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?

@Retroflex

You deliberately misunderstood my first post. Went off on a tangent and are now getting upset and making things up.

I’m not interested in what your view on the economy is, as it clearly isn’t an area of expertise for you.

@Retroflex

Are you nuts?

Retroflex

You suggested Scotland? Surely one of the worst shires.
Hardly a serious option. I visited once with work, such a dreary place, full of disagreeable people.

YANBU OP it's super hard for single people. As a couple you would likely have twice the income you have now and not much more outgoings (rent and bills wouldn't be drastically higher) so much easier to save, then easier to get a mortgage etc.

I'd also find moving to a new city a much scarier prospect when single. As a couple at least you have someone to come home to every night. It would be quite intimidating to just start up new somewhere you didn't know anyone at all.

I'm single and could afford the deposit. But it's the bills and stuff I'd much rather be with a dp to contribute. Also from a safety security do net want to be in a new house on my own perspective too

Depends where you live! £90k will buy you a 3 bed Terrace in the villages round here! (Up north!)

Even in the mid 80s, when I moved to London, I couldn't afford to buy anywhere on a single salary. Every year home ownership got further out of reach because house prices were rising much faster than my pay.

In 1988 I bought a two bedroom with a friend in a similar position. Half a two bedroom flat was affordable while a whole one bedroom flat wasn't. Would that be an option for you, OP?

You say it isn't fair that you can't afford to buy near your family and friends whereas others can in other parts of the country.

Of course, when the time comes, and you inherit property from your family, ^that won't be fair, as you will be inheriting 3 x the value for the same size house.

Works both ways, when you look at it.

OP
What do you do for work?
If you are single and childless would moving abroad for a year or two to a tax free country where you could earn more and then buy when you return?? Like UAE/parts of Australia for example they offer great packages (some tax free and including moving costs and accommodation) that’s what we did and lots of my friends did too!!

I did it in the home counties with no gifted deposit. I got a second job and saved like mad for a few years. About ten years ago so things were expensive. My one bed flat was £140k in 2010 and I was earning less than 25k a year in my main job.

backforgood my family don't live where I live. My family (most of them) live approx 1hr 45 away. Property is much cheaper where they live but I wouldn't be able to do my job there. Living where I an is a happy medium between being less than a 2 hour drive away from them and having built up a fantastic support network. It is what it is and I accept that buying is not in the near (or distant Haha!) Future!

That's great lionel
I do work long hours and pick up extra when I can, i couldn't really fit much more work in at the moment as i work pretty long hours. I do save every penny I can though!

I am a single parent and about to buy my first house. But a 2 bed semi where I am can be bought for £100-£120k.

Depends on the area, what you're looking for and of course your salary and existing debt. Locally I could buy a 3 bed semi easily on my own. In London I probably couldn't buy anything

It's not just buying though, renting is pretty bloody expensive in a lot of place, and if you are single and covering the council tax, deposit, all bills etc alone, it's brutal.

@onceandneveragain, I know single people who've managed to buy in my part of the SE in the last couple of years.

A colleague, on about £25k, lived like a pauper for 4-5 years to raise her deposit. She had no holidays, made most of her clothes or bought them in charity shops, rented a room in someone else's house rather than rent a flat on her own, drove the shittiest old bangers, and hardly went out. She got a 2nd p/t job and managed to feed herself on £20pw.

She found a flat in a cheap, but not shitty, area approx 10 miles from Brighton. It was cheap because it was a probate sale and it needed completely redecorating and refurbing. She did all the work herself, except for plumbing in the bathroom, which her BIL helped with. She was able to salvage the kitchen units but replaced the doors. She taught herself tiling with the help of online videos. I was in awe of the things she was prepared to tackle.

She made huge sacrifices and worked really hard, but it's paid off for her. She was determined not to be renting at 30, and she succeeded.

Yep that is another issue. It doesn't matter how much you work, rental costs are crazy high so there is only so much extra that can be put aside!

I knew someone who didn’t have a phone. Lived off cast off from the local bakery for 5 years. They never went out. Had holidays or a car. They had 3 jobs.

OP you’re clearly just lazy and want to much. Surely you want to live next to all these people on this thread who are so friendly instead of your real friends and family and surely you want to give up a job and go work THREE jobs so you can get on the ladder.

Look it’s tough for single people. It’s tough for most people. I couldn’t do it. I live in London. I cannot leave my job and my job only exists in London. So I survive for the moment.

Yep that is another issue. It doesn't matter how much you work, rental costs are crazy high so there is only so much extra that can be put aside!

That's when room renting comes handy. 90% of singles I know rented room or 2 bed with a mate. Including myself. I never saw a reason to spend double or triple of that rent on 1 bed and bills when I was single. One just has to be careful when picking the shares

Yep, I do share! It is still expensive unfortunately!

I'm 59 and have a very barky dog. Nobody would want to share with me!

For your income I would use shared ownership.

My Mum has done it and it has enabled her to live in the most beautiful new build 2 bed in a lovely location. There is the opportunity to buy it eventually or ‘staircase’. It is one of the best options for single buyers on a modest income.

Thanks for that, I will have another look. My mortgage advisor friend had advised against shared ownership but I will see if there are any schemes similar that she would recommend.

Owning part of your property is far better than paying rent and the affordability criteria is lower than if you were using help to buy for example which is geared more towards people who have a low deposit.

It is important to find the right housing association though and buy the right % etc. but definitely don’t disregard the scheme.