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

OK then......explains it 😅

This isn’t the inspiring thread I think OP was hoping for - I mean they’re working and investing in their futures which I can’t fault them for.

But two years after uni, they’re all on NMW and have bought in pretty much the cheapest areas in the UK.

I’m sure you’re super-proud OP, but they haven’t yet made that socially-mobile jump that a uni education is supposed to enable. I hope they have some ambition and manage to do so.

Well done to the young people.

I've heard that Barnsley has had both a lot of housebuilding and a lot of regeneration. So the houses are not cheap because the economy is weaker. Supply matters too - housing is genuinely more plentiful than in the south east.

It's also commutable to Sheffield and Leeds, and the local countryside is lovely.

It is a deposit. You chargee £200 each? As opposed to what £800 private rent then maybe 250 bills so they could save £850 a month for 2 years? That's 17k which is your child's deposit

Exactly Kirsty. My post grad DCs earning way more in London could maybe afford a garage. In Zone 4. And one of them hates avocados!

The house price and area explains it. A 10% deposit of a 3 bed terraced house in my area is around 55k. 🫠

Im impressed that there are still houses that cheap in the UK. Very lucky if Rotherham is your ideal location.

Happy for them but frankly it's hardly material for an AMA. 2 incomes, living with their mum, extremely cheap houses and only a 10% deposit. They haven't done anything "extraordinary" to be able to buy their first home.

This is really annoying - there are also a couple of cities outside London and the SE which are as expensive but which get lumped into "outside London" with places where you can get a house for £150k.

Where up north and my 19 year old dd has just bought her first home with her bf so have a few of her friends. Its only on here you still have people in their 30s still living with parents

Wow. That’s very rude.

I thought it was pretty widely acknowledged that the young people who are buying property are the ones who are partnered up very young and buying areas with very low housing costs

And someone else had a different plan. Not everyone wants to travel, drink and carry on. Just say nice job.

What does drinking have to do with it?

Good for them OP, I hope they are very happy in their new homes.

Living with parents fresh out of uni is the type of help most early 20s have available to them. Some do this but take those years as having more fun money.

Some, like myself, moved out at 18 and never wanted to return home. That was a choice I made. My friends and sibling who choice to stay at home, or move back home following uni all saved and bought houses in their early 20s. None of them had a penny off parents towards a deposit. They started off in these 1st step value houses like OPs children and have now sold and live in beautiful large houses. They were both also in relationships which have lasted

Not taking the same choice I didnt buy until I was 30 (around the time they were leveling up). Also buying as a single person so have been even harder to get where they are. My turn soon hopefully 🙏

But I do think hearing examples like OP are positive, as you hear so much doom and gloom about young people not being able to buy without rich parents, which can discourage young adults to try.

And yes it will be easier in some areas than others, but wanting to live in the best of areas is a choice too. Nothing wrong with wanting to live in these exciting areas at any age, but like myself not wanting to live at home, this choice just means home ownership may have to be put on the backburner.

Yeah the wage in particular is depressing.
My starting salary in a graduate job in 2007 was £26.5k. Back then you could buy a flat in London in a nice area for £200k, the same flat would be 6-700k now but young graduates are still earning the same 20 years later, that's not progress. Kids have been shafted.

What on earth is so bleak about Yorkshire?

Crazy how depressed wages in this country became after the recession - my grad wage in 2023 was £25k

I’m in my 40s, been with my husband since we were teens, bought our first house and had our children in our 20s and have now moved up the property ladder twice and are in a very comfortable position. Never had any desire to travel, we are all different but I’m very glad that’s the path we took!

Why would you assume they'd still be studying and only working par timethough?
Only 35% of 18 year olds go to uni.
Someone who did an apprenticeship could have been working full time for 7 years by age 23 and be on a decent wage. If they'd lived with their parents that whole time and paid minimal/no rent, saving the maximum £4k a year in a LISA would add up to over £35,000. If they buy with a partner that's even more.

On average the sparkies/plumbers etc I know bought their first houses at least 5 years before the civil servants/accountants etc.

I hope they've legally protected their respective interests in their properties.

(I used to be so annoyed at myself for not having bought a property with my ex in my 20s. When that all went tits up in my 30s, mostly because the tits weren't mine, I realised I was quite relieved I hadn't.)

It is crazy. My mum had a job for a large U.K. company back in the early 90’s paying 20k, which afforded her a nice flat in zone 2 London which was 75k when she bought it.

I recently saw the exact same job listed for 35k… but the same flat last sold a couple years back for 500k according to zoopla.

Yes you don't get 0% deposits since a long time ago.

I bought my first house 13 years ago aged 25 with a partner. My half of the deposit was £50k on a house a bit over £400k in London. My parents helped me with £20k of that but the rest was savings - I'd been working since 14 (part time) and paying my own rent since 21. My partner at the time was older but had no family help. Both of us earned around £40-50k each if I remember rightly.

I'm now a single mum at 38 but I have £450k in equity in my house and savings. Apart from the £20k my parents first gave me the rest is entirely my own - I have always had well paid jobs though. I've never had help from anyone else or my child's father. Don't even get CMS. I think buying young is a good thing to do as it sets you up well for life if you can. I always saw renting as a waste and tried to keep it as cheap as possible so I could save.

Property prices are flattening though definitely. London flats like the one i sold in 2015 have barely risen in value, but a job in town just like the one I had then pays 30-40% more.