To think you shouldn't expect to buy a home on a single salary?

[Fivebedexecutivehome]

Genuinely interested in people's thoughts.

There's no doubt there's a shortage of appropriate housing in the UK, and that prices make home ownership for many people on average salaries.

But I find a lot of reporting about the topic weird- lots of interviews with people who seem to want to buy a property by themselves.

most recent one on BBC but not unique:
https://www.bbc.co.uk/news/articles/c7209lk8x2wo

My husband and I managed to get on the housing ladder a few years ago, early/mid thirties, both full time with a combined income of about 75k at the time, had been saving for about a decade towards deposit, plus a couple of grand from each of our parents to get it over the line. Got in towards the bottom end of the market of the (south eastern) town we live in.

I recognise both of us are quite privileged in lots of ways - having a bit of family support and salaries in the 30ks and 40ks. But there's no way either of us would have been able to ever buy a property by ourselves. But there's 68 million people in this country, surely the expectation can't be that everyone wants to buy a property themselves? And surely that's never been the expectation previously?

I brought a 3 bed semi detached on my at the time £38k salary with a £17k deposit (10%) in 2020. Not it’s not impossible at all. Not in a shit hole either (probably couldn’t afford the same house now as I’ve renovated and now are going for about £50-70k more than I paid)

in order to have a mid price there must be approximately 50% of properties below that price
Which presumably those people can afford

How do you know that?

YABU. I'm in my 70's but even when I was young it was quite normal for a single woman to buy her own property. If there is just one of you its unlikely you'd want such a big property as a family.

I might be terribly wrong on my maths but if the national average salary is, say £30k, then many more people will earn less than that than the people that earn more. So, despite regional variations in the average salary, it seems to me that very few people earn enough above their local average wage to even consider buying a home, moreso if there's only one of them.

Exceptions and variations to the above 'rule' do exist, but in the main I think the above does apply.

Correct me please if my maths is wrong as it's not one of my strong points.

My OH died. Am I supposed to just go homeless?

Soon it’ll be “why do two people think they can afford a house? There always needs to be four of you living together.”

@Newsenmum I think that is already the reality for many.

I bought my first flat at 22 by myself, with a deposit saved myself. I was an nhs new grad so not a hugely paid position.

I think if you read the article she’s seeking to buy in London! The bottom line here really is that you have to cut your cloth to suit your means which may mean buying somewhere further out and commuting. It is perfectly to possible for many to buy, it’s just that they want to buy in expensive areas, they want to buy bigger than they can afford or they don’t want to go without the bells and whistles like a take away coffee every single morning on the way to work, the latest phone, Sky TV, etc. that would all have contributed toward a deposits when I bought my ex out of my old house I remember literally living on beans and toast at times… you do what you have to.

That being said, I accept that some people will be on lower paid employment. But I am a firm believer in if you push hard, take advantage of funding, etc. and educate yourself you can work your way into better pay over time.

There are so many desriptions here of how many bought small when youngish. But how many stayed in small properties? Many people go on to meet DPs and need larger homes to house their dc, and often their lies the crux - not everything turns out well - then how does this upsized HH divide into 2?

Again, my maths might be wrong, but a basic perusal of the circumstances indicates to me that if you're single and manage to buy then the best way to stay in your home is don't procreate and keep your relationships off your Deeds.

This! a million times.

It depends on how big your single salary is!

So you think people should just shack up with a partner to be able to afford to buy a decent size home.

It compares a household on median income as to price of a median home in the area. Like for like I suppose.

I believe the original OP said "expect". And it is that word that I agree with. Tbh if I was such an high-flying-super-solo-earner as so many here aver, I'd be spending my down time relaxing with a massage rather than reiterating my existence by posting on MN.

Each to their own.

You buy in a less desirable area and a less desirable house. That's what I did.

We got our mortgage just on my husband's income - I was a SAHM. Our daughter got hers alone. (No, we didn't help her financially as we hadn't got the spare money)

I think I know what you were trying to say OP, but I think you've worded it a bit clumsily, and are also coming from slightly the wrong angle.

The cultural 'norm' in Britain is for people to purchase (via mortgage) their own home once they are in an established career. In a lot of mainland Europe that simply isn't true - owning is the minority compare to renting, which is the cultural norm there - but the fact remains that buying here is what we, either overtly or subliminally, believe to be part of adult life.

I suspect your post was reflecting on the inequality between salaries and housing prices? Because yes, it is now much more difficult to afford a mortgage on a single salary, so you wonder why people think they should be able to - but the fact remains that, considering our cultural 'norm', single people should be able to afford a one bedroom flat on their income alone.

The comparison with 50/60 years ago and people only expecting to buy a house when in a couple of pointless - more people tended to marry much younger, and then there was only one income because mothers stayed at home with the children (although not always the case: my grandparents were always social housing tenants, both worked - including two jobs each at one point to make finances work). So they were still single income households, albeit housing however many individuals.

There is a massive disparity between income levels and housing costs in this country, and quite often people are paying more to rent than they would with a mortgage, but can't get a mortgage because of their annual salary...it's a viscous circle. Plus, there is the uncertainty with renting - the only secure tenancies are social housing of some form, and they are comparatively few.

Everybody deserves affordable, secure housing - whether it's rented or bought, there needs to be enough homes for people to live in. And for a lot of people, that looks like buying not renting. Single people shouldn't be at a detriment because of their single status.

(I could be way off, and you were actually just trying to provoke an argument, and you genuinely believe single people should resign themselves to house shares/bedsits/studios until they die)

I have never done anything else but use one salary. Not to do so leaves you with few options when you have children or if one partner loses their job. Cut your coat according to your cloth if you intend having children.

This post is bizarre frankly. Of course no one is saying that every single person in the country should own their own property, the point is that the world doesn't revolve around couples and people who do not have a partner, for whatever reason are also entitled to find somewhere to live.
Rent is ridiculously expensive because of the high demand so it's not like there's an easy solution either in a lot of cases. Can't afford to rent and can't afford to buy.
I am single and have struggled to find someone to share my life with due to personal issues and a disability. I'm hopeful I will meet someone eventually but what if I don't? I'm supposed to house share in to old age?
Due to the aforementioned issues I am also struggling to boost my salary and do not earn a good wage. I am apparently not "disabled enough" to qualify for government help despite having a serious condition. I am genuinely terrified about my future and where I am going to live/what I am going to do.
Sorry OP, I'm sure you meant well enough but this has just rubbed me wrong!

Haven’t read the thread but the basic premise seems so creepy and regressive.

The problem is this lady should be able to afford to buy a house on her own on the salary she’s on. It’s not the house prices or mortgage payments that she can’t afford. On paper she can, and her argument is that she is proving this each month by keeping up her rental payments, which are most likely more than her mortgage payments would be, even if she were to take out a 100% mortgage. She earns more than I do, but I own my own house, only because I had parents who gifted me the deposit. So I can see why she finds it unfair.

I bought my house 10 years ago on a 20k salary, it’s totally doable! Obviously it depends on where you live of course, I live in Newcastle and properties tend to be a lot cheaper up here!

NC or new account for this post? I rather think OP was just looking to promote this news story with a 'controversial' POV.

Is it me or is that ‘woman’ in this BBC article just so dainty and feminine… not!