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?

@BettyJean I'm sorry you feel that way... I could agree with you, but then we'd both be wrong.

You didn't sell your house for what you paid for it, instead making 4 times that amount, and you complain about landlords buying it? Rising house prices are the reason most first time buyers feel like the op does, and you can't see any correlation between your house selling at that rate and what the op is complaining about?

runningaway thank you for what you are doing for the young lady who rents out your property. People like you are like gold dust!

When I was 30 and newly single I looked into buying

I was earning £40k a year and had £40k saved for a deposit

I would have been able to buy a property up to the value at a push to maximum borrowing of £220/230k

1 bed flats start at £275 where I live so it was a no

As soon as I met someone we bought within the year

That would buy a 4 bed Edwardian semi, on a really nice tree lined street, where I live, in the NW.
I suppose it depends on whether you want to own a property or remain stubborn, and never own one.
That's not a judgement, just how it is. You don't seem to be in a position to have both. I couldn't afford a shed in most parts of the SW, London is about 15x too much for us, so we don't live there.

I bought my flat in Bristol on my own in 2014 on shared ownership when I was earning £26k - it cost £140k, so my 50% share was £70k. It was the only way I could do it. Luckily a couple of years later with a promotion and the value going up a bit, I was able to staircase and buy the whole thing, and I'm in such a better position than if I'd kept renting. Search around for your options - shared ownership can be tricky but it can also be awesome - good luck

It’s definitely difficult. I could because I was lucky enough to have help from my parents. Realistically, despite a good job and decent salary I’d have really struggled to do it alone.

Depends where you live, I've had my house almost 5 years now. Working minimum wage and running a car. I don't have a huge amount for luxuries but I eat well and have everything I need and 1 holiday abroad a year 🙂

@Iggleonkupsy no sarcasm was intended.

I think the main problem is that the government are quick to say the economy is doing much better since the last crash, and yes, house prices are starting to recover, (again the amount by depends on where you are), but incomes provided by employment do not match this information. Which is another conversation entirety, but it is relevant to your post, as you yourself have said that even with savings you think it is impossible to buy a property.

Agree with moralsandcorals - shared ownership is a brilliant scheme. It has enabled me to get back on the ladder after my divorce (I'm on a much lower income than my exH). Have a look on the helptobuy website.

I really feel for you, my sister is in the same position, living and working in the South West. The problem with this part of the country is mostly the disparity between low wages and high property prices. Add to this the huge majority of flats that are retirement only or snapped up as holiday apartments and there is so little on the market for first time buyers with a small budget.
My sister is depressed by it, but plodding through saving even more deposit, not in the hope of buying somewhere by herself (as 4x her salary is woefully short for a mortgage), but so that she's ready to buy whenever she meets someone to buy with.

My sister’s house was £60k. Two bed terrace. I could afford to buy a three bed semi on my own if i had to. I bought my first house on my own.

But i live in the North West.

@Retroflex

That was my point. A graduate couldn’t afford to buy it now.

Oh, in retroflex’s little head, should I have sold it for what I had paid for it 17 years earlier? But then I wouldn’t have been able to fund the house I was buying. Maybe the seller of the house I bought should have sold that house for a quarter of the price they did. And the people they were buying from should have given them a 75% per cent discount too. Let’s get retroflex on the case - he/she can have a word with every single property seller in the country and single handledly fix the current property market!

I bought on my own 10 years ago, had saved a good deposit and got a manageable mortgage. My house is small and ideally I'd like to move but it's so expensive. It's definitely hard buying on one salary.

I do understand that I could afford to buy up North but it just doesn't seem fair that people are saying I could buy a property for 70k up there when they are nearly triple the price to be nearer my friends and family. I guess this is the reality. Meet someone or don't buy. I don't think it would do my mental health any good to move that far away from my family.

It depends. I bought my house on my own 3 years ago at the age of 27. two bed semi detached in good condition in a UK capital city (not London), without the help of parents, and up until then I'd never earned more than £21k (earn more now).

In order to do this I made a lot of cutbacks/choices which some people of my age weren't/wouldn't be prepared to do, i.e. didn't get my own car for as long as possible and when I did it was third/fourth hand, lived in crappy houseshares, worked part time consistently through school and uni, never bought designer or even expensive high street clothes, etc.

I didn't completely abandon all fun though, I still went on a good few holidays, went out drinking, for meals, to gigs etc. But just didn't go crazy on the luxuries like some of my friends did.

However I don't want to go full on 'if millennials stoped eating avocados....' I fully acknowledge that I benefited in some ways that others may not have the opportunity to, i.e. I saved a lot of money by living at home at a low rent for a few years after uni, had the (physical and mental) health to work, was lucky in that my job and family were within an affordable area of the UK so I didn't have to move miles to afford to buy, etc.

So YABU in that it is technically possible, but it's not easy. And for some people the compromises it would take (whether than be moving far from family or giving up expensive holidays) aren't worth it for them. Which is fair enough. I'm really glad I own my house and wouldn't have changed my choices, but don't judge anyone else for not owning.

I live in an expensive area and it was a stretch to buy a house, even as a couple too. Of course we saved and gave up things to actually save a deposit but it’s still hard to get that much money together 🙄 I could move to where my family are and house prices would be a lot cheaper. However, I’ve built my career here, I’ve got friends here. Both DH and I would also have to get a job near my family and honestly there is more potential for our careers in the area we’re in.

Our friend bought a really nice house by himself in the north east. It cost £80K and he’s not had to do any work to his house. But there are nowhere near the same job opportunities in his town or within a commutable distance. The country is set up to be south-centric.

We moved out of our city to where it was more affordable but that doesn’t make it affordable. Our two bed house was £180K 3 years ago but we also bought a house that needs loads of work doing to it. We bought this house as it was the only thing under our £250K budget. It takes me over an hour to drive to work. I can’t move much further out and still actually get to work, well not and have some quality of life. As a single person, there is no way I’d have been able to buy my house. If I had somehow managed to pull a deposit together, I wouldn’t be able to save for the work that needs doing to the house.

Most of the single people I know in this area that have bought have done so through shared ownership. Some places have schemes that if you’re working in the area you might be eligible for the developments to ensure you can live locally.

@Iggleonkupsy

Depends where in the North too. A lot of the nicer areas are quite expensive. It wouldn’t do your mental health any good to be stuck by yourself in somewhere like Barrow or Blackpool.

I think some of the ideas people have mentioned like the rent a room mortgage may be worth looking into.

You could buy a 2 bed flat near me for £70-80k? We're in Scotland though so I'm guessing quite far from where you are?

I bought my first 2 bed flat single on a wage of £15k for £70k (admittedly 15yrs ago but I still saved like crazy living at my parents after uni to get a 10% deposit rather than take the crazy 125% mortgages they were throwing about at the time!). I had to car share with 3 other people who were a nightmare with their timekeeping to afford to get to work, lived off beans and toast and the bargain aisles, learned the hard way to sew my clothes and do DIY but I managed. It is possible, but it might not be in the area you want initially and forget holidays and luxuries. Used to be so jealous of my friends out partying and travelling whilst I struggled to make ends meet but it was worth it long term.

It's harder nowadays as deposits required are generally higher %, and some areas it is impossible to save eg 30% of 300k unless you wait till you're retiring!

Can you buy with a long term friend or family member?
Can you stretch to a 2 bed and rent the room out?
Can you buy elsewhere to get on the ladder, rent it out to cover your costs and keep renting where you are?
Can you buy a 25-75% share for example and slowly buy the remainder in years to come?

Def speak about your options with a mortgage advisor - you're only a first time buyer once and there are various options (as other pps have mentioned) they might be able to suggest for you you are unaware of.

Agree it's shit people have to leave where they live to get on the ladder, some areas are totally insane price wise and really empathise with you and other hard-working people just wanting a home of their own

Ohhh @BettyJean I think I've hit a nerve. Are you OK? Only reading what you want to read, and stalking me on other threads is just beyond petty. Give your head a wobble.

And why so judgemental about other areas in England? I'm sure plenty of people are happy living in the places you mentioned, and even further north, like Scotland...

@Retroflex

I’m not sure what you are finding so difficult to grasp?

Do you think I should have sold my flat for 75% less than market value and left myself unable to afford to move?

The problem is, in the same way that my flat had quadrupled in value over 17 years, so had all the other properties. Do you not understand this?

Oh I do understand that, but because you are narrow minded, and completely self centred, you're focused solely on you and missed my post regarding the economy, but hey, who cares about that, when it's all about your judgemental self.

@retroflex

I’m in the north.

I grew up in Barrow so I know exactly what it’s like.

I've made it easy for you to find, as I think your reading skills are limited to stalking me...

Again all about you... I'm sure there are people in Barrow who are perfectly happy there...