish to find an axe here, you are welcome.:)
There were the 10-15% interest rates and significant repossession in that time - (I wasn't one of them) and prices were cheaper but still an aspiration to many of the generation before my own.

Where? What type of house, council? Perhaps some policies were of that nature, but a straw poll of posters here will tell our OP that this was not some widespread dial in for your cheque type of thing. Additionally, many houses still had outside bathrooms/toilets and had to be brought up to a standard, but yes, perhaps there was lax government spending in those days.

The SE of the UK is very expensive and that will not change, but there are many areas that are affordable and I do not begrudge anyone trying to buy asap rather than rent, so I can assure you I am axe free.

I would still suggest that this should not be at the expense of letting parents have a little child free time together in their own home after the kids are grown and able to stand on their own two feet as an adult.

ScorpiondeRooftrouser

Does nobody move around any more for work in their 20s? Neither buying a house nor living with my parents would have been an option for me; I was chasing jobs round the country. Progressively better ones, hopefully. In that situation you rent. I don't think I stayed in any flat much longer than a year.

YoungBusinessman

I was 21, 2 and a half years ago. My half of the mortgage was £50k upon completion, 2 years later a court ruling made me owe 46k....thank **** i bought when i did!

lulalola

ScorpiondeRooftrouser wrote: »

Does nobody move around any more for work in their 20s? Neither buying a house nor living with my parents would have been an option for me; I was chasing jobs round the country. Progressively better ones, hopefully. In that situation you rent. I don't think I stayed in any flat much longer than a year.

Exactly this - I am in my late 20s and haven't bought because I move around the UK/world for work...same for most of my friends. This is probably why I don't understand people's obsession with owning a property - it would be a burden for me.