Aibu to think that buying a property is impossible for single people?

[Iggleonkupsy]

I'm single and childless, I work really hard and although I try to also have a social life, I save as much money as I can to put towards a deposit someday. But I just get deflated when I look at properties that are so expensive. I relocated to this area about 5 years ago and although I could probably move to a different city and find a job in what I do, I don't feel like I should have to..I've built my life here, I have a good support network. I just get so down at the thought that buying somewhere will not happen. Why do they build these new homes if they aren't affordable? 200k for a 1 bed tiny apartment is not affordable is it?

£90K would buy a 2 bed house in my Yorkshire village.

Sort of x post with Theonewiththecandles.

i agree it is hard. If i were you i would buy a 1 bed flat elsewhere to get on the ladder and rent it out. Then you will build up equity which may enable you to buy where you live in the future?

YABU to say that "buying a property is impossible for single people" as many people do buy properties based solely on their individual income.

If you think it is impossible for single people to buy a property where you are in the South West only, then that would perhaps have been a much better discussion.

In Scotland there are lots of 3 & 4 bed houses on the market for less than half of the 200k you were talking about.

It doesn't take a genius to work out that some areas are more expensive than others, and they've even made TV shows based on this idea like location, location, location...

Sorry retro perhaps I should have worded my op different, I apologise.

Thanks for your sarcastic post though, it was really helpful.
If course I understand some places are cheaper but the reality is that property prices are going up everywhere and it IS feeling impossible for many people to buy.

I bought my first home on my own. It's easily affordable in many areas of the country.

The problem is finding a decent job in an affordable area that isn't too far away from your family and friends. Many people have to make compromises, or wait for a while until the perfect combination appears. Other options are taking in a lodger, or working abroad for a few years and saving like mad to buy the right property.

YABU in saying single people can’t buy, YWBU to say that wherever it is you live single people can’t buy. Some places are more expensive.

This ^

As has always been the case, some people get considerable help from parents, or Grandparents.
Sadly, some people have an inheritance.
Some people earn mega-bucks
Some people live in parts of the country where it is possible to afford to buy
Some people go out and get a second job / go on a 'no spend year' etc and save huge amounts
Some people are fortunate enough not to have to pay rents when they are saving
Some people move to where they can afford

So YABU to generalise that no-one can afford it.

Unfortunately you are competing against people with more buying power than yourself, couples with double income for a mortgage, bank of mum and dad giving their offsprings tens of thousands for a deposit, that along with a virtually zero percent interest rates and a mixture of Help to Buy schemes from the government have put prices up to unaffordable levels for single first time buyers. They lowered interest rates after the 08 recession so that people who owned houses would not loose them, then introduced help to buy to give first time buyers more money to borrow to push up prices, prices will not come down anytime soon especially as you are competing with the government who have a very big interest in keeping them high

It’s really location dependant. In the street below mine there is a 2 bed terrace on sale for £57k.

I recommend Shared Ownership! Small deposit and a brilliant way to get on the ladder. I even have decent equity now and can afford to move up the ladder.

If you want to own a house then you have some tough decisions to make . Stay where you are but rent the cheapest place possible in a house share . Move home and save . Move somewhere else and buy a cheaper house . Continue renting until you meet someone you want to live with / marry / have a future with .

Yes, it is possible in some areas of the country to buy a property as a single person. In others it's impossible for many people eve on a fairly decent (single) income.

If you happen to live in a more expensive area and your family, friends, job and support network are there, it's little consolation to know you could buy elsewhere. Those more expensive areas also need the workers at the lower and medium levels of pay to do the jobs needed for the economy and public services to function.

Not impossible, I bought by myself with no financial assistance from parents at 24 and again last year at 34. 200k would buy you a nice 3 bed house where I live. Lots of my friends were single homeowners in from mid 20s onwards.

Very difficult in some areas due to high house prices and high rents whilst saving for a deposit.

If home ownership means a lot to you and your job permits you to move elsewhere than that something to seriously consider.

I would probably get and live in a caravan for a few years - and save hard. My long term plan would be to get a place that may be small, maybe rough round the edges, but that is in a good location for you.
My sister struggled to get a mortgage after her divorce, but Halifax gave her one which she was over the moon about. Just because one bank says no - doesn't mean they will all say no.

Thanks again everyone, reading all replies and taking on board.

lido you have hit the nail on the head!! If only the rich people can buy properties then everyone else gets pushed out and we need people to do all sorts of jobs! Thank you for that.

@Retroflex

I think this is an important to discussion to have and it’s a shame you felt the need to undermine OPs point.

I bought my first flat by myself, on a graduate salary. Borrowed the most I could. Sold it last year for 4 x what I had paid for it. Graduate salaries haven’t quadrupled in the same time. I sold it to a landlord. Landlords are buying up all the flats there and renting them out to all the young professionals who could have bought the same flats 17 years ago.

Surely depends on how much you earn and where you live? Move out of London, some wages go down but so does house prices? What about shared housing?

YABU. Location is a big factor, but i bought my first 1 bed flat on my own 4 years ago in a big city on my salary of £18k. 5% deposit

If you want to own a house then you have some tough decisions to make

This. Most people have to scrimp and save for years to get on the housing ladder. They take a second job in the evening/ weekends and don’t spend money on anything non essential. They work overtime or train for a better job.

Saying “ But I don’t want to move somewhere cheaper and I don’t want to work harder, I shouldn’t have to , it’s not FAIR” makes you sound about 12.

This may interest anyone trying to buy in their local area...

Details of 30% discounts for 'First Home' local buyers revealed

...The government has given details of a scheme allowing 30 per cent reductions for what it calls ‘local first time buyers’ and 'key workers'.

There will be a scheme called First Home which will make properties available at a discount.

www.estateagenttoday.co.uk/breaking-news/2019/12/government-reveals-details-of-30-discounts-for-first-home-local-buyers

@Iggleonkupsy you have my sympathies. I'm in a expensive part of Hampshire and don't see that I'll ever be able to afford to buy.

The advice to "move where it's cheaper" is all well and good but what happens when we all follow that advice and then there are no more houses left to buy in the cheaper areas?

And realistically I'd have to move myself and DD hundreds of miles away from our support network which would make us both bloody miserable and leave me with no back up childcare.

I'm saving as much as I can and looking at shared ownership. I think it's going to be the only way I can possibly do it. And even then it's not guaranteed.

It's alk about the location isnt it? Loads of 1 and 2 bed flats under 110,000 in my part of the South West.
www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=OUTCODE%5E2083&minBedrooms=1&maxPrice=110000&radius=30.0&propertyTypes=flat&primaryDisplayPropertyType=flats&mustHave=&dontShow=&furnishTypes=&keywords=

We as a society do need people to do modestly paid work even in wealthier areas, which is one of the many reasons why our current setup is so shit, but I also wouldn't let that be your problem any more than it is already, iyswim? As in, yes your expensive area does need people doing your job, but if it doesn't also have the conditions in place to allow you to live there securely, ie purchase or SH, then there's no reason for you to factor that need into your plans. The same is also true for the arguments that if we all move to cheaper areas they won't be cheaper any more. Also completely true, but in your shoes I would think micro not macro.

I'd also be very cautious about buying elsewhere and renting it out. If you're going to be a landlord, you have to build time spent without rental income into your plans, either through voids or tenants not paying. On a relatively modest income it sounds like you might struggle with that.

IM0GEN can you please tell me where I said I don't want to work harder? Please don't change things that I haven't said.
I did say it feels unfair to have to move away from a support network, not that I wouldn't. Please read the full thread. I'm seriously open to options and have been really appreciative of everyone's advice.