Active discussions

Meet the Other Phone. A phone that grows with your child.

Meet the Other Phone.
A phone that grows with your child.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Original poster

R.E Home Ownership feels so unattainable

118 replies

MotherOfRatios · 22/10/2023 13:25

Hi,
I am in my mid-20s and I already have £10,000 saved through hard work. I save around £500 a month.

I live in London, and before you say to me, just move out of London, it's just not realistic. My job is heavily London-based, depending on what is happening in the news, I can be called to last-minute events in London pretty quickly, so for that reason, moving up north isn't realistic because the transport in this country is expensive and unreliable.

I have considered moving Kent way and outside of London just but I still enjoy a night out with friends or a late night event in London and I would then have to get a taxi home which would be expensive because transport out of London doesn't run at 1am/ 3 am like the tube does on the weekend. I'm still young and still live very much a young and care free life.

I was looking at shared ownership, but since the massive mortgage rates increase the prices I just so so expensive but to buy without S/O it is also incredibly expensive.

I guess this is just a rant because I am just so fed up of house-sharing, but also it seems like it will take forever to get a mortgage.

OP posts:
Original poster
MotherOfRatios · 22/10/2023 14:53

Twiglets1 · 22/10/2023 14:51

I see. Yes the maximum amount to use the LISA on is 450k.

That would be ok today for a 1 bed in most parts of London but who knows in a few years? Martin Lewis has been campaigning to get the 450k limit raised as it hasn’t kept in line with inflation but no luck so far.

Show quote history

Yes, this is why she advised me against not doing it in case House prices rise because they have been rising and then my money is kind of trapped.

I have one mate who did buy, and she bought by instead of putting money into just a savings account she invested in companies, but I don't know that seems so risky.

OP posts:
Twiglets1 · 22/10/2023 14:53

Sometimes people just want ti offload @PAfsapfujasfp

Original poster
MotherOfRatios · 22/10/2023 14:54

PAfsapfujasfp · 22/10/2023 14:52

What did you want from this thread?
10K is a lot, plenty don't even have that. So you're not going find lots of 'oh, poor you' commiseration. You're also very young, in your mid-twenties and if you keep saving at the same rate you'll be able to buy before 30. Also as you want to remain single you won't need to upsize.

Rant away if you want but you're doing great. It won't take forever, just a few more years and you said your salary is going up so you'll be in a better position. You don't need any sympathy.

I never said that I was asking for sympathy...

OP posts:
Twiglets1 · 22/10/2023 14:57

MotherOfRatios · 22/10/2023 14:53

Yes, this is why she advised me against not doing it in case House prices rise because they have been rising and then my money is kind of trapped.

I have one mate who did buy, and she bought by instead of putting money into just a savings account she invested in companies, but I don't know that seems so risky.

Show quote history

She’s right the money does get trapped if you don’t use it to buy a property. You can get it out but there’s a big penalty. You can take it as part of a pension after 50 but you need the money in the next few years as a deposit so that’s unhelpful.
It’s only a good idea for people who expect the price of their purchase to be under 450k.

Original poster
MotherOfRatios · 22/10/2023 14:57

MoltenLasagne · 22/10/2023 14:53

No answers OP, but sympathy. We ended up moving out of London to a Northern city to afford to buy, and that was over ten years ago when prices were lower and there were two of us.

You're doing incredibly well to be saving so much on your own without living with parents. In your position I'd take a bit longer on renting so that you can buy somewhere you really want, rather than regretting compromising, as the dead costs of moving (stamp duty etc) make changing your mind so expensive.

As for staying single - definitely better to do that, than to be tangled financially in a relationship going south and not be able to end things because you can't afford to move it.

Yes, it is just so frustrating that you just seem to save a lot of money each month and still can't buy. I am from up north and honestly if we had a reliable transport system I would happily live somewhere like Manchester however the cost of transport from up north to down south is so expensive and I'm in the office 3 days a week.

My auntie bought a home on a lot less than me and the house was a lot less than what it is currently valued at today and you just think the young generation has been completely screwed over.

It's just so frustrating that no political party has the will to fix it

OP posts:
faithinagape · 22/10/2023 15:01

My advice is to compromise on your lifestyle... I haven't been for a "night out" since deciding to purchase my home. I now live a peaceful and wonderful life as a housewife with my husband and a baby on the way. My husbands advice is to find yourself a husband. Most households need two incomes nowerdays. The right man will be your mate and best friend and you'll forget the night outs even existed. He also suggested speaking to your parents/grandparents about having life insurance policies in place.

Going back to settling down from your lifestyle would you rather be the 60 year old that goes for nights out alone while your friends have all settled because they caught on early or do you wanna be living a great humble life with a mortgage free home by 60?

WonderingAboutBabies · 22/10/2023 15:02

It is so difficult to buy nowadays, no matter where you are in the country! But of course being in an expensive city makes it tons harder.

My husband and I saved for 5 years and just bought a 2 bed flat in Surbiton for £380k. We had a £110k deposit. You're going to need a lot more than £30-40k deposit, especially with the mortgage rates being so high at the moment.

Prior to Surbiton, we lived in High Wycombe and it was absolutely fantastic for work in London. The fast train is 23 minutes and HW is 'cheap' compared to a lot of other areas around London. You could get a nice 1 bed flat for £150k easily. Trains are super reliable and run until 1/2am at weekends. Lovely countryside around as well.

Original poster
MotherOfRatios · 22/10/2023 15:05

faithinagape · 22/10/2023 15:01

My advice is to compromise on your lifestyle... I haven't been for a "night out" since deciding to purchase my home. I now live a peaceful and wonderful life as a housewife with my husband and a baby on the way. My husbands advice is to find yourself a husband. Most households need two incomes nowerdays. The right man will be your mate and best friend and you'll forget the night outs even existed. He also suggested speaking to your parents/grandparents about having life insurance policies in place.

Going back to settling down from your lifestyle would you rather be the 60 year old that goes for nights out alone while your friends have all settled because they caught on early or do you wanna be living a great humble life with a mortgage free home by 60?

As I said above, I don't want to be married or have kids that's not the what I want and when I say nights out I don't mean having a night out getting completely drunk coming home with a hangover. No it's most often maybe a late night event for a talk, and then going to a bar and chatting with friends or going back to theirs and discussing things it's not a boozy night out. There is so much to do in London after 10 pm like the theatre.

At 60, I would like to own Home, not with a husband, or have kids and still have a social life.

I really don't like this idea that is peddled by all the generations, but you must stay in all the time just in order to never spend a single penny and never have a social life.

Unfortunately, if I never did anything and just went to work and came home I think I would be very depressed.

OP posts:
Twiglets1 · 22/10/2023 15:06

Labour have said they will build more affordable homes @MotherOfRatios but I don’t know… politicians tend to lie a lot don’t they.

Original poster
MotherOfRatios · 22/10/2023 15:06

WonderingAboutBabies · 22/10/2023 15:02

It is so difficult to buy nowadays, no matter where you are in the country! But of course being in an expensive city makes it tons harder.

My husband and I saved for 5 years and just bought a 2 bed flat in Surbiton for £380k. We had a £110k deposit. You're going to need a lot more than £30-40k deposit, especially with the mortgage rates being so high at the moment.

Prior to Surbiton, we lived in High Wycombe and it was absolutely fantastic for work in London. The fast train is 23 minutes and HW is 'cheap' compared to a lot of other areas around London. You could get a nice 1 bed flat for £150k easily. Trains are super reliable and run until 1/2am at weekends. Lovely countryside around as well.

I was told by a mortgage broker last week I would need around £30-40k which is 10% of some of the beds I have looked at in London.

OP posts:
caringcarer · 22/10/2023 15:06

@MotherOfRatios a good compromise would be to move to Kent and if you want to stay out very late sleep at a friend's overnight. You must have friends living in London.

LunaandLily · 22/10/2023 15:06

Look at Croydon, Norwood etc. 20 mins from London Bridge.

villagelife1992 · 22/10/2023 15:07

I grew up in Hertfordshire 30 years ago and to be honest it was pretty multicultural then (I'm black). It was a London overflow town. I go back often and it is very diverse. I think you have one persons experience of racism and it's put you off a whole area.
You don't want to move out of London and that's fine, but please don't use reasons that aren't true. If you want to stay in London you will have to compromise something, people are just giving you ideas so you could buy sooner.

Original poster
MotherOfRatios · 22/10/2023 15:07

Twiglets1 · 22/10/2023 15:06

Labour have said they will build more affordable homes @MotherOfRatios but I don’t know… politicians tend to lie a lot don’t they.

I have personally done some work with labour and I really don't believe anything they say

OP posts:
Original poster
MotherOfRatios · 22/10/2023 15:08

LunaandLily · 22/10/2023 15:06

Look at Croydon, Norwood etc. 20 mins from London Bridge.

These are places, I am currently looking at and where I would like to buy in 3 to 4 years

OP posts:
Tiredalwaystired · 22/10/2023 15:13

Have you looked in some of the outer zones of London? Somewhere like Harrow is comparatively affordable but has regular tubes into Baker street or trains to Euston that only take about 25 mins.

Totalwasteofpaper · 22/10/2023 15:15

Fair enough

If you are after south London I think Norwood / crystal palace / penge / Beckenham might fit the bill.

If you don't want children it might be worth looking a one beds too.

This would allow you to buy sooner and in those areas flats tend to have spacious rooms so the living are can comfortably accommodate an overnight guest.

You could also look at one beds that have the option to become 2 beds in the future this would mean as you increase you earnings you could extend the property.

Original poster
MotherOfRatios · 22/10/2023 15:16

Tiredalwaystired · 22/10/2023 15:13

Have you looked in some of the outer zones of London? Somewhere like Harrow is comparatively affordable but has regular tubes into Baker street or trains to Euston that only take about 25 mins.

I have I currently live in zone 4 where there is a lot of new builds been built and I was just curious about the price of one of them and a one bedroom flat in my current area which is zone four is £365,000

OP posts:
Original poster
MotherOfRatios · 22/10/2023 15:17

Totalwasteofpaper · 22/10/2023 15:15

Fair enough

If you are after south London I think Norwood / crystal palace / penge / Beckenham might fit the bill.

If you don't want children it might be worth looking a one beds too.

This would allow you to buy sooner and in those areas flats tend to have spacious rooms so the living are can comfortably accommodate an overnight guest.

You could also look at one beds that have the option to become 2 beds in the future this would mean as you increase you earnings you could extend the property.

I am only currently looking at one beds, I can't afford a two bed in an ideal world I would like a two or three bed. If I had a 3 bed I could rent a room out. However, it's just not realistic so I totally just look at 1beds

OP posts:
PaminaMozart · 22/10/2023 15:27

Are you looking out for ex-council flats in need of modernisation? That's how a friend's daughter got on the property ladder, in Balham IIRC.

It was totally derelict, but once she'd fixed the bathroom she just managed while she slowly renovated the rest of the flat.

It was nearly 10 years ago though, and I've no idea of the chances of finding such a bargain.

easylikeasundaymorn · 22/10/2023 15:31

I think you're being unrealistic. You want to buy a property in the most expensive area of the country, (and in a certain part of it) by yourself, on a not particularly high wage, within your 20s (i.e. before the average age of first home in the whole country)....yes obviously that is going to feel pretty unattainable, or at least very hard, because for most people it is. That's just life. Lots of people would like to own their own home in London but can't.

Speaking bluntly, £10k isn't going to get you far in London or anywhere near it, including Kent/Reading/wherever, you will need to at least quadruple that for a deposit so what's the point in worrying about this now when you are nowhere near being able to afford to buy anywhere, let alone London? Just keep saving, by the time you're 30/35 you might be in a serious relationship, have changed jobs to one where you can live further away or be ready to not go out as much.

TrishTrix · 22/10/2023 15:37

London is a different market.

How much are flats in the area you currently live in? You need to compile a short list of areas. Go to visit them and work out if they are affordable and keep saving.

Original poster
MotherOfRatios · 22/10/2023 15:39

easylikeasundaymorn · 22/10/2023 15:31

I think you're being unrealistic. You want to buy a property in the most expensive area of the country, (and in a certain part of it) by yourself, on a not particularly high wage, within your 20s (i.e. before the average age of first home in the whole country)....yes obviously that is going to feel pretty unattainable, or at least very hard, because for most people it is. That's just life. Lots of people would like to own their own home in London but can't.

Speaking bluntly, £10k isn't going to get you far in London or anywhere near it, including Kent/Reading/wherever, you will need to at least quadruple that for a deposit so what's the point in worrying about this now when you are nowhere near being able to afford to buy anywhere, let alone London? Just keep saving, by the time you're 30/35 you might be in a serious relationship, have changed jobs to one where you can live further away or be ready to not go out as much.

You have made a lot of assumptions one I never stated my wage...

secondly, I never said £10,000 was going to get me a mortgage...

OP posts:
Original poster
MotherOfRatios · 22/10/2023 15:41

TrishTrix · 22/10/2023 15:37

London is a different market.

How much are flats in the area you currently live in? You need to compile a short list of areas. Go to visit them and work out if they are affordable and keep saving.

The market I want to buy in is about £320k-385k it is just a case of saving. This was just a post of frustration.

OP posts:
caringcarer · 22/10/2023 16:23

MotherOfRatios · 22/10/2023 14:05

It's not as simple as just moving further out though, because I am Black and living in an area where I have certain amenities and people that look like me is in important, some of the outskirts not like that.

Show quote history

I'm white and live outside of Birmingham where whites are now in the minority, my Foster son is the only white player in his cricket team, but so what? Why does it matter? Why do you need to live with people who look like you? Far better in my opinion to live near people who are not racist.