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.

From us it would have been fairly little - £10k probably.

An unexpected inheritance last year helped dc (together with their own savings and help-to-buy scheme), to buy a little flat outright.

We were given £5000 but an okay doing middle class parents. We'll be giving as much as we possibly can.. currently have nothing though

I kind of think they do. What else is the point otherwise? Everyone's circumstances are so very different that nobody's answer is going to make any difference to the OP.

Pretty much.

We're not saving anything specifically for our son. We just put everything we can into "our savings" and we'll work out at the time what we can afford to give him.

We hope to give him a decent amount, and we're choosing to have one child to maximise what he can have. But ultimately neither of our parents did it for us (and yes, I am from the South East) so we don't feel pressure to do it ourselves. I had to carefully choose my uni and set myself up in a cheaper area to afford property, so I don't think it's unreasonable to expect him to do the same.

You may be better off helping them straight into a studio flat if nothing else. It won't be huge but it's a step so they bypass paying rent. You could get one for maybe 175k in the South East now.

Also have a look at where you can get the best interest on savings I.e. stocks and shares ISA. Get them interested in saving and investing from a young age too.

TBH mortgage is less of a concern than saving a pension. As soon as they start work they should start a pension. It will probably be mandatory from 18 or 21 by then. The power of compound interest will then work in their favour.

Im still saving for my own deposit so unfortunately zero!

I don’t know anyone in the SE who
got £0.00 and bought.

I got nothing and rent. My parents helped DB and SIL who now have 3 properties.

The parents’ house will go on care fees (£10k a month each in London) cos both hv awful dementia. Eldercare has been really damaging to the family. We had hoped to
help neices and nephews with deposits.

It’s very unfair that you lose your GP to
senility and any chance of a home in one fell swoop, but that’s DP’s legacy to their GC.

Threads like these are quite depressing for some folk.
Give what you can afford if you feel it will make a difference.
It's irrelevant what others do.

Growing up the only housing advice I was given by my parents was ‘get a council flat, it’s harder to evict you if you can’t cover rent’ 😂 I’m working towards buying and will be the first in my immediate or extended family to do so.

DS will get a substantial chunk - still throwing everything towards my dream house deposit for now but starter houses/flats are a bit grim so my dream is when he’s ready to buy and has saved a decent deposit, I’ll swoop in with an offer to move his house from a ‘starter flat’ to a decent, ‘naice’ one.

Nothing specifically as we will ha e enough of an problem paying off our own mortgage and supporting them through university. They are both welcome to move home in oder to save money and if we get any inheritance from grandparents we maybe able to pass some off that on. But that may all go on care home fees so I'm not holding my breath on that one.

As much as I can physically afford. At the moment we have nothing but who knows by then. I would like to give £15 000

We live in SE London and while we were fortunate to get a good salary 25 years ago to afford a house in a not-so-nice area, but we also saved and didn't have expensive hobbies and had nothing from our parents.

While we save for DD, all depends how much is left over after she finishes uni. She only will get the minimum loan and the dorms are more expensive than that so we will have to supplement her during her studies.

I think it's also advisable to encourage children to not see London as the only available place to live, looking elsewhere may bring you more house for your money.

My parents didn't give me anything towards my house or deposit BUT did let me live in their house rent free until I had saved enough to buy my own house which I think is fair?

Zero. They’ll make their own way.

They'll have to wait until I'm dead I'm afraid.

Nothing. I was a single mum of five, I did enough trying to keep a roof over our heads and food on the table. They are now adults and three of them are home owners, of the remaining two, one has accommodation provided with the job and the other has sufficient savings to buy their own home with their partner but hasn't found the right place yet.

Honestly, the best thing you can do is instill sensiblility with money in your children and a desire to do as well as they can in their chosen career. They do not hold it against you.

My daughter only 5 so it's really hard to predict what we can afford now will probably be completely different to what we can afford in 13 years.

@purplecrayons1 I live in the South East. I got nothing from my parents, and managed to get started. I did a paper round in the morning (6am) between the age of 13 and 17, then got an apprenticeship which was Monday to Friday. On top of that, two evenings a week I delivered pizzas, three evenings a week I worked in a petrol station, one evening a week I was at college.

I did that from 17 to 25 and had saved enough for a deposit. It is possible, but one has to work.

I gifted my oldest son £40k plus paid solicitors fees and furnished his first home

I'm not sure yet. He already has about £5k in savings (he's 3). We have nothing! But I would imagine somewhere between £20-30k. Maybe more if we were to receive any inheritance before then.

I didn't need to with my oldest as he bought a house outright in his 20s.

Younger son is looking to be on the same track as the oldest so probably nothing again.

When our DD turns 18 in a few years we will give her about 10% of an average three bed house locally so roughly 50k.

She is not planning on going to uni and wants to start working straight away after college so we are keen to get her on the ladder young.

We got DS to open a Help2Buy account and gave him the maximum 1st deposit plus £200pm until it reached £12,000. If he buys in the next few years within the rules of the scheme he'll get a £3k bonus. If he needs help with additional costs/buying furniture/ small shortfall we can help him further but we haven't told him that!

But that relies on her earning enough for a 450k deposit?!