How can my child live in London without renting???

[rosiembudd]

My son has been looking to buy a property in London for months now. I've done all I can to help, research, advice, money at times... but it doesn't seem achievable. He doesn't want to rent anymore. I want to see my son succeed in the career he wants but it doesn't look like he'll be able to get there. What's stopping your children from living in London?

I am slightly disappointed because my situation has brought me to where I am at the moment and having to give up the dream.

But you know what? Most of the time I tell myself fuck it. Not meant to be, at least not yet. But I have something better tbh. The memories. The house isn’t mine but it’s home and so was the previous place. When I’m ill the thought of owning something doesn’t cheer me up, or help me get through those times. It’s the memories.

Yes I understand the wanting to own something that’s yours. I’ve had it.

And at least with renting you don’t have expensive repairs 😂

And that's why I bought in Reading and I commute. It's the reality of London

Is he making his savings work for him? Does he have a help to buy ISA? Is he seriously saving? Or is he spending £000’s on holidays while moaning there’s “no point” in saving? Ignore the contingent that seem to think that giving up the occasional coffee will magically turn into a £50K deposit; but he should keep an eye on where he can add to his savings.

Is he being sensible about current accommodation? For example, a flat share for a few years instead of a one bed flat to himself?

If he’s absolutely desperate to keep living in central London (and I get the wish to keep the lifestyle); has he thought about buying somewhere outside of London to get “on the ladder” while continuing to rent in London?

It’s not something to get into lightly, and with the new rules about tax etc it would need careful consideration; plus the ongoing commitment to to be a responsible landlord, but it’s still a potential avenue if he wants to own?

He will probably find somewhere on the outskirts or Greater London with good train services into central.

Bromley, parts of Sidcup, especially near the high street (there are grotty bits - Blackfen and down Sidcup Hill), places like that have some reasonably priced houses and flats & some expensive ones, they are decent enough areas). Plenty of train stations and buses, good shops.

There's nothing wrong with renting for now, most people do for a while when they are young; it's quite nice not to have the responsibility of a property at that stage. How old is your son?

He needs to look around zone 5-6. But if he’s going that far out his commute may be shorter if he’s entirely outside London. For example Milton Keynes or Ilford to Canary Wharf is a much shorter commute than Harrow to Canary Wharf.

I’m 39, have been in professional roles most of my career so fairly well paid and just now buying a flat in London for the first time. It can take time unless there’s the bank of mum and dad.

How old is he and what is his salary?

What’s the problem, though, if he’s been looking for months? And has had money from yourself? What’s the budget?
220k is realistic for a one bed in a good area of outer London.

Be a live in carer to someone in London
Or cheep house sitter walk dogs feed cats etc

Live in Not-London for a good few years, save enough deposit for a lovely three-bed in Not-London, move to London and buy a shoe box instead.

Just me? Ok, ok.

Well we can't all have what we want can we? He either needs to buy outside London or rent in London. It is extremely rare for a single person to be able to buy in London. A friend of mine has recently done it but she must be on a 6 figures and had saved for a few years too. Even then she told me her mortgage would be a struggle.

Work abroad somewhere tax free for a year or 2 (or 3 or 4), save every penny.

Could he get a buy to let in a different part of the uk so he is getting on the property ladder and maybe use the equity in a few years towards a property in london? He might be further up his career ladder then too or the novelty of living and working in london might have worn off.

What is a "dream company"? Is it something like a big Blue Chip? Google or something along those lines? TBH dreaming about a particular company rather than a particular career path is a bit strange and likely to lead to a massive disillusionment. London is crammed and really only affordable for people in lucrative professions (law, finance etc). On an average salary and in rented accommodation it is miserable for most people who aren't blinkered and are no longer students.

it's just one of his goals to live and work in London with his dream company. I can't help but feel he'd be disappointed to end up settling...

Unfortunately, this is the real world. Most people end up settling for the most affordable comprise while still trying to maintain a decent quality of life. Why would your son be different?

He has to be realistic. If it's his dream to buy a house in London then he's got some money to earn first and has to work hard. What is his salary? How old is he?

My husband and I rented during our 20s and saved up (luckily not in London so could afford some holidays and fun stuff as well) and bought in our 30s.

We moved out of London a few years ago as despite decent wages we couldn't imagine being able to buy. I think without family help it's really hard.

Many “dream jobs”, even in “dream companies”, pay very little. How much does your average ballet dancer or violinist earn?

I would buy somewhere else, say up north, rent it out and use that to pay for rent in London. Even if the net impact financially is that he stays the same, by the time he leaves there should be equity in the he owns

I bought in London in my 20’s as a single teacher with no help from anyone. At the time, I got a very nice flat in a naice bit of zone 2. Prices have increased significantly but, on the same budget, I could get a nice one-bed or a two-bed fixer upper in zone 5.
So you certainly don’t need a 6-figure salary.

London is big, he needs to live in a more affordable part or consider living in a different city. It depends on job but here many jobs only pay about 10% less yet houses cost 75% less

@JoJoSM2, give it 5-10 years and everyone buying in London will need a six figure salary ;) but hey, the existing home owners have been loving the insane price increases in London so it's ok. With weaker GBP the volume of dodgy international house sales will probably go up too.

I had to wait until I was 37 to afford to buy in London. And that was buying with my DP and with the help of the bank of Mum & Dad!
Is it an option to buy with a partner? Or a friend?
I know a couple of guys who got onto the property ladder as soon as they could by buying in a not great area, jointly with a friend.

How old is he? Anyone I know in their twenties in London flat shares if they want to live remotely central. I moved to London in my early thirties and had a decent career. My first flat was in Catford so not at all trendy but it suited me fine. I was lucky enough to be bringing some equity from a previous flat in Edinburgh. Solo living in central London at a very young age is unrealistic unless earning huge amounts of money.

I bought my first house with a platonic girlfriend as tennants in common. I eventually bought her out.
Could that work?