It’s just never going to happen now is it?!

[Mum233]

We are long term renters. We don’t have parents that are in a position to help us with a deposit and can’t save because of extortionate rent. All savings wiped when covid hit (DH self employed and his industry couldn’t operate) then car blew up.
I’ve got to the point now Where I feel like it’s not going to ever happen. We will never own a house. Im finding it hard to accept. We don’t have luxuries and do everything on a budget.
I have worries that something will happen to me and DH and our children will be left nothing and it makes me feel sick!

It might still happen! It finally happened for us last year, and we are in our forties.

I've lost money on properties I bought, I was homeless twice. I've been unemployed, down to my last couple of pence but through sheer hard work I now own my own home outright. It can be done with sheer grit and determination but it isn't easy. Don't despair, make a plan. Good luck to you, I know you can do it one day.

Never say never. House prices could yet come down.

Kill off some boomer relatives and inherit their cash. Sorry for the dark humour but its the quickest way to buy nowadays!

Try not to worry. Lots of people rent and it can be a good option - if you hit hard times you get financial support with rent (not with a mortgage), and you don't get hit with the cost of a new boiler or roof. If you are worried about leaving nothing to your children, you could take out life insurance so they would get something.

But my observation is that most people who want to own a house end up owning a house, either by moving somewhere less expensive, or by improved earnings, or through inheritance or family help. It may not seem possible now (which really is not a terrible thing) but become possible in the future.

I’m in much the same position- mid 40s single parent earning around ,£40k, cannot save a deposit but could pay a mortgage. It’s ridiculous

Yeah same position. Early 40s. We have been doing quite well with saving for a deposit but now with ridiculous price increases in the last couple of years (20% here) crazy cost of living increases coming and the likelihood of much higher interest rates and a recession it's all feeling quite hopeless.

How old are you both?
What are your incomes now?
What do you think they’ll be in 5 years?
Are there restrictions on where you live?
If so, broadly what do you do?

You might want to consider life insurance? DH and I will never own together, I think, but we have life insurance to protect each other/the children.

Work on job prospects imo, there is only so much you can cut, and prices are going up, so the only other option is to work on what is going in.

I've never inherited any money via a house as my parents and inlaws didn't own one.
Also , many ' boomers ' may end up needing care and that costs a lot too
People can't always rely on this as a means of getting the deposit / significant money.
I feel for you op, it's tough these days and my own two sons will be in the same situation too
I can't see prices dropping either.
I think that today's young are just screwed and it's just sad. People do already work hard and can't manage , so those saying just 'work harder ' are tone deaf

How old are you now and how old are your children?
Can you retrain in a better paid job? Move to a cheaper area?
Things can change a lot in 20/30/40 years, don’t give up.

Do you have life insurance? If not, you should get some. Both of you. That way you're both protected financially if one of you was to die.