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

It’s very young to settle down into a life of mortgage payments and bills. Did neither of them want to travel and see a bit of the world?

Both South Yorkshire one house was 130k the other 170k

130 k and 170k houses on two incomes is feasible of course.
Many parts of uk nothing in that price bracket

Sensible first steps.

Nothing wrong with either of those places, thank you!

Another reason to bloody love Yorkshire.

Myself and my sister did at this age, my other sister is still at home at 37, my point being that it’s not always parenting either

Fucking rude.

So very low or rent free for 2 or 3 years? That’s a significant amount of help, surely.

So £130k and £170k in an area that's not particularly desired.

Those aren't big income multipliers.

Sadly not everyone can live in areas like that because they don't exist.

£130k and £170k houses split between two people are totally achievable. It’s difficult when adults of the same age are trying to get on to the property ladder when faced with house prices in the south.

I (at 24), and my two brothers (at 23, and 25) all bought our first houses solo, but again, we’re in the North West, so much easier to achieve.

In our case, from age 18, my mum only took £100 rent from us, on the agreement we’d be sensible with money and save towards our own houses. No wealth in our family that gave us a step up. Mum ended up a single mum, raising three children solo, working 3 jobs to make ends meet. She helped in that she took minimal rent from us, to enable us to save.

That's ace OP. Do you think they're happy having 'settled down' so young? Now I'm older and actually on the housing ladder I obviously wish I had more of my mortgage paid off already, but my house sharing years were also a life experience - do they feel like they missed out? Have they both stayed in their original houses or moved?

Ignoring whether or not it's that unusual outside of the SE, I'm not sure it's a good thing necessarily. Your 20s are for travel and fun and expanding your career (which for careers with really decent progression often means moving around several times). Being tied to mortgage and partner at 23 is not a universally good thing.

they live in inexpensive places, it’s not hard to buy property in those places. I bought two properties whilst my husband and I both worked in a call centre 🤷‍♀️

True neither of them could have done it on their own. Both been with their partners over 5 years. If it doesn’t work out they will have to sell or buy out. Both dc have had pay rises sine they bought and one partner is set for a pay rise next year.

So property in those areas are about half or a third of the cost of equivalent where I live. They are very cheap areas. They also bought with partners. Not all 23 year olds are in a long term relationship where they want to buy a house with that person. Most people aren’t with the person they were with at 23 when they turn 30 so they might have to sell at some point.

“I hear a lot about this generation not getting on the property ladder and it is a big problem”

I think when people say this they’re talking about properties where the price is probably double what your kids have bought for entry level/first home. Saving £13k is quite different to saving, say, £26k to afford a “cheap” house in the southeast for example.

good for them they’re on the ladder, but I think what’s special here is not your kids, but how cheap the housing is.

True it’s not a deposit but they wouldn’t have done it as quickly if they had been renting privately. They did work hard to save though

So each couple had ~£50k combined incomes, were only paying £200-350 a month to parents in rent…and you consider that to be “no help except the government scheme”? Really?

That’s over £3k a month they have left over after “rent”, it’s no wonder they could save up £17k as a deposit by 23.

When people talk about young people not being able to get on the property ladder, they’re obviously not talking about couples who live in the very cheapest areas of the country and can easily save by essentially living for free at their parents houses. They’re talking about young people standing on their own two feet and paying market rent. Anyone could save a deposit if they were being almost entirely subsidised by someone else.

This is what I think. I have children of a similar age. One is working in the US for 12 months and the other has just come home after travelling around Europe. That is what your 20’s should be like.

Maybe they gave up avocado toast and lattes too.

Yes I had a similar experience my Dsis bought her first house solo at 24. And I was 22 (with partner) my first mortgage was 28k!!

I’m trying to encourage my kids to use the LISA facility- an extra 25% isn’t to be sniffed at. So, the CTF that the Labour government started up for eldest will (if she agrees!) will go into a Lisa, and turn into a deposit in time.

It’s a great opportunity for them that have money.

This sounds incredibly depressing. Settled down with pretty much their first adult partner, living in a bleak northern town, earning slightly above the minimum wage. Not a life to aspire to.

So cheap houses and two incomes. Not so difficult. Where I live my daughter could do the same, on her own when she qualifies.

She has invested her NHS bursary to help her stay in the area she has trained in which would give her just enough deposit plus savings from summer jobs for the five years she has been at Uni.

If we were down South where I’m from it would be impossible.