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

HPC_Ghuol_Hunter

How do your parents feel having to subsidise a man-baby still living under their roof?

buglawton

They must be feeling like the parents of the other 3.4 million adults (20-34) who live at home in the UK with their parents. In fact a third of all British males do.

MobileSaver

tommysaver wrote: »

Hopefully brexit crashes the market and corrects all property prices

ukcarper wrote: »

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.

^ This.

In the unlikely event there was a property crash, the irony is that you would find it harder to find your dream home. In a falling market the sellers of nice properties simply don't sell and getting a mortgage gets harder.

tommysaver

HPC_Ghuol_Hunter wrote: »

How do your parents feel having to subsidise a man-baby still living under their roof?

Luckily they are fine with it - for now at least, it can't last forever. What other choice do I have bar renting which would be worthless anyway?

I know many people in their 30's who still live at home, saving.

lisyloo

Well done for what you are doing and asking for advice.

I bought a house at 22 but with a partner, it’s going to be difficult alone.

Also as others have pointed out you need to lower your expectations.most people start with a flat in a less good area and not a family home with garage(s) and most start with a partner.

In your position I’d stay at home and continue saving but also enjoy yourself a little.
Get somewhere when you have a partner but I would advise a pre-nup or equivalent. I’m very positive about marriage having been happily married 20 years but out ltd company is still split 51/49 to avoid issues.

zagubov

tommysaver wrote: »

Luckily they are fine with it - for now at least, it can't last forever. What other choice do I have bar renting which would be worthless anyway?

I know many people in their 30's who still live at home, saving.

That's totally normal down here. Although another point worth making is that in London and I think most surrounding areas, the main way new buyers get into the property market is by saving into their thirties and buying with someone else/a partner/ a friend. In the meantime they lodge in digs or stay with relatives.

Twentysomethings aren't buying. They're moving north. As Hamish says Milton Keynes is more affordable. Parts of Bedfordshire might be affordable too.

With housing pressure like it is, how long can Luton resist gentrification?

lisyloo

Luton is I believe about an hour from kings cross.
There are places like woolwich arsenal (I think 8 mins from Canary Wharf) that are being gentrified first As they are much closer.

Lots of other areas I can think of - Vauxhall’s, tower hamlets, Whitechapel that are much closer that would get gentrified first.
Trouble is it all seem to be luxury flats that.go up min £400k.

You need to get in with an ordinary home first and then hope to benefit from gentrification. Nice trick if you can do it.
Personally I think Luton is quite a long way down the list due to having quite a few dumps closer to central London.

Barny1979

tommysaver wrote: »

What other choice do I have bar renting which would be worthless anyway?

What is wrong with renting? Would give you self-sufficiency, mature outlook and reliance on being your own person. I presume you are single?

theoretica

It is also worth looking in detail at the property ads, perhaps wander into an estate agent for a chat about what you might be able to afford. When I look at the general ads for my town I see an average price for properties which I think look OK and it is a good 50% over what mine is worth. Mine is bit small, city centre sized, but a bit further out where most homes are larger so didn't get either the high price of right close in, or of a bigger property.

lisyloo

Barny1979 wrote: »

What is wrong with renting? Would give you self-sufficiency, mature outlook and reliance on being your own person. I presume you are single?

What’s the point in renting if parents are offering cheaper rent?

We don’t know anything about the OPs reliance or otherwise.