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, my family and friends must be outliers!

Yorkshire is lovely. My DD bought a house, no partner, one wage, in Leeds last year. It's a beautiful 4 bed, 2 bath house backing onto parkland, with off road parking and a front and back garden. I am very proud of her. I also know that there is no way she could have afforded to get on the property ladder if she lived in the home counties or London.

True
He had 7 years to save
If you go to Uni ( with pt job to help pay for rent and keep whilst at Uni )
You finish first degree age
21 so in 7 years you would be 28
and more people by that age after Uni are buying especially if part of a couple

I agree

thats brilliant for them. As long as you have a partner and mum and dad let you live for £200 a month or less for 2 years then of course it’s possible. Easily saving £1000 a month each obviously depending on salary and area but you and their partners parents have essentially given them a massive deposit

People keep posting this as if it’s a bad thing. Surely it’s a good thing?

I think my lived experience might be more relevant than stats from “zoopla”.

Well it doesn't sound like there's much point living in London if they can't even earn NMW. I thought the argument about moving to London was that people got great jobs and earned lots of money, but apparently not.

I know. They seem to be the poorest young people in the UK!

Well we have statistics for a reason
It’s So the country isn’t run based on personal experience

We are just a cog in the wheel and tbh if you think statistics is irrelevant and your personal experience more relevant then it seems you don’t understand statistics

Ill leave it there if that’s the case

but just to inform
This from the ONS

‘ What statistics do we produce at the ONS?
We produce statistics that help us understand the UK's economy and society, and the population of England and Wales. This includes statistics about:

• business, industry and trade
• inflation and the prices of products
• investment and pensions
• people in and out of work
• what jobs people do and how much they earn
• births, deaths and marriages
• education
• health and social care
• the age and sex of the population
• housing
• well-being

This list is just a small example of the topics our statistics cover. Who uses the statistics we publish and how do they use them? Organisations use our statistics to make important decisions that affect us all. For example, local government use the information to help plan services, such as schools, healthcare and rubbish collection. Businesses use our statistics to decide where to establish themselves, which can create job opportunities. Charities also use our data and statistics to help target their support and help get the funding they need. Individuals use our statistics too. For example, parents use our statistics about baby names to choose a name for their baby. In some cases, we are asked to provide statistics in response to important issues. This helps to inform major decisions, such as during the coronavirus (COVID-19) pandemic.’

It very much depends where you live. Ds snd his girlfriend bought a house in a cheap part of Suffolk at aged 24. They could not have bought in London or SE. They always were savers and although did not live at home post uni did work throughout uni.

Okay, yep so they bought in some of the cheapest parts of the country.
It’s great but not comparable to renting in London and trying to buy in commuting distance.

It is a good reason to live outside the South East but for many who were born raised and have families in the SE it’s not easy to up sticks.

I’m not reading all that. Sorry.

Ds was 23 last week and hopes to buy a 2 bed house within the next 6 months. He graduated last year, is single (ASD) and has had no help from anyone with regards to a deposit (we are on UC). He lives in the south.

DS deposit saved so far £30k
Income £41k
Hampshire
Has not lived at home since left university, living in a HMO atm

If that £41k is gross and he’s saved £30k in a year from the take home of approx £33k

He's almost saved every penny
Well done him !
I think it’s the best way to achieve this homeowner goal

My Son and DIL had his their home by 25, saving like mad. However, my Daughter and her then boy friend (now husband) bought at 21 years. They used all their savings, and bought a "doer upper" made it look fabulous then sold it after 4 years with 100k profit to put towards a bigger house.

Both live in the South East, my DD is still only 34 and DS 38 yrs. It can be done... Well few years ago it was.

Good luck to your son ❤️

Never claimed to find the cure for cancer. Just said that buying a small property in Rotherham isn't some grand achievement.

Yes, a limiting life is what the OP's dc are doing IMO. She posted about her dc!

Close, that is subjective. Knowing the ins and outs of her adult dc's finances and that of their partners is a closeness too far for me.

But the OP posted. We are free to share our opinions.

Just wanted to say it’s lovely that you’re clearly so proud of them! I also bought my own home a month after my 23rd birthday, on my own though and was so proud of moving up the property ladder on my own, I didn’t have any financial help whatsoever just worked my arse off in my career, upgraded my home three times to my current beautiful home which I bought by myself in 2021 but became slowly invaded by my partner, dog and two children 😂

@Stirabout it is gross but he earns another couple of thousand from a hobby of his and he has always worked and saved throughout university (not excessively but constantly). His room including bills is about £450 a month - nothing fancy, no ensuite but clean and close to work. He is determined to reach his goal and doesn't mind some sacrifices eg bought a 2nd hand mobile a couple of years ago and pays less than £10 a month sim only.

Wonderful !

I as think about this today, all the people I know in their 20s that have purchased a house are in trade, not been to university. They have a trade that, with some of them they have gone self employe after buying a house. Think carpenter, electrician, plumber, decorator, plasterer. Often did work on the side at weekends. They didn't have a £40k debt from 3 years studying and are in jobs earning average or above average wages.

They've not only had 7 years to save but have a decent wage to save from

Agree and of course it makes sense that the younger you start work the younger you can save and the younger you can use those savings
I was 25 ( long course ) when I finished Uni. I wouldn’t have been in a position then to buy in my early 20s and more people go to Uni now aswel. It’s not the only factor by far but it is one that impacts on buying age