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 was still young free and single at 23 - no way would I have wanted to be tied down with a mortgage! I was having fun and seeing the world!

This explains a lot.

Elder dc did a year abroad with uni and alway travelled in the summer backpacking since the age of 17.

younger dc. Isn’t bothered about travelling

So everyone should move up north?

Dh did a gap year and masters and worked abroad so was 26 when he first started his first post uni job in london. We bought a 400k 2 bed flat with 15% deposit in London within 3 years of working albeit we lived with family during that time and no gifts. I was 26 and he was 29. Dont think it was that unusual.

We will never upgrade though as we like our area (the schools are really good) and a house is £1.4 million here.

Yep pretty dull

Did the nominal rent that you charged your two children cover all house related expenses (electricity, gas, water, council tax etc) and food?

I agree. It’s not unusual round here. But according to MN young people will never ever be able to afford to buy anything.

It sounds great in principle (I have one for the pension myself ) but what annoys me is the £450k limit with no increase for the SE and a penalty if you withdrew the money if you couldn’t find a house. When will they amend this? And often they do schemes like this and they’ll ring fence London but leave out anywhere else in the SE! When neighbouring areas are almost as expensive but were treated the same as the rest of the country.

I agree. Definitely not for me. I know someone from uni who did this though and it was always what she wanted. She was happy but I’d never trade with her.

It’s an investment. Both believe they will be with their partners long term time will tell. They still have friends, go places etc they enjoy their lives

Amazing , I love to hear young ones moving forward in life.

our eldest has bought their first home by themselves this year. Took 3 years of working in a graduate job with professional exams to be qualified at work and also save their deposit.

moving in next month!

Could you please point out where I said they wouldn't have savings?

Could you please point out where I said you said that?

What I said was It would be very unusual for someone at 23 to have savings

Which is why I asked why would it be unusual for a 23 year old to have savings.

Not all 23 year olds are still studying. Some are working full time and have been living with parents so they are able to save up. Me and my husband bought our house at age 24, we saved up to do this

Yeah that's right. They'd be far better off renting a tiny flat in a bleak southern town, earning slightly more but with no prospect of ever owning their own home. Now that is something to aspire to.

it covered food possibly a bit of electricity

Well that’s nice but do you acknowledge they had a massive advantage by being able to live at home. I had to move out when I was out of education because we were in temporary accommodation and the council said I had to leave.

My 4 bed detached house is worth nearly half your flat!

It’s great that you were able to subsidise both your children to that extent. There are clearly going to be lots of parents who can’t, and young people who don’t have a long term reliable partner to pool costs with. And who live in significantly more expensive areas for housing. The majority probably as the South East is so much more densely populated than other areas.

Please don’t the prices might go up!

Also, why were you amazed? Surely you knew that your two children and their partners were financially well off and very fortunate to be subsidised by all sets of parents?

one of mine is looking to buy this year at 23. He has been able to learn for 2 years post school and then earn with a long term partner saved himself a deposit. I think the largest factor in him being able to own property and myself not is supportive parents. Neither myself or my partner had parental support past teen years ( early teens in my case) and we swore that the dc wouldnt miss out on that. As such they wern't trying to figure out rent and bills whilst trying to save and live.

The aren’t well off. That’s barely more than 2 minimum wage incomes but they live in a very cheap area so not difficult to get on the ladder with a small deposit

It’s not hard for a couple to buy a £140/170k house at all and neither of those mortgages are big or expensive

To buy where we are is about £400k for a 2 bed flat, much harder. My kids couldn’t do their jobs in Rotherham or Barnsley and it’s 200 miles from home so that wouldn’t be a consideration for them

Well off in relative terms, given both partners were employed as well, none being charged market rent and living in a lower cost area than most.

Because all I’d read was first time buyers can’t get on the property ladder. Plus 15 (ish) k seemed a fortune to me . My first house was 0% deposit and my second house (four bed detached) required a 13.5 k deposit which we only afforded due to equity from previous house