Where have all the 20 something’s gone?

Red-Squirrel_2

wjr4 wrote: »

I'm aware the conversation has moved on a lot from the original post but I thought I'd just say that it is possible to buy in the south east still if you are willing to sacrifice having a life for a while!

I bought a 3-bedroom house in Essex (£260k), age 24 in 2016 with my boyfriend (could not have bought on my own though!). It is possible but you do have to sacrifice a lot (e.g. never going on nights out, no holidays, no new phones, no new cars, whatever else you tend to spend money on without thinking!).

The only difference is we were able to live with our parents for 6 months (separately!) to try to save as much as possible. I see a lot of people buying at my age now in Essex so it is possible here - you just need to know what your goals are and work towards them!

What salaries were you on?

Red-Squirrel_2

Malthusian wrote: »

A person leaving school at 15 had 55 years of working life + retirement to look forward to on average. Today someone leaving university at 22 has spent 7 extra years dossing around and partying, and still has 3 more years of working life + retirement to look forward to than the person born in the 1960s.

Most people leave university at 21, and most of them have spent at least 3 years in varying levels of part time and seasonal work. I don't know if its still common for 16 year olds to get part time jobs anymore now that compulsory education is up to 18 though.

SG27

wjr4 wrote: »

I'm aware the conversation has moved on a lot from the original post but I thought I'd just say that it is possible to buy in the south east still if you are willing to sacrifice having a life for a while!

I bought a 3-bedroom house in Essex (£260k), age 24 in 2016 with my boyfriend (could not have bought on my own though!). It is possible but you do have to sacrifice a lot (e.g. never going on nights out, no holidays, no new phones, no new cars, whatever else you tend to spend money on without thinking!).

The only difference is we were able to live with our parents for 6 months (separately!) to try to save as much as possible. I see a lot of people buying at my age now in Essex so it is possible here - you just need to know what your goals are and work towards them!

I did it in Essex in 2013. But took 8 years living with parents to buy a 2 bed at £210k at 30 years old.

Reue

I'm 30. My partner (29) and I bought our first house 4 years ago. A 3-bed semi detched with garage in the home counties. We did it with a 10% deposit, saved up over 3 years.

I see loads of threads of young people moaning that they'll never be able to afford a house. Unless you're in London I find it hard to believe that a working couple would be unable to save for a 10% deposit on a house within a reasonable timeframe.

Reue

ginger_chocolate wrote: »

If your wage is low and your rent is high you don't have space in your budget for luxuries anyway.

In such a situation the suggestion would be to move. Minimum wage in Ascot is the same as minimum wage in Hull.

wjr4

Red-Squirrel wrote: »

What salaries were you on?

Around £53,000 joint

moneyistooshorttomention

GreatApe wrote: »

That sounds reasonable and normal

Most people rent in their 20s and more accurately they rent part of a property and then they manage to buy when the couple up or inherit

Also nearly 1/5th of the housing stock is council owned which means 1/5th can never own they will always rent (privately or council). So the poorest 1/5th of adults won't be able to buy. As a lower paid 20 something you were likely in the bottom 1/5th in income and savings so again very normal

It doesn't sound "reasonable and normal" to me.

I read that post sympathising with it. Despite my mothers side of the family owning their own homes back to at least turn of last century - I honestly wonder whether I'd own a house yet (as a poorly-paid single person from dear area) if it hadn't been for an absolute stroke of luck providing me with the money for a deposit about 10 years late (ie in my 30s).

I'm now in my 60's - and acutely conscious that, if it hadnt been for that stroke of luck, I might still not own a house yet and might never own one.:eek: - and yes I was pretty darn good with money too and put in a noticeable amount of "extra" work too.

moneyistooshorttomention

Reue wrote: »

In such a situation the suggestion would be to move. Minimum wage in Ascot is the same as minimum wage in Hull.

By some people possibly - ie those who are masochistic enough to enjoy having their "ears blasted" for telling other people they "should" move from their own area - whether they like it or no:cool:

Reue

moneyistooshorttomention wrote: »

By some people possibly - ie those who are masochistic enough to enjoy having their "ears blasted" for telling other people they "should" move from their own area - whether they like it or no:cool:

Ah yes, far better to complain about the situation rather than taking practical steps to resolve it.

moneyistooshorttomention

Reue wrote: »

Ah yes, far better to complain about the situation rather than taking practical steps to resolve it.

:rotfl: at the thought of what karma is lined-up for someone that doesnt understand that concept of someone wishing to remain in their own area/knowing they're entitled to do so/etc :rotfl:

Some years as a refugee should do it and teach a little bit of sympathy and understanding...:cool: