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?

This is very true! Will it cross it off the list completely.

Your mortgage advisor friend advised you against shared ownership?

Private rent for my house on the same estate is £1200 per month. Shared ownership cost me £600 per month including the housing association rent.

I'm in the SW.

I bought my house in August. I'm single and have no kids. With the help to buy scheme I only needed £7000 deposit. I got a help to buy ISA as well. My parents gave me £1000. I'm
38.

What hacks me off is the whole “affordable properties” rubbish.

Developers get planning permission to build loads of new Luxury Executive properties for megabucks on the proviso that they also build Affordable Properties.

Not wanting to have riffraff cluttering up the Exclusive Area and lowering the tone of the (overpriced/not enough schools or GPs or other services/probably built in desperation on a swamp or reclaimed arsenic factory site as everywhere else that was nice/safe was too dear and the developer wants to be retired aged 40) area, the developer is instead allowed to Make A Donation towards Affordable Housing being built elsewhere in the councils area (where the Riffraff will feel more at home). Generally in the arse end of a shithole dump. And they are generally over £100k, which is not affordable to those on minimum wage, which was the whole point of the scheme. And the council somehow doesn’t have enough money so they never get built anyway. So the poor get nowhere as they can’t afford to.

It’s a fucked up system. Oh and I live in a shithole.

Oh yes. "affordable properties".

I rolled my eyes so hard I though they will stay like that when I was passing nearby new builds with "affordable homes! 2 beds starting at £189k!".
You can buy solid 30s,40s semis around the corner for less than half....

I had a lodger for a few years back in the high interest times of the late 80's, early 90's.
I'm encouraging my dc to do the same soon, as although they will have help with a deposit, it will still be difficult in our area on a single wage.

When I was young you couldn't afford a house on your own. You got married and bought a house as a couple.

Not being able to afford a house on your own has been pretty normal for a hundred years. Its called having a family.

@Walkingdeadfangirl

It’s 2020. Your comment is not inclusive.

I'm about to buy my first house as a single person. I've been in rented accommodation (in the same house, yes, I've been lucky) for 26 years. The ONLY way I am able to do this is because my very lovely mum died and left me an inheritance which means I can buy myself a tiny tiny place outright.

I work a NMW job and am nearly 60. i wouldn't have got even the smallest mortgage and renting has meant it's been impossible to save a deposit. I despair for my children's future housing prospects.

YANBU, though of course it'd be more accurate to say something more like:

buying a property is impossible very difficult for most single people in most areas of the country?

My DS is in his 30's and had only just been able to buy a part share house

We live in an expensive area and I think he originally dispaired of ever being able to buy

The daft thing is that the rent (in expensive parts of the country) can be more than the mortgage payment would be, but the mortgage multiplier/deposit is the killer.

The thought that single people have to suck it up (or just get married to any poor random to have a family and be able to buy) because that's what they've done for the last hundred years is laughable. Society does move on and single people should be able to move on with it.

Barrett Homes made £835 million profit in 2018. Up £4m on the previous year.

I appreciate companies need profits but at what cost to people’s lives.

YANBU OP. In certain parts of London, the hipsters move in, gentrification takes hold, the area suddenly looks more attractive to those from other areas and more affluent people start snapping up properties for £1.5 million plus. This means that people who lived in the area pre-gentrification have to move away, as it's too expensive to get on the property ladder. Rental prices also shoot up as the area becomes more des res.

Then as the old community erodes and the area fills with wealthier types, business rents go up, small businesses shut and the chains move in. The area loses its soul, the hipsters move onto the next "down at heel" area and the whole cycle begins again.

Some single friends of mine have done it in London through shared ownership and help to buy. If you're frugal it is possible, though of course you need a salary of, realistically, £25k+ to do so- but not impossible, particularly outside of the south east.

It is giving me more hope, thank you! I've said I worded it wrong..of course I didnt mean literally impossible. But it is very difficult for many people.
walkingdead unfortunately i haven't met anyone who I'd like to settle down with. Of course that is the dream and I wish my circumstances were different. But thank you for making a comment about my relationship status.
I hope you would never advise your children to settle down and have a family with someone they don't love because quite frankly I think it could have damaging effects.

Really depends where you are and what you earn. My younger sister bought her 2 bed terrace for just over £100k 3 years ago. Earns £32k. Nice town, good links to some of the bigger northern cities. She is divorced and childless and left the marriage with his debt, no financial help. She just saved £6k in 18 months whilst living in their old rental and then bought.

@Elieza The affordable housing on an estate near me started at £230K!!!

@Walkingdeadfangirl What rubbish.

I can see loads of properties within 10 miles of Bristol at 100-150k

I haven't stated my location. Just that is is somewhere in the south west.

Depends on where you live, I can buy a flat for £80k here

It’s definitely a location thing, I’d look further out than what circle you’ve picked so far might mean more travel but will you always work in that exact place etc.

We are £76k for a 3 bed semi with loads of land, Scotland, but the same size property would be over the £150k if we stuck with the larger town where dp works. So he travels 20minutes n has half the mortgage.