How much will you be giving your DC for a house deposit?

[purplecrayons1]

Mine are only little, buy we live in the south east and this is worrying me already. I'll never be able to give my kids the kind of money my parents did to help me on the ladder.

I was waiting for a thread like this. My parents gave me nothing, and I didn't want or need any. I expect things will be different for my DC, especially as we live in London.

I am not sure at the moment.

£10/week for 18 years = £9360
Plus £5000 my grandmother put in their ISA's

So around £15k, plus whatever intrest they get

Oh they don't have any money from grandparents either. And neither did I get any.

A one bed starter flat in my not so nice part of the south east costs 250k. Even if I gift 50k (v unlikely unless inheritance), they'd still need to earn enough for a 200k mortgage. Not likely if you're single in an average paid job.

£75K probably. Maybe more.

We live in SW London, mortgage should be paid off in next 10 years and we intend to move back up north in the next 20 years so DD can have whatever is left over. Thats the current plan anyway.

I'm hoping it will be around 20k. Which won't be enough probably but unless I sell my organs it is what it is.

£0 because I’m poor

We saved, plus all Christmas and birthday money from aunts and uncles were saved. Plus they got a CTF.

I got £0 and still rent, my parents don't have that sort of money.

I'm saving for my DC, but it'll end up being a token gesture rather than anything useful unless there's a semantic change in the market.

No idea really.

Only child and we're quite comfortable (mortgage paid, pensions good etc) - he got approx. £40K at 18/19 (bulk at 18) which he has invested and he added to it so he has around £60K now at 20, but has stopped adding to it as he is going travelling/working abroad for a bit so saving for that instead.

We intend to give him more at the right time - seems a way off though. He may go to uni in the future. It will depend on how our investments are going and other various other circumstances. There certainly isn't a designated pot. The joy of having an only child is that is can be very flexible. As far as he is concerned he got his future house deposit at 18, in reality we expect to give him at least that again in the future - but if we can't then, we can't.

Nothing. I never received anything, and neither did any of my friends. I genuinely don't know a single person whose parents gave them money to buy a house. I don't know what kind of existence these people have who can afford to gift money to their children, but frankly we just about manage to pay the bills and eat every month.

I am happy to provide them with a roof over their heads. As adults, they will need to stand on their own two feet (and are doing).

Yes it’s hard to see beyond Uni Fees (which will be at least 20K). We don’t think we’ll have any money spare - they’ll have to wait until we topple off our perch..

Do you live in the south east though? With the best will in the world it's almost impossible for young people on average salaries to save enough of a deposit these days. I'm not sure I know anyone who didn't get help.

Nothing
I dont even own a home of my own. What I'd like to be able to do is make them feel like they can stay as long as they like so they can save for their own deposit. Which isn't what happened to me. My dad wanted his children out as soon as he possibly could ask us to leave.

Nothing. We put all we can into giving them the best start in life, it is up to them to stand on their own two feet.
I suspect that property ownership will be less important to my DC's generation.

We're early fifties and neither of us got any money like this and we both moved out at 18/19. I got £100 for fresher's week and that was it. DH got a bag of shopping when he left home. Think that was pretty standard- certainly didn't feel hard done by. Both got on property ladder by mid twenties. Certainly different now - big part of the decision to stick to one child.

Sorry - should've added this to my previous post.

How much were you given OP?

I'm never sure of the value of these threads to people because everyone's circumstances are so different but for what it's worth - we're trying to balance ISA, pension and house deposits for our two and are currently thinking £100k ish for house deposits.

I do. I live in London. I didnt get anything and don't know anyone who did.

I have encouraged my DC to aim for high earning jobs in finance, law and tech. One has taken my advice. The other hasn't but hopes to change her path as she has suddenly woken up to housing costs.

Not what you asked about, but why assume they'll be single and only on average wages? Why not encourage them to aim for higher than average wages.

Nothing. I am barely making ends meet. I wish I could but there is no Bank of Mum and Dad here and the money in the Bank of Grandparents will more than likely go on care home fees.

I’m saving £200/month per child for uni. Mine are still very young - I think we would probably use pension draw down/downsizing to help with house deposit but it’s all a very long way off atm.

Good point. I guess I'm thinking about the situation I was in when I bought my flat at aged 30. You're right though, will definitely be encouraging them into a higher paid profession than mine!

None but we own another house so he will always have that or it could be sold and used to wards another house.