How I bought a flat in London at age 25

Newnoel

Proof, despite all the caterwailing on here, that if you are determined enough, it is still possible to buy your first flat in your mid-twenties:
How I saved for and bought a flat in east London aged 25 | Evening Standard

A really lovely good news story for a strong young woman.

NB: No avocado toast was harmed during the writing of this article.

teachfast

Not really news, nor is it remarkable. Just a person making sensible decisions, as most people do every day.

Newnoel

teachfast said:

Not really news, nor is it remarkable. Just a person making sensible decisions, as most people do every day.

It really should be unremarkable, but if you listen to some of the reasons on here why FTBs are supposed to be struggling to get onto the property ladder, you could be forgiven for thinking that it is impossible for people in their mid-twenties to buy. 

This proves that it is perfectly achievable to buy your first home, if you want it badly enough.

 

Slinky

That's very nice for her, but if you're on minimum wage £8.91 per hour, no amount of staying at home or not spending money on clothes will get you a £198K home however badly you may want it.

Owleyes00

Is it just who finds it a really depressing indictment of the generational wealth gap in this country that she had to buy a flat from a developer who “specialises in smaller than normal apartments” to be able to get on the ladder 🤷🏼‍♀️

Greymug

From the article "I was quite intense; I didn't go out or buy clothes or anything like this."

Great! Let's be a hermit and a massive scrooge in my late 20's so I can save enough to buy a property and have a mortgage on my neck for the next 30 miserable years of my miserable life.

What a life.

steampowered

Greymug said:

From the article "I was quite intense; I didn't go out or buy clothes or anything like this."

Great! Let's be a hermit and a massive scrooge in my late 20's so I can save enough to buy a property and have a mortgage on my neck for the next 30 miserable years of my miserable life.

What a life.

Exactly. Meanwhile the Op with his mansion and multiple BTL properties (if you believe his posting history) is perfectly happy to live a luxury for himself off the backs of the younger generation he tells to "save harder". 

grumiofoundation

So saved ~30k in 3 years. Although not completely clear if a) living at home and b) if so was rent paid?

As often the case with articles like that no actual details provided. 

If paying rent and doing temporary jobs for most of the time saving - very impressive. And the article actually does her a disservice but not making this clear! 

If living at home, paying no rent, on 36.5k (>2k per month) for most of that time then saving <1k per month looks less impressive. 

Further highlighting the journalist quality I noticed the quote: 

“Taking advantage of the stamp duty holiday” 

Is that the stamp duty holiday that made absolutely no difference to a FTB buying a property less than 300k (price in article 198k)? 

Cheese1990

Tbh it's not inspiring its depressing young women lives at home for 3 years on a reasonable salary for most of that I'd guess and with minimal expenses able to buy a flat. If I'd lived at home on that salary I'd of been able to save that much and still of gone out and on a couple of cheap holidays 

maisie_cat

Slinky said:

That's very nice for her, but if you're on minimum wage £8.91 per hour, no amount of staying at home or not spending money on clothes will get you a £198K home however badly you may want it.

But improving your qualifications & skills to get a better than MW paid job will help. People in low skilled work have never been able to afford to buy. There are far more ways to learn now than when I did A levels aged 25 at evening classes.

AdrianC

38.7m2 flat for £200k (after 20% "discount")

https://goo.gl/maps/ecqbCy9BRN39CHpU8
https://www.rightmove.co.uk/properties/108605285#





Minimum space standard is 37m2 for a one-bed with one occupant, 50m2 for one-bed with two occupants.

£36k salary.
15% so £30k equity, north of a year's post-tax income without any spending at all, no student loan repayments, no pensions etc etc.
85% so £168k mortgage, so 4.6x.

"The Garden Room is communal space with bean bags and laid-back interior décor, this versatile room can be booked out for fitness classes, yoga or events. There are electrical sockets and workspaces – just in case you fancy working somewhere other than your home."

Any bets on the service charges?

There's stretching yourself for a benefit, and there's stretching yourself for a millstone around your neck without much in the way of future-proofing at all.