What chance does a twenty something year old have in the South? Anyone else in a similar boat?

worried_jim

Don't panic OP, come April 2019 they'll be worth 25p or 5 for a £.

tommysaver

CavendishWobble wrote: »

Tommy, I am in my late 20s and in a similar situation to yourself and unfortunately things are not great for our age group but just means we have to work harder to get what we want. But we can get there.

I have three sets of friends:
Group 1: "House prices are too much il never get a deposit so il just wait for bank of mum and dad"
Group 2: "House prices are too much, i cant get a deposit (no bank of mum and dad) so i give up and feel sorry for myself"
Group 3: "Its going to be real tough but i really want this so i am going to work harder"

You want to be in group 3

Now that's a very positive attitude, I salute that - something I've been diminishing for ages now... problem is mate I don't think I'm going to get there with another 10 years of saving at this rate. I need to earn more!

I'll be in Group 3, I just feel like we've been dealt a bad card through no fault of our own haha.

Some other groups for added lols factor include:

Group 4: I'll have loads of children and get a free flat! - Full time mummy types

Group 5: Bank of mum and dad pay for them to have a house somewhere, then they usually get pregnant right away! Alright for some! Ha

Cheers

HAMISH_MCTAVISH

You do what anyone in that situation has always had to do....

1. BOMAD
2. Earn more money
or...
3. Start looking for places within an hour or so commute to friends/family/work and find the best balance of area/transport links/price.

For example Milton Keynes is well within an hour of most parts of Bucks and decent 2 bed flats (or rather nice 1 bedders) can be had for circa 140K. It's not the poshest of areas, but it's a lot better than Luton, and perfectly adequate for most young folks looking to build equity in a starter home...

I'd wager similarly priced and perfectly adequate (ie, 'not disgusting') areas can be found within 45 to 60 mins commute of anywhere in Bucks, or just about anywhere in the country for that matter.

tommysaver

ruperts wrote: »

I'm sure many people's first houses were in areas they might have preferred to avoid. But those are the kind of sacrifices that often need to be made to get on the ladder. I'm sure there's pockets of Luton that are just fine anyway.

You didn't mention having a family in your first post. Ordinarily a family would have two earners, and that would increase your options. If it's just you then you don't need a family home yet. Besides, many families get by perfectly well in terraced houses.

To be fair, you raise some good points.

But, Luton - nah!

I know I didn't really mention family in my first post, but if it's just me - I'm comfortable (for now) at home still. The whole goal here is to try and do it once to somewhere half decent, at this rate I'm not going to be thinking about having children until I'm 40!

tommysaver

HAMISH_MCTAVISH wrote: »

You do what anyone in that situation has always had to do....

1. BOMAD
2. Earn more money
or...
3. Start looking for places within an hour or so commute to friends/family/work and find the best balance of area/transport links/price.

For example Milton Keynes is well within an hour of most parts of Bucks and decent 2 bed flats (or rather nice 1 bedders) can be had for circa 140K. It's not the poshest of areas, but it's a lot better than Luton, and perfectly adequate for most young folks looking to build equity in a starter home...

I'd wager similarly priced and perfectly adequate (ie, 'not disgusting') areas can be found within 45 to 60 mins commute of anywhere in Bucks, or just about anywhere in the country for that matter.

Interesting points, thanks.

The main issue I have with that is I'm fairly into my vehicles and a flat doesn't really suit my needs for various reasons (I know. I know, but if you don't take pleasure in some things then whats the point in living anyway!)

The main concern / worry factor with that too is that supposing you get equity into a flat of some sort, and then the market does crash due to brexit or whatever.. your then mortgage'd up to the eyeballs and screwed over, and it could/would likely take years and years to get back on track, might not even increase.

So for me, not really interested. I'll have to try and earn more and hold out. Ha.

HAMISH_MCTAVISH

tommysaver wrote: »

Interesting points, thanks.

The main issue I have with that is I'm fairly into my vehicles and a flat doesn't really suit my needs for various reasons (I know. I know, but if you don't take pleasure in some things then whats the point in living anyway!).

Ah...

So it's not a case of being unable to afford somewhere appropriate for a typical 20-something within a reasonable distance of where you work then.

It's a case of wanting a house with a garage to support your vehicle hobby on a single pretty average salary in one of the most expensive areas of the country.

I think the term for that is 'Champagne taste on a Beer budget.';)

tommysaver

HAMISH_MCTAVISH wrote: »

Ah...

So it's not a case of being unable to afford somewhere appropriate for a typical 20-something within a reasonable distance of where you work then.

It's a case of wanting a house with a garage to support your vehicle hobby on a single pretty average salary in one of the most expensive areas of the country.

I think the term for that is 'Champagne taste on a Beer budget.';)

You sum it up so well.. :beer:

Hahahaha! Well, in an ideal world, yes!

But no - in real life, I accept they will be sold when the right time comes for a property. That time, is not close yet. I have no real desire yet for an 'appropriate' place as mentioned above (well, because anything worth having is like £450/500k) I am comfortable at home and it makes financial sense for now.

Hopefully brexit crashes the market and corrects all property prices

ukcarper

tommysaver wrote: »

You sum it up so well.. :beer:

Hahahaha! Well, in an ideal world, yes!

But no - in real life, I accept they will be sold when the right time comes for a property. That time, is not close yet. I have no real desire yet for an 'appropriate' place as mentioned above (well, because anything worth having is like £450/500k) I am comfortable at home and it makes financial sense for now.

Hopefully brexit crashes the market and corrects all property prices

Then you will find it extremely difficult to get a mortgage, the best thing for you would be for property prices to stagnate or fall very slowly.

Apart from a few times it always been extremely difficult for a single person on average earnings to buy a house on their own in south east. I had to move 20 miles to find a house in 1970s and that was with my wife as a single person I would not have been able to.

poorweelass

I think you are missing a point

Your first home needn't be your family home

Im a Londoner, first flat was beside a pub which had drug dealers and prostitutes working from it, beside a tube station

But the flat was beautiful, secure, with parking

Then we needed another bedroom or two so we moved a bit further out - still on a tube line - got a small mid terrace which was a doer upper, lived in it whilst doing it up, and then sold that for nearly 4 times what we paid for it and then bought the "family home" in a much nicer area, where we have taken pay cuts, but can afford to now as the mortgage wasn't so high then with over payments we became mortgage free within 10 years

Being a Londoner, all that was important to us at the start was we were on a tube line in and out of the city. We were young enough to cope with the commutes. As most Londoners will say, we worked and commuted so many hours that all that was important for us in choosing our first homes were that the neighbours were good enough

That, I think is the price you pay for living and wanting to stay in the area. None of my family now live in London as each house move moved us further away. None of us thought our first purchase was ever going to be our last

buglawton

tommysaver wrote: »

Now that's a very positive attitude, I salute that - something I've been diminishing for ages now... problem is mate I don't think I'm going to get there with another 10 years of saving at this rate. I need to earn more!

I'll be in Group 3, I just feel like we've been dealt a bad card through no fault of our own haha.

Some other groups for added lols factor include:

Group 4: I'll have loads of children and get a free flat! - Full time mummy types

Group 5: Bank of mum and dad pay for them to have a house somewhere, then they usually get pregnant right away! Alright for some! Ha

Cheers

Category 5: The Royal Family