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

Well good for them but they live in Barnsley/Rotherham. The South East is completely different!

Not even the South East!

Of course! They are super cheap that’s why they were able to afford them. Try to get something in London, it’s a different story!! Our property as first time buyers was 4 times higher.

Its the norm if you don't live down south its only on here everyone's kids are still living at home into late 20s or even 30s and not having kids until their 40. I don't know anyone who is still living at home past 25 apart from either severely disabled or the oddballs. Most people where i live buy homes in late teens/early 20s then start a family.

Presumably they would either one buy the other out or sell. . They put in equal deposit so there’s no issues over ownership

Ok thank you.

I live down south and I've been renting for the last 4 years before that I lived with my nan and at uni for 3 years without parent support . Lots of young people and those under 30 are in the same boat as me.

How much is am ordinary 2 bed terraced home? That's what ftbs used to buy. A semi was second rung up usually

The majority of the British population don't live in the south east, it's approximately15%.

According to Barclays, two £25k salaries and student loan repayments of £50 a month would enable you to buy your £21000 house with a £10k deposit

Yes down south which is exactly what I said.

A third of the population live in London and the south east. Add the south west and you're at almost half.

😱Where is that?

I mean... well done to your kids, but there are lots of variables here.

Not all people are in stable/committed relationships at 23. You can't compare buying solo vs as a couple

Some people live in high cost areas - buying a 2 bed semi in say most places in the North East is wildly different to buying a 2 bed semi in Cambridge for example.

Did they have any help with a deposit? Not all people do.

At 23, a lot of people have lower end paying jobs, so combined with the above factors, it's hardly surprising that some wouldn't get on the ladder.

I'm "fortunate" in that I'm in the North East. My 4 bed detached is worth around £250k or so. With a 10% deposit of £25k, I'd be looking at around £1,300 ish monthly payments. To buy my house somewhere like Cambridge, I'd be looking at the better part of £650k, so that's a £65k deposit, which would be around £3,300 per month. Now, obviously a 4 bed house isn't your typical FTB property, but people in some areas are looking at potentially more for their starter homes than I would pay if I was buying my house now, and unless you've got a great deposite from an inheritance for example, getting that on your own is never going to happen.

Our starter home was a two bedroom, red sandstone semi, built in 1898. We're still in it. Both retired at 60!

We joined the ladder in the 80s and then the starter home was considered to be a 1 bed for a couple, studio for a single (London but a less desirable part of zone 3/4 borders). We managed a 2 bed by buying a modernisation flat and gutted it ourselves, evenings and weekends. We also took on extra work on top of the day job.

It was hard going but it enabled us to move up to a 2 bed within a couple of years. If we had gone for high spec or better area or not been willing to put in the hours we would have been there a lot longer.

Our standard of living was not high - my DC have enjoyed a standard of living which my parents could not have imagined for us.

Not everyone is in a stable relationship but it was the norm when I was buying for friends or groups of friends to buy shared property. That was the only way to get onto the ladder. I did not know anyone at that time buying solo unless they had family money.

We were in the '80s too. I was 23, husband was 24. It cost us £27500, which was the top of our budget!

But we got 100% mortgage, no deposit. But the limit was 25 years and 3x highest salary + 1x lowest.

I do think young people have it harder because of the deposit thing, but in other ways easier as they can borrow more over longer periods and have much lower interest rates.

Presumably. Although, you say they all bought in their 20s but haven't said how old they are now....

This

A 4 bed detached house in Cambridge city (not the centre) will set you back at least £750k but more likely over £1 million. It’s one of the most expensive and desirable places to live in the UK now and attracts people from all over the world, for good reason as it’s absolutely beautiful and there’s so much going on there. It’s also very safe and all the schools are excellent.

BUT no one in public services gets a cost of living pay uplift. Nurses earn the same in Cambridge as they would in Middlesbrough where they can live like kings.

I’ve never understood why Cambridge doesn’t have London weighting yet a few miles West into Herts and South into Essex they do get it, despite having considerably cheaper housing than Cambridge! It’s bonkers.

On MN anywhere not in the SE is a bleak northern town.
Nothing wrong with Rotherham or Barnsley. One of my DC bought their first house on their own in Hull (also a busy city with great nightlife, good transport links, cheap public transport, friendly people and always lots going on.)
The mortgage was less than they had been paying in rent ( and rents are cheap in Hull).

Not tweaking, just adding the criteria for the more expensive of the places bought by the OP's DC as per this thread.

The reality is that most young people cannot get 'on the property ladder'. There is no property ladder anymore anyway-read up on it!
Living at home is an obvious advantage but many cannot do this. It doesn't take much imagination to understand why it might not be possible.
It's all very well you deciding that a one bedroom flat is an appropriate home for a FTB. A few decades ago, it was because most FTBs were very young. Now that the average is mid 30s, it is clearly unsuitable. Many will want to have a family by that age. Some younger people have ended up stuck in flats-see comment about housing ladder.
Younger people from affluent homes did not need 'a leg up' a couple of generations ago. There were far less 'hard choices', as you patronisingly call it. Homes prices were a fraction of what they are now relative to salaries.
Rotherham may be affordable to a young couple who were able to save up by living at home for a couple of years but much of the UK is not.

Humble brag this haha “look at my children owning houses” 😂congratulations, I guess?

30 for the youngest group, 34 for the oldest. Bear in mind that most have degrees but very little student debt as fees are free in Scotland.