To ask how much your first home cost you?

[redwinegulper]

What year was it in, and how did you afford it
?

Sorry re affording DH had been saving for 10 years and I used my £10k "wedding fund" my dad gave me. We got married 5 years later in a £500 do. Much better idea to use it on the house imo!

1971 one bedroom flat. £2400.

1992 £30,000 mortgage for building materials, as we already owned the land by inheritance, to build a four bed bungalow.

Bought 2016, £245k. I saved and husband to be saved and we had help to buy isas

1st hoise in 2003, £100k (100% Grafuate Mortgage) for a tiny 3 bed end of terrace (1 master and 2 tiny box rooms).

Moved in 2009 to a 4 bed detached but had to nearly double the mortgage and add to the term. The house is now worth approx £330k.

Sorry for typos.

£45k, 1999.
I (we) ruddy worked hard to save money up for it is how we paid for it, and paid the mortgage off, too. I know we were lucky to buy near end of long low price spell. Not a good neighbourhood but either of us could carry the mortgage on one salary, which gave us security.

1982. £25000 give or take a few £. Small three bed mid terrace just outside London. We'd saved hard for the deposit which was around £1000, and the rest was on a mortgage. Although it sounds lovely to have been able to buy a house for that price, our joint earnings were around £6000. DC 1 and their partner are currently looking to buy a house using a similar earnings multiple for their mortgage. Of course, their interest rates are far lower than when we bought and they haven't had to wait for the mortgage 'panel' to decide whether they can have a mortgage. I remember one couple amongst our friends who had to wait several months before their application went before the panel. And like one pp, we had a friend who had inherited quite a large sum of money and wanted to use it as a substantial deposit and get a mortgage to buy a four bed detached 'forever home'. The building society manager refused to even put their application before the panel as they were 'getting above themselves ' . And, since back then you usually had to prove you'd been saving with the building society for a period of time before you could apply for a mortgage with them, our friends ended up buying something smaller, but for cash. Despite what some would have us think, it wasn't always a bed if roses back then, much like now, just different hurdles in the way.

2008 238k Clapham, London. Three bedroom flat. Now worth 510k and rented out.

2015, 715k. Lived with FIL for a long time and spent as little (still paid a low rent) as we could whilst building our own business. Needed a larger property to be able to run said business from. Luckily I get on with FIL but we did have our moments!

1997 for £86,000 - I took out a mortgage for £43,000 and my dad lent me £43,000 on an interest only basis. Covered my mortgage from my salary and rented out my spare room to pay dad interest. Sold it in 2005 for £165,000 and paid my dad back his £43,000.

2013 2 bed terrace Leeds 78k.

220,000. A few month’s ago. About 5 times cheaper than it would have been if we hadn’t just moved out of London though!

Very fortunate- 3 bed terrace with decent garden in Bristol bought for just short of £300k in 2009 at pretty much the bottom of the market in our area. Used inheritance as deposit plus mortgage.

Sold six years later for £122k more, we had done kitchen and bathroom in that time but hadn't done much else. Increased the mortgage to move into a bigger house, which has increased by a similar amount in the last four years. We know we are incredibly fortunate to be in this position.

Our mortgage is high (though we have very good equity) but this house is part of our retirement plans- we'll downsize once the DC leave home and can move to a less expensive area once we don't need to worry about school catchments!

1983, £19,999. We'd saved £2,000 for the deposit in a year because we each lived at home, but even then the bank didn't want to lend us the money. We earned £3,000 pa each and the mortgage multiple was 2.5 times one salary plus 0.5 the other. At a push they would go to 3 x first plus 1 x second but that still wasn't enough.

We had luckily held on to the booklet from when we signed up to their scheme which guaranteed to lend us 10 x the amount we'd saved in a year, so they had no option but to lend us the £18000 we needed .

We moved 2 years later, selling our house for £22,500 and buying the next one for £26k with a different lender.

That first house is now worth about £200-£210k and the job that I had then pays £19.5k.

52k in 1993 - a beautiful Victorian terrace but kids arrived and we needed somewhere bigger. Sold it in 1999 for 120k then brought current place where I live on my own now. Cottage in different part of UK. Purchased for 125k in 1999 now worth around 650k but I'll never sell and will probably die here

My parents bought (well, 99 years leasehold) a 4 bed London terraced townhouse in Pimlico fir £7K in 1970. I googled it a year or 2 ago, to show the dc where I used to live. It’s last sale price was £2M!!

250, 4 bed new build 2014

www.rightmove.co.uk/house-prices/CV31/Plymouth-Place.html

These houses were £1800 in 1968

Back then average weekly wage was £32

Now an average wage is £500
But the average house is what? £300k

DH (before he was my DH!) bought a 3 bed terrace in east London for 120k in 1996. An area that used to be known as murder mile. He sold it when we moved in together, but its up on property sites currently for 1.4 million

Yep us too. 1997, £106,000, £3k deposit. I earned 24kand DH was a student. Mortgage was 95% and interest rates about 8%
It cost about £520 per month which was close to half our take home income.

1998 - DH and my combined salary for mortgage. Small downpayment. Scrotty area in N London - 88k

1998 45k Croydon was a little 1 bed flat. I was earning 13k at the time. So just swung it.

I am astonished to read that a few of you were thrown out of the family home in your teens so found it almost impossible to save up for a property.

That is awful but surely you must must be in a tiny minority? I can say with absolute certainty that not one of my friends would have chucked out their grown up offspring. Everyone I know has done what our parents did for us, and in fact most of us have chipped in a bit to help with their deposits for their first homes.

Yes I am aware that some have less than ideal parents, but as I said they must be vastly outnumbered by those from decent families.

Someone earlier was correct in mentioning the fact that so many young couples now insist on moving in together and renting, instead of just dating, and then they wonder why they can't afford to buy!