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

Bleak northern town? Plenty of cheap property where I live but it’s a busy city, with great nightlife, good transport links, cheap public transport, friendly people and always lots going on. What do you aspire to? Paying rent for all of your life.

I think that the problem with the statistics of young people buying houses is that the figures are highly skewed by the S.E., as is the Mumsnet demographic so the two tend to back each other up. I live in the midlands, and my DD and her partner could have bought (both mid 20's) by now but have decided not to just yet as their rent is below market rate and they are considering moving area. Makes sense to see if they can both secure jobs that will elevate their careers and keep saving in the mean time. We are in the Midlands and houses are a drop in the ocean compared to the S.E, although more than in the areas your kids bought in.

Not sure what there is to learn here. It is still possible to buy in cheaper towns and cities (I'm originally from Bradford and live in the north so its not a South East grumble). My son 24 has just bought with his girlfriend (Leeds). 24k deposit betwern the two and once the sale is completed cheaper each month than renting (two rented flats to one small house). Its great for them but both in graduate jobs, its not amazing, just sensible, for them now.

Wow.......

I take it that you don't know that people outside the M25 are not living in some dystopian nightmare of a hell hole, right?

Salford is far more expensive now the BBC have moved there......the north is far from bleak my dear!

Those are among the cheapest parts of the country to buy in. It's not really an achievement.

Try being a young person in the south east.

Rotherham and Barnsley. No wonder. This isn’t the flex you think it is.

Its all relative. 13-17k is a third of a low deposit in London. So yes the difficulties voiced about young ppl not being able to buy, are valid. Settled in a house tied to a partner & mortgage at 23 doesn't appeal to me either as per PPs. Well done to your kids, if they are happy that's great.

So what op? Your kids did it with partners.

The most expensive detached house in my postcode- £22 million. Not joking.

My flat is quite cheap for the area. Its also residents managed so service charges are ok. I bought it mainly for the schools; we are jewish and when i bought it in 2019, the local jewish primary was ranked no 15 in the country out of the 20k primary schools in england. Its fallen a bit but still a good school.

There is also a secondary school called fortismere which was so desirable that when i was buying my flat that the seller of a flat i was looking at told me that she bought it as a second home for 350k for the sole purpose of getting her child in. She owns a 4 bed house elsewhere in the borough. Thanks to falling birth rates, we are now in the catchment (my son is 1 year old). However, thanks to falling birth rates we are now in the catchment and my son's year had england's lowest birth rate on record. So i am glad we didnt buy next to fortismere.

Can I ask what the point is in this thread

The help they were given was living with parents paying a very low rent /contribution of 200 a month.

You effectively gifted them 2 years worth of council tax, bills and most of a rental payment as if theyd been living independently CT, bills, insurances and market rate rent would have likely cost at least £1200 a month. So yeah their deposits of £13k/£17k were effectively gifted by you allowing them to live at home on peppercorn rent.

It’s great that they’ve managed this however I think it’s a bit out of touch to say you don’t understand how young people are struggling to get on the property ladder when you live somewhere where property is cheap as chips and a couple can buy a house with 6k each.

Ive grown up in London. The average first time buyer deposit here is 70 grand which is a stark difference. My friend put down 75k as a deposit that she got as inheritance, mortgaged the rest on a decent salary and still was only able to buy a tiny one bed flat - that was 7 years ago. Someone else I know bought their 3 bed house in 2014 for 330k and has just sold it for 600k.

The young people struggling to get on the property ladder don’t live where you do.

My dh had 10k savings when i met him in 2013. He was 23 years old and in university. Gap year savings and bar mitzvah money..he was on free school meals so not from a rich family..

Thats why when we finally bought in 2019, our savings were well over 70k and we were totally outpriced in London, i tried bidding on various properties for a year before we finally succeeded!

58k deposit is nothing, 100k deposit is a proper one.

Yes, area matters.

You can get a 2 bed house in decent enough condition round here for 125k. The same design of house in need of a bit of renovation can be bought for less than 100k.

www.rightmove.co.uk/properties/88250328#/?channel=RES_BUY

The house we bought in 2007 was shared ownership and still in that ballpark. We couldn't afford a whole house. We did not buy in the south. It was a small two bed terrace.

The whole point is that since then the income versus mortgage ratio has gone crazy. And house price increases here didn't see significant increases until 2014 ish due to the stagnation of the local market following the economic crisis.

There's no way we would be able to afford to buy in the same area now in similar jobs.

Young people are becoming increasingly rare in the area and the average age of residents is plummeting. There's been a decline in children by over 40% in just five years. This isn't just about birth rates it's being priced out the area.

I think it's to make the point that a nurse who can't afford a flat in London on one income just needs to stop buying avocados.

Well done to your two children,
I would be very proud, don't know why people are so nasty on here. Whether the areas are considered cheap or not they have achieved a great deal rather than waste it spending on frivolous crap. Good for them

Well....130k would (at a push) buy you a one bedroom flat in my city.. But there is not a snowball in hells chance of most 'normal' people saving 13k in 4 years because rents are 6-800 pcm for a room in a house share, then bills food transport etc. A good salary for a 26 yr old is 36k and take home of £2400 isn't leaving much for savings. I reckon 8 years of saving in a really disciplined way would buy you a small 1 bed in a crappy area. It hardly sounds that amazing. Possible yes, but for lots more like surviving than thriving.

£130 k
£170k

Just came on to say that I think it’s a great achievement for all four of these young people to have the maturity to want to get organised at 23 and go through the painful process of buying a place.

I don’t think it’s at all cool to be going to nightclubs etc as the years roll away and your children will have the last laugh when, if they so decide, they are young parents (mid 20s wouldn’t be young by the standards of previous generations of course) and have lots of energy to have fun with their children. Or to go on holiday or do whatever else they want with their money.

I think they’ve done brilliantly. Best of luck to all of them.

It is very difficult if you live in an area with high property prices. And don’t have the luxury of living with parents to save up, or being gifted any money. It feels near impossible.

Im very glad for your children but if the point of the AMA is to impart knowledge it’s not really all that relevant to many people’s situation.

A genuine congratulations to both your daughters and their partners. I am pleased that some young people are making it work, and I hope my son has the same work ethic and fortune in a few years, once he’s left uni.
My biggest concern is that we live much further south and I don’t think I’ve seen a house go for £170,000 in some time. But it give me hope that it’s still possible.
Of course you must feel very proud of your daughters and rightly so.

Where did they live while saving?

Well done to your adult children, homeowners at a young age.

So many judgemental and rude comments about living up North, and Rotherham/Barnsley. The North has its benefits and downsides just as the South does.

What's your favourite biscuit?