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

That depends entirely on the individual and their work/family ties amongst other factors.

Eg someone who wants to live in Harrogate might have to settle for a cheaper area outside of Harrogate. Someone who wants to live in Richmond might have to settle for more affordable Twickenham.

You only need to watch a few episodes of location x3 to see that people compromise on their dream area to buy something they can afford.

Me and my sister both did at 22/23 (both in past 5 yrs) after graduating, without any family financial contribution but we lived at home and paid a small token amount of board. My brother didn’t because he chose to rent a flat after uni so he was about 26.

It honestly wasn’t a struggle at all. Most of my friends did the same around the same time frame without family help and it’s actually the more ‘working class’ friends who have managed to buy houses and the ‘better off’ friends who are renting. I assume their parents will probably just give them a deposit when they need it

this is the reason why many people commute into London rather than live there.

We all have a choice where we live, just don’t live in London.

You really can't figure this one out? You live in the north. Try buying anything on such low incomes as that in the south and those deposits are obviously much lower than you'd need to buy in the south too so it'd take substantially longer to save up.

Or even other parts of Yorkshire.

I think she might have considering how many people have posted the same thing?

They have half a property each. Are you concerned about what will happen when they spilt up from their partners? Assuming statistically people don't usually stay with their uni bf/gf for the rest of their lives.

Why be so bitchy? Everyone makes different choices. Hopefully they have lovely partners, and like where they live. You sound like you’re hoping for the opposite.

So many scathing comments on here.
Both my DC bought their first homes within 12 months of leaving Uni. We gifted each of them £5K which they put in LISAs, both saved ruthlessly whilst at and after Uni. Both bought cheap houses in cheap areas. Both are now on their 3rd house having upgraded and moved to better areas each time. Both did their own home improvements and went without expensive holidays, cars, clothes etc in order to fund their homes.

A friend of mine bought a VERY run down house for £450,000 where we live. It’s a 3 bed house, but really it should be called a 2 bed with a cupboard that happens to have a window in it. They’ve been doing work on it for close to 10 years now, just to make it in a liveable condition, put in heating and hot water, rebuilding bits that are falling down, and doing god knows what else. That’s the reality of buying in some parts of this country and is why I’ll never be able to buy unless I were to move up north.

The eldest still travels loads as their mortgage is pretty low. They have a fun life
younger one likes holidays but is much more of a homebody

Yes properties in many areas are more expensive than Yorkshire but that doesn’t make buying impossible. A one bed flat around here is about £300k. But there is always a cheaper compromise available for first time buyers - buy on a main road, train line, above a shop, tatty neighbourhood, further from transport links. Then trade up for your second home. It annoys me when people living in a top dollar neighbourhood complain about house prices, saying my children can’t afford to buy here. Then your children must buy where they can afford and work up to living where you live. Well done OP your children have made wise choices.

Honestly this is just how people are on here.

Young people can’t buy house = problem
Young people buy house and are happy = problem

Older adults slagging off young people’s (perfectly responsible) choices

Says more about the slaggers than the slaggees

There’s a lot of talk on mn and generally about it being impossible to get on the property ladder I envisaged my children living with us for years so I was surprised they achieved it in such a short time on relatively low wages . It’s not a bragg I thought it might be helpful for some people worrying their kids may never own a property

@WoollyandSarah

SNOB

They don’t really live in the North. South Yorkshire is smack bang in the middle of the country. They live in the Midlands. But prefer to call themselves Northern.
Why they are ashamed to live in the Midlands I do not know.

Well yes if you tweak this and tweak that and pretend a starter home is a two bed house you can make the numbers look terrible.

The reality is that in most of the country young couples can get on the property ladder and the timing will be affected by choices. Live at home for a while has always been the top way to save money (and its still an option for most), travel and live large and it takes longer to save up the deposit.

A starter home is traditionally a one bed or studio usually in a less popular area. That is what most people start with. Some move to cheaper areas further out to join the ladder a few rungs up.

For the bottom third it is tough- it always has been which is why talking in terms of generations is so stupid.

Young people from affluent homes get a leg up as they have always done. Young people from poor homes find it tougher. That is the group who should be targeted for better social housing. The bulk in the middle will get onto the ladder but it will require hard choices - as it always has.

Its also a good point to make. Its never been easy to get on the ladder for those of us who had no bank of Mum and Dad. Its not easy now. However to read MN you would think the entire millennial and younger generation were living in a cardboard box at the bottom of their parents’ garden and this is just nonsense.

As with previous generations some things are better, some are worse and when it comes to buying property people start small, move further out, live with the parents etc to save a deposit.

Of course this is also MN where any thread talking about children sharing a bedroom gets responses suggesting that sharing a room is some kind of human rights violation.

In the real world people are just cracking on with it.

I assumed from the bragging post you meant London.

London isn't the UK.

But why were you surprised when the house prices are so incredibly low compared to most places?

Its really not surprising at all to be able get a mortgage of £117k on a £130k house with joint income over £50k.

so your thread is about - do not worry, your kids can still own a property if they choose to leave in some of the cheapest areas of the uk.
However the majority of people live in the south and London, where wages are not much more than in the north and it is impossible to buy a flat without help.
thats why you hear/read a lot about it.

you should not be surprised your kids could do it, it does not mean everybody can or we would all move up north.

Good for them. Why the hell not if you have a permanent job, can split expenses and houses are affordable. Quite a few of my friends who are from up north got lovely new builds soon after graduation.

I'm not sure why it's an AMA? I'm not having a go, I'm just wondering what questions you're expecting?
I think if you're able to live in Barnsley, Rotherham or similar, you do have the opportunity to buy a cheap property, and that's great if you can.