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

"Bought with partners". Millions of people can't do this. I'm in my 50s and needed parents help with a house, no one else wanted to buy with me 😂.

Yeah, the problem isn't young people getting on the property ladder in areas where houses are as cheap as chips, therefore, easily affordable when bought with a partner even if both are on £25k a year. The problem is that people in the SE are facing rents and house prices that are (at least) quadruple of those in Rotherham and Barnsley.

Yorkshire and the Humber has a population of about 5.5 million, whereas the SE, inc London, has a population of nearly 20 million. In other words, the experience of a minority of people living in a particular area of the North isn't representative of the vast majority of the people living elsewhere. For example, the average price for a detached house in Rotherham is under £300k, while the average price for a detached house where I live is nearly £1 million.

I'm glad your kids live in a cheap area.

My DD was able to pull off the same feat in the SE. They saved for 5 years. Skipped all luxuries. Both at work from the age of 16 - and neither living at home. Never went to uni (so now no student loans). Both worked 12 hour days 6 days a week. LISA. No family money. Bought a wreck. Did it up evenings and Sundays. Doubled its value by extensively extending. That's what it takes down here. Oh, and combined income of over £100k.

It doesnt have to be helpful to everyone, does it. People have different paths in life. Some want and are able to to settle down at 23 and thats fine. Other people will choose differently and thats fine too.

God there are some seriously bitter posters on this thread. Well done to your DC for getting on the ladder at such a young age @joezoealfiecasperoli . I hope they were sensible with the deposit splits between their respective partners? Are they joint tenants or tenants in common on the mortgages? If they do break up or need to sell they need to have protected their equity.

So?

OP's talking about her kids. Not everyone lives in the SE. Or wants to.

Ok its a AMA

Do you realise that not every youngster needs to live in one of the cheapest areas of the country for housing?

So really cheap areas. I’ve a colleague whose 21 year old son has just done the same with his partner. Neither huge earners - probably around low £20’s.

Goodness. You really do have a chip about this, making the same unpleasant and judgemental comments repeatedly on MN and then you call others snarky!

I do agree that some of the other posts are also judgemental about the areas the DC have chosen, settling too young, etc, but they pale into insignificance compared to this one.
As far as I am concerned, each to their own.
However, the chief point here is that these DC managed to buy at a young age, whether this is a good thing or not, because they bought in an area where house prices are far cheaper than most of the country. That's the crux of it.

Well done to your dc.
Although it's not as common as it used to be, some people do still settle down in their early 20's.
Have to admit I am hoping that my dc don't do this ( even though I did 🙈 ). Id like them to get out and experience the world first. But they'll forge their own path. As long as they are happy, I will be too.

Nice stealth brag but do you realise how few parts of the country have such cheap housing? a shoebox sized 1 bed flat would set you back at least £150k where I live!

Buying with a partner is key here. Young single people are in a much more difficult situation, and always have been, actually! I couldn't buy until I was 33 and then I was paying up to 15% interest, with strict borrowing regulations (twice my salary only). I bought a doer-upper, my dad helped, and I worked two jobs to afford to put in modern heating & hot water.

I didn’t say they did. I was replying to the person who said buying at 23 in a bleak northern town was nothing to aspire to.

If the houses cost 130k and 170k as you say, that's the biggest contributing factor. Those are manageable prices, not half a million or more for a 1 bed in some dusty part of London.

Have a word with yourself @titchy

All four are in work which these days is an achievement. Some properties in Bradford (and other places) are cheaper because wages are lower and there aren't the number of opportunities that other cities might offer but ...

Plenty of people are thriving there, working towards improving their prospects, enjoying relationships, friendships, family ties. Some might go "travelling" others on holiday. Their lives are just as fulfilling as the stereotypical MNetters who earn £100k++, live in the SE, backpack around Asia after uni, take the kids on holiday to Tuscany and gift them house deposits.

Honestly, the sneering on this thread is making me cringe.

How many years is the mortgage for?

my dc has purchased a house at 24 with partner of 23. They have total renovated house and it is on a 35 year mortgage. There mortgage repayments are cheaper by 12% than renting.

they had both saved independently and had around £40k deposit and house was £280k

they did this without any inheritance or lump sums given

they have friends in mid 20s who have also purchased properties

I don't know why they're sneering tbh. More fool them for living in a place they can't afford a house in.

Right & what's your issue here? I live in South Yorkshire with plentiful access to the countryside, several major motorways & dependant on your exact location, decent shopping.

Barnsley and Rotherham have crime rates at least 36% above the national average, that tallies with poverty rates.

This is amazing, well done them! 💐

I would actually be horrified that my DC had settled down so young but they’re adults and can do what they want.
At least yours is being sensible about it and saving for their futures at the same time.

Can I ask what uni courses they did and what jobs they have?

My DD is almost at the age to look into unis, which I assumed would be the best route to go down but now I’m not so sure.
However, it seems to have paid off got your kids.

Myself or none of my family have ever owned our own home and it’s something I desperately want for my DC, so having a good career is really important for them.

My son bought his 1 bed flat in his 20s.

That was after a year of failing to get offers accepted in vaguely affordable flats in Edinburgh and looking in Fife instead.

His flat was ridiculously cheap because it’s next to a busy road just where the railway line crosses it, but with new double glazing he doesn’t get any noise from that.

Younger son pays more in rent (sharing with a friend) as he’s determined to stay in central Edinburgh

Did they go to uni?

I don’t understand how people can save £40k

Even if it’s £20k each, surely that will still take years to save.

Even at £200 a month, it would take x 100 months - which would take over 8 years to do.

My neice achived this having bought a budget house in an less desirable location via government scheme. 15 years later the house has deprecated, value not enough to buy anywhere else so she's stuck forever in a home that is no longer suitable for her. In retrospect, it would have been better to wait to buy somewhere with a better chance of selling on and moving up the ladder rather than being stuck on the bottom step.

It is such a strange thread to start. They partnered up, saved and then bought in some of the cheapest parts of the UK. They didn't find the cure for cancer!

It isn't the limiting life I would want for my young adult dc but what stands out the most is the detailed knowledge OP has of their earnings etc. It would have bothered me if my MIL knew all about my pay rise and my future earning potential. It is weird and intrusive, but you must be that kind of family I guess, so the AMA applies, because you really do know the ins and outs of your dc finances.

I live close to both areas & there are some beautiful villages and houses. In particular Barnsley Town centre has recently undergone successful regeneration and a lot of its terraced housing stock is constructed in Yorkshire stone. Rotherham's Town centre is a shadow of its former self but they are attempting to revamp it at present. Again, some lovely outlying villages & easy access to Sheffield, Leeds & Manchester.

Some people on mumsnet really do need to get a grip & realise that the whole of the UK does not revolve around or live in or around London & the SE! The posters children & their partners have absolutely done the right thing getting on the property ladder as early as they can & its wonderful that the poster has been able to assist them to do so.

I know what idiots for having the cheek to want to stay in the area they grew up and have ties to