So, how is it actually possible for our adult kids to ever move out of home?

[cateringday]

I’m imagining it’s the same for a lot of people.
two kids 20 and 18, they both actually have £10000 in the bank as an inheritance but can’t see how they would ever get enough for a deposit or pay a mortgage. If they rent then all that money will be gone anyway.

how old are kids leaving home these days

we live in the south east

Agreed. I didn't leave home until I was 24 in the 70s. It seems to be expected more when DC are graduates that they will leave home when they finish uni. Mine both came home to live for a couple of years before they moved to rented, then bought houses.
It's not compulsory to live in the south east where even high earners will struggle to pay for housing. Cheaper parts of the UK are available

Neither me nor any of my siblings were able to buy houses until well into our 30s, but all left home at 18. Depends if your children see the only route to moving out is home ownership, or if they want to be independent people and build their own life without the buffer of a home, which most 20-somethings don't have.

Yy - astonished anyone in recent years has had a paper round with the move to
online news

I think op feels that is a waste if the amount they have already saved.

5 years? On £25K and living at home, he could easily put £700 a month away and still have £1k for housekeeping and having some fun! If he has £10k already there is absolutely no reason why he couldn't save another £15k in less than two years.

With £4k a year into a Lisa (£4k of his current £10k now and then £300 a month for two years) he would have £15k plus interest, plus his other £6k gives him £21k.

The additional £400 a month gives him a further £9,600 - so in two years time he would have over £30k deposit (plus any interest).

If he put that money away for five years he'd have over £50k!

There are currently 2,753 2 bedroom plus properties that are freehold or share of freehold and not a park home or for sale via auction that cost £300k or less in London and the South East.

If you reduce that to £250k or less there are still 591 - although that number goes up significantly if you include studio and 1 bedroom properties.

Availability isn't necessarily the issue - it might mean compromise on the area or on the amount of work a property needs, but it's not like there is absolutely nothing available!

I moved out of home with my (then) fiancé at 18. Rented and just had second hand stuff.

But, we were both working, and it was independence. Buying a house was out of the question then (early 1970’s).

Ds1 ( 26 years ) moved out a couple of years ago but renting with his gf.
Ds2 (25 years )lives at home but has saved a hefty deposit due to living at home and is looking to buy alone soon.
DS3 - still at Uni . little hope of finding a job or moving out any time soon.
DD1 - still at Uni.

When I was renting, swapping flatmates in and out of a “grotty house share” was pretty easy. With current regulations, this is harder I think - credit checks, deposit protection schemes etc.

My DD46 for the last 5 years has rented a nice 3 bed. With the landlords permission she has let the other 2 bedrooms. This covers the whole rent and she pays all bills including council tax. This has allowed her to save a deposit and she will buy this year with our help. Before 40 she travelled. Since then she has concentrated on professional qualifications and career. Our son did the same with his first flat in London. Rented out the two bedrooms while he slept in the lounge. it paid his mortgage for 6 years after which he earned enough not to need it. There is an annual £7.5K tax free ‘rent a room’ allowance.

I'm 39 and it took me 9 years to save up a 10% deposit on a house while I was renting and had a child. I think people's expectations are far too high!

the only thing for us is having to postpone our golden years’ but it’s a small sacrifice to pay

Why can't you carry on with your life, You have a young adult at home, not a dependent child. Seriously, this surely isn't reason to change your life... or were your 'golden years' pissing on each other in the kitchen - not my kink, but hey ;-)

I imagine they will do what i did / most people do (im knocking 50)

rent, house-share, live in shit holes. Save slowly over a long period of time. Work hard, get a second job

Oh and most importantly!!!! Couple up!

Yeah but people say this on property threads. Then hop over to the relationship boards, which then become the angsty threads on blended family boards because people jump too quickly into things the first time.

One hasty move begets more hasty moves...

I’m NW….DD and DS1 both bought first homes in their 20s ….very doable here ….very much the norm

Yes this is certainly a consideration. I'm happily married and enjoy cohabiting, but if the shit were to hit the fan I would want to be able to buy him out. I couldn't as things stand, but I'm working on it. I don't like the feeling of being dependent, and I would not leave this house.

Yes, my deposit was me saving £100/month over the course of 20 years. I bought when I was 40, alone, in London. Just a small flat but it's mine.
If you expect to buy a 3 bed semi at 23, yes you may find life really hard.

Many first time buyers don't have the money to buy a doer upper at auction, which most likely won't have a kitchen or bathroom and will go for considerably more than the stated price. They'd also struggle to get a mortgage on an auction property if it isn't habitual.

Most people don't actually have too high expectations. Most want somewhere that they can actually live in and not have to spend another 25-50k doing up.

As a single female, location to me was important when I was looking. I want to feel safe in my own home, not be surrounded by derelict houses, and/or junkies. I live on a nice, safe, new build estate but I know there are some dodgy areas that as a single female I wouldn't dream of living even if the properties were affordable.

Much easier in the North where I am. Flats for around 70k in a nice area. Starter houses for 90k.

The only way we could move out and not get stuck in the rental trap was to move from thr south east to a rough town in Northumberland. Tiny mortgage, but no family support.

And these graduate decent earners can't also afford a room in a shared house( outside London) ? Can't be earning that well then

Which is precisely why I excluded auction houses from my search.

DH and I have owned three houses - every single one has needed work doing to it - none were bought at auction and in all of them we had to make compromises for the first few years, including putting up with crap kitchens and bathrooms and mismatched second hand and donated furniture.

We are very very fortunate with where we live now in terms of location, property and land size - but it is a project which had sat on the market for four years.

We've always been able to see potential in properties though, and knew taking on a project was the only way we could afford to live where we do. We both earn decent money, but it was a stretch which means we've had to take our time doing things. We've been here for seven years and our bathroom is still a peach 1990's monstrosity and our kitchen isn't much better!

It was absolutely vile when we moved in, but we gave everywhere a quick coat of paint, put some cheap laminate downstairs and cheap carpet upstairs and have been doing it bit by bit over the years.

But so many people, both young and old, don't want somewhere that isn't instagram perfect, haven't been taught basic DIY skills or don't have the willingness to learn!

But so many people, both young and old, don't want somewhere that isn't instagram perfect, haven't been taught basic DIY skills or don't have the willingness to learn!

But you did have two salaries.

My parents still get a paper every day and we do at weekends and they’re not being delivered by the fairies.
There won’t be anything like as many as there used to be but some people will still do them.