The Student Room Group

How the heck do people my age and younger afford to buy houses?!

This week 3 of my Facebook friends have posted the nauseating "finally got my keys" status. They're all between the ages of 24 and 27, I know none of them earn more than £25k and the houses they've bought look pretty decent. How in gods name have they done it? I'll be lucky to be on the property ladder by the time I'm 40 - I have absolutely no savings, very little chance of family inheritance, no rich boyfriend. sigh.*

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Inheritance or family help usually. Although by 27 you could probably save enough if earning £20k + outside of London.
Well they're doing it one way or another. Property is off-limits for nearly everyone in London and a lot of the south, so go north. Or look for property outside of this country as an investment. Of course, you'll have to save lots of money, and find clever ways of making money.
Reply 3
I'm planning on grovelling to my mum for deposit money.
Reply 4
5% deposit on £200k house is only £10k. Split between 2 people is £5k each... how anyone can't afford to save that while employed is beyond me.
Reply 5
There's this awesome invention called a mortgage
Once you've got a deposit saved, you can buy 2/3 beds on a £100k mortgage in quite a few areas up north on a 25k salary.
Original post by LavenderBlueSky88
This week 3 of my Facebook friends have posted the nauseating "finally got my keys" status. They're all between the ages of 24 and 27, I know none of them earn more than £25k and the houses they've bought look pretty decent. How in gods name have they done it? I'll be lucky to be on the property ladder by the time I'm 40 - I have absolutely no savings, very little chance of family inheritance, no rich boyfriend. sigh.*

Rob a bank?
Reply 8
Original post by LavenderBlueSky88
This week 3 of my Facebook friends have posted the nauseating "finally got my keys" status. They're all between the ages of 24 and 27, I know none of them earn more than £25k and the houses they've bought look pretty decent. How in gods name have they done it? I'll be lucky to be on the property ladder by the time I'm 40 - I have absolutely no savings, very little chance of family inheritance, no rich boyfriend. sigh.*


Mort gage
Savings and being tight with your money..
Original post by Reue
5% deposit on £200k house is only £10k. Split between 2 people is £5k each... how anyone can't afford to save that while employed is beyond me.


I can't afford to save that much! I've been full time employed for almost 2 years and the most I was ever able to save was £1000 and then I had to spend it on a rather large car repair*
Reply 11
Original post by LavenderBlueSky88
I can't afford to save that much! I've been full time employed for almost 2 years and the most I was ever able to save was £1000 and then I had to spend it on a rather large car repair*


Then you need to re-evaluate things. If you're only able to save £1k in 2 years it suggests you'd be better off ditching the car and walking to a local minimum wage job...
Original post by LavenderBlueSky88
This week 3 of my Facebook friends have posted the nauseating "finally got my keys" status. They're all between the ages of 24 and 27, I know none of them earn more than £25k and the houses they've bought look pretty decent. How in gods name have they done it? I'll be lucky to be on the property ladder by the time I'm 40 - I have absolutely no savings, very little chance of family inheritance, no rich boyfriend. sigh.*


I know someone who is 22 and about a year after graution has a house...

They live in North West, so houses are cheaper, she has a good grad job in some programming and software development role, skills that I guess are in demand and there is actually an industry for. So will have a good income and she has a boyfriend so two incomes.

She has also bought a second hand Audi :facepalm:
Original post by LavenderBlueSky88
I can't afford to save that much! I've been full time employed for almost 2 years and the most I was ever able to save was £1000 and then I had to spend it on a rather large car repair*


Although i do have incredibly cheap rent, so i could be an anomaly, on minimum wage full time for my age i m still going to have about half my income left after bills. I have the cheapest supplier and food bill i could possibly have and stick to having a very restricted leisure budget, i m a firm believer there's always some way to save cash.
Original post by Reue
Then you need to re-evaluate things. If you're only able to save £1k in 2 years it suggests you'd be better off ditching the car and walking to a local minimum wage job...


haha, unfortunately I have a Community based job so need my car for work! I would have saved maybe £2k by now if it wasn't for my car repair plus my insurance increasing by £400 this year because I moved house 😡
Reply 15
Original post by LavenderBlueSky88
haha, unfortunately I have a Community based job so need my car for work! I would have saved maybe £2k by now if it wasn't for my car repair plus my insurance increasing by £400 this year because I moved house 😡


Which reiterates my point that you would probably be financially better off walking to a local minimum wage job?
I'm planning on saving 30k on graduation which will go on a help to buy scheme
Original post by Reue
Which reiterates my point that you would probably be financially better off walking to a local minimum wage job?


I don't think so
Reply 18
Original post by LavenderBlueSky88
I don't think so


If you're unable to achieve what you want by doing what you're currently doing.. why wouldnt you try changing something?
Original post by Reue
If you're unable to achieve what you want by doing what you're currently doing.. why wouldnt you try changing something?


Most people fear change and the unknown. Its easier to complain.

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