20yr old 'owning' £250k house

mayonnaise

Nice article, very uplifting, thanks for posting.
Good to see youngsters with some financial acumen and a notion of putting in hard graft.

I also see plenty of people coming into rented houses complaining to me that they can't get a deposit together and I'm thinking, 'Say no to the night out mate.'"

Spot on, Rory!

westernpromise

In 10 or 15 years' time this couple's mates will be demanding a land value tax to punish them for being more prosperous than themselves.

Ant and the grasshopper really.

cns06

Its all very possible. I started as an apprentice - my first year was a PITA, £6k take home but after that it was more like £20k pa before tax. I did 4 years, did my time and moved on. In the 4 years I managed to buy a flat and then sell it for a good profit and then buy a house. Its not rocket science. Don't drink or smoke, don't go out much and it soon builds up.

I am 35 now and I still don't spend too much - but I will go for a night out every now and then - amazes me how easy it is to spend £100 these days. Most people I know might go out twice a week, given they are in normal jobs I often wonder how they afford it!!

Graham_Devon

cns06 wrote: »

Its all very possible. I started as an apprentice - my first year was a PITA, £6k take home but after that it was more like £20k pa before tax. I did 4 years, did my time and moved on. In the 4 years I managed to buy a flat and then sell it for a good profit and then buy a house. Its not rocket science. Don't drink or smoke, don't go out much and it soon builds up.

And you did this when prices were how much?

The key here is the difference in housing costs between when you did it (based on your age I'd guess around 2002-3) and today's prices.

HappyMJ

cns06 wrote: »

Its all very possible. I started as an apprentice - my first year was a PITA, £6k take home but after that it was more like £20k pa before tax. I did 4 years, did my time and moved on. In the 4 years I managed to buy a flat and then sell it for a good profit and then buy a house. Its not rocket science. Don't drink or smoke, don't go out much and it soon builds up.

I am 35 now and I still don't spend too much - but I will go for a night out every now and then - amazes me how easy it is to spend £100 these days. Most people I know might go out twice a week, given they are in normal jobs I often wonder how they afford it!!

Do they still live with mum and/or dad? Do they have significant debts...not that they'll talk about them? Do they live with a partner who also works as that makes a huge difference to the disposable income available in the household? Even if both are on minimum wages there should be money left over to go out twice a week. They probably don't have savings and don't contribute to a pension to maximize the available income.