To think it IS possible to get on the housing ladder?

[SleepyHeadThisTime]

I'm not talking about people living in London - god I would not like to be a first time buyer there!

However, I live in one of the most expensive areas for housing in the country and DH and I have spent the last 10 years scrimping and saving to make it to our 'forever home'. Our first house was an ex council house and an absolute dive but we ploughed all our savings into it, did it up, sold it and did the same again twice more. We have never earned more than 40k per year between us.

AIBU to think there is an element of choice about getting on the housing ladder? I have friends who say we're so lucky to be in the position we're in, however when we were spending every weekend sanding, painting, tiling and the rest, they were having holidays abroad, meals and nights out and new cars?

I don't begrudge them this (we're now enjoying all these perks) but I am a bit irked that it's put down to 'luck' and not bloody hard work and very frugal money management?

Surely if you're earning there is the potential to get on the property ladder? I know some who weren't willing to go down our route but still managed it through the government help to buy and shared ownership schemes.

I understand circumstances such as buying on your own and being on a low salary etc make this much more difficult but when I read about 'millenials' earning 30k plus per year and living at home with parents because they can afford to buy it makes me a bit

Btw DH and I bought our first house in 2010 so not in the golden era when houses were only about 3 times yearly salary!

Crumbs it makes us sad too, been together for almost 11 years and haven’t got married because it will take from the wedding fund. We are going on a family holiday next year which cost £1500, which yes, could be put towards a deposit, however the multiplier doesn’t work out even with a deposit. So we have decided to save for 2 more years (should have £24k by then all going well) then plough it into shared ownership as that’s the only way we can afford to buy x

That is unless DP suddenly gets inheritance from both of his parents (he will get about £40k), but I would rather his parents live long and healthy lives than us suddenly be able to buy a house in those circumstances.

Image applies to being able to save the £80,000 or more needed for a deposit for a mortgage in today’s nightmare of an economy as well, since OP thinks saving £2 every few days will amount one day magically to that amount. Did you educate yourself yet OP about the topic you posted on? Not about your mates, but actual data and facts? Didn’t think so.

Just stop eating avacados and you too can afford a house

There is luck but there is also an element of managing expectations. I bought a property in the south east, age 21, on a bank cashiers wage and a temp contract wage - it is a 2 bed flat above a row of shops on the main road. It was on the market for over a year before I bought it and had no internal photos as it was a state.

What a goady fucker post OP.

I'd love to know how, if you were in your early 20s, on the same income you would manage as a first time buyer in the current economic climate.

^ This. uou might know good DIY, but your maths is rather upside down.

I think it's sometimes a choice but only for some people for a lot of people I imagine it's just impossible .

I live in a low cost area but wages are also low so I made choices so i could buy and have worked my way up so to speak to get the house I want yes I have gone without because owning my own home was more important to me than other stuff and finally it's paid off for me ( and dc) and hopefully now I can enjoy a bit more financial freedom however if I look back on how I got here it would not have been possible without massive factors such as being able to live with my parents and save the initial deposit for example . So many people do not have this option !!! So I think it's a bit narrow minded to thing every body can afford to get on the property ladder

Also some people do prioritse other things to do with their money and why not ??!

Your friend that likes to travel and go out may not have managed to save a deposit but it sounds like she's had a hell of alot more fun than you!

Since I was a teenager, I had planned to save some of my student loan, and whatever I could from my part time job, and then save as much money upon graduating whilst living at home. It was my intention to then buy a cheaper property somewhere up North and either rent it out for a few years, or to begin property developing up there (my preferred option).

As soon as I started my Degree, I met my Husband and upon graduating the economy went down the shitter and we were both a bit scared to invest. We have since got a mortgage on a property for us to live in and however, but years later than we’d hoped (we’re in London).

I have a friend though who moans about not being on the property ladder, not having a partner, not having children, having a job that irritates her etc, but she does nothing about any of these things. I have told her countless times that she should save and invest somewhere cheaper as was my plan, or invest with a single friend or family member, but she just lacks motivation to do anything about anything! She doesn’t save money, even though she lives with her family, but instead takes 3 or 4 holidays per year and has expensive hair and beauty treatments routinely. She’s always eating take aways and buys her lunch everyday - I really think I’m a few years she’s going to have serious regrets.

We were lucky in a sense as we've been together 12 nearly 13 years. Bought just before the 2007
crash. Bought again this year after doing up previous property. Rented out old property and the rent now covers our mortgage. We did buy early (I was 25, him 28) but we also didn't go out and saved every penny despiteme being at Uni. It is hard but doable with sacrifices.

OP

firstly - your friends may SEEM to be in very similar circumstances to you, and therefore, in your opinion, able to buy a house if they wanted, however you don't know this. They could have debt, you could assume they are earning more than they are, their rent could be more than you expect...whatever. Although you can guess, you also don't KNOW how much their 'luxury' outgoings cost either - the £££ holiday could have been a bargain, the car a present from a parent or a really good deal from a mate working in the trade.

Secondly - you seem to be annoyed that they say you are lucky for having a house, which you feel discounts the hard work you've put in. Why do you care so much? Are you so insecure that the use of one carelessly chosen word invalutes all your own achievements? Have you really never said to them when they've mentioned their new car or holiday 'Ooh lucky you,' or similar? Could they perhaps be thinking 'Why is Op saying I'm 'lucky' I worked hard for that handbag/holiday.' or 'Doesn't OP realise I need a good car for work with all the travelling I do and clients I have to transport?'

I know friend very well and no, no debt and cheap rent as property is owned by a family member. You're right - perhaps I should just smile and nod when they bemoan not having their own place yet and discounting our hard work as luck

The question is not whether it's possible - it is, usually...But whether or not it's the right thing to do and whether you've considered alternatives.

The government schemes like help to buy look like they increase affordability but their primary remit is to keep prices at best where they are though more likely push them up further - manipulating it by making sure that people can meet monthly payments. This has been the way for years - debtors bailed out, savers punished.

I opted out of buying years and years ago and went a different way after seeing my saving ill rewarded by house price inflation.

Now sit on a variety of assets (shares, crypto etc) from which income covers my rent for now, and will likely for life and a very large pension for later on. I could actually retire now and I'm not yet forty...And I've never earned serious money....Always been a basic rate tax payer.

This is not an option if you put all your eggs in one basket and mortgage your future on the bricks alone, it just required seeing the world a different way.

Timing is everything isn't it OP - you were around during a time when mortgages were easier to obtain.

But the real trick appears to be getting a man. Lucky you for having a partner/husband and buying jointly. That's a privilege that not everyone has but you have totally taken for granted. Pity the singletons eh?

First step to house buying = start dating, right??

Fucking ridiculous post.

@Andromeida29 interesting to know how you saved every penny at uni whilst paying £9,000 fees per year...

Oh wait, you didn't have to like the current generation.

In order to get a mortgage for a house around us, we would need about a £50,000 deposit consider in that me and my husband make roughly £20,000 a year with 2 kids, it's not likely, and that estimate for deposit is based on us trying to get a mortgage 2 years ago so probably more now.

So much also depends for many on parental support (or not) not necessarily the money for a deposit but being able to stay at home and save whilst working or free child care etc this is a complex issue with each individual case is different

I feel so sorry for anyone trying to buy a house now, I honestly do not know how people are not out on the streets starting a revolution. There is no way we could buy our house now, it has just about doubled in value in the 15 years since we bought it. Our incomes have increased by so much less in that time, maybe 10% or so. The sums seem impossible, the more you save the longer it takes which means you need to save even more. And rents around here are about £1k per month, which would eat up take home salary for us. So we would have to do all our living AND save the humongous deposit out of one salary.

Between myself and partner we earn 50000, have been turned down to get a part buy part rent as they say we don't earn enough.
This was a property for people on the housing register, how on earth can people afford this?, I don't believe people can and think they end up selling them privately instead of through housing associations.
We work, pay taxes but it's still out of our reach unfortunately..

God if I could use a clap emoji, well done to you. I live on very little and live in a housing association property, we don’t have much money, old car, But we’re bloody happy, we love our little life. Why save up for ten years of your life for something the government is eventually going to have off you anyway. Why not enjoy life, enjoy living. You friends sound like they’re making life memories and they sound incredibly happy. Why compare your life to others if your truly happy. Stop goading over people who are either less fortunate or making different life choices.

If you are prepared to move North where house prices are generally cheaper and buy jointly with another person and/or gets parental help or inheritance you should be able to buy home. If you want to live in South, be single buyer, no parental help then it will be hard. Saving deposit is key. I encourage dc to save as they receive lots of gifts from large generous family.

With all due respect that's bullshit.

One of the big problems is RENT. If you live in Bristol you can't find anything big enough for a couple of under £1000 per month so I hate to think what you pay in London.

If you already have kid/s and are shelling out upwards of £500 for childcare and + at least £1000 for rent, it doesn't leave much left over for most people.

Somehow you need to save 20k for a deposit on top of everything else?

Yes you could buy a wreck in the Welsh valleys and technically would be on the ladder but that's not a viable solution for most people.

You might have been industrious and frugal (as well as lucky) but for many people it's still completely out of reach no matter now hard they work and save.

I think it’s not impossible as you say but it is however very hard. I’m 60. When we bought a house it seemed such a lot and we definitely didn’t go out much or have holidays for a couple of years. However this was on one salary as I was a SAHM. In those days you had to have been saving for 12 months with the building society you applied to for a mortgage but they judged it affordable for us on only my husbands salary.
Nowadays very difficult for our children. The only one who owns her home doesn’t live near London and earns 70k as does her partner. We gave them all 8k when we downsized to start their savings. Other daughter and her husband need to save 30k deposit. They will have done this in next two years they hope but it’s very hard going.
Other boys who live London have given up and resigned to renting.

Hip hop
My youngest daughter lives in Bristol. She House shares in a room running with damp down the walls for £400 a month.