If you are a millennial and own a property in London and surroundings

[FreeBeeBird]

How did you manage to do that and what type of place do you own? Do you have a partner and DC?
A big house with a garden seems to be such an ingrained staple in the British society but I struggle to understand how millennials (and even younger generations) can easily afford that in London and surroundings, given the crazy prices and high rates at the moment.
How did you manage to buy a property here?

@maxelly very interesting. I think that short window is now over given current house prices and interest rates. Some of the stories above of people buying small and selling 2 years later for twice the price or so are simply not going to happen again any time soon.

Well paid jobs (DH mainly)

Got all As at school went to Oxbridge, got a city job, saved up rather than going out/on holiday, bought outside of London, sold at the height of the market, bought again nearer London.

33 and 34 so smack bang in the middle of millennial. We had both sets of parents contribute to our deposit for a 1 bed flat in north London, lived there 7 years then used sale proceeds to put into the deposit for the 3 bed house we now live in, outside London (Hertfordshire). Does help that over those 7 years we both did move up the career ladder so now have better borrowing power too. Without our parents' support, we would have had to rent much longer than we did to be able to save enough for a deposit, so it was very generous of them to help us and we are very grateful.

clearly not a lot of millennials on MNs!

im an older one, don’t have a big house but in London with a garden. Combo of savings (paid cheap rent at home), decent jobs and 6 fig cash gift from family.

Only recently has this been a first home that people want and expect. Gen X and previous generations would have started with a flat and progressed to a bigger house with a garden as earnings increased and you had more equity.

The idea of a property ladder is quite outdated. It’s far harder to climb it when you are older, the first rung is so £££ and stamp duty etc. It’s not surprising todays FTBs have different housing wants to yesterdays FTBs, they are much older.

I moved back in with my mum after a few years stuck in the rent trap because there was no way I could save for a deposit, even for shared ownership. That allowed me to save and then I made money on my first property when prices went up.

Saved and worked hard. Cliche but true.

I saved from age 18 in ISAs maxing it out each year (then 3,600/yr max contributions). We then bought a terrace for 295k near a train station, no garden but a parking space age 27. Took a 75% loan to value mortgage due to the saving strategy. Overpaid continuously, progressed in careers and invested a bit. Moved again 4yrs later selling for over 100k more, because of the tactical location, moved to the country, bigger house, for affordable price. Continued to overpay until kids arrived. Moved to a new build, negotiated hard so we bought at the same price we sold and the developer paid our SDLT.
It's all about strategy, early saving and career growth. I've been quite fortunate to get to Director mid 30s but work my ass off and smash targets annually, which allows me to negotiate a higher salary every year.
I firmly believe it's doable, but people just won't prioritise it or aggressively put their careers. You pay your money you takes ur choice....

@QuotetheRaven I agree a lot of this is true but not everyone has the same story, family background and comes from the same country and housing markets so it isn’t a given you’ll “make it” even if you work hard

One older millennial here with a Gen X husband and one child. Rented small flat in London after meeting and saved hard, benefitting from rising through the ranks in professional jobs over a good few years.

Bought 1st home outside of London with 40% deposit. Needed lots of work. Finally had a baby. Currently selling - benefitted from general house price rises plus the fact house is now so much nicer. Sale price up by 60% on our original purchase price.

Hopefully about to buy ‘forever home’ as much as that’s a thing given no one knows what’s coming. Equity plus savings means we can put down another 40% deposit, but mortgage is over double current payments (larger number plus higher rate, thanks Liz Truss). No parental help and inheritance unlikely. Want to overpay and enjoy the space.

Longer term we hope our child will inherit and have an easier start. Most of our friends have had parental support, gifts and inheritance. Probably half of them now know no different as it’s a generational approach within their families. We’ve scrapped for ours but have also been incredibly lucky and privileged to get some of the timing right and to benefit from high income/low debt and borrowing costs over the last 7-8 years.

I saved from age 18 in ISAs maxing it out each year (then 3,600/yr max contributions). We then bought a terrace for 295k near a train station, no garden but a parking space age 27.

During this time were you paying market rent?

No I deliberately lived with my parents until 27, to save. I earned just over 25k and put 1k away a month. Partner now wife, did similar.

Live in shared accommodation for as long as possible to save money. I bought an ex-council flat in a scruffy area in zone 6

I grew up in a London council flat with my mum, a single parent. She remarried when I was 19, and moved into her new husband's house and assigned the tenancy to me. I worked ft while studying pt awhile paying full rent, then I bought it under RTB 3 years later with over £100k discount. After 5 years I sold it and bought a 3 bed maisonette flat with garden, closer to my mum. The council flat was in a central area (zone 1) so although it was only 2 bed I was able to afford a 3 bed further out in zone 2.

No I deliberately lived with my parents until 27, to save. I earned just over 25k and put 1k away a month. Partner now wife, did similar

Right so surely a decade of little or no rent impacted more than working hard? Loads of people can’t live with their parents that long.

The Welsh Assembly Gov having been doing something like that, and although helpful for many people I'm sure, there seemed to be quite a few strings attached when selling the house. Is that your issue as well?

We moved out and bought abroad in the end. More for our money.

But we did save a large deposit still living in London. Lived 7 years in a 1 bed flat at £1450 a month. Dh and I earned average when first moved in, but income doubled roughly by the time we left. We chose to save for deposit rather than move to a larger rental at the time.

I spent my 20s saving for house deposit no holidays etc. Got my 3bed house with decent garden at 30 in zone 4 london I was looking for a 2bed but this one happened ro come up and I figured as I'm on my own I'd I couldn't never afford do move at least I could grow into this house if I did find someone and had a kid or 2.

I got lucky though cos by the time I had deposit mowny I was buying just as the recession had ended so prices were low.