How to be OK not getting on the property ladder young?

[legeleir]

I live in London so it's heinously expensive. At current rate, I won't be able to buy until I am almost 30. Mumsnet users always seem to chastise anyone who rents and thinks they should live off bread and butter until they can afford to buy. But I am stuck renting somewhere reasonably priced until I have a deposit.

I think that’s very normal? I barely know anyone who’s bought before 30.

If it helps, I'd be gutted if my kid was tied down with a mortgage in their 20s. There's plenty of time to saddle yourself with a whopping great big debt.

None of my children have bought a house. Only my youngest is hoping to

At least you're not living in a 90s time capsule with an overgrown garden that takes all your headspace, effort and money to maintain like some people (me!). I count myself lucky to be on the property ladder but honestly, some days if I could wave a wand and go back to my lovely rented flat that was someone else's responsibility, I would.

@StripedTomatoes this is so true!

Mumsnet users always seem to chastise anyone who rents and thinks they should live off bread and butter until they can afford to buy.

Really?? It’s perfectly normal not to buy till 30!

30 would be young in London.

I didn't buy until I was 40 and despite having a good income I doubt I'll be able to upsize now otherwise I'll be paying a mortgage well into my 70s. However, I'm still over the moon that I've been able to buy. Luckily I'm easily pleased (looking at cracked nicotine stained walls right now...... )

If you’re able to buy in London before you’re 30, you’re very much in the minority. You must know this, surely? Are the majority of people you know buying in London in their early to mid 20’s? If so, you must run in very fancy circles!

I don't live in London and was over 40 before I could buy a house.
It might not be ideal but it's not a disaster. Just do what you can do, there's not really another option anyway.

The average age to buy a house in the UK is 34. I was 33 when we bought ours but a lot of our friends are 35 now and nowhere near buying a house, it's quite rare to be able to afford in your 20s I think

It sucks paying so much in rent, the only thing I wish was that I'd got a handle on my budget a lot younger than I did, I was 28 before I started saving to buy somewhere because I was adamant I couldn't afford to save but a few small changes got me started on the road to a nice deposit

It's always been the same in London. Neither I nor any of my friends bought homes in London before 30 and that was in the 90s. Don't run away with the idea that everyone could do any different. And you couldn't do it without a partner/husband.

I bought my first house at 34 and I certainly wasn’t the last of my social group.

And that was by choice… we lived abroad in various different countries until then so didn't want to buy anywhere.

I bought at 33 and that was over 20 years ago and outside London. It isn't unusual. You do it when you can afford it.

There is a life to lead before having a mortgage. Get out there!

As others have said, it's rare to be able to afford to buy a property in London until at least your 30s.

I didn’t buy until I was 31 and that was in the 90’s - and I could still only afford a one bed flat.

I agree. Back in the mid-90s the only friends I knew that got on the housing ladder by 30 were couples or people helped by their families.

Owning a house is a big tie to a specific area. Renting means if new opportunities come up in new locations you are free to grab them - whether that be jobs, relationships, gap years - anything. I think it's good to keep freedom while you can.

I went travelling, enjoyed my early 20s and didn't even think about a mortgage. I couldn't be happier with my decision. isn't there anything else you want to do with your life?

The only people who buy in London under 30 these days have family help. A lot of it.

I was 36 when I bought my flat.

I live in the Midlands and didn't buy until 2020 when I was 29. My friend has only just purchased her home at 44. To be in a position to buy in London at 30 is grand!

Don't forget there is a lot of money on mumsnet. There was a poster the other day who couldn't believe that 23 year olds still lived at home as hers didn't. Transpired she had helped them substantially to get on the property ladder.

There are posters who worry that their DC won't survive on £500 a month at university, despite having accommodation paid for too. Posters who don't think they are wealthy with a household income of £90K.

I was 32 when I bought my house years ago. It's fine to rent OP

my new neighbours are in their mid 30's and told me they have a 35 year mortgage, one way to do it !