I’m never ever ever buying a house. How do people even do it?!

[misstartan]

I’m 26 and I just feel like giving up. I currently flat share with a friend but want to move in with DP soon.

I have £2500 saved up and that’s it. DP has about the same so we’re nowhere near a deposit. We’re both earning a decent amount but we’re not putting enough away. I’ve tried budgeting etc and put about £300 a month away if I’m lucky.

But realistically deposits will be around 30k now, so I’m only about 28 away… 😂😭

Thing is, I’ve always had it in my head that I’d have bought a house and got married before I have kids. And I’ve always wanted to start having kids by 30. Only gives me 4 years..
I genuinely genuinely do not see how this is going to happen and it really upsets me 🙁

How do people do it?! The

Depends on how much you earn and how much your rent is ?

30k wouldn't be enough for a deposit around where I live. That's cheap!

I feel your pain though, we have a substantial deposit (our grandparents inheritance to us) and it still seems completely unachievable. I see all new houses being build and think who can afford to buy them!

It's horrendous. We only got on the property ladder because our parents died when we were in our 20s and 30s so we inherited enough for a big deposit.

Is moving somewhere cheaper an option?

If you're both earning a decent amount - what is this? What are your outgoings? It can be done (I did it at 26 with my now DH) but it depends what your incomings and outgoings are, how strict you want to be and where you live.

I earn £1800 a month and my rent and bills is around £900. Around £200 goes on petrol, £150 on my car and £50 on other memberships including for my job. So disposable £400 a month ish. Sometimes I do well and put £200 away but I’m living so tightly for nothing!

Where do you have the £2500? Isn’t there an account for first time buyers ? Otherwise Santander have a 4.15% Isa and first direct have 7% regular saver accounts.

Can your DP put away £300 a month too?

600x12 =£7200 in a year, that's not to be sniffed at.

Get a bit more frugal and £10k in a year could be achievable?

DH and I lived in the tiniest grottiest studio flat while we saved up.

And any bonuses from work /overtime etc went straight into savings too.

Holidays etc involved staying with family or friends or camping

Clothes I got second hand and only replaced when needed.

A lean few years but we did it without any family help

If you are serious about saving a deposit you and your partner could rent a double room in a shared house and then I am guessing (asyou said you earn ok) you could sav £1000 between you each month? 36k in 3 years.

If you want to live somewhere nice and big that is just yours you probably won't be able to save anything?

My lease doesn’t end until December which is annoying. And I am a first time buyer, I have £1000 in a LISA but don’t want to put the rest in just yet (I like to have some money away for emergencies).
Unfortunately DP isn’t a first time buyer ☹️ he’s temporarily living with a friend also.

I have two jobs. I save 200 from the second job and 200 from my first job. Could you and your boyfriend do an extra job each?
Do you live near a big city. The work I do is event safety stewarding. 4 events a month brings in roughly 200 quid and the best thing is that I don't have to commit to shifts like I would in hospitality. I just try and do one a week.

So your DP had a house and got rid of it?

People own arouse because a) they are over 45, or b) their parents helped them financially /inheritance or c) have a high paid job in a cheap area. Everyone else is fucked.

It's a shit state of affairs. The Tories and economic policy of low interest rates and too much QE while wages have stagnated has ensured that two generations have been utterly screwed over. It's neglect in my opinion.

A house, not arouse!

I agree. My DP bought a house with his ex but she put the majority of the deposit down (rich parents!) so he got none of the payout.

The only people I know who own houses had inheritance or rich families. I genuinely feel like it’s impossible and like I’m running out of time..

Whereabouts do you live? I think you either need to make peace with it or put all your energy into saving. And perhaps adjust your expectations of a first home, I bought a tiny flat followed by a tiny house before I got the 4 bed detached I have now. I saved 5% which was enough for a deposit (in 2016). Some things I did to help were, got rid of my car and used public transport/walked. I did a lot of running and ran to work most days. Had a second weekend job earning a few £100 extra each month. Lived in houseshares and as a lodger. This was on my own so with a partner should be cheaper.

We live in the Essex area so very very pricey sadly, can’t find much for under £350k

You're only 26 so have time to save up yet. Lots of people only buy in their mid 30s now. Just keep saving, every little bit adds up. Get a help to buy LISA (maybe keep a bit separate for emergencies and then transfer it into the Lisa at the end of each tax year).
I know it sucks how much house prices are, and the only way most people manage to buy is help from parents.

Is it possible for either of you to move back with parents temporarily? I lived at home through uni, saved from the age of 18, worked weekends and summers. I rented with an ex from the age of 20. We split up at 25, I moved back with my parents for 9 months and saved like mad. I had a 10% deposit on a 1 bed flat at 26 (in 2016 so not that long ago). I'm not saying it's not hard but there seems to be a lot of online drama about it being impossible unless you have rich parents. It's not, you just have to save and prepare and compromise.

We saved for 3 years to put a house deposit, but have only put 7% deposit. We saved at least £200 in isa each every month and tried to put anything extra in a standard saving account.
bear in mind the following fees:
home buyer report
any electrical/gas checked (we had to pay for those)
lawyer fee
broker/lender fee
since your partner has bought before, you’ll have to pay stamp duty.

How much does a first time buyer house host in your area? Say a 2 bed semi?

Ideally i wanted to have bought a house before children too but it didn’t work out like that. Ended up only having saved enough to buy when I was 34, by which time we had 2 young children. You can’t always have things the exact way you want them.

It's not the same everywhere. I'm not over 45, didn't have any help from family and I'm not a high earner but bought a property by saving for a deposit. I'm in the north east and it's not difficult for couples with two full time wages to purchase a house

cost not host!

It’s not impossible and you’re not running out of time . First thing is to set up a proper savings account . If not already with NatWest I’d move my current account to them and get the £200 reward for moving . Stay until you get the money ( think you have to deposit £1200) . Then move again to first direct . That’s another £175 . Set up a regular saver with them at 7% interest and pay £300 every month via standing order. Get your boyfriend to do the same. When the saving account matures move it to an Isa . Santander are paying 4.15 % atm.
Go through your spending and be absolutely ruthless. Get a sim only
Deal if near the end of your mobile phone contract. Can you find a car share for work so you save on petrol ?

I don't believe that, sorry. Are you looking at starter flats or expecting to move straight in your 4 bed detached 'forever home'?