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Cost of living

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Original poster

To ask how so many people can afford to spend 1 million+ on a house (SE)

128 replies

BettyBoopBetty · 19/05/2023 15:14

That’s it really. Where we live most houses go for sale in the region of a million and more and many of the buyers are young families. I don’t get how so many people can afford that sort of money on a house!? If you do, what is the secret? Very highly paid jobs? Family inheritance? What’s the norm?

OP posts:

coxesorangepippin · 30/05/2024 03:12

That’s not the conclusion I come to after reading this thread.

Me neither.

Good (probably private) education, parents backing (mostly subconsciously i.e. - if I fail I can move back in with my parents), and inheritance are massive factors.

Try getting a shit education in a crap comp, kicked out of your parents place at 16 and not having a penny to your name.

Not quite as easy!

YearsofYears · 30/05/2024 04:12

Most people (couples) who I know in this position bought a London starter property quite a few years ago. They built up a lot of equity in this way. They often had deposit help from parents and / or great salary. The people I know in this position still have quite a high mortgage to service monthly.

Bjorkdidit · 30/05/2024 05:50

Rainydayinlondon · 28/05/2024 14:30

I don't think that's true. A lot of twenty somethings (even students) spend AT LEAST £10 per day on lunch and drinks and £100 on going out at the weekend. They have nails and hair done/clothes and designer trainers etc so are easily spending £200-250 per week on "fripperies". Over three years, this could add up to a £30,000 deposit which in most parts of the country (and even some parts of London zone 4) will be 10% deposit on a two bed flat. If you buy somewhere that needs "doing up" you will realise a profit.

Show quote history

This is the reality in some cases (obviously doesn't apply to everyone but there's a lot of young adults living with their parents who spend all of their £2k+ a month salary, mostly on non essentials).

As well as what the OP mentioned there's also cars on finance, £50+ a month iPhone contracts and regular holidays and mini breaks accounting for the rest.

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