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?

purplebee it has been mentioned, but thank you for the advice, I'm going to research them further. I'd thought they weren't so great but thinking it may be my only option at the moment.

You have to move or wait until you meet someone. You say you still have a social life? Lots of people gave that up until they saved up. If you really wanted to buy, you’d find a way

There are places I'd like to live in, eg St Albans, but I can't afford it, or I'd have to live in a rabbit hutch. So I live in Hampshire instead.

You have to live where you can afford to live.

The south west is expensive. But you might be able to afford Newport for example - it's not that long a commute to Bristol.

Be wary of shared ownership. There can be a lot of pitfalls and read the small print very carefully about how often the rent part of it can be increased and by how much. Mortgages are often on a higher rate of interest on shared ownership properties than if you owned outright. I know some people have gone into them and found it difficult later to sell on. In addition to mortgage and rent there are usually maintenance charges. Many won't allow to you sublet or rent out a second bedroom if it has one.

I guess waiting until I hopefully meet someone or saving further is the only way

I have a friend who said that at 29, who was dumped by her boyfriend of 5 years after she tried to get him finally to commit to moving in together (they both still lived at home). She moved out of home into a tiny rented flat (£425 at the time).

She's 42 now, still single, still in the same flat (rent has increased a bit in that time obviously), has tried to save but house prices have escalated far higher than salary increases and she's got fuck all chance of getting a deposit together. Her parents can't afford to help.

I am the only single person I know among my friends (30s and 40s) who owns a property. The rest all rent as they can't save enough for a deposit. I was very lucky.

@Iggleonkupsy please don't buy shared ownership - the reason is that the legal basis itself is incredibly shaky - if you get into arrears the property can be reposessed and you won't get any of your share. See below:

www.theguardian.com/housing-network/2013/sep/03/hidden-dangers-shared-ownership

if arrears is something you are concerned about then property ownership probably isn't for you.

That's why having savings are important - in case of redundancy or illness. No matter what kind of house or mortgage you have. (Obviously)

There's usually a maintenance or ground fee to pay on most (not all) new builds whether it's 100% or shared ownership

Good and bad in all. Swings and roundabouts in all.

OP, another alternative would be to buy with a friend in the same situation.

@IM0GEN It was different depending on where you lived but my parents did it in the 1960s (3 bed semi in the midlands - both had factory jobs at the Michelin Tyre Company, one step up from assembly line). Sister and brother in law bought a 2 bed detached in the Cheshire/Staffs border area in the 1980s while having 'basic' office jobs. Various friends did it in the 2000s while working in 'admin' type roles. It was achievable back then but not so much now unless you're willing to compromise on where you live. I lived down south in the 1990s and couldn't have afforded to buy on my own then.

Another vote for shared ownership.

This property in South West requires a 2.5k deposit:

www.sharetobuy.com/properties/72763/

I bought mine single on a 25k salary and now earn more so have increased my share.

Affordable commuter towns to London- Crawley, Horley, Worthing.

On the open market 100k might get you a studio flat requiring some modernisation. One bedroom flat for 100-150k.

Last year I earned 13.5k, From two jobs (one creative, one NMW employed). At 59, my earning capacity isn't great. If I had to stay on in rented accommodation for many more years I would be utterly screwed.

We need to start building things like student flats, only for older people, where pets are allowed and communal living (and support) is natural. Not all elderly people are capable of 'downsizing' into incredibly expensive retirement flats.

blaue I haven't said I'm in Bristol.

newme I can't remember whether I have mentioned my social life, but as it happens, I do have a good social life. But having a good social life does not necessarily mean money. You can still see friends regularly and not spend money. I have a bike so I can cycle to people's houses.
I don't think we really need to delve fully in to my personal circumstances really. Ive had some wonderful advice and I understand for some people they would be happy to move 100s of miles away for a cheaper property on their own but for me that is a no, and I accept that by making that choice, I can't afford to buy soon.
I've said already the deposit isn't really the issue, it is my salary! :(

And thanks to those in recent posts who pointed out the negative aspects to shared ownership, I'm glad I'm not alone.

I can't remember a time when buying your first property wasn't overly expensive. I got married at 25 and we bought what was a derelict railway property spending 8 years living in a caravan as we, ourselves , rebuilt the place while both working 60+ hour weeks as qualified medical professionals. I was 34 before we could afford kids and the house still isn't fully finished. I understand and share your sense of injustice but while the population of this country grows by 250,000 every year I cannot see the situation improving, even if we double the current rate of houses built.

I don't think many have said you need to move 100s of miles away. 10 miles away possibly, a commutable difference. Waiting for someone to come along and share the load isn't very sensible.

No, you haven't said Bristol, all very cloak and dagger for some reason, but if you live in a city in the south west (which you have said) then there are affordable commutable properties well under "200k for a 1 bed flat"

I expect op feels that none of the "affordable housing" schemes are good enough for her.

morals I absolutely do not feel that whatsoever. Please don't make things up about me or speak on my behalf.
If you would read through my entire post you will see that I have been open to all options. Including shared ownership. There is just a LOT to consider, including unpredictable rent increases on the shared part.

Also a lot of cities down in the SW (my point of origin) are university cities. Any housing that comes up for sale that's even vaguely affordable (needing a lot doing to it, for example) tends to sell VERY fast to builders, who do them up and either sell them on to landlords or let them themselves.

Student housing is very lucrative and tends to mop up most of these houses. We recently sold my mum's house, a tiny two bed terraced house in Exeter, needing a LOT of work, for £180,000 to a builder who stripped it out, turned it round and is now letting it to three students.

I've been able to buy on my own because I had money from a family inheritance... (I know people pretty much hate everyone who bought with family money; I'd rather my father was still alive but there you are...) I've also benefited a bit from prices going up over the years and been able to "upgrade" from a flat to a small house in a cheaper area.

I understand about cost of living as a single person in general though, it definitely feels a struggle sometimes and obviously households with two incomes have it easier (heating or electricity bills will be about the same, the Council tax discount is only 25% and so on). I think moving to a cheaper area is the only option if you want to continue living on your own and be able to buy unfortunately. Or you could potentially buy with a friend if you have a close friend in a similar situation.

I agree it is very very hard. However, I read the blog of a single Londoner who is a teacher (I think she's head of department) and she frequently talks about not being able to afford to buy a flat. Fair game. However, she has coffee/baked good out most days, buys about 20 books a month, has wonderful taste in vintage clothing (pricey) and eats out several times a week. As well as visits friends about 2 weekends/month needing expensive rail tickets. I've been following her for 5 years and she must spend 600+ a month on these things. That works out to what, 35k? Plus what she does save. I think sometimes you have to be willing to sacrifice for a few years in order to make it on the property ladder. Yes., she wouldn't get a flat in a nice part of London, but I bet had she buckled down she could have purchased a 1 bed flat on the outskirts somewhere. And still had a yearly holiday, maybe a book a month, a meal out a month etc. You really have to sacrifice a lot now to get on the ladder, especially on one income. Similarly I have a friend who is a teacher and rents a 2 bed flat, she's been there 15 years so rent is low. She goes on about 3 holidays a year, eats out several times a week, as a very expensive knitting hobby, goes to the pub twice a week, takes dancing lessons. All that's fine but she never stops complaining about not getting on the property ladder and fell out with her parents when she asked them for 170K (1/2 the cost of a flat she wanted) and they said no. My honest opinion is she could have got on the property ladder had she been willing to have a flatmate, save, reduce her spending. She must easily spend 1000 a month on luxuries. And over 15 years could easily have afforded a place.

Obviously for people who are low income no matter how much sacrificing they do they still won't have that privilege. But for those with decent salaries you have to want it enough to give up other areas of spending.

My friend (single) has just bought his first house, 3 bed (he has a child) and the mortgage is v. low.

It is possible, depending on where you live.

Can some posters stop being so harsh towards OP please.

She is making a valid point. House prices have quadrupled over the last 20 years or so, salaries haven’t quadrupled. 20 years ago, a young professional (me) could just about buy a 2 bed flat in a nice area of Manchester, on a graduate salary. That isn’t the case any more, we are seeing people renting well into their 30s and 40s.

I think OP is right to look at options but as she says, to be careful of some shared ownership schemes.

It doesn’t sound like OP has a very flash lifestyle or unreasonable expectations. We shouldn’t be expecting her to move to a caravan miles away from her life, just to get on the property ladder. I don’t know how to fix the problem OP, as it’s built in to our economy now.

You really need to look into each case individually op with shared ownership.

My rent increases are fixed at around inflation.

For me the only negative has been the cost of maintenance, but any flat would have some kind of maintenance/service charge attached to it.

Also this covers the boiler and the property came with brand new white goods (fridge/ freezer and washer/dryer). It has plumbing for a dishwasher. The heating costs are low because it is very well insulated. All these things add up.

You do need to ensure the build is a good quality, and that the housing association are reputable. Mine has a system in place where if I could not work due to ill health I would be allowed a tenant to help pay the rent etc.

Also make sure it is somewhere you want to live as once you are in the scheme it is hard to move anywhere as nice on the open market, unless you have a payrise.

If you can afford to, buy more shares as soon as you can so you benefit from the equity and not the housing association.

It’s not impossible. As a single person you can house share and save massively if somebody had of suggested this to be at 19 I would of saved a lot of money living by yourself at a young age will be costly!

Move to Glasgow, I bought my flat when I was on 18k because it was cheaper than renting. As someone said above you can get a decent 2 bed for 85k, a decent 1 bed for 60 or 70k.

It's very difficult in a lot of places but still possible in some, though I agree that it's unfair that you should have to move far away in order to buy even a small property.

I don't think you've said exactly where in the South West you live, but my family live in Wales and apparently quite a lot of people from the Bristol area have moved there because of the cheap houses. The commute to Bristol is fairly long but doable and you can buy a 2 bed terrace for £100k or so.