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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 fallen_acorns)
    Right now, move away from the UK.. if you are serious about saving.

    I mentioned my circumstnaces earlier in the thread.. but serriously, if like me, you are expecting the Uk to go through a turbulent few years with brexit, then being outside is amazing.

    I have around 250,000 rmb in savings currently, and 1 year left working out here in china,

    1 year ago when I arrived in china, 250,000 Rmb, was worth roughly 24,900 pounds.
    Today its worth 28,885

    Extra 4k at the moment..

    No idea if I should transfer my money back into pounds or not.. I thought I should a week ago, and yet its dropped again since then.

    ---

    Anyway, point is:

    Working in another country (especially an asian country)

    - Lower cost of living = easier to save
    - Wage premium for British workers
    - Often accomodation is packaged with the job giving even more for savings
    - Avoid problems with the pound/currency
    - Great life experiance + Great transferable skills (depending on job) for when you return to the Uk

    Honestly, if you are a single 20 something who has just graduated.. no idea why you would limmit yourself to just england when there are so many good opertunities in other countries, that can make it so much easier to save money + gain experiance.

    What is your job in China? How did you get the job/ what did you need to get the job? What was your degree? And do you speak any of the main languages of China (mandarin, cantonese ect)?


    If you don't mind me asking/ answering of course.
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    (Original post by fallen_acorns)
    I run my own business here.

    I came here on a contract as an educational consultant, working with a private language business to advise students/parents about studying abroad, and help them prepare/get ready for foreign study.

    1 year ago I set up my own company doing the same thing, and 5 months ago I left my job to focus on my business full time.

    There are great opportunities out here for those are willing to make the sacrifice of living away from home. I think most consider that Asia = teaching English. whilst that is a nice job, and very accessible for English people who cant find work back at home, there are so many other opportunities out there to make money
    Oh right, sounds interesting and profitable. I'd quite like to teach abroad (not TEFL, proper teaching in proper international schools). I hear good things about the jobs in Asia but a few grumbles about smog in the bigger cities.
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    I think a good method to save up money for a deposit will be living at home and work/go to University.

    Living at home and working will work well if you're part of a family that aren't that poor as you won't have to pay them that much while you live at home so your savings will stack up but if you save well you should still be able to save up a lot from working anyway even from a poor household, where you will have to pay for your food and bills and most of the rent as housing benefit will mostly be stopped for your house.

    Going to University and staying at home is a great idea for poor students as they still get a lot from student finance while living at home.I am not currently not using any of these methods though and I am not even that sure I want to own a home, if I was to own something it would probably be a flat but renting isn't that bad.

    My brother stayed at home while at University and worked at the Student Union for 2 years in sabbatical roles(about £16000 a year I think) and he managed to save £20000- although he did get EMA payments.He has spent most of the money he saved on holidays though including his round the world trip.
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    (Original post by SophieSmall)
    What is your job in China? How did you get the job/ what did you need to get the job? What was your degree? And do you speak any of the main languages of China (mandarin, cantonese ect)?


    If you don't mind me asking/ answering of course.
    Spoilerd so it doesnt derail the thread:

    Spoiler:
    Show

    For my job, see my post above to snuf

    I got the job through my wife - who is chinese, so I have a bit of an advantage over most people! but not hugely, considering my colleges out here (one irish, two canadain and one america) all came here without having any chinese connection. Lots of chinese jobs are advertised online.. and they come with full visas etc. Unfortunatly they are not normally the best paying jobs, because you sacrifice pay for conveniance..

    What many people do is take a job from a big website/company to get their visa, and their foot in the door.. but when here, they look around for better opportunities.. and better pay. Its a bit tricky with visas, but doable

    As for what you need to get the job, it depends on the job. I have never seen a job advertised that does not need any further education.. a degree is normally essential. And if you want to do teaching, then specific teaching requirements are needed for the visa (but not the actual jobs usually..)

    For jobs in education, they dont really care about experiance to much.. you are mainly employed for your ability to speak well as a native english speaker, and unless you work for a university, the teaching will not be that difficult.

    For other jobs though, experiance really matters. I have a friend here who works as a translater, and another who works as a designer - both had degrees in their areas, and also past experiances before coming here. (but certianly not as much as they would have needed in england. The designer for example only had a 6 month placement as his experiance.. which would be nothing in england, but impressed a lot over here)

    Having a foreign education is hugely valued as well, a western degree is a real asset over here, especially compared to how normal it is in the UK.

    I speak conversational mandarin, it was basic when I arrived, but serviceable these days.. my reading/writing is still awful though.. and I am lost once the topic of conversation moves to anything more specialized.. I have lessons each week though, so hopefully one day I will be fluent!

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    (Original post by fallen_acorns)
    Right now, move away from the UK.. if you are serious about saving.

    I mentioned my circumstnaces earlier in the thread.. but serriously, if like me, you are expecting the Uk to go through a turbulent few years with brexit, then being outside is amazing.

    I have around 250,000 rmb in savings currently, and 1 year left working out here in china,

    1 year ago when I arrived in china, 250,000 Rmb, was worth roughly 24,900 pounds.
    Today its worth 28,885

    Extra 4k at the moment..

    No idea if I should transfer my money back into pounds or not.. I thought I should a week ago, and yet its dropped again since then.

    ---

    Anyway, point is:

    Working in another country (especially an asian country)

    - Lower cost of living = easier to save
    - Wage premium for British workers
    - Often accomodation is packaged with the job giving even more for savings
    - Avoid problems with the pound/currency
    - Great life experiance + Great transferable skills (depending on job) for when you return to the Uk

    Honestly, if you are a single 20 something who has just graduated.. no idea why you would limmit yourself to just england when there are so many good opertunities in other countries, that can make it so much easier to save money + gain experiance.
    This is largely true, but the currency thing was luck. You moved to China when the currency exchange for GBP was good, and Brexit made it worth more. Doing it now, means people's savings when transferred won't be worth much. I got lucky as well when I moved to NZ. I only had just under GBP10k originally, but a year ago it got me pretty good exchange rate. If I made the move now I'd be getting $4k less. Btw regarding transferring back to pounds, I wouldn't do it for 6months at least. It will keep declining gradually according to most experts until about 1.15USD to 1.20USD. Based on my past experiences, these guys are USUALLY more accurate than the weather stations
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    (Original post by Snufkin)
    Oh right, sounds interesting and profitable. I'd quite like to teach abroad (not TEFL, proper teaching in proper international schools). I hear good things about the jobs in Asia but a few grumbles about smog in the bigger cities.
    spoilered
    Spoiler:
    Show
    Honestly, smaller cities are the place to look at.

    Big cities may have higher wages, but the living costs kill your savings, and the pollution, as you say, is terrible. Also unless you come from London, moving to a huge city like shanghai or Singapore, is a huge shock.

    If your interested in teaching abroad, my best recommendation for money is to look into teaching ielts in a private Language school. From my Experience its the best money you can get, as ielts is specifically an English exam using English pronunciation.. which means as a native English speaker you are prized above all other English speakers from Canada/America/Australia etc.

    Honestly, its a nice way to spend a year..

    Take a basic contract with a private school.. they sort out your visa.. wage is something like 15,000rmb a month (if you have good qualifications, and your good at negotiation). They will pay for your accomodation..

    Your sallery is quoted after tax, so that 15,000rmb is £1,730 pounds cash. To earn that in the Uk, you would need a gross income of £27,000

    Living costs are very low. Your school pays your rent (or contributes to it, if you want to pay extra for a nicer place)

    Bills: £30 a month
    Food: a nice bowl of noodles in a resteraunt near where I live is around £1.20 (yep. less then £2 for dinner..)
    A really nice dinner for me and my wife may cost us around £11 for both of us.. and thats more food then we can eat.
    Travel: the subway in my city is 20p to go as far as you like.
    Entertainment? Cinema is cheaper then england, sight-seeing is cheap, arcade, kareoke, expat bars/pubs etc.

    All in all, me and my wife lead a pretty nice quality of life, and our living costs are around £450 each month. so with decent wages, you can see how easy it is to save.

    Not that I want to give even more temptation, but the best thing is the ability to travel around other parts of asia. Our 'cheap' summer holiday this year is a week in japan. Return flights cost £85 per person.. and only takes 2.5 hours to get there..

    So yeah.. its a pretty good gig, if you can talk your way into it
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    (Original post by cipi)
    This is largely true, but the currency thing was luck. You moved to China when the currency exchange for GBP was good, and Brexit made it worth more. Doing it now, means people's savings when transferred won't be worth much. I got lucky as well when I moved to NZ. I only had just under GBP10k originally, but a year ago it got me pretty good exchange rate. If I made the move now I'd be getting $4k less. Btw regarding transferring back to pounds, I wouldn't do it for 6months at least. It will keep declining gradually according to most experts until about 1.15USD to 1.20USD. Based on my past experiences, these guys are USUALLY more accurate than the weather stations
    Your right about getting lucky.

    Thanks for the advise on transferring it back!
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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.*
    I saved £40,000 between the ages of 23 and 29 whilst earning significantly less than £25k; partly by living at home—though still contributing £270 per month in upkeep—and partly by eschewing this, frankly, profligate obsession with overseas travel that seemingly defines everybody else within my dating age-bracket, amongst other noteworthy concessions to fiscal moderation such as commuting by bike in lieu of owning a car. Even then I'd hardly consider myself a model of economic self-restraint: I'm no stranger to the occasional lavish purchase, and pre-mortgage my attitude to money—while relatively prudent—was arguably little more than an afterthought given that I held on to a glorified student bank-account for the best part of ten years, so how I've secured approval (and on relatively favourable terms) for what is basically the world's most generous consumer loan with virtually no credit history to speak of, is anyone's guess.

    My one prescription, should you ever find yourself in a more auspicious position with regard to property, is this: don't forgo the advice of a good broker.
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    (Original post by fallen_acorns)
    spoilered
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    Honestly, smaller cities are the place to look at.

    Big cities may have higher wages, but the living costs kill your savings, and the pollution, as you say, is terrible. Also unless you come from London, moving to a huge city like shanghai or Singapore, is a huge shock.

    If your interested in teaching abroad, my best recommendation for money is to look into teaching ielts in a private Language school. From my Experience its the best money you can get, as ielts is specifically an English exam using English pronunciation.. which means as a native English speaker you are prized above all other English speakers from Canada/America/Australia etc.

    Honestly, its a nice way to spend a year..

    Take a basic contract with a private school.. they sort out your visa.. wage is something like 15,000rmb a month (if you have good qualifications, and your good at negotiation). They will pay for your accomodation..

    Your sallery is quoted after tax, so that 15,000rmb is £1,730 pounds cash. To earn that in the Uk, you would need a gross income of £27,000

    Living costs are very low. Your school pays your rent (or contributes to it, if you want to pay extra for a nicer place)

    Bills: £30 a month
    Food: a nice bowl of noodles in a resteraunt near where I live is around £1.20 (yep. less then £2 for dinner..)
    A really nice dinner for me and my wife may cost us around £11 for both of us.. and thats more food then we can eat.
    Travel: the subway in my city is 20p to go as far as you like.
    Entertainment? Cinema is cheaper then england, sight-seeing is cheap, arcade, kareoke, expat bars/pubs etc.

    All in all, me and my wife lead a pretty nice quality of life, and our living costs are around £450 each month. so with decent wages, you can see how easy it is to save.

    Not that I want to give even more temptation, but the best thing is the ability to travel around other parts of asia. Our 'cheap' summer holiday this year is a week in japan. Return flights cost £85 per person.. and only takes 2.5 hours to get there..

    So yeah.. its a pretty good gig, if you can talk your way into it
    Spoiler:
    Show

    Ah. Well I don't know much about private languages schools; it isn't really something I'd be interested in tbh - even if the money was good, I'd be bored to tears. :lol:

    My aim is to land a job with one of the big international schools that cater for international expats, or rich local families. Unfortunately they require applicants to be a certified teacher in the UK so I'd need to get qualified here first. I know someone working in a Singaporean intl school that saved £15,000 last year and he has a great quality of life, loads of holidays etc! I expect you could save even more in China.
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    (Original post by fallen_acorns)
    Travel: the subway in my city is 20p to go as far as you like.
    I weep for our hopelessly decrepit public transport infrastructure.
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    (Original post by Profesh)
    I weep for our hopelessly decrepit public transport infrastructure.
    There was a good BBC article on how far the UK and the west in general is falling behind through decades of under investment in infrastructure.

    My Chinese friends laugh at us for how longs its taking to finally bring high speed railways to England.
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    My boyfriend and I are 27 and 24, and we're hoping to buy a house together within the next year. He's on £17k a year, owns a cheap car and still lives with his parents, so he's been able to save a good few grand in the last couple of years, and still have money for a social life and couple of holidays. I've been renting in flatshares while studying full time for the past couple of years, so I hardly have a disposable income right now. However, my parents have luckily left me a substantial amount in a trust fund, and still help me occasionally with deposits into my Help to Buy ISA. I plan on getting a full time job ASAP so hopefully that will help us along on our goal to getting a mortgage in the near future

    My boyfriend's best friend bought a house on his own at the age of 25 on a £24k salary, but I think he lived with his parents while saving so that helped.

    It all depends on circumstances. Granted, if you are single, renting, on a low salary, own a vehicle, and have no financial help from relatives, it will probably be more difficult to save up for a house. It's not impossible though, so don't give up, you can do it!

    Plus, we all live in Scotland, where housing is relatively cheaper than other parts of the U.K., bar Aberdeen.
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    (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.
    As an ethnic minority myself, stuff like this has always worried me too. For my next job hunt, I've decided that I will specifically aim for companies that have a known reputation for good workforce diversity, and hopefully that will yield me better results :yep:
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    (Original post by scrotgrot)
    Yeah, if you have a relative who will sell you it at 1/3 value...Seriously, I know what your views are like but that's something even for you.
    You have an unusual comprehension of off and of.
    (Original post by Reue)
    If they've not found their life partner by mid-20s perhaps they shouldn't yet be buying and effectivly locking themselves into a specific location? What about buying with a friend instead? All you've come back with is why some might not want to adapt their life to afford a house...
    Interesting, there was actually an article on this matter that stated one of the reasons why Germans tend to weather out economic storms far better than Brits was many never owned their homes and that made it far easier to move to where jobs are.

    (Original post by Snufkin)
    There are all kinds of EXCUSES 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.
    I corrected it for you.
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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 personally don't have much problem with moving about, but I think there are some people that just can't bear being away from their families and childhood friends. I live about 400 miles from home now, but I'm only a train or bus ride away, and technology these days makes it so easy to keep in touch :yep:
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    (Original post by Reue)
    If they've not found their life partner by mid-20s perhaps they shouldn't yet be buying and effectivly locking themselves into a specific location...
    Good point. I'm originally from London and when I was 21, I went travelling in Australia, met my boyfriend there and ended moving to his hometown of Edinburgh to be with him. I had never even thought of moving to Scotland before I met him, but now I'm here and in hindsight can see how much better living costs are than in the South of England :yep:
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    (Original post by Alfissti)
    I corrected it for you.
    Aren't you the guy who regularly posts about being left money in trusts, owing multiple houses, land, expensive cars etc? I don't think you're in any position to lecture people on how they can afford to buy if they are prepared to make sacrifices and work hard, because if your post history is to be believed, you've never done either.
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    (Original post by zayn008)
    I meant combined salary lol sorry for not being clear
    that's still quite a lot I think my salary after tax and pension and loan is about £17k and my boyfriends is even lower than that :/*
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    Mortgage

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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.*
    1) Ask them how they can afford it, maybe they did part buy part rent with the council and got a big loan
    2) Also you can rent a house then re let it to rent the other 3 rooms to other people and keep their part of the rent for yourself to save up to buy your own house,
    I saw people doing this on tv
    3) Or you can go online to find a rich bloke on Millionaire dating websites or signing up with Seeking Arrangement where a wealthy man might pay rent on a house for you or buy it for you
    4) P!ay the lottery once a week or once a month
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    (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.
    5k from a 25k wage (tax not taken into account) is a 5th of a salary-quite a lot. Whereas I could rent and not be given the millstone of a mortgage. But if you want to own a home (eventually) I guess then go for it
 
 
 
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