Anyone else in the same boat as me?

Phirefly

I think it is hard but possible.

You do have to live like a hermit for a couple of years (well, like a hermit compared to those early 20s hedonistic years *sigh*) You do have to find somewhere really cheap to rent for a while. You do have to give up on the South and set your sights lower. You do have to work your @rse off to get promotions and pay rises then save every penny. You do have to sell your beloved frivolity-mobile and make do with a grumpy french skip on wheels.

It doesn't seem fair at the time but its worth it if thats what you really want. And if you can do all that on your own, how fantastic will it be when you hook up with Lieutenant Danielle and she's done the same, the two of you will be laughing.

MORPH3US

I have to agree with Phirefly, I do think its possible to buy houses today, but the spoilt generation we have become, we just expect things handed to us on a plate. In reality its damn tough to buy a house, you have to cut back all over the place, gf and I rarely go out any more, but at the end of the day things get easier when you get pay rises and inflation makes your house and the repayments cheaper after a few years...

My parents had it damn hard when the brought a house and now they are comfortable and happy....

Turnbull2000

I find it staggering that people still refer to the "housing ladder" for first time buyers. Yes, there was a time when it was hard for a few years and salary growth and inflation soon took care of you.

Unfortunately, as of 2007 and the forseeable future...

Salary inflation = low
Job security = low

Food inflation = high
Oil and fuel inflation = high
Tax burden = high
Pensions costs = high
Student debt = High

Then combined with...

Interest rates = low, long-term trends point upwards.

Either they have no kids, or wait a very, very long time before moving off the bottom rung.

Unknown1234_2

Turnbull2000 wrote: »

I find it staggering that people still refer to the "housing ladder" for first time buyers.

Either they have no kids, or wait a very, very long time before moving off the bottom rung.

I refer to the "housing ladder" as its just a visual as to starting at the bottom and working your way up (doesnt matter how long it takes).

You seem to have generalised "Either they have no kids, or wait a very, very long time before moving off the bottom rung."

Could we not, get a better job that pays more, move to a different part of the country etc?

pollyanna24

I'm not sure if I'm "lucky" because I am 26 and on my second house.

I met bf when we were 18 and from the start wanted my own gaff and kids. Started saving straight away and bought a house when we were 21 for £110K with £12K deposit. We worked so hard for that deposit and gave up a lot even though we were only teenagers ourselves! We bought miles away from London (where our jobs and families are) in order to be able to afford it.

We don't overspend on anything, never had, and never had the hedonistic early 20s, we just started our grown up life young. Haven't got the kids yet because we don't think we can afford them (as someone mentioned above), but I am thinking about it pretty soon.

chelseablue

There are plenty of people who cannot afford to buy so you are not alone.

Me and my boyfriend save over £3,000 every month (and that aint enough in the South East! :rolleyes: )

We are only able to do this because we still live with our parents and I have 2 jobs and work 60 hours a week :eek: and I drive an 11 year old car. I dont smoke or drink alcohol either, but then I never have so thats no big sacrifice (god I sound like a boroing old fart!)

It can be done but it is hard going!

Destined_to_be_skint

I completely sympathise Lieutenant Dan. We bought our first home last year and our mortgage payments are a whopping £1200 a month. How can someone afford that on a single wage without working in a professional career or one that gioves you a bonus? I wouldn't have been able to do it on my own even though I had about £35k + saved up as a deposit.

Some of the people on here seem to think you are expecting too much. I totally disagree. Before we bought all our friends that were fortunate enough to have met their life partner 5 years before us were saying that we should be looking at flats, in cheaper areas, commuting a longer way, etc. Their first houses (and they were HOUSES) all cost about £10k more than our deposit but now they are all whinging to me that they can't move up the ladder. How can I sympathise when their mortgage repayments are about a quarter of ours? The girls have all been able to give up work to have children and there is no way we can do that just yet. It IS unfair and there is a whole generation of university educated Brits that are not having kids cos they don't have their own home and cannot afford to stop working. If things carry on in this vein in 30 years time there will be no middle class to pay taxes, the chavs will have out bred them!

Turnbull2000

Melissa_Hewett wrote: »

I refer to the "housing ladder" as its just a visual as to starting at the bottom and working your way up (doesnt matter how long it takes).

You seem to have generalised "Either they have no kids, or wait a very, very long time before moving off the bottom rung."

Could we not, get a better job that pays more, move to a different part of the country etc?

Of course it matters how long it takes. Should a couple decide to have children, their first home may not be ideal.

As for moving and finding a better paid job, do you suggest they move away from friends and family for higher paid employment in the South East - where prices are proportionally higher. Or maybe where prices are lower but there's consequently a lack of high paying jobs?

You also seemed to have ignored my perception of inflation and living costs. Do you not disagree? If the cost of living is going to continue increasing, but salaries are not, then we're facing a situation where both partners are required to work full-time. Having a child or two may not be financially possible.

I should probably add that birth rates are currently being sustained by late conceivers (aged 35+) and immigration.

And should large numbers of aspiring FTBs move to a more affordable area, then salaries will be subdued or fall due to a saturated employment market.

If you believe it's as simple as you say it is, then you're quite frankly kidding yourself.

Dead_Eye_Jones

lieutenant_dan wrote: »

Coming up to mid 30s, desperate to own my own home, but not able to save enough for a deposit at the moment?.

Im just about to hit 30 and thankfully am a home owner. My route into ownership was to save hard right from the word go when I came out of education. I realised it was a longterm goal and built up a rather large deposit over years and years. Yep Im afraid it is a bit late to do now but really its your only option. Get saving and maybe in 5-10 years you can be where I am. Who knows, maybe a drop in house prices will help you out too, but even that on its own wont be the answer - you will still be in competition with other FTBs for the nice places.

Sadly we really need to get this message out. A house purchase takes time and planning and is not something you can wake up and do (unless you are lucky enough to be a high earner but most of us arent ).

I hope I can make that point to my kids. Its a bit like the ol' pension too. Starting at 20 and starting at 30 is the difference between struggle and comfort. Trouble is peeps these days think life is a party and whats the point if you cant have fun. Personally Im glad I struggled for the first 10 years cos its laid a foundation for the rest of my life. Things are getting easier.

Make ya choices and take the consequences.

Turnbull2000

Dead_Eye_Jones wrote: »

Im just about to hit 30

So you're about to hit thirty eh. If you bought at say 25 (which is quite a reasonable expectation), that's fits you in just before house prices doubled, tuition fees were introduced, grants abolished, final salary pension schemes pretty much abolished, unlimited immigration saturating the job market, and obscenely low savings rates.

In case you weren't aware, student loan repayments are at 9% of earnings over 15K. That's nearly £100 per month from my payslip. And thanks to the Government stealthily doubling interest rates on this loan, I'm now barely making a reduction on the capital.

Did I forget anything?

Enjoy your 30th :beer: