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

I purchased a flat age 25 with my boyfriend, now husband. I was out every other night, lots of friends, experiences having a laugh. Took extended periods of leave went backpacking to South America and Africa for 3 weeks each time while both working. I was living my best life- not worrying about mortgage payments because our incomes meant we could afford it and it was much cheaper than rent. I lived near the city so could walk in.

Money was still tight but I prioritised it on experiences rather than clothes, tech etc. I’ve moved jobs many times and worked in different places. Much later we went onto buy two houses and have a family.

I’m not sure what your point is? I lived the exact same free lifestyle when in my 20s/30s you describe without paying astronomical rent and built my asset base. I’m on track for a very comfortable retirement lifestyle (apparently in top 7% according to the report earlier this week) so I’ll be living my best life again when I take early retirement. If I’m blessed with good health of course.

I think you can settle down young and still have a great fun-filled life.

There you are. It’s because they live in Rotherham and Barnsley.

They’d never be able to buy in London with those tiny deposits and low combined incomes. And that’s where a lot of young people need to be for work.

They are very lucky kids - this isn't the norm . I've been renting for 4 years and have 2 jobs and I don't have a deposit at all. I also have a masters and chronic illnesses but it's the renting that causes me issues

Left Barnsley to live in London....bought house 230k and it's worth 540k now..
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Then, as this thread shows, it’s easy for young people to buy houses unless they live in London or the SE. So it’s not a UK wide problem.

Also, there’s been people posting they would rather travel than buy a home.

Personal choice.

Living at home is most definitely parental help. Many people don't have this advantage.

Of course its personal choice, but the thread is a bit bizarre.

theres no magic formula, or neat or extreme way her kids did this. It wasn’t through saving their entire wage.

and I’ve never got the have mortgage or go travelling dilemma- especially if you’re buying outside London. A 13k deposit gets about 2 holidays.

its usually cheaper to have a mortgage and rent.

As a young person with a mortgage, I travelled widely and let out my property

Good on them.
They will not be wasting money on rent so it is a great start.

Skipton 0% deposit mortgage it tracks your rent payments xx

Wow, those prices are so low! You’d not a get a tiny 1 bed flat for less than 250k where we are. My son (25) and his gf rent in London. They have saved a big deposit (60k) and have good incomes. They think they’re years off being able to buy. Plus, they want to travel first.

My son and his fiancee bought at 23, still live there and have also travelled extensively. They're off to Australia for a month in September. Some people do both!

It’s also easier to do both - mortgage repayments tend to be cheaper than rent.

Not many want to live in those areas though.

It's not 'easy' and it's not just London and the SE. There are plenty of other parts of the UK where house prices are unaffordable for people in their 20s without lots of family family help.

Someone posted the map below earlier which is interesting. If you set the limit at £170k, the more expensive of the two properties bought by the OP's DC, and put 2 bedrooms, there are very few green areas and limited yellow. Bearing in mind that we are talking of young, FTBs here, the situation will obviously be much worse.
www.reallymoving.com/property-market-insights-trends/home-affordability-map

True enough.

Except all the people who live in them...

Must be my part of the UK then because my sons and their friends all bought in their 20s.

I'll organise them a parade to celebrate

Which is a tiny % of the population.

Arguably not all the people who live there, want to live there.

How would you know? 😂

A lot of people who work in London commute in from more affordable areas.

I think it would be a fair assumption about most areas for at least some of the population (especially cheaper ones as often people are priced out of their preferred area so settle for somewhere that wouldn’t be their choice but is affordable).

Which is why commuter belt areas are also more expensive.

Where do you think they want to live?

There are some cheaper areas:
Medway
Luton