Debate House Prices


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How to own a home by the age of 25

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  • System
    System Posts: 178,353 Community Admin
    10,000 Posts Photogenic Name Dropper
    Yes, yes. They're nothing special. Anyone could put down a tiny deposit on a crappy house and qualify for their 5 minutes of fame with the BBC then. I paid off my mortgage at 35, I own my house.

    Why so angry?
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  • Pixie5740 wrote: »
    Did anyone read this article on the BBC News website yesterday?

    http://www.bbc.co.uk/news/uk-38564137

    It irked me a bit because every case was exactly the same. Couples, dual-income-no-kids, who were able to live with their parents whilst continuing to save. Yes it's great that they had a goal and achieved it but I would have liked to see more variety in the types of 20 somethings buying.


    Is Help to buy ended? Does that mean first time buyer will no longer be able to use the scheme?


    Will there be less first time buyer in 2017 compared to 2016?
  • The article basically tells the story that if you have the money, you can buy something. It's another article that looks at 2 things - the people with higher than average income looking to buy in areas with lower than average house prices". You'll note from 4 examples, 2 examples are buying in a cheaper part of Manchester. No one from their example are buying in Kent, Somerset etc.

    Which isn't in itself that great a surprise.

    The second couple for instance on 55k a year who lived with parents rent free while saving - lovely story, but it's not reality for most who face having to pay for their current accommodation.

    Why the BBC bothered to show the couple on £67,000 per year I have no idea. "Look, this couple on 67k can afford a house in Scotland".


    Yes, all the houses were bought in the location where the house prices were not expensive.


    So to buy house at 20s, you got to live somewhere where you may not want to live.
  • I bought my first house at 21 (single) with 0 financial help from family etc. then spent the next 3 month renovating the whole house with £3k, adding approx. £20k


    Where is my medal?


    :beer: :jimages?q=tbn:ANd9GcQm_bQuiQfk7gOlkGqvV3zrSkJtONFPSU4HKZAoSnPpoidzsBH3x8t_-sf2


    Here you go bud!
  • Dird
    Dird Posts: 2,703 Forumite
    Eighth Anniversary 1,000 Posts Combo Breaker
    edited 8 February 2017 at 1:40PM
    Pixie5740 wrote: »
    It irked me a bit because every case was exactly the same. Couples, dual-income-no-kids, who were able to live with their parents whilst continuing to save.
    I remember seeing at the bottom of a BBC article that they specifically asked 25 and under couples who to owned a house to contact them. Irked me as my singleton moment of fame was dashed.

    It's not really surprising though. If there's 2 incomes you're more likely to own. If you live outside London you're more likely to own. If you live with family rather than renting you're more likely to own.

    They probably only got like 10 emails so not much choice. It'd be more interesting if they dropped the couples requirement though as you'd get more variety like someone house sharing with 3-4 people (probably costing the same as parents would charge rent). This is more likely with singletons as a couple would want a place for just the 2 of them rather than renting a double in a house share

    With at least 1 of the first 2 couples, someone won't be owning a house in a couple years....fools buying a house together without living together beforehand
    Mortgage (Nov 15): £79,950 | Mortgage (May 19): £71,754 | Mortgage (Sep 22): £0
    Cashback sites: £900 | £30k in 2016: £30,300 (101%)
  • michaels
    michaels Posts: 29,133 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Pixie5740 wrote: »
    Did anyone read this article on the BBC News website yesterday?

    http://www.bbc.co.uk/news/uk-38564137

    It irked me a bit because every case was exactly the same. Couples, dual-income-no-kids, who were able to live with their parents whilst continuing to save. Yes it's great that they had a goal and achieved it but I would have liked to see more variety in the types of 20 somethings buying.

    What made me smile is that being the BBC, you almost got the impression that the buyers' basic human rights had been denied (or at the very least they possessed superhuman powers of self-denial of immediate gratification) when, as part of saving for a deposit, they had had to forgo more than one holiday per year or (horror) had to make their own lunch rather than spending a fiver plus a day at pret....
    I think....
  • wotsthat
    wotsthat Posts: 11,325 Forumite
    michaels wrote: »
    What made me smile is that being the BBC, you almost got the impression that the buyers' basic human rights had been denied (or at the very least they possessed superhuman powers of self-denial of immediate gratification) when, as part of saving for a deposit, they had had to forgo more than one holiday per year or (horror) had to make their own lunch rather than spending a fiver plus a day at pret....

    Yet, people will try and undermine this argument by asking how long it'll take to save a deposit by giving up pret (about 10 years). Of course it misses the point by a country mile - if someone is 'serious' about saving and still in pret there's probably a long list of other inconsequential things that they won't cut back on.

    If they could show us their bank statements we'd all see clear as day what their priorities really are and compare them to what they say they are.
  • Windofchange
    Windofchange Posts: 1,172 Forumite
    Tenth Anniversary 1,000 Posts Name Dropper
    Joeskeppi wrote: »
    I don't think you can really criticise people's abilities to save.

    I'm not. I'm criticising the fact that this is somehow news, hence the comment about the BMW and the; ah forget it, when you have to explain sarcasm you know you need a new audience.
  • System
    System Posts: 178,353 Community Admin
    10,000 Posts Photogenic Name Dropper
    I'm not. I'm criticising the fact that this is somehow news, hence the comment about the BMW and the; ah forget it, when you have to explain sarcasm you know you need a new audience.

    I agree it's not that newsworthy. It's the sarcastically calling them heroes that seemed a bit off. Would they be heroes if they spent all the parents money instead of saving their own?
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
  • System
    System Posts: 178,353 Community Admin
    10,000 Posts Photogenic Name Dropper
    michaels wrote: »
    What made me smile is that being the BBC, you almost got the impression that the buyers' basic human rights had been denied (or at the very least they possessed superhuman powers of self-denial of immediate gratification) when, as part of saving for a deposit, they had had to forgo more than one holiday per year or (horror) had to make their own lunch rather than spending a fiver plus a day at pret....

    I remember when I was saving for my place I ate crackers and cream cheese for about 2 years for work lunches, cost me about £2 a week. Sometimes I pushed the boat out and got cream cheese with chives in :)
    This is a system account and does not represent a real person. To contact the Forum Team email forumteam@moneysavingexpert.com
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