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

https://www.reallymoving.com/property-market-insights-trends/home-affordability-map
Have look at this interactive home affordability map for the UK. Interesting!

When was that? And where did they buy? Presumably not in one of the areas where even a nothing-special 2 bed flat goes for £500k+.

'them' areas?

The op wasn't stealth bragging, she was just stating facts and illustrating how it can be done. She knows it isn't so straightforward for others but her information may be helpful to some posters.

If you’re jealous of OP, then you could do the exact same and let your children live with you to save ok living costs and advise them to go up north!

What a strange post/thread.

Half telling OP she has nothing to be proud of and anyone could buy a cheap house in a bleak northern down - the other half telling her to stop gloating!

Well 130k and 170k is quite achievable for a couple with two incomes. It’s usually single people or those living in the SE that can’t afford to get on the property ladder.

The op has explained all that, she is in the North of England and is well aware that house prices are reasonable where she lives. She did give quite a bit of information which may be useful for some.

Yes, so did mine at a similar age. They started work at 18 rather than uni, and have been ahead of the game in terms of promotions, plus the 3 years extra earnings and no debt, so were well placed financially at a time their peers were just leaving uni. They saved a lot from living at home, and starter homes round here at the time could be bought for £130k.
It's getting harder now as the same homes 4 years on are £200k. They are still being purchased by young people who have been working for some time though.
So imo if there's no parental help on offer you need to start work early, live in a cheap area and live at home and save if you want to get on the property ladder at a young age.

An employed couple buying a house in S Yorks. Cheap as chips, cheaper than renting, cheaper than a caravan in the South.

I can't see what there is to ask you, OP.

Is It particularly unusual? From the 8 who DD shared with through university 5 have bought properties by 25, four with partners and one on their own,
From the remaining three one is working abroad, one is living with parents and one is living and working in London and parents are paying rent.

Location has a lot to do with this, much harder in the South

If parents have the same attitude as you then it is no wonder that their children
cant save for a deposit. A lot of parents don’t charge any rent at all.

I love all the pp saying that they got on the property ladder at 23 in the south east after uni with no financial help etc. 😂

And wouldn't Mumsnet be a fascinating place if it was full of yawn threads like this.

Yes I live in an area where house prices are this high but we didn’t buy our first home here. We bought in a cheaper nearby area that was computable from.

My DC, 23, has saved hard and has the deposit for a home in the SE, but the problem is the multiples of her income don't match what is available over a 20 or 25 year mortgage.

in fairness there has been some genuine interest too

My younger dd genuinely considered a 40 year mortgage . I’m so glad she didn’t

Just looking at Rightmove for my area and take away the shared ownership, and you're left with a caravan or a bedsit in a shit block known for drugs and crime.

Houses similar to the one I bought with my ex 11 years ago (ours was actually bigger but these are house we actually looked at) are now going for £150k more. They're now out of reach for anyone on £50k.

Eldest was 4 years ago
youngest about 6 months ago

Yes all around the country young people are getting onto the property ladder - just not in zone 2.

All our young graduates at the regional offices get onto the ladder pretty quickly - some with partners, some solo. Those in London take a bit longer but do so by buying in less popular suburbs or commuting a bit further - just as young people always have. Those who have help from the bank of mum and dad jump in at the second rung of the ladder but its a surprisingly small subset.

But this is MN where anything beyond zone 2 is savagery and every house you buy simply must be ripped to pieces and renovated because darling - who wants last year’s kitchen?

Fortunately IRL people have more sense.

Mine has reasonable expectations of inheriting the family home in the next 10-15 years. She will need to keep her money liquid to pay the inheritance tax.
It's a strange world. Good luck to your girls and to you.

What a shame that the only ambition they had was to buy a little house and settle down in a small town

There are cheaper computable area within the SE.

My children are 4 and unborn I’m a little way of them having to move out. I’m not jealous I’m at a complete different stage of life.

Theres just no real need for this to be a thread on here 😂 what does she need advice on or help with? Nothing it’s a oh look at how great myself and my two adult kids are

When I was 23, I lived somewhere where the absolute cheapest shittiest flat would cost you £300k. I earned about £25k a year (no partner). My rent was £1000 pcm. I was was just managing to feed myself with some family help! But I needed to live where I lived for work opportunities. There was no chance of saving for a deposit at that age and there was no partner to purchase with. And Lord, I would not have wanted to buy with anyone I wasn’t married to anyway!

But this didn’t stop me saving and buying a beautiful house. I bought my first house at 40. For £800k, with a bit of inheritance and 10 years of savings, Dh and I had a deposit of £300k. We are in a very secure financial situation, will be mortgage free by 50 (within 10 years of buying). And we have a huge house with several acres.

It was absolutely the right thing to not saddle myself with a mortgage in my early 20s in a relationship I wasn’t committed to. I was out partying and getting a postgraduate degree and travelling and working abroad in my 20s and it was great.