Both my dc bought their own houses at 23 AMA

[joezoealfiecasperoli]

I hear a lot about this generation not getting on the property ladder and it is a big problem. I was amazed when both dc finished uni, got jobs and bought houses within 2 years of graduating.
To avoid drip feed
Yes they are mortgaged
They both bought with partners

Go them?

Where did they get a deposit?

Deposit.
incomes.
area.

for all 4 of them.

Great.

If you don't live in the SE it's not that unusual.

Eh?

Did they live at home before buying and/or pay rent? Did you gift/loan them part of the deposit? Do they and their partners earn a lot? Did they have to make big sacrifices to be able to buy?

Yes, would like to know all of this too.

What an odd thread. All 4 of our children were on the property ladder at 21, inheritance and/or savings from parents often facilitates children buying their first home early. It would be very unusual for someone at 23 to have savings on their own to buy property without help from somewhere.

Ok?

Why wouldn’t be unusual for a 23 year old to have savings?

Saved for two years and used a lisa where the government pays in as well

How much was their deposit ?
And what percentage of the price it was?

What area did they buy and what was the property price? Much easier to buy a small home up north than SE

Cool

Did each of your children independently decide to save for a house deposit and use LISAs or was that specific advice that you gave them? What were their salaries from getting their first jobs at aged 21 or so, and their partners salaries?

I would like to gauge if this is wealthy people being wealthy, or average earners being particularly frugal and focussed solely on house buying.

dc 1
deposit 10% 13k
income 51k combined
Rotherham

dc2
deposit 10% 17k
income 52k combined
Barnsley

bargain basement prices. No wonder

To purchase a house with a decent deposit where I am they’d need a good amount of savings. Part time wages if still studying don’t bring in much to save.

I’m curious to learn how a 23 year old could accumulate enough savings and have a full time job earning enough to secure a mortgage? Could you please point out where I said they wouldn't have savings? What I said was It would be very unusual for someone at 23 to have savings on their own to buy property without help from somewhere.

What was the house price?

That's nice. Lots of people will however question settling down so young and wonder whether the relationships will last. It's very young and wouldn't have been for me.

Also it's kinda unhelpful for anyone that age who hasn't got a partner.

All lived at home I charged £200 for rent per month each. Their partners, 1 was charged £150 rent the other nothing.
No gifts for deposit We did give them £750 each for furniture.

No help from anywhere other than government scheme

Yeah, but they have to live in Barnsley and Rotherham.

10% one 13k one 17k