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

Entertainment Forum Helper

Saving up, getting mortgage and help from parents. Depending on where you live, you can get a decent place for 120-150k. You usually need to pay 10% and rest you get from mortgage. So you need to have saved up 12-15k. My sister bought a house with her partner recently, she's 25. My dad took out a loan for her so she'd have enough for the 10% and they have a 20 year mortgage.

In the end after the huge deposit, it's just like paying rent, except that you own the place and can do whatever you want with it.

Reply 42

Emma:-)

Original post by samina_ay

Savings and being tight with your money..

I agree.
I havent saved up as much as i have by spending it.

Reply 43

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.*

- Leg up from parents
- They have jobs in the first place

Many people I know here in the north east are struggling to even get a job (months of unemployment, adult children in their 20s all living at home with mum and dad).

I agree, it is nauseating.

Reply 44

Original post by Gora The Xplorer

I don't mean to be the nasty guy of TSR, but we have 5% deposit mortgages, if you don't have say 20k of savings by the time you're 30, you're doing something badly wrong.

Worst case scenario you and your partner pool 10k each, very realistic for most people.

Except many people can't even get jobs even with 2.1's in top courses at red bricks and ftse100/250 experience. Then again, people I know in this situation are ethnic minorities.

Reply 45

Gora The Xplorer

8

Original post by James.Carnell

Except many people can't even get jobs even with 2.1's in top courses at red bricks and ftse100/250 experience. Then again, people I know in this situation are ethnic minorities.

I highly doubt that, you could save that much up on 20k per year seriously.

Reply 46

Original post by Gora The Xplorer

I highly doubt that, you could save that much up on 20k per year seriously.

The job market is **** at the moment. Getting a job is a problem.

When you are an ethnic minority going for a job, the person who is white and has a 3rd class degree in an irrelevant subject gets the job. While you with the 2.1 and all the experience necessary does not.

In general I am tired of this, I am heavily considering emigrating.

Reply 47

username738914

Original post by James.Carnell

The job market is **** at the moment. Getting a job is a problem.

When you are an ethnic minority going for a job, the person who is white and has a 3rd class degree in an irrelevant subject gets the job. While you with the 2.1 and all the experience necessary does not.

In general I am tired of this, I am heavily considering emigrating.

This is mostly assumptions...

Posted from TSR Mobile

Reply 48

Gora The Xplorer

8

Original post by James.Carnell

The job market is **** at the moment. Getting a job is a problem.

When you are an ethnic minority going for a job, the person who is white and has a 3rd class degree in an irrelevant subject gets the job. While you with the 2.1 and all the experience necessary does not.

In general I am tired of this, I am heavily considering emigrating.

Because obviously employers are going to want to make less profit just to protect White people :rofl:

Reply 49

Original post by Princepieman

This is mostly assumptions...

Posted from TSR Mobile

Assumption? The guy had a 3rd class degree and his presentation was on horoscopes. . .
The other person they employed was a lady who had just got fired from a call centre.

Come on, this was for a graduate role at a semi-reputable company.

Reply 50

username738914

Original post by James.Carnell

Assumption? The guy had a 3rd class degree and his presentation was on horoscopes. . .
The other person they employed was a lady who had just got fired from a call centre.

Come on, this was for a graduate role at a semi-reputable company.

Alright then, anecdote with a sample size of 1. Even then, you're probably missing out a lot of variables that went into the decision from your position.

Posted from TSR Mobile

Reply 51

Original post by Princepieman

Alright then, anecdote with a sample size of 1. Even then, you're probably missing out a lot of variables that went into the decision from your position.

Posted from TSR Mobile

Gaslightinggg.

Reply 52

Silver Arrow

Original post by James.Carnell

Except many people can't even get jobs even with 2.1's in top courses at red bricks and ftse100/250 experience. Then again, people I know in this situation are ethnic minorities.

This. Where are you considering emigrating to?

Reply 53

Original post by Silver Arrow

This. Where are you considering emigrating to?

Hong Kong, also considering Germany.

Reply 54

subject1

18

Original post by James.Carnell

Hong Kong, also considering Germany.

Which minority ethnic group are you part of?

Reply 55

jamestg

What doesn't help are parents, the media and even schools who tell young people you'll never be able to buy a house. Thus they will not save enough money, or won't be saving money for the right things.

Reply 56

Silver Arrow

Universities Forum Helper

How much did you save up each month and how long did it take plus how much was the deposit for your house?

Reply 57

Snufkin

It does annoy me when I hear people say that it isn't expensive to buy a house because you can just buy somewhere cheap up north. Around 25 million people live in southern England, they can't all move up there!

Original post by NX172

My first grad job only paid 23k. Lived at home, didn't spend much money at all. Had about 10k of savings from previous jobs and freelancing Software from age 16 to Graduation, bought my first house at 22. So I suppose my biggest tip would be to just keep your costs and expenditures down. Probably easy to say in my case, but even among the 3 other graduates that I started working with, who had to rent, 2 have also bought their own homes within 3 years of saving. I don't see what's so hard. Oh and if you can, don't drive, it really eats into your saving potential.

But not everyone can live at home. I certainly won't be able to. It doesn't matter how frugal you are, if half your income is spent on rent every month then you're unlikely to be able to save a big enough deposit to buy. And of course, the longer it takes you to save, the more expensive houses become.

Original post by Alfissti

How I managed to afford my first house at age 23?

While I bought it at 1/3 off the market value due to my late granddad selling it to me, it was still by no means cheap to buy, it was similar in price to a house in the North but being in Oxfordshire.

And people who work in Oxfordshire that don't have a wealthy family member willing to sell them a cheap house? How will they afford it if even you only just managed to afford 1/3 of market value?

Reply 58

username1539513

Original post by ChaoticButterfly

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:

Damn, I'm doing the wrong degree I think

Reply 59

SophieSmall