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

My 3 oldest dc all moved out when they went to university and rented once they graduated and had a job. The two oldest both bought their first home with their dhs when they were late 20s. 3rd dc is only 22 and planning to buy in the next 2 years (renting atm). He is ND so unlikely to ever have a partner. No inheritance from our family though dd2's purchase was helped by her dh getting an inheritance. All in south east

Save up and build up the 10k savings! Thats what everyone else does who wants a mortgage! Simple..

My three sons - all in twenties - had all left home by late teens. Flat shares initially to be where their chosen jobs were. None of them went to uni but each were motivated to work hard at their chosen careers, and they comprimised on luxury vs essential in the way we did when striking out on our own at a similar age. We live in the South within commuting distance of London. I can't think of any of their friends who are still living at home with parents. Most have now bought homes. It's not impossible but it does mean making choices just as we had to - when I bought my first flat at 19, my Mum used to send me food parcels of biscuits and chocolate bars, as I couldn't afford to buy them myself! My flat was furnished with mismatched stuff gratefully received from friends and relatives. I was so happy to have my own front door.

OP’s DD1 is struggling to find work, though, and may be able to save more when she does, but will struggle to qualify for a mortgage or pass a rent credit check on eg a retail wage

It is something I worry about with mine. It's not that far away. We're commutable to Chester/Liverpool at a push, but places to live- even crappy places- seem really hard to come by. People constantly on fb asking if anything's coming on the market soon or if anyone knows anywhere to rent.

Lots of houses are turning into hmos which, like a pp said, are reminiscent of the boarding houses of yore. Both dh and I did our share of flat shares, but at least you were actually living with someone then.... and there was the chance that you would eventually move up. Jobs and houses seem to be in short supply in my area.

I live in Bristol, house prices are ridiculous. Plus we don't get London salaries. My daughter is 15. I've told her she can live with me for however long she wants to (within reason...I wouldn't be keen on a partner moving in unless I moved somewhere bigger). I went to university in the North West and when I've retired if it would be easier for her to buy a place up North I'd move. It's decades of unfettered capitalism that have got us here.

Wow, you make some really nasty, uncalled for comments

Ds nearly 21 is taking up a second job as a part time delivery job as well as his full time main job. This so he can buy a property in a couple of years. He runs his car and does go on holiday 3 times a year and is only on minimum wage.

He pays me £350 for food and bills and although he has savings it isn't more than about 7k. Life is expensive but he does spend quite a bit too.

Ok, my experience is England and Scotland.

Scotland is where I live and I’ve never experienced it unless it was a family who were in crisis anyway.

That's quite young to move out. Mine didn't officially move out until mid 20s, although one of them went to Uni so was living away for 3 years.

DS1 flat shared with a friend initially. He's now renting a 1 bed flat which suits him fine. He's not in a huge salary but does manage to save a bit each month so might be able to buy in a few years

DS2 rents a 2 bed flat with his G/F. They are both earning quite well and are saving money into a LISA with a view to buying in a few years. They aren't sure where they eventually want to live so have no intention of buying at the moment.

What are rental prices like in your area? And do they both want to stay in the area or go elsewhere?

I moved out of home 26 years ago and honestly don’t feel it was vastly different then. If I wanted to stay in the area I grew up in I could afford a studio flat. I moved 35 miles away from all my friends and family to get on the housing ladder. When I bought the maximum mortgage term was 25 years and interest rates were double what they are now.
There are now government schemes to help with deposits for first time buyers, interest rates aren’t that high and are dropping and you can get a mortgage for up to 40 years.
I think what people mean when they say how do adult children afford their own home they really mean is how do they afford something more than a 1 bed flat in the area that they live in. There are houses all over the country, even expensive areas have cheaper properties which are for cable over 40 years. Oh and I could only borrow 2.5 times my salary whereas lenders now lend 4-5 times!

You sound very out of touch with the reality of property prices, the rental market and wages. It's very different.

Just read about a building society offering 100% mortgage. With no deposit required there is no excuse. Not saying I don't think it is better to save.

That's just one small part of a much bigger puzzle.

I thought the issue was affordability. Please enlighten me?

Affordability for a 100% mortgage (or indeed, any mortgage) will primarily be linked to salary and fixed outgoings (e.g. student loan repayments).

So not needing a deposit doesn't equate to 'no excuse'

Unemployment stops you buying but that has always been the case, not sure why anyone would be surprised at that. If you are employed it is possible.

I certainly did this when I was young, but for my girls and their friends ( mid-late 20s) it's not the same landscape out there.

I don't think it's actually possible to rent 'a mouldy flat' for cheap anywhere in the south of the country; all flats, mouldy or otherwise are ruinously expensive so saving for a place of their own is impossible.

Housing is too expensive, and as a result a whole generation is unable to take the next step into adulthood. My daughters both do decently-paid jobs, but it's simply not enough.

If you are employed with a certain salary relative to property in the area, then it is affordable. Which is where the point of the OP comes in.

Well said @OchreSnail

I think some people have NO idea the costs for renting & buying homes

If there’s 2 of you you stand a better chance of running a house together. Although a lot has to do with salary. Two in NMW will still struggle with not a lot left in the pot after mortgage/rent well over £1200 mth, council tax , gas/elec, water rates , food, broadband/phones, tv Lic ,
house insurance
Then there’s
tv package (sky,virgin)
clothes
food
hols !!!
misc
going out !!!

my son is 35 and still at home
earns NMW works 40 hrs around 26k
has £27000 saved
2 bed flat is 150k
Added all his utilities up /food/mortgage etc
No clothes or going out money included
he’s left with about £120 for anything else
that’s with cutting everything to bear minimum

I feel for the younger generation, unless they earning 80k can they be comfortable

I would have thought most of the people commenting live in a house and pay bills so are very much aware of the cost. It is tough for everyone.

Sacrifices always need to be made. From your list they could easily eliminate holidays and TV packages. Also cut back to the absolute minimum for clothes and going out. Is misc a savings pot for future home repairs?

Farmerswork

Are you for real !!
Firstly for one minute I’m not saying it’s not tough for the majority but there are the minority that both have a good salary

secondary
Of course you have to cut back accordingly
So, in your opinion in order to afford a house
you don’t have a holiday
No package if you want sport
absolute minimum amount on clothes & going out

misc is for what unexpectedly crops up
repairs
birthdays
wedding ( guest)

So you have your own flat. BUT
NO sport package
No mobile
No internet
only buy clothes when you really have too
and probably only go to out once a month to the pub
what a lonely/boring/sad life you would have
but you’ve got a flat 😀

I now exactly what it’s like, we bought our house in the 80’s when mortgage interest were 15% at one time, I also was a single parent in the 90’s
so I know exactly how to run a house and manage money
but , I would not advise my son buy a flat if he didn’t have enough surplus money to have some sort of life and that by NO means living it up

I didn't say that should be someone's long-term spending pattern just whilst they are getting on the housing ladder. If they have a house they can entertain at hime or visit friends houses instead of going to the pub. Of course they need a mobile and the internet but sky movies or paramount are hardly essential. As for a fortnight in Spain is it really such a hardship to miss a few holidays. I guess I just see the bigger picture and look to the future.