AIBU-Sick of the narrative that young people can’t buy homes?

[Henryhoover12]

I had a heated discussion with some friends who said it’s “impossible for young people to get on the property ladder these days”.If they do their parents either lent them the money, gifted them the money or they lived at home rent free to save up. It’s not just my friends a lot of people of this age go on about it.

As a young person myself I’m bloody sick of this narrative, anything can be done if your willing to make sacrifices and prioritise for your goals which most young people aren’t. I purchased my own 4 bedroom home at 22 (few months ago) WITHOUT any help from family and whilst paying rent on a flat WITHOUT help from my family to pay for.

I called out all my friends who are blaming how it’s going on their ability to stop online shopping for new outfits every event, going out for cocktails, getting hair/nails/tan done weekly, Taking flashy cars out on finance, etc. that if they stopped then they to could buy but I got told I was being extremely unreasonable and that it’s impossible, well is it or do they not just like to hear the truth.

but there was a time before right to buy and the ban on local authorities building, when people got to choose between buying and opting for a council house.

I’m not sure when that time was @5128gap but 40 odd years ago when my parents relocated to North East Scotland, even then we had to wait over 6 months for a council property to come up in the area they were choosing to move to. We stayed with my grandparents until a house was available. I have no doubt it would be a much longer wait now, but I’m not sure when it was possible just to choose a council rented property in the area where you wanted to live.

@BoredZelda

but there was a time before right to buy and the ban on local authorities building, when people got to choose between buying and opting for a council house.

I’m not sure when that time was @5128gap but 40 odd years ago when my parents relocated to North East Scotland, even then we had to wait over 6 months for a council property to come up in the area they were choosing to move to. We stayed with my grandparents until a house was available. I have no doubt it would be a much longer wait now, but I’m not sure when it was possible just to choose a council rented property in the area where you wanted to live.

To be fair, I'm going back a bit further as my parents married in 1964 and this was shortly after that. My parents actually opted to buy, but their friends chose to rent. Perhaps area as well as time played a part, as I understand they were very much 'local houses for local people' so maybe it would have been different for someone wanting to relocate to the area. I'm not sure, I only know what their experience was.

@HJFTM

I absolutely agree with you.

Age 24 I bought an 8 year old 3 bed detached house - every penny was my own for the deposit. I was on £17k a year. I set myself goals and made sacrifices to get there but I did it in 4 years. For full transparency; I lived with parents but I paid £240 a month to live there, paid for my own food, toiletries etc.

I don't think this happened terribly recently

To be fair, I'm going back a bit further as my parents married in 1964 and this was shortly after that.

Ours was about 10 years later, still well before right to buy. My parents were actually local to the area and born the raised there most of their lives, on the electoral roll etc, they moved away for a short time whilst my dad was in the army.

@SpindleyCrow I agree. I can make myself sound amazing by saying DH and I bought a house a year after we graduated. If I leave out -

It was May 2008, so they would give us a 95% mortgage on 13k and 14k with one of us being a temp
The deposit was £6k as the house was £123k
The mortgage rate was 7% so it was costing more than renting
We spent 5 years in negative equity

It paid off, as we moved in 2013 to a 4 bed at £170k that is now valued over £100k more than that, but we couldn't afford to upsize. It's all relative.

@HJFTM

I absolutely agree with you.

Age 24 I bought an 8 year old 3 bed detached house - every penny was my own for the deposit. I was on £17k a year. I set myself goals and made sacrifices to get there but I did it in 4 years. For full transparency; I lived with parents but I paid £240 a month to live there, paid for my own food, toiletries etc.

Given the wage and timeline. I am guessing this was a while ago and the house was approx 100k. And several years ago.

4 years ago I bought a 3 bed terrace for 87k. That doesn't mean that every, single parent everywhere in the country can do the same.

You were at uni for 3 years, then travelled for a bit and have now come in time to buy your first 4 bedroom home at 22? Yeah right

4 bed house round me is 500000. No one buys them at 22

5 years ago, 115k.

I’m not saying every single person is able to :) I’m saying that I agree with the original statement of “young people can’t buy homes” when some can if they are mindful with their incomes and I’ve provided my personal example of doing so.

@HJFTM

5 years ago, 115k.

I’m not saying every single person is able to :) I’m saying that I agree with the original statement of “young people can’t buy homes” when some can if they are mindful with their incomes and I’ve provided my personal example of doing so.

So you saved approx 800-900 everyone's for 4 years. On top of, reasonable living expenses? Most can't do this.

Of course some can. When people say young people can't buy houses, no one suggests it ever means every single one of them.

But the vast majority can't.

As I’ve written in my first post - rent to my parents, food, toiletries etc. Not that much every single month, no. Overtime which was available here and there, bonus’ were saved too and I used money saved to ‘flip’ items for a higher cost than I bought them.

I have not said every single young person can purchase a property. My original post was simply agreeing with OP and offering my personal experience. Nothing more, nothing less 😊

@HJFTM

As I’ve written in my first post - rent to my parents, food, toiletries etc. Not that much every single month, no. Overtime which was available here and there, bonus’ were saved too and I used money saved to ‘flip’ items for a higher cost than I bought them.

I have not said every single young person can purchase a property. My original post was simply agreeing with OP and offering my personal experience. Nothing more, nothing less 😊

So not earning 17k. 17k plus overtime and bonus. And some side money.

I know you are simply agreeing. I am simply saying to be in that position, where we can buy a 3 bed house cheap is lucky. And it's not something 'most' young people have available. Most are not lucky enough to live at home, with cheap rent and bills (yours were cheap) be able to get overtime or bonuses or have time for a side business. Or live in an area where its affordable.

How much is your house worth now? Some young people can do this. No one disputed that. But most can not and it has nothing to do with them shopping too much. It would be completely out of reach.

Please provide a rough financial breakdown since you were 16 - incomings & outgoings - incl uni costs etc. I can't see how the numbers add up by the time you're only 22, that's only 6 years, incl uni fees, rent etc.

What a nice story.