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to think I'll never buy a house?

(76 Posts)
histoes Mon 18-Mar-19 13:27:17

I'm 28, single mum, earn 24k a year which could go up in future but by a maximum of 6-8k. Feeling like time is going to keep ticking by and I'll never be able to afford a house. I had to leave the family home as my ex had enough money to buy me out. We didn't live there that long so only had 8k in the house which has partially been used to pay off debt and a car as mine fell apart.

AIBU to worry that if I rent for the rest of my life that things will be tough for me? Lots of people must be completely priced out of the housing market so not sure why I'm so worried about it. Feel like with a tiny baby I'm going to be on my own on my income alone for the foreseeable future...

Anyone else worry about this?

NotSuchASmugMarriedNow1 Mon 18-Mar-19 13:30:21

All is not lost. How much are houses in your area? I swear i'd live in a one bedroom flat that I owned before I paid rent on a two bedroomed place.

How much is a one bedroom flat. It will get you on the housing market and you can give baby the bedroom and use the living room as a studio room for yourself to sleep in. Theres lots of inspiring ideas on pinterest etc etc.

CoastalWave Mon 18-Mar-19 13:33:01

I feel the same and I'm a lot older than you!

45yrs old, with a failed relationship behind me (he's now living in our old house with his new wife!, quids in as the house went up in price massively) ...Now very happy with new husband and kids, but we are stuck in renting.

The cheaper house (even in a crap area) around here is about £180k. The most the bank will lend us is £150k. We are currently renting in a nice -ish area and our kids are in catchment for an excellent secondary. We would need £400k to buy a house here!

Singlenotsingle Mon 18-Mar-19 13:33:46

Whereabouts do you live?

histoes Mon 18-Mar-19 13:34:22

@NotSuchASmugMarriedNow1 he's only a few months and I'm not looking for a relationship so he could stay in my room for 2 years. I'm attachment parenting so can imagine he'll be in my bed for a while! I live in Nottingham and need to stay here because of my job. It's a decent wage as it's 24k part time but going back full time doesn't make sense with nursery costs.

A fairly decent 1 bed could be anywhere between 110000 and 140000 (lots more expensive than this but I don't even bother looking!). Would ideally like a 2 bed for when he gets older but I guess beggars can't be choosers..

histoes Mon 18-Mar-19 13:35:05

@CoastalWave hugs thanks

histoes Mon 18-Mar-19 13:35:27

@Singlenotsingle I'm in Nottingham

histoes Mon 18-Mar-19 13:35:55

I just don't know how I could ever save up a deposit 😥

MummyStruggles Mon 18-Mar-19 13:37:38

You'll be surprised at how many people are in the same boat, OP. Me included. I'm 34 years old and my husband is 45. We're very happy and have 2 healthy kids but can only rent as house prices are going up, our wages are staying the same and we just cannot afford to get a deposit together. We looked into it recently and we'll need at least £25k for a deposit. We just don't have that cash readily available. Who does nowadays? I worry every day that we'll never be able to do it.

histoes Mon 18-Mar-19 13:40:00

@MummyStruggles it's so hard isn't it. I know I'm only 28 but the idea of renting, raising a child and saving for a deposit seems impossible!

NotSuchASmugMarriedNow1 Mon 18-Mar-19 13:40:24

£24k x 4 gives you £96k - i'm guessing with a hefty deposit you could just about afford a one bed. Have a think about 30 year mortgages too.

dreamingofsun Mon 18-Mar-19 13:40:59

you arent alone. my kids are graduates and live with partners with no kids. they all earn a lot more than you (this isnt meant to sound braggy), but unless they move to a much cheaper location and change jobs they will never be able to buy either. seems to me that if you live in the south you will never be able to buy however hard you work unless you inherit a shedload of money.

NotSuchASmugMarriedNow1 Mon 18-Mar-19 13:41:32

Could you live in a house share with another single parent for a couple of years. That would half your living costs and you'd be better able to save a deposit then.

histoes Mon 18-Mar-19 13:41:46

@NotSuchASmugMarriedNow1 I can't find anything for that little money, it's just not enough...

NotSuchASmugMarriedNow1 Mon 18-Mar-19 13:42:52

No I mean £96 is what you borrow, the rest comes from your deposit

MummyStruggles Mon 18-Mar-19 13:43:58

So hard, histoes. I wouldn't mind but our rent is £800 a month, we've never once missed a payment and look after the house as if it was our own. It's quite clear we can make the repayments of a mortgage but it's just that initial deposit, I think it's also impossible, especially with the lost of living rising.

Chloek1994 Mon 18-Mar-19 13:45:08

My partner & I have bought a very small 2 bed flat , I dont thimk we could ever afford a house now. We have a 4 month old so god know how we could ever save up that kind of money now. But I just keep thinking the bills & morgage are so much cheaper for this flat rather than a house x

Tomtontom Mon 18-Mar-19 13:47:40

You've got plenty of options for less than £110K around Nottingham and for more than one bedroom! Where are you looking?

HairyToity Mon 18-Mar-19 13:47:41

One day your little one will be at school and you won't have the childcare costs. You might also choose to work longer hours. Situations change. I wouldn't give up on home ownership at 28.

ThatFalseEquivalenceTho Mon 18-Mar-19 13:49:39

@Histoes I’m in Nottingham. Are you close to the City Centre? There’s a lot of much bigger than a 1 bed apartment for much less than that if you look carefully.

histoes Mon 18-Mar-19 13:49:56

@Tomtontom I'm looking everywhere! I just need somewhere I can park and that isn't right on the outskirts. I must be missing something...

histoes Mon 18-Mar-19 13:51:57

@ThatFalseEquivalenceTho I'm in Beeston at the moment. I need to be within 30 (ish) mins of annesley which is in my contract for work.

Mymycherrypie Mon 18-Mar-19 13:55:33

I get what you’re saying but it can be done. Auction? Move further out than you would like? Borders of a currently run down but on the up area? Big one bedroom that you can split in to two? Sofa bed for a few years? Shared ownership? You have to think outside the box for a little while.

Some two beds here are £70k

TinyMarie Mon 18-Mar-19 13:56:37

Shared ownership scheme? Better to own a percentage than none!

Tomtontom Mon 18-Mar-19 13:59:49

Mansfield, Arnold, Hucknall, Kirkby, Sutton, Newstead.

Closer to Nottingham you've got Bulwell, Basford, St Anns, Hyson Green.

And more!

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