Will I ever get on the housing market?

It seems impossible. Saving up for a deposit is doable but when I’ve gone on right move and seen the monthly repayments it’s actually extortionate! As in it would leave practically no disposable income. My boyfriend and I ( in our early twenties) have good incomes ( probably more than some of our parents friends and they are 4 bed home owner es) but things seemed so different 25 years ago! I mean will we just have to buy a really really bad flat to get on the market or should we wait 15 years until we can get somewhere decent?

Reply 1

normaw

Clearing and Applications Advisor, Universities Forum Helper

Original post by Amydesigns1104

You are quite young to be considering buying - the average age of first-time buyers is now over 30.

https://www.money.co.uk/mortgages/first-time-buyer-mortgages/statistics

Current interest rates aren't helping afforability although house prices have reduced slightly (there are mixed views on where prices are going from here):

https://www.which.co.uk/news/article/whats-happening-to-house-prices-aVCwI8I22pBe
https://www.thisismoney.co.uk/money/mortgageshome/article-12185481/House-prices-fall-35-2025-says-property-expert-disagrees.html

It is normal for first-time buyers to purchase a starter property and then trade up as income increases and requirements change. Very few people will buy their dream 4-bed property first. Look for up and coming areas on the edge of more trendy areas. Buy the worst property on a street, do it up, sell it, repeat.

Save up as big a deposit as you can to ease the mortgage burden. Think about opening a Lifetime ISA where you get a 25% bonus on savings up to £4,000 per year (both you and your boyfriend could open an account each):

https://www.moneysavingexpert.com/savings/lifetime-isas/

Don't forget to factor in stamp duty (if applicable) and your solicitor's fees:

https://www.gov.uk/stamp-duty-land-tax/residential-property-rates

https://www.moneysavingexpert.com/savings/lifetime-isas/