How do people without family help buy houses ??

[01Username01]

As the title says, how do people who don’t have family help buy houses ?? I’ve been saving for the last 10 years to buy a house and every time I get close, prices seem to jump again and it’s still out of reach.

Me and my partner earn decent salaries and have what I thought was a decent deposit but it just never seems enough. Prices in my area seem to have got totally out of control and 2 bed bungalows are now going up for £650k.

Everyone we know has been given significant deposits (£200k+), whereas we have no family help and it’s starting to feel like it will never happen . Has anyone been able to buy in this situation ?

I bought a one bed flat that needed renovating, in a crap part of town. I had no furniture except a pair of deckchairs and a mattress on the floor for quite some time. But it was mine. I loved that flat.

@01Username01

Also I should say we are in the SE but can’t move area due to the location of our jobs.

Oh and I had to have a long commute as well. Moving f away from family also meant moving further away form my job.

I kept my eye our for jobs near here. Ended up with a much better paid job, with better working terms less than 10 mins drive.

Government help to buy loan?

I did shared ownership in the SE 6 years ago and have bought a bigger share as my wages went up. Also I took out a long mortgage term and try and overpay to bring it down.

Plus commuting to London for higher paid job, until I got established, now I WFH more.

Lower your sights.

Wherever you are, there will be cheaper properties not very far away. This will not be a "forever home", so get what you can to get on the ladder.

I don't know anyone who had help from their parents - we just worked hard & had P/T jobs as well as a F/T one.

OP, where in SE are you looking, what is your top budget, could you move out a bit farther and commute. No help from family! I just bought what I could afford. There are new homes that offer deals for ftb.

In the SE here. Commutable into london in 30 mins.

650k will get you a large 4 bed detached house or huge 3 bed bungalow.

We put all our stuff boxed up in my parents garage and rented the tiniest room in a grotty 2 bed flat share with strangers for 8 months. We saved every single penny and got our deposit for a flat. Did that up, sold it on after 5 years and then bought a house. I feel like we were lucky but actually we made so many sacrifices and compromises and I still shudder when I think about using the communal bathroom.

We have no help, every penny comes from me and my dh's earning. We cant afford 650k so bought something cheaper.

@01Username01 I don't live in SE, so forgive me if I am wrong.

But if there's houses cheaper than 650k, like posters say (and I am assuming they are right, how can you have not thought to actually just to reduce your expectations?

I feel your question is disingenuous and you are asking for research or something.

Bungalows are expensive.
How much is a one bed flat within a 25 mile radius of work , presuming you both drive.

Where are you OP?
A lot of folks here say take 2 or 3 steps towards your final goal, a 1 bed roomer in grotty area, then 2 bed house till you sell up for you dream place. They are right.
But the goal posts are moving away from you all the time, so you have to be serious about economising rapidly, to save.
Think of all the property equity owned by older generation, and £200k donations or more are actually not uncommon. I know a few people who ve had a lot more...just because modest houses in london ate hugely expensive.

Prices in my area seem to have got totally out of control and 2 bed bungalows are now going up for £650k.

Bungalows are expensive because it is usually a large plot for the floorspace.

Bungalows are not normally as profitable for the developers so they put up houses instead, which means not so many are built.

As people get older, they want a single storey dwelling, so there's a demand for bungalows, which pushes up the prices.

Worked and saved bloody hard. Had a whole year of not spending on anything other than essentials. Had no social life at all.
Finally managed to get a deposit for a very neglected run down 70s semi with everything wrong with it. Had no carpets for 10 years while I saved up to buy them.

You have to make sacrifices, your first home ain't going to be an insta ready penthouse in a marina.

OP, are you asking us for help in finding you somewhere to buy

It took us till mid 30s, fighting for pay rises and ended up having to compromise on a flat in the wrong end of town. But now we're on the ladder should be easier next time.

I sympathise op, it was a slog. And I didn't take saving seriously enough at a young age- hindsight is a wonderful thing.

Also really 650k for a 2 bed bungalow? Start with a 1 bed flat in a cheaper area; that's what most people have to do.

Started with a 2 bed terrace in a shitty area. Loved my little house but hated living there. Did it up over two years (nothing fancy though). Made enough for a deposit in a better area. Did that 4 times over twelve years to get where I wanted to be. Never had any family money (would have bitten their hands off though [SMILE] )

Are you looking just at properties you like but are out of your budget?

I am in SE and there are lots cheaper than that as a starting price.

I would like a 2 bed bungalow for £650k, but that is not my budget. Instead I own an ex HA flat.

If you are FTB you need to be looking at cheaper properties in your area and then when you have been on the ladder for a few years you can move up towards your £650 bungalow. Which I realise will be worth more by then.

What about a two or three bed semi or terraced?

We'll never be able to buy a house because we can't save for a deposit as we private rent. My friend aged 34 has lived with parents up till now and has not contributed financially to them so has been able to save and buy a house. My family aren't wealthy so I won't inherit anything and I don't fancy living with my parents when I've got a family of my own, even if there was space for us, which there isn't.

People who I know who gave nobody to help them financially have upped and moved far away. They have lovely houses, found new jobs and said it was the best thing they ever did.

Loved in shitholes and awful area to save like crazy. Loved in shared accommodation until able to move into own place. Did not to great holidays or days out, only free places and days out. Always cooked from scratch. No take outs whatsoever, always took lunch to work.
It has paid so well thankfully. I am happy I did it al.

Oh and I got into the habit of buying as much from from charity shops as possible. This habit is not going away ever now.

To answer your question OP. Have a very strong work ethic and focus

Took on more than one job.
Saved furiously.
Lived with parents until older than I would have preferred.
Spent nothing outside my really tight budget.
Widened my search area and became more flexible with what I wanted when the prices shot up whilst I was saving.
Aimed to buy a realistic property for my first property.
Bought a property that needed a lot of work.
Moved in without any furniture etc.
Then got a lodger in to help pay my mortgage.