When do you think you'll be able to buy a house?

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Reply 40

username1799249

Original post by Langerhan

I live in London. It's never going to happen.

There is life outside London you know! :-)

Reply 41

Vertigo_descent

Original post by ByEeek

There is life outside London you know! :-)

You have to go pretty far outside of it though to get reasonable house prices. Westwards, too.

Reply 42

Ninja_R

Unless I win the lottery, even 30 seems optimistic.

Never..

Original post by TCA2b

You have to go pretty far outside of it though to get reasonable house prices. Westwards, too.

Agreed. And when you leave, you will never want to go back. I find London like Blackpool. Great to visit for one day a year! :-)

Reply 45

Vertigo_descent

Indeed. I liked Kensington an awful lot, but none of the parts of the city which I like are even remotely within my reach, so it's indeed a case of a visit once a year.

Reply 46

Last Jedi

I think it depends what you want to be fair , buying a house is the dream but isn't always sensible according to my bro anyway .

He likes moving about has moved a few times in London jumping jobs (getting more money) so often stays in house shares where he can meet and interact with all sorts of people ( bills are often included by the Landlord).

Tells me a house would just be like a burden right now wth bills and mortgage to pay ! and he wouldn't be able to go out or on holiday like his mate who is worried he might lose his place or his business might not be successful so is saving up months now.

Don't know what you think ?

Reply 47

jdddd

Never. Curent market is ridiculous. Noone can 'say' when they are going to buy a house. You buy a house when you can afford it.

Age 35

we are doomed to rent all of our lives. DOOMED I TELL YOU

Reply 50

Last Jedi

Original post by Treesha

Age 35

lol that's funny your're absolutely sure now it will be at 35 not 34 or 36 ?

Reply 51

monkeyman0121

I do not know. But I would love to just buy some land and build a house instead. I doubt it would cost less but it would be way better. (Way more satisfying that you are living in the house you built, sense of achievement.)

Reply 52

Vertigo_descent

Original post by Last Jedi

lol that's funny your're absolutely sure now it will be at 35 not 34 or 36 ?

35 years 10 days 52 minutes 27 seconds...

Reply 53

HateOCR

Late 30’s or early 40’s

Reply 54

Retired_Messiah

I'll just rent, **** it

Yh it is

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In the next year.

Reply 57

choleCcarknif3r

By the end of uni I'm personally hoping to have saved enough for around 10-15% of a deposit. I'm already a decent way there with savings from before uni. The hard part is earning enough once I've reached a decent deposit amount to get on the ladder. Deposit wise I'll be set a way before 30 assuming I don't have any financial crises or anything, but the job part is going to be the issue

Reply 58

Vertigo_descent

I mean you could get away with a 5% deposit... as long as your credit rating is decent and you're willing to pay the higher rates; you could always weigh up the gains had by a smaller deposit against the higher rates for the fixed period, on the risk that low rates might not persist following its end... but that is not too high a risk given the current political realities driving the BoE. The housing market is difficult to predict because, whilst it was undoubtedly buoyed by a period of easy money/credit (which has not abated), the demand/supply fundamentals are such that housing supply in cities is not increasing in line with demand. So a substantial drop in housing prices to correct for years of easy money might not come soon.

It's not necessarily a good idea to tie so much of your wealth up into one asset, anyway. I think buying a house is something worth considering when you have already accumulated some wealth in other assets. The only real consideration is how much could you save as opposed to renting (and the flexibility it offers), vs... the cost of the mortgage (including associated opportunity costs), maintenance costs, loss of flexibility and also the fact that although you can in principle rent out a house, it isn't always practical/profitable to do so.

Reply 59

stirkee

I've had a house since I was 18, which I own with my twin sister. We were, obviously, helped out by my parents and I'm grateful for that every day.

Had they not been able to help me, and assuming I took the same path in life as I have done, I imagine I would be buying my first house around about now, at 22.