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

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    (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.*
    Northerners, that is all that has to be said. I know people at my work who are 21 with a kid who already have a mortgage.
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    (Original post by ByEeek)
    Probably not. But the younger generation are also very mobile. If owning a house it top of your priority, why would you hang about in London? If people are prepared to move half way around the world to better their lives, moving from London to one of the other great cities of Britain like Birmingham, Leeds, Manchester, Cardiff or Glasgow isn't much of a sacrifice.

    I still smile to myself at the thought that I bought a 4 bed house in a leafy suburb of Stockport for less than £250k especially when I see couples on Location, Location, Location raving about 1 bed basement apartments in sh1tty areas of London for double that money.
    I live in London currently and would like to continue living there in the future as i don't really like travelling.

    The transport is also great and my family members are in London too.
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    (Original post by AngryRedhead)
    Northerners, that is all that has to be said. I know people at my work who are 21 with a kid who already have a mortgage.
    Most of my friends are southern mainly from Devon/Gloucestershire/South Wales or now living in London - so still doesn't make sense!
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    (Original post by LavenderBlueSky88)
    Most of my friends are southern mainly from Devon/Gloucestershire/South Wales or now living in London - so still doesn't make sense!
    House prices are cheaper up north despite wages and general investment being less overall so it's easier to save up for a deposit to a house
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    (Original post by ByEeek)
    Probably not. But the younger generation are also very mobile. If owning a house it top of your priority, why would you hang about in London? If people are prepared to move half way around the world to better their lives, moving from London to one of the other great cities of Britain like Birmingham, Leeds, Manchester, Cardiff or Glasgow isn't much of a sacrifice.

    I still smile to myself at the thought that I bought a 4 bed house in a leafy suburb of Stockport for less than £250k especially when I see couples on Location, Location, Location raving about 1 bed basement apartments in sh1tty areas of London for double that money.
    There are all kinds of reasons why someone may not be able to move out of the South East, and frankly you shouldn't have to just to buy a home. Living away from home for a while is one thing, but who wants to permanently move to a city where they don't know anyone? I wouldn't.

    I might just go abroad for a while to save. I'd rather live in Berlin (where the cost of living is much cheaper than anywhere in the UK), but you can still enjoy a high quality of life. But again, most people won't have that option.
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    I'm not bothering with home ownership at all to be quite honest. The whole property market is a farce. The only reason I would buy is to rent(at a fair price people can afford) otherwise there is no point.
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    I am from up north houses may be cheaper but hardly no jobs here! so no point the good thing about south is theres always jobs thats why friends of mine have moved there. The north will always be worse off always has been like that.
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    Savings/parents/inheritance/mortgage
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    (Original post by angelseyes)
    I am from up north houses may be cheaper but hardly no jobs here! so no point the good thing about south is theres always jobs thats why friends of mine have moved there. The north will always be worse off always has been like that.
    Pretty much, I have lived in the north east all my life. I am 25 and I think it is ruining my career prospects by staying here. I have tried my best but progress has been start and stop. I have to tell my parents I am to leave indefinitely, not a nice conversation but it has to be done.
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    (Original post by James.Carnell)
    Pretty much, I have lived in the north east all my life. I am 25 and I think it is ruining my career prospects by staying here. I have tried my best but progress has been start and stop. I have to tell my parents I am to leave indefinitely, not a nice conversation but it has to be done.
    Its true sadly nice quiet place to live but if theres hardly any jobs where does that leave us. We have the largest number of people on benefits here too. We have a friend who moved up from Wiltshire who totally regrets it because of the lack of jobs but now cant afford to move back because shes on a rubbish wage way less than what she was there and she also had the thoughts of cheaper living costs! cheaper yes but at what price lol
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    (Original post by angelseyes)
    Its true sadly nice quiet place to live but if theres hardly any jobs where does that leave us. We have the largest number of people on benefits here too. We have a friend who moved up from Wiltshire who totally regrets it because of the lack of jobs but now cant afford to move back because shes on a rubbish wage way less than what she was there and she also had the thoughts of cheaper living costs! cheaper yes but at what price lol

    This, exactly. It's cheaper to live here but jobs are scarce. And nothing ever happens here, ever. Once its past 5pm its like everyone just disappears.

    Also, I was on a graduate salary and it was not like flats to rent were really affordable, I was barely getting by.

    Mortgage? I am afraid, simply because job security seems so non existent in the north east.
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    (Original post by stefano865)
    read fight club.

    Then it won't bother you.
    remember the rules
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    (Original post by James.Carnell)
    This, exactly. It's cheaper to live here but jobs are scarce. And nothing ever happens here, ever. Once its past 5pm its like everyone just disappears.

    Also, I was on a graduate salary and it was not like flats to rent were really affordable, I was barely getting by.

    Mortgage? I am afraid, simply because job security seems so non existent in the north east.
    Same here in the North West almost everyone moves out eventually. There are other areas down south that arent too expensive even the middlelands is better you dont have to move to the centre of london which will be expensive anyway because it is almost made for millionaires. I did have a friend who only managed to buy a house aged 46 by the way! because her partner worked on the sky skrapper buildings as an electrician in london and sent the money back home. But hes only home weekends and he cant afford to even move his work to manchester because they wouldnt be able to survive on the wages they say lol crazy and this is a house in the north west lol ment to be cheap they still needed 15 thousand plus for a deposit
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    Interest only mortgages seem to be a good deal at the moment, it can work out cheaper than renting. The hardest part is the deposit imo which I guess isn't that hard if you're with someone and both have decent jobs… with serious commitment it could take as little as 3-4 years if you both have a post tax income of about £40k
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    I'm 25 and halfway towards a deposit despite the fact i'm dreadful with money. I pissed away inheritance money from my parents AND had my savings completely wiped out in the 6 months following graduation where I struggled to secure a proper job.

    If I had a girlfriend to split the costs with, or i'd made any serious attempt to save over the last 5 years, or if I moved back in with my parents for a year and lived rent free, i'd have easily become a homeowner by now.

    The only real reason why I don't own a property is because I'm not at the stage in my life where i'm ready to lock myself down to one area and make roots. I'm being made redundant in October and when I add my payout to my savings, i'll probably have enough for a deposit. But what's the point in buying a house when i'm single and have no idea where I want to live? Not to mention I work in Finance and jobs in that sector are currently non existent (and are likely to remain that way for some time) thanks to Brexit.

    Lots of people in this country live paycheck to paycheck. Some out of necessity i'll admit, but some just because they're living way beyond their means. Instead of looking for ways to reduce their voluntary expenses they just moan. Anyone who says they can't afford to even put 50 quid a month away in savings is lying.
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    (Original post by sr90)
    I'm 25 and halfway towards a deposit despite the fact i'm dreadful with money. I pissed away inheritance money from my parents AND had my savings completely wiped out in the 6 months following graduation where I struggled to secure a proper job.

    If I had a girlfriend to split the costs with, or i'd made any serious attempt to save over the last 5 years, or if I moved back in with my parents for a year and lived rent free, i'd have easily become a homeowner by now.

    The only real reason why I don't own a property is because I'm not at the stage in my life where i'm ready to lock myself down to one area and make roots. I'm being made redundant in October and when I add my payout to my savings, i'll probably have enough for a deposit. But what's the point in buying a house when i'm single and have no idea where I want to live? Not to mention I work in Finance and jobs in that sector are currently non existent (and are likely to remain that way for some time) thanks to Brexit.

    Lots of people in this country live paycheck to paycheck. Some out of necessity i'll admit, but some just because they're living way beyond their means. Instead of looking for ways to reduce their voluntary expenses they just moan. Anyone who says they can't afford to even put 50 quid a month away in savings is lying.
    How?! I remember you saying how you were earning big bucks with overtime. What do you spend your money on? Chips?!

    And for what its worth, I don't think I will be buying a house in the north, I just don't see myself settling down here even though I have been here all my life. I am also 25.
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    (Original post by James.Carnell)
    This, exactly. It's cheaper to live here but jobs are scarce. And nothing ever happens here, ever. Once its past 5pm its like everyone just disappears.

    Also, I was on a graduate salary and it was not like flats to rent were really affordable, I was barely getting by.

    Mortgage? I am afraid, simply because job security seems so non existent in the north east.
    I don't believe there are no jobs in the north. How about cities like Manchester, Bradford etc.
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    (Original post by jennyhp)
    I don't believe there are no jobs in the north. How about cities like Manchester, Bradford etc.
    I don't know about those places, I live in the north east. Manchester looks like it may have jobs but as other posters have said people have needed to move away because of a lack of jobs so I think it must still be difficult.
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    (Original post by James.Carnell)
    How?! I remember you saying how you were earning big bucks with overtime. What do you spend your money on? Chips?!

    And for what its worth, I don't think I will be buying a house in the north, I just don't see myself settling down here even though I have been here all my life. I am also 25.
    In that regard i'm quite fortunate, yes, but I spend so much on **** it's unreal.
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    (Original post by zayn008)
    Interest only mortgages seem to be a good deal at the moment, it can work out cheaper than renting. The hardest part is the deposit imo which I guess isn't that hard if you're with someone and both have decent jobs… with serious commitment it could take as little as 3-4 years if you both have a post tax income of about £40k
    40k EACH?! Post tax?! That's ridiculous who earns that much*
 
 
 
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