How to worry less about getting on the property ladder?

[splisssplass]

Currently 26 and renting in London with a partner. Saving for a flat deposit. Even though we should be able to buy in 2-3 years from now, all being well, I can't get out of my head the feeling of insecurity about not owning a property.

Even though I know that I just need to keep saving and I'll be able to buy something small. It's hard not to feel like you're 'wasting' money in rent.

Think of the flexibly of renting - you can decide ok this location isn't for me and up and move if you give months notice. You can't do that with your own property and you have to sell it.

You don't have to pay maintenance fees for a lift or if the building needs a new roof or if anything goes wrong.

Your young don't wish away your freedom, you will get there.

Don't give up ⭐️

It's hard to worry, but I just want to say you're years ahead of me.
I'm 41 now. Been living in London and the south since I left home at 20.
I'm only just (hopefully) getting on the property ladder now.

It's hard in London, but you will get there.

It's very common in London for people not to be able to afford their first property until well into their 30s or later so in that sense, the fact that you expect to be able to do so in your late 20s means you are ahead of the curve. You also have a stable relationship so honestly, you have nothing to worry about.

Try not to compare yourself to friends or family who may be buying 3/4 bed houses in other parts of the country in their 20's - London really is very different!

I was 35 when I bought my first (minuscule) flat in London. It’s a tough place to buy!

It’s not just London, it’s really difficult to get on the property ladder for a lot of people. My ds is 29 and single, he’s a Radiographer in the NHS. He’s renting in an house share,and although he saves what he can, realistically he’s not going to be able to afford to buy for many years - if ever. I wish the rental market would be massively over hauled, maybe rent controls and long term tenancies.

It's not only London where it's hard to buy a first property, but it is particularly difficult in London as the most expensive place in the UK.

It's also very difficult in other expensive areas and especially so for young people who are single as you really need two salaries these days.

London flats have not increased in price since 2017 with many baught since now selling at a loss. Only houses gain value these days.

Surely you’re not going to make a statement like that without providing a reputable source for it?

Here you go but this is common knowledge. There is a massive supply of new 1-2 bed flats in London while people on higher income favour houses/freeholds that are increasingly scarce. The main market for London flats is foreign students / letting and further growth in this segment is questionable.

https://metro.co.uk/2024/02/23/price-a-london-flat-actually-cheaper-2017-20326855/

I just thought it was a big statement to make without providing a link so people could see the data for themselves (from Zoopla) & assess which years prices of flats rose and which they fell but thanks for providing it.