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.

In my wide circle of colleagues and friends who are 30-40ish, discounting those who have inherited, been gifted money from family or have married wealth: about 25% - maybe less. IME it's rare to own around London in that age bracket without help. More do seem to own in the next decade up though, even without help.

Almost everyone we know own their homes, we are quite central (zone 2) and in a higher earning bracket, and most of our friends are too (law, finance, entertainment, tech). All of them living in zone 1 or 2, some in prime central (SJW, PH). We know them through school (private), kids clubs or our gym/hobbies (high fees) so they're in a similar position to us.

We had to move out to buy aged 36, but all of our London friends (in our late 30s, early 40s now) bought years before we did - tens and tens of couples; we both had big friendship groups.

Mostly all from being in dual income households and decent-high paying jobs. A few had help from parents with deposits, but not all; a few did it entirely by themselves. Only one had all the money for a house given to them (his Dad is a millionaire) so no mortgage. One did shared ownership for a flat, another two or three did Help to Buy. The rest bought cheap(er) flats and houses in cheap(er) parts of the city a decade+ ago; all have now traded up.

It is still doable, but obviously far easier if you have very high salaries and/or family help. I appreciate our friend’s situation is unusual.

Everyone I know London owns. But without family wealth, I bought in dodgy areas and then benefitted when gentrification happened (but obvs had to live in dodgy areas in order to buy which would dissuade some). My current flat was £175k when I bought it a decade ago. It is in zone 3 and is a 2 bed and garden near tube and overground. Within a year it had doubled and is now probably worth £450k. I have been lucky, but goodness knows how anyone affords those prices. I have consistently overpaid and now have a small mortgage left and will pay it off in the next 2 years.

I grew up in London and am still here. Everyone I'm friends with from school are all about to turn 40.

I would say that 95% of us own. We have almost ALL moved further out than the zones we grew up in (most of us were z2/3), if not having left London completely.

I don't know how many had parental help, but the general socioeconomic background of a lot of those people would lead me to assume that a good proportion of them did get some sort of support - either a cash lump sum or living at parents' houses in their 20s while saving up for a deposit.

I know 2 renting (both long term rental properties) and one on a 'part buy part rent' scheme.

The rest all straight up mortgaged. 35-40 age group.

When I lived in London (in my 20s and 30s) I knew maybe 2 or 3 people who had bought somewhere and the rest were renting with partners or housemates or still living with parents.

I'm now in my 40s and living about 40 minutes out of London now (Herts/Essex border) and I would say it is about 50:50 renters/mortgages.

If you buy a flat , you could be owning

All of my friends in London own their home, but we are boomers.
A couple of my son's friends in their early 30s own their own places, but that's either as part of a couple ( no kids) or with a healthy cash injection from family. None of the younger people I work with ( under 40) own their own place, either alone or with a partner.

None, we all privately rent and just can't afford to save for a deposit and don't have families that can help

I am 39 and grew up in London (nice leafy part of zone 2).

I would say 90pc of people I know of my age group still here now have mortgages (acquired since turning 30) but in much less naice areas of London than we grew up in.

I and few others bought ex-council flats as a way to stay fairly central but in "rougher" areas and hope for gentrification. Two did shared ownership, one did help to buy. All two income households except me.
Almost all had some parental help (or inheritances) from between £20k to £100k.

Most people lived in houseshares until 30, even as couples, prioritizing cheaper rent while they saved.

The childcare years are then very tough though financially as usually mortgage at top end of what people can borrow.

Zone 6 here, early 40s. A few renting, a few own outright (usually after inheritance), a few in flats or larger houses. But I'd say 90% of people I know around here have a mortgaged 3-4 bed semi.

All my uni friends own. We have the smallest (floor space/number of bedrooms) and cheapest house and were the last to buy in London. We r in a nice area in zone 4.

All of them (assuming you count SE19, SE25, SE27 and Croydon as London and include those paying a mortgage off).

I'm in my 30s and have just left London. In my circle, every single person owned their property bar one guy who lives in his longterm girlfriend's (owned) flat and a couple who have just moved to the country. Most of us bought in our late 20s or early 30s. We're all graduates / professionals.

We are late 30s. I would say there's a real line a few years younger than us. We were able to buy age 28 but properties doubled in the following 3 years and salaries didn't. DH has a younger sibling who didn't manage to buy and seems to now be locked in a cycle of paying too much rent to save the deposit, despite a good job.

There are some self-selecting friendship groups at play here!

I was surprised how many parents in our SW London zone 3 state primary were renting. A lot of it was due to having moved from abroad (and own property 'back home'). Some are council tenants. I like the mix of people.
If we went to one of the local private schools the demographic would be different.

I think probably 70:30 people with mortgages to renting (private or council). I'm not aware of anyone owning outright.

So not London

All of them, but all 'cheap' flats.

London at in 'still on the tube line', loads of people own. London as in where you might actually want to live, no one.

Yep and it's also mostly parents, so people who are even more likely to own their house.
I'm childfree, most of my friends are childfree too, but all of the ones who have kids own.

Define “my circle” - all my colleagues and friends own, but we are hospital consultants. Of DS’s school parents, which is obviously a much more mixed demographic, I’d say maybe half own and half rent?

Everyone I know owns (mid 40s). But like us they bought early and others had parental help.

I'm not London but Surrey. Late 30's, I along with 2-3 other couples and singles i know still rent. Couple are in HA properties.

Other than 2-3 couples i would call actual friends who started on the shared ownership and have over time, bought more of the percentage, most other friends have had significant help or inherited money.

I am surprised to read all the answers, where does the generation rent live then? I would have thought that London and surrounding areas were mainly impacted in this sense and it certainly took us a very long time to get to own our home