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?

You're being ridiculous, where do you expect single people to live??
The problem is that house prices have risen disproportionately to wages so buying as a single person is more difficult than it used to be. Many of my friends bought property as single people in their late 20's / early 30's but it's noticeable how few of the grads at work in that age group now do. There's a distinct increase in people living in flat shares and even with parents until they are older. And while they're renting that's several hundred £ a month that they can't save for a deposit. Also, well paid jobs are often in places that are more expensive to live.....a tiny (and I mean, can't swing a cat!) 1 bed flat round here will set you back around £150k so at a 3.5xtimes salary, that's only really affordable if you're earning more than about £40k a year.

I think there’s always been a massive disparity between south and other areas.

i bought my first home in Home Counties at age of 28. With my then fiancé . No way could we have afforded to buy if we had been on our own or not benefitted from an inheritence I had (relatively modest) to boast the deposit. Plus back then interest rates were in double figures, so not just deposit that was difficult. Actual repayments were. And that was even based on old interest only with endowment. We’d not have been able to afford mortgage at those interest rates on a standard repayment mortgage. But again interest only and endowments were the norm and had been for my parents too.

I was not isolated in this. I knew a lot of of people in London who bought as friends as tenant in common deeds , including a close relative and his mates and my best friend with her mates. You just don’t hear that happening much these days as a way to get on the property ladder. In all cases it worked really well for them to not wait till married etc. and they made a good yield when they sold later (mainly when getting married) but even then they were all late twenties.

im talking about graduates in all cases as well. In days when only 10% when to uni and polys still existed. So, we were all decently waged

I think for south it is a myth thst your average earner could afford to buy on their own. I don’t know anyone who managed that in 1980/early 90s. My own ds is on a very good salary, a stupidly good salary. He’s 30 . He can’t save the full amount for a deposit as his rent is massive as recently lives on his own in London 1-bed place after splittin*with his long term partner. He could standcthought of going back to HMO at this stage. Ironically he could afford a mortgage where he wants to live on his salary- it’s saving for deposit that’s a massive issue now it’s just him.

however, I live in north now. And I grew up in north. My average wages niece and nephews up here bought easily with their partners in mid twenties. And by now, in their late twenties/30s could buy easily as sole tenants on their own. It is massively different. A one bed flat is massively different in price in south vs north to tune of multiple hundreds of £.

I think younger generations do have unreal expectations, set by the property programs dominating tv and media these days. Only in some parts of country have you been able to buy on your own since around 1970s. Prior to thst property was a lot cheaper mainly because a wife’s wage was not taken into account by mortgage companies . Didn’t matter what her job was, one salary calculated only. Progress was a good thing, but had a downside in terms of what it did to house prices !

also the sale of council houses did not help. Lack of secure homes in rental market meant more people trying to buy. Also agian setting expectation that everyone “has right to buy”. It isn’t a right. But sadly only way now for most to secure a home of their own for the future without a landlord or private company holding the cards in terms of security.

I know! Whatever next? The entitlement of expecting to own a home all by yourself.

Which I do, btw. I bought my current house as a single person 3 years ago. Yes, it's a house, not a flat because I live in the countryside and the flats are scarce and depressing and, at the age of 50, I wanted a garden like I had in my previous (owned) house. My house is in the exact area I wanted and has 4 bedrooms and is detached. I'll probably stay here for the rest of my life and even if I ended up in another relationship (not likely as men don't find me attractive) my home is mine and will not be shared :-)

Yes but we don't all live in the south East and whilst I know prices are going up everywhere it's,Been known for a long time that London and the south East is ridiculously expensive
Plus wages will vary massively.

Of course you should. Many of my friends older than me and they all had their own homes under the age of 30 (they are now in their 50s). It depends on the type of house and the area, but of course you should. House prices are obscene now.

Why do single people need any housing? I'm sure there are enough sticks in the forest to make shelter.

So because I haven’t got someone to shag I shouldn’t be able to buy a home? God get off your own planet and back onto earth OP!

If your husband shags the neighbour will you graciously except your return to renter status?

@Fivebedexecutivehome

what are your plans when your husband walks out on you?

I didn't need a man to buy my house. Ok so it's not 5bed detached, but it's mine, all mine.

your smugness is not attractive.

So what’s the alternative if you’re not in a couple?

I bought my first home as a singleton on a secretary’s salary back in 1990. Try doing that today!

And to add it was about a twenty minute train ride into London.

Yes both my sons are single and own their own homes - one a flat and the other a small terraced house. I bought my ex out of our house 20 years ago. Should we all be in rented accommodation then? Why should single people be penalised?

I’m single. Who is it you’re expecting me to buy a home with?

Maybe there will be a cool classified ad website where single people post a link to rightmove on the house they like. If someone else likes the same house, they get married and sign the mortgage papers.

News article becomes all about transwoman's status, even though the news story has nothing to do with sex or gender.

But MN isn't transphobic. Mmm hmm.

Nonsense. The cheapest property for sale in my town is a one bedroom flat for £70,000 in a lovely old chapel. The next cheapest is a two bedroom semi for £80,000.

I bought a tiny flat by myself 15 yeas ago. I waited and saved to move into it lovely 3 bedroom house. Based on my salary and alone.

both times alone. I probably would have gotten my dream house sooner if we had 2 salaries. But deposit was the issue.

Find someone to buy with as tenants in common? Separate mortgage, good legal argreements.

in 1980s-early 1990s this was very common in south . I knew loads of people doing this. Buying with mates that weren’t in relationships with, usually folks they known through uni or work. Worked well in London as so many of them ended up in London for first stage of their grad career.

the agreements all worked well and they came out of it with a foot on property ladder, when they sold up to go onto their next stage.

Why can't the person in the article buy a 2 bedroom flat for £150,000 and let a room?

I live in London where living on your own when young (when renting) or owning as a single younger person has never really been the norm unless you're extremely highly paid.

You have a horrible attitude, smug doesn’t cover it.

I’m in A couple. Get married later this year. But our household income is basically that of a single person bc I can’t work full time (disabled). So we are saving a deposit but it’s taking a while (late 20s - been saving since early 20s) as we pay so much in rent etc and have to do things like have extra room in a house (for my mobility aids). I get minimum pip but it all goes on my car (needed in order for me to work at all).

it’s not as simple as people all wanting their own house and you are fortunate not to have to worry about it tbh.

I bought my first home in 2017 aged 32, after living in house shares and saving hard I did this alone with zero help from parents, Salary at the time was around £32k and I had to compromise on what I wanted versus what I could afford. I had to live in it and do it up bit by bit, I think it can be doable being single but there are sacrifices to be made. Location, property type, size etc, I think if anyone wants to own they need to understand you have to start from the bottom and work your way up unless you have help or inheritance etc. This article is not representative…

But where was this..it’s all very well you saying “I did this” but it depends entirely on the area and your wage.

most people I know, including myself, don’t choose to live in expensive areas, we went where jobs were. I now live in north and see those youngsters who are even moderately waged being able to save and buy.

The OPs question is poorly worded. Is it unreasonable in the south- yes. Elsewhere where pricecto average wage is lower, then no it’s entirely reasonable to be able aftercsome years of careful saving to buy,

stupid question wording by OP frankly.

I think that this post sort of misses the consequence of the radical social changes in the last 40-50 years.

when my parents bought a house, they were both working. But my parents were a rarity- most of my school friends had a parent (always the mum) at home full time. This trend towards ever increasing workforce participation (economist speak for women working while having children) has had the very fortunate implication of massively increasing GDP, but at the same time massively increasing demand by increasing the amount of money people had to buy houses. This pushed house prices up, which in turn forced more people to enter the workplace, to increase incomes, to further push house prices up, etc etc. virtuous (or vicious) cycle.

There was a point when yes, you could expect a single income to provide for a family. Now you cannot- the trend of ever increasing house prices (thus increasing inflation, without wages tracking) means that a single wage cannot sustain what houses cost these days (except at the very top end of the market).

Now, ideally you don’t actually have two parents working. The workload on the parents dramatically increases. My own experience is that I work double shifts in order to cover the days my wife works and we pay a child minder the other days. Thats how we manage to afford a house, but the reality is it is no longer (for the majority) to afford a house on a single wage.

Should people expect to? Well, yes, I don’t think they’re wrong for thinking that is how it SHOULD be. But how something ought to be and how it is, are two different things. The horse, as they say, has already bolted. Without a massive house price crash, it’s not going away.