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 these house prices tell you everything you need to know!

£130k these days is dirt cheap. We bought our first house in zone 4 London for more than that nearly 25 years ago on a combined income of just over £40k.

It seems intrusive to know your child's partner's income.

And do you acknowledge that by letting them live at home for a nominal amount for a few years, that in itself was a huge advantage that is not afforded to every body?
The fact you have a home that they have a room that they could stay in, is itself an phenomenal advantage.
Plus, Rotherham and Barnsley are much cheaper than down south where it would be impossible to get a house for a similar price in the majority of places.
Genuine question, because your children have managed to do this, do you judge others that haven’t managed to?

why did you charge rent to one of the partners but not the other?

Presumably, though, you realise it's unusual for a 21-year-old to be in a position to get on the property ladder?

Yup.
Same for London weighting for salaries too . The town next to me gets it for nhs/teaching/council jobs. But we don’t and our town is more expensive but we are I guess a couple of miles out of whatever boundary someone drew.

Anyone who is on on minimum wage, or public sector wages set on grades etc or many jobs tbh are all expected to live off the same wage as someone up north in a cheaper area. And have no better access to these type of housing schemes.

What parent charges their child market rent?

Most parents wouldn't kick their fresh out of uni child out of their home unless there were issues

It isn't giving them a deposit to not use your kids as cash cows charging market rent

They’re in a special part of South Yorkshire. What they have in home ownership they might be missing in other areas. Art. Beauty. Culture. Opportunity. Well done them. God does not give all gifts to any one person.

@BrokenWingsCantFly surely in this economy that’s a generalisation to make in itself. I know plenty of working class people who after university (or school if they don’t go to uni) are expected by their parents to stand completely on their own two feet as they can’t afford to support them any longer even if they wanted to help subsidise them.

This!! 52k combined!! It’s very low!!

I bought my first flat at 22 in southeast London back in 91 when salary multiples were manageable and I was on £11.5k per year. That’s the equivalent of buying in Rotherham and Barnsley now. South east prices are ridiculous. Hats off to your kids for getting on the property ladder, but unless they have hacks for how to do this in the south east, then it’s not especially ground breaking.

Rotherham and Barnsley...well...

The key here is buying in one of the cheapest parts of the country. You surely realise that these are incredibly cheap house price areas, that allow couples earning barely above NMW to buy a house? Those salaries wouldn’t go anywhere near what you would need in the SE or most of the rest of UK.

I bought mine at age 23, so not impossible, and paid £200k for it in 2005.

Mm Barnsley and Rotherham. I think they might have a different experience in Leeds.

But if the parents have an otherwise spare room in their house and the adult child is expected to cover their own clothes, toiletries, leisure activities, travel, work lunches. It wouldn't cost them much more while they are charging them lodge, than if their DC moved out

I get there are circumstances this is not possible though. I dont think me or my parents could have coped any longer under the same roof. But my sibling, friends and cousins all lived together peacefully with their parents, they all lived at home until they bought their houses and most parents are at the lower end of the earnings scale. My parents are on benefits so hardly flush. I dont think for 1 second my parents contributed towards my siblings deposit and not mine. We both made our choices, they were charged lodge to cover costs

Yes it’s maybe cheaper to buy where they bought but they have still got themselves on the housing market, can sell in a few years move to something bigger or move away but still have some money behind them from the sale of their houses. Good on them. Wish I had been sensible when I was younger and got on the housing market much sooner as my parents kept advising me to do.

What a pompous twatty thing to say! Most people in the bleak North earn an average of just over minimum wage. Many people if not most do aspire to own their own home and in the North it is still possible for a couple or indeed single person on a lower income to buy. Incredibly depressing? Jog on.

My point is the deposit wsnt gifted but it was a thr same time

How big is their student debt?

If both partners are working full time, they aren't earning much above minimum wage each at those combined salaries.

This seems a bit mean, if that's what the house prices are round there then that's what they are.
But then I also don't think it's anything special to be able to afford a deposit of that amount at that age in an area where it is generally a lot cheaper.

I was also 23 when I bought my first flat in London with my now husband. Guess where we got the deposit? - he sold his beloved Audi 🤣 and we got a 95% mortgage.

Now we own a beautiful spacious 4 bed with 2 kids. We’re saving for our children but they know they have to work hard if they want these things in life. Eldest is 9.

Can you please change the title of the thread to ‘bought house in Rotherham and Barnsley?’ Feel this is so misleading when they are able to buy homes in places so cheap! What do they do for their jobs? I take it you’re from South Yorkshire?

We’ve got amazing countrysides round here.
An hour to get to the coast.
Great transport links to Sheff, Manchester, Leeds, York.
An amazing music scene and music history.
Stately homes. Theatres. Heritage centres. Science museum.

So piss off with your snobbery. Thas not welcome round here.

They live in the North where house prices are much cheaper. Both your kids have partners who share in paying their mortgages. They had some financial aid from a Government run scheme. They also had the luxury of living at home while they saved for their deposits.

The clues are all there.

So why were you 'amazed when both dc finished uni, got jobs and bought houses within 2 years of graduating.'??