For those aged 26-36 (Your housing situation)

[Deleted User] · 9 April 2019 at 10:34AM

I bought my house with my partner aged 27 and he was 34. Its a 3 bed house in a decent area, but we had massive help from my parents who gifted us some money towards our deposit. Truth is we would never had been able to buy our house had it not been for that help. Perhaps that should be an option on the poll as quite a lot of people have bought due to help from their parents.

Murphybear · 9 April 2019 at 10:36AM

homeless9 wrote: »

lol, we all know that anyone aged 50+ is on the property ladder, if those who are 50+ and not on the property ladder then something obviously went very wrong.

The poll is to see how 'millennials' are doing. The thing is - I bet you many people above 36 have voted on the poll so this poll is void anyway.

+ you would think most people signed up to a 'moneysavingexpert' website would be savvy with their money so they are most likely to be on the property ladder or close to being on it.

According to Zoopla

“Nearly a THIRD of people aged 50 and over now live in a rented home - up from just over one in four in 2011.

People in their early 50s have been particularly affected in the last five years, with the research showing a 15% increase in the number of those aged between 50 and 54 opting to rent, according to Saga.”

That article was a few years ago.

hb2 · 9 April 2019 at 10:49AM

Our (only) son is 33, living (renting) and working in London. He is saving for a deposit and getting to the stage of needing to make a decision. Does he carry on saving in the hope of ever affording anywhere within travelling distance of his work, or does he look at getting a toe in the property market elsewhere. Possibly looking at buy-to-let with our mortgage-free property as security :eek:- he is a sensible lad but the idea of losing my home has always terrified me, ever since Mum and I were evicted when I was a teenager.

FreeBear · 9 April 2019 at 11:16AM

Murphybear wrote: »

"People in their early 50s have been particularly affected in the last five years, with the research showing a 15% increase in the number of those aged between 50 and 54 opting to rent, according to Saga.”

Judging by the number of adverts on sites like spareroom, the increase in the 50+ looking for rented accommodation is quite believable.

lisyloo · 9 April 2019 at 11:20AM

homeless9 wrote: »

lol, we all know that anyone aged 50+ is on the property ladder, if those who are 50+ and not on the property ladder then something obviously went very wrong.

Looks like you’re quite wrong about that.
The biggest single issue for most people I reckon would be divorce, but there would be a number of other isssues such as failed business or career, health (physical or mental), addiction.
The latter you could call going very wrong, but divorce is common and normalised these days.

lisyloo · 9 April 2019 at 11:24AM

homeless9 wrote: »

I am single, I live in one of the most expensive towns outside of London (Surrey), I have a low paying job....

So even with such a big deposit I can only afford a 1 bed apartment around here and the types of apartment I want are rare (new build, in a small block, ok area, ok size)....

So my dilemma is:

1. Do I move away - much further away, somewhere I can afford a house.

2. Do I buy an apartment, find the love of my life, then buy a house with them.

3. Do I keep renting and investing. I am into the 'risky' investments. Cannabis stocks and Cryptocurrency. I am sure crypto will go crazy again and the Cannabis sector likely has massive growth ahead. There is a life changing opportunity here, of which could mean early retirement or at least an outright buy of a 2+ bedroom house. Obviously there is money to be lost, but I feel I play this game sensibly.

It's interesting to see where I stand amongst others in my 'age group'. Although I have decent savings I still feel poor in that I can't afford to buy a house, I feel that even with all this cash - I am behind others.

Your struggling because of the area you live in.
From an outsiders point of view the logical thing to do would be to move.
What is holding you back from moving?
Do you love your job?
Do you have ties with family and friends?

Could you easily replace your job somewhere else?
Could you still visit your family and friends (advance train ticket from brim to London is £8 on virgin) or do you have much closer ties?

We have some ties with elderly parents and friends but we manage going home once a fortnight.
It’s not ideal but we have a clear view of why we are doing it (to retire at 55).

spadoosh · 9 April 2019 at 11:31AM

Bought my house at 24 (nearly 32) with 10% deposit. Bit of a worrier so ensured the property would be suitable for us (within reason) until we die. Still in the same place, more than likely will have the mortgage paid off by 40 although i suspect we will be looking for somewhere with more land before then and thus more mortgage. as mentioned this would be to satisfy wants, our property suits our needs perfectly.

Cakeguts · 9 April 2019 at 11:58AM

People have never been able to afford to buy in expensive areas where they earn a low wage. This is not something new.

homeless9 · 9 April 2019 at 12:39PM

Cakeguts wrote: »

People have never been able to afford to buy in expensive areas where they earn a low wage. This is not something new.

True, but I am probably a rarity in that I have a lot of savings. I can afford to buy, just not what I want, unless I go through shared ownership which is probably not a good way to go. I am never going to earn a decent salary, but I don't think that will be a problem because of my savings and because I will continue to invest some of my money. If I meet someone with half decent savings/ a half decent salary....then a 3 bedroom house here in the South will be affordable for us.

I have thought about moving away. It is an option.

worried_jim · 9 April 2019 at 12:50PM

Bought my first with 100% interest only mortgage at 28, 3 bed semi, never lived in it, rented it out for two years making about £75pm. Sold it after two years and made 100%, used that as a deposit to move and buy a two bed flat in Brighton at aged 30 which has since doubled in value, no plans to move just yet, but if things go according to plan will sell and move back up north and buy a three bed detached in approx ten years and a place in the sun.

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For those aged 26-36 (Your housing situation)

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