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Original poster

Would you buy in our position?

33 replies

zamphire · 13/10/2023 15:05

Live and work in London. Early 20s. Combined income of £120k but likely to go up to c£300k in 2-3 years time (law & finance), possibly more.
Able to get a 10% deposit from parents. No plans on starting a family until late 30s.

Would you tie yourself down and buy a 1 bed somewhere nice/fun, maybe Clapham or a 2 bed further out?

OP posts:

pilates · 13/10/2023 15:10

Yes I would buy a 2 bedroom flat. Not sure on location as not familiar with London areas. I’m sure buying will be cheaper than a mortgage even with the current interest rates.

gotomomo · 13/10/2023 15:11

I'd buy in the next 6-12 months because the market in London rebounds quickly

rubyslippers · 13/10/2023 15:13

I would always look to be further out but with good rail or transport links into london but then I’m older
I guess in my 20’s would have been fun to live in zone one
depends on lots of things where you buy - getting on the property ladder is good if you can do it

pizzaHeart · 13/10/2023 15:13

Are you married? If yes I would, if not I wouldn’t.

KievLoverTwo · 13/10/2023 15:22

Nope. I would wait til the three year mark and have a gigantic deposit so I could spend the minimum amount of time with a mortgage as possible. I would also buy a family sized home so I only had to move and pay once.

But I seem to have developed a pet hate of mortgage lenders. Which isn't exactly normal.

JustWimpy · 13/10/2023 15:35

Yes, I'd buy a starter flat in a fun area now. You'd be bored senseless if you bought your sensible forever flat in your 20s. But I've bought and sold eight times so I probably have an above average tolerance of the hassle involved.

nalakitty · 13/10/2023 15:38

yes i would buy in your shoes considering how crazy the rental market is. but i would not buy with any partner. you are only in your early 20s. i would happily commit to a mortgage at your position (wish i had) but would not want to have my finances mixed up with another person. if buying together is the most viable option, you need to be clear on how the expenses and household duties are shared and be watertight in any contract.

DrySherry · 13/10/2023 16:07

I would wait 12 months and start to save as hard as possible to add to the parental deposit. Your in a great position to take advantage of the coming falls. The savings on prices will likley be considerably more than the cost of your rent over 12 months....

Knivesandforks · 13/10/2023 16:09

No not unless you're married,early 20s is very young to be so committed that you'd mix finances but not marry.

Lovethatforyouhun · 13/10/2023 16:14

Early 20s yes to clapham, but not wait til late 30s for babies. This lie is being sold to women. Best start in ten years.

People change from early 20s to 30s…being married isn’t going to prevent that or you potentially breaking up.

Janieforever · 13/10/2023 16:17

Yes absolutely and please ignore anyone trying to delay you with a marriage thing, you just buy as tenants in common.

CrashyTime · 13/10/2023 17:07

At these prices and interest rates? Not a chance. If there is a serious recession law and finance will be vulnerable so dont make bets on future finances (that is what people who bought houses in the last five years now coming off fixes did), move further out, rent cheaply, WFH if possible, have nights out in London if you must overpay for things and save save save, dont listen to people on forums telling you to buy buy buy, many of them bought decades ago in very different economic times.

pilates · 13/10/2023 17:32

That’s the problem you can’t rent cheaply crashytime

Sparehair · 13/10/2023 19:03

Janieforever · 13/10/2023 16:17

Yes absolutely and please ignore anyone trying to delay you with a marriage thing, you just buy as tenants in common.

But still have the moving costs/ hassle if they split. Also need to be sure they can ring fence whoever's parents deposit it is. On these earning trajectories ( assume Investment banking and city law firms) they will outrun any rise in prices (and I'd argue market will be flat for a bit anyway although I don't predict a big crash) so I'd be tempted to wait a bit and buy something with greater longevity in a few years.

Stealthtax · 13/10/2023 21:31

This reply has been deleted

This has been deleted by MNHQ for breaking our Talk Guidelines.

iovebread · 13/10/2023 21:39

i hope up interest rates for people who use the bank of mum and dad. gross

NoWordForFluffy · 13/10/2023 21:41

iovebread · 13/10/2023 21:39

i hope up interest rates for people who use the bank of mum and dad. gross

Say what now?

Twiglets1 · 13/10/2023 22:26

Rent cheaply in London, Crashy? You must be joking.

@zamphire you’re only in your early 20s. I would buy a 1 bed in a fun area at that age - time enough to move further out when you have babies.

Wolvesart · 13/10/2023 22:31

Market is dropping, I wouldn’t buy as a first time buyer at the mo as you might end up selling for less than you paid

Janieforever · 14/10/2023 08:38

Wolvesart · 13/10/2023 22:31

Market is dropping, I wouldn’t buy as a first time buyer at the mo as you might end up selling for less than you paid

Hugely unlikely unless she’s about to flip it. It’s much much more likely when they sell at some point in the future they make a profit.

NewHouseNewMe · 14/10/2023 08:41

How stable is your relationship if it’s early 20s?
I’d be concerned about breakups at that age.

Its a good time to buy in London, especially for a flat, but do look for bargains and be cautious flats done up to Instagram perfection. I have seen real houses versus the photos and it’s not always pretty behind the scenes.

pilates · 14/10/2023 08:45

Op, if one party is putting in more than the other you can draw up a Declaration of Trust to protect that money.

Wolvesart · 14/10/2023 09:48

Janieforever · 14/10/2023 08:38

Hugely unlikely unless she’s about to flip it. It’s much much more likely when they sell at some point in the future they make a profit.

Show quote history

So you don’t think we are st the beginning of a recession? You don’t think waiting a bit gets you a cheaper price? You don’t think what I said happens to people? It does

Janieforever · 14/10/2023 11:12

Wolvesart · 14/10/2023 09:48

So you don’t think we are st the beginning of a recession? You don’t think waiting a bit gets you a cheaper price? You don’t think what I said happens to people? It does

Show quote history

Um, are you ok, you seem angry to be challenged.

as for recession, reports differ , Bank of England is saying no, nesr is saying mid chance by end of next year, yes waiting might get it cheaper, it might not, and she’s not looking to flip

rentals are littered with folks waiting for the crash and getting priced out.

pilates · 14/10/2023 11:48

If I remember correctly they said we would have a crash in the market after Brexit 🤔

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