If you live in London and surrounding areas, how many people in your circle own their home

[MixedFamily]

Between 30 and 40 yo? Inspired by another post I have read a few days ago where the OP was asking whether it was uncommon for people in their 30s to still be renting in London and commuter towns.
I would say that about 70% of people in our circle of friends and colleagues own, and these can mainly be divided in two groups:

• have bought cheap properties (“cheap” by London standards) after saving hard for years and some have then upgraded to bigger houses, mainly fixer uppers
• have had significant help from parents or married a rich partner (or both)

The remaining 30% who rent are all professionals with decent jobs but with no help, paying so much on rent and childcare and commute, it’s hard to save for a deposit whilst paying all of the above. We were in this group up to a few months ago, managed to buy a small home in a commuter town after a decade of savings.

Most of them, I’d say about 90%. I think it’s because it’s an expensive place to live and people who couldn’t afford to buy a place here would probably rather move further away than stay and rent.

Most of my friends in this age bracket own their London home. But I use "London" very liberally here. Areas include Bromley, Epsom, Caterham etc. These are people who saved up. One couple I know own a flat in Putney. This was bought in late 90s before the property boom and they still are paying off the mortgage as far as I know. Most people I know who live in "London proper" are single professionals who are still in house shares.

@Catza yes by “London” I also mean the commuter areas around zone 5-6, Surrey/Kent/Essex border etc

I live in london zone 3/4 and i own and people i know in london zones 1 to 6 are i'd say a mix of 50% 50% at 30 to 40 years.

I guess it depends on your class, most middleclass londoners probably own....and have parents who can help

Most of the people I’m friends with own - we are mid 40s.

We bought in 2009 with help from PIL.y mortgage is £1500. Rent on a similar property is about £2500 and it’s not a trendy part of London (Zone 4).

Everyone I know owns, but all ~/> 40

The ones who are married own. Those who aren't and don't have parents of the income bracket that provided for a large house and several children at private school, rent. Most of the ones who are married also had sizeable help from parents and extremely secure jobs.

I know a lot of people generations of council and social housing renters Londoners. My circle is working class but someone who is a dentist married to a dentist with rich parents both is mostly going to befriend other middleclass rich people.

I got on the ladder with a new build in zone 2 at age 30 when I was single. I loved it. It was shared ownership. Nearly everyone I know including me started with a flat share before buying.

I'm surprised at how many people know people who own outright with no mortgage tbh!

Nearly everyone I know mid 40s in SE has a mortgage. One or two own after inheriting a house or enough to pay off their mortgage outright.

I'm late 30s and don't know anyone that rents. Only one person had help from parents. Most bought as a couple though which makes a huge difference. I will say though that a few of us feel unable to take the next step up to a larger home without moving away from London. 4+ bed homes rarely come up around our way so when they do they are ridiculous prices.

I’m 49 and own in zone 3 with under £100k left on the mortgage. Bought my first flat in a very rough part of SE London at 21, for £42,000 and traded up from there. Probably about 90% of the people I know are in similar circumstances. My kids will never be able to buy in London.

About 90% - but virtually all of our friends are childfree and have careers rather than jobs, which obviously means a lot of more money to save for deposits and greater affordability for mortgages. Around 10% are renters but mostly in house shares and more as part of an artsy, creative, lifestyle with other creative types. Off the top of my head I can only think of two people who rent a whole place to themselves.

Most people I know that age have a mortgage. Me and dh are 40. We own in zone 4. But it's a roughish part of London and transport connections aren't great

We're in zone 6, and my local friends are fellow dog walkers, quite a broad range (electrician, solicitor, retired long distance lorry driver, I am in admin) and everyone owns, except a couple of (older) people with a HA tenancy. But that's maybe because it's difficult to own pets in private rentals, so it is a self-selecting sample.

It's a fairly cheap area by London standards, quite a long way out, but not leafy commuter-ville.

I think lots of people by that age have managed to buy something, even if not their ideal home. Of course there are also people relying on food banks to feed themselves, who just don't have that choice, and that's an ever increasing group. But most people I know have been able to buy.

Everyone's experience will be anecdotal, I don't know what the statistics show.

Interesting though how most people seem to own based on the above

I work with a group of people who all live in tower Hamlets. None of them own except 1. They are all in council housing. And all a decade older than the 40 age group

All of them. 50s/60s, bought from our incomes 15-20 years ago. We're very lucky.

95% of the people I know are in social housing. Zone 1.

I'd say 60% rent, all privately, none in social housing.

I think it’s very difficult for single people on low and average incomes. But even a couple each only on national minimum wage will have a household income of nearly £50,000, and a couple earning the London average each will have a household income of over £90,000. You don’t have to be high earners to be able to afford to buy something, even if it’s not a big family home.

Most people know people similar to them, so if they own, they know people know own.

Mumsnet is very middle class so the answers aren't necessarily representative.

I think 'London' is so broad it is fairly meaningless, though. There are so many factors, including transport links, schools, levels of violence. A lot more people could buy if they didn't care about any of those things. But of course we are all balancing affordability and quality of life. There's no.point in owning if you are terrified to go out.

I'm 62. All my friends bought in their 20s. Most with own saving for deposit and mortgage, sometimes with friends, about 25% with some help from parents.
Then when I was in my 40s, none of my colleagues below 30 owned. When they did buy it was with a partner or part ownership.
I know a few women who have divorced but still live with their ex as they can't afford separate households, and some who feel trapped in their marriage for same reason (even if still working can't get a decent mortgage in their 60s).
My stepsons are in their 30s. One bought with partner but couldn't afford London (so is in Essex). Other bought with in law's considerable assistance.