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

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    (Original post by chelseadagg3r)
    You might be saving already, have some plans, or you might not know at all. Is this something you've thought about? Do you have any idea about when you might be able to afford a house?
    When I make enough to afford one..

    Realistically, my goals involve living in pretty high cost of living cities and the surrounding suburbs, so a pretty substantial amount of money is going to be required to get anything decent.

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    I’m hoping to buy my first when I’m like 27/28
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    My hope is around 21-22 but realistically around 23 (additional year of full-time work) if I stay in my city (Southampton) or a bit later if I want to move to London (probably 25/26 depending on my situation and where I want/need to live.)

    For the record I'm just taking out the full maintenance loan and stashing most of it in the Help to Buy ISA, with top-ups from my part-time work. The government bonus for my ISA far exceeds any interest I accumulate and the long-term gains of house ownership outweigh student liabilities.

    Realistically speaking pretty much every student who lives with parents can do what I am mentioning above and buy a house before or just after they graduate. This is especially true if you don't think you have much chances of exceeding the 25 000 wage threshold of paying back the loans. The government is basically giving you free money (and then giving you free money on top of your free money for stashing your free money in a particular place) to buy a house.

    Given that 55% of graduates end up in low-skilled work, unless you have surefire ambitions as a live-at-home student, you probably should aim to buy a house with all the money the government is giving you for free as more than likely you'll be part of the 80% of student who'll never pay back their loan.
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    probs by 33 lol as I will only graduate at 24
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    Depends where...

    I could have brought a house in the north, or cheaper areas of the country for the past 2 years. I had the savings to put down a deposit on a house down in the areas my family are from, for the first time 6 months ago, but me and my wife decided to invest them back into our business, rather then into a house - as rent/living costs are incredibly cheap in the country we live in currently. I will face the same decision this autumn, to invest in expanding our business, or to buy a house.

    Im 26 now. I would say, if you have no parental help, then 25-30 is a the normal age for a clever/hardworking individual in most of the country, with possibly the exception being London and some areas of the south east.

    Looking around at my friends/family who are a similar age, no one brought a house below 25 without having inherited money, or being supported by their family.
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    Wouldn't worry. Home ownership is already in decline and in 20/30 years home owners will be in the minority.

    Best way would be to seek out a self-build co-operative, they are starting to spring up... you build the house yourself and for a reduced rent, you share ownership with the land owner - usually a council or Housing Association.

    Keep watching Grand Designs for ideas.
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    I live in London. It's never going to happen.
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    (Original post by jestersnow)
    Correct. I bought my first place at 28 ( and it was a 3 bed semi detached that was only built 3 years previous). I lived in Northern Ireland were you can get some amazing properties for very reasonable prices. If you are making a decision to stay in London, you have to pay the price for that. I know some people have to stay in London (family reasons perhaps), but my brother had recently come back to NI from London as it was too expensive to buy. He had a good look at this place:

    https://www.propertypal.com/14-belfa...01366/photo-18

    He said in London that would probably cost north of 400k easily, which he could never afford. It went for about 40% of that in NI. Sure, there's less to see and do in a place like Belfast vs London, but you have to assess what's most important to you.
    That's a really lovely property and would probably be worth double that in my area of SW England (where it would make an attractive second home or holiday let for someone). However, it's still out of reach for a single person on an average salary, unless they have a very large deposit.

    That said, I'm sure there are lots of cheaper flats available.

    I guess part of my problem is that I don't really want to buy somewhere and live in it for 3+ years that I don't at least like, even to get a foot on the housing ladder.
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    I ain’t going to buy any house
    Staying with my parents forever
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    Never.
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    (Original post by SarcAndSpark)
    That's a really lovely property and would probably be worth double that in my area of SW England (where it would make an attractive second home or holiday let for someone). However, it's still out of reach for a single person on an average salary, unless they have a very large deposit.

    That said, I'm sure there are lots of cheaper flats available.

    I guess part of my problem is that I don't really want to buy somewhere and live in it for 3+ years that I don't at least like, even to get a foot on the housing ladder.
    That's fair enough, and I take your point but I suppose it's hard to say if you'll like an area if you haven't lived in it for a while.
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    Depends on what you mean by buy. If buy simply means having enough for a deposit then I'll have enough within the next 5 years easily, although it's unlikely I'll be buying then. If buying means actually fully owning with no debt then I have no idea as I can't see that far ahead.

    If I were to give a rough road map, I'd say I'll have enough to put down a deposit within 5 years (so mid to late 30's) and would like to be a good way towards paying off a mortgage by the time I'm 40, assuming I purchased a house straight away when I could. Realistically speaking though, I may or may not be settled down by then and it may not be in my interest to buy a house.
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    Well given that I want to buy a house in London - probably the year 3000
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    (Original post by jestersnow)
    That's fair enough, and I take your point but I suppose it's hard to say if you'll like an area if you haven't lived in it for a while.
    It's not just the area though- it would also be the property (inside and out). Currently, I can rent a nice purpose built flat with a decent sized bathroom and a nice-ish kitchen, offroad parking, lots of natural light etc, etc. To buy, because I'd be limited to borrowing 3.5x my salary, I couldn't buy something nearly as nice- and I am fussy about bathrooms.

    I wouldn't be able to afford to do major renovations on a property straight away either, so I'd have to live with what I bought. I could also be stuck with it a long time due to negative equity.

    Realistically, I think in 3-4 years I could have £20k saved, so £15k deposit plus fees. Probably the absolute most I'd be able to borrow would be around £100,000 so I'd be looking at properties marketed for £120,000 and putting myself at full stretch to do that- so it would have to be somewhere I really liked to make it worth giving up my savings. Plus at first I'd be no better off, as I'd have to save up an emergency fund in case anything went wrong with the property.

    I think what I really want is a long term secure rental where I could have pets and the landlord isn't allowed to increase the rent too much year on year.

    (On the other hand if someone knows somewhere where I could buy a gorgeous loft with allocated parking for £100,000) I might change my mind.
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    I don't see it as a big problem. If I can afford a house I'll buy one; if not, I'll rent.
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    Bit ambitious but by 21. I have savings where you cannot withdraw money for 1 year and receiving a 2k bonus & salary increase in 2 years time on my degree apprenticeship. Also, I've been recently approved on to the Rent to Buy scheme in my area, still looking around.

    Only 18 but I'm really passionate about purchasing a home.
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    The only people I know (here in London) who own houses, or are buying, have done it because they had generous parents/grandparents who were in a position to help them get on the ladder. I also know people in their 30s, 40s, etc, who despite doing fairly good or very good jobs, don't believe they can ever get into buying. It's a steep mountain to climb in the south of england.
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    I'm a mature student with no savings and I'm going to be studying a 6 year uni course this year (A level results depending!) so I'll graduate when I'm 30.

    The plan once I graduate is car, pension, house, horse... although pension is ongoing lol! I'm aware starting in my 30's means this will be a long slog to get as much money put away as I can quickly so I have the best chance of retiring early/ taking it easy in later years, or if I decide to have a family later (I don't think I will) then I'll be in a good position to consider it.

    I'm from Birmingham so prices are expensive but nowhere near London prices!
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    I am definitively going to buy a house somewhere over my lifetime, it's simply annoying to live on rent and the landlords can just evict you at anytime they please
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    (Original post by chelseadagg3r)
    You might be saving already, have some plans, or you might not know at all. Is this something you've thought about? Do you have any idea about when you might be able to afford a house?
    Mid 30s...
 
 
 
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