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?

My DD1 (age 27) and her DP (age 31) would love to buy in London but despite having a good combined wage they just cannot afford to. They spent a ;lot of time considering it and trying to work it out but he can't make the numbers work. I think this is the same for many young people working and living in London as your DS is finding out.

Impossible to say without more detail. What industry is he in? What’s his salary and property budget? How much savings does he have? Shared ownership is a good option

Yeah it's hard. We bought in zone 3 about eight years ago now for £240k and that was difficult enough, prices have almost doubled. Still looks like there may be some bargains to be had so he should probably hang tight.

I understand why he wants to buy but really everyone in London in their twenties rents in shared accommodation. It's a great way to make friends too. Life is too short to be saving hard all the time, he should try and annoy his life too, go out, have fun.

Essentially the options are: i) buy with someone else, ii) keep renting, iii) buy somewhere else and move out of London, iv) pursue a highly lucrative career and save hard (very difficult in practice) or v) wait for a windfall whilst renting (Lotto, inheritance etc).

Would be nice if we had further input from @rosiembudd

Find a partner? I couldn't have bought on my own but could with DH.

Also worked overseas for a bit and saved a lot of money as a PP suggested.

Why doesn't he want to rent?

I mean, I'd love to buy somewhere to live in London too. But I cannot afford it. So then I have to go onto Plan B.

If he cannot afford to buy, he doesn't need to 'give up his dream'. He just needs to alter the terms of it.

Yeah I can't afford it either, so live elsewhere

The first house (or three!) you buy is all about compromise. Sounds like location will be his compromise. Encourage him to buy where he can afford. In 5-10 years' time he will hopefully have a good chunk of equity and a higher income.

Thank you for all your advice everyone!

trade offs. Most of my younger colleagues (public sector, pay not great) live in flat shares with former strangers, in cheaper areas. A few rent or have a mortgage with a partner or friend and commute from the home counties. A few live for low or no rent with family in London or home counties, saving up for a deposit.

Rent out spare rooms, including a dining room? The first big chunk of it would be tax free.