I’d like to see these numbers adjusted not to include inheritance as that’s currently the only way I can ever envision myself ever owning property.
I’m 34 and can’t even sniff at ownership. Need that number to keep rising so I feel like less of a failure…
Yup, I’m 34 and about to have a kid with my fiancee. Will I ever have my own home? Not a chance.
Two thirds of my salary is gone on rent alone, so how I’m meant to save 30 grand for a deposit on a reasonable home for a family is just stupid. Now the cost of living is soaring it’s just a pipe dream.
Sadly I can’t get any help, all of my parents money has gone.
How old would a first time council tennant have to be ?
This wilful ignoring of council houses as a solution to ease the housing stock isn’t right. True the council’s have no money, because their housing rent income dropped and they sold the land for peanuts to house builders .
I would like a reason as to why we cannot invest in social housing as the need is so great.
40 here, just managed to finish saving a 5% deposit (plus fees). Wife and I both working full time careers; hers as a graduate.
We don’t eat avocados
We don’t go to Starbucks (Love my own coffee)
However we were guilty of having a holiday once per year which Covid has helped us to save from
Everyone I know who managed to buy under the age of 30 either had help and/or has been very very lucky with their circumstances. That’s also true for anyone over 30 as well but I happen to know a few people who bought younger. Not to say that they didn’t also work hard, but hard work alone often isn’t enough to get on the ladder these days.
We are very generously being given chunks of cash by a relative to put in our LISA’s to hopefully get our own place in the next couple of years, but honestly with rising house prices and probably interest rate increases coming, I’m a bit worried that we still won’t be able to buy or borrow enough when the time comes. Now we’re both in our 30’s it really does feel like time is ticking even though we’re clearly not the only ones in this situation. Even though I am thankful for any help we receive I worry that it still won’t be ‘enough’ in our circumstances. Of course we will also have to have a savings pot for all the fees and costs associated with buying a home too. It just feels so out of reach. Guess time will tell.
The only way I managed to purchase a flat at 30 was by staying back with my parents for a bit. No financial help other than that – even paying them rent was way cheaper than paying for a private place.
Otherwise rent increases and house price increases both would have made it virtually impossible, seeing how much inflation there is in the market. I would have forever been chasing the bottom end of the housing market.
Not sure how my younger brother is going to get on the ladder though. Even my place has increased greatly in 1 year.
Can confirm, just turned 34, in the middle of trying to buy
Ofc they are! especially in London. If you aren’t working high paid jobs it’ll take a long time to save for something decent.
This isn’t a new problem – but that doesn’t mean it isn’t a problem.
There are two obvious things causing high demand in recent years – population growth and low interest rates. We have done something about the former (restricting immigration from the EU), but the latter is still causing problems. We need interest rates to go up to a level where other investments are better than property, so houses can go back to primarily being something you buy to live in, rather than get a rental return from. That probably means about 3-4%.
I thought the headline said “in London”. Was a bit surprised
33 when I bought. Turned 34 the week after (Christmas Day). Male, single. Bought on 17th Dec. ’21. Haven’t moved in yet, still doing the place up. Hope to move in in about 3 weeks.
They’ll soon moan the child rate is diminishing but if you can’t afford a decent roof over you how are going to supply for a sprog?
I’m in my thirties, and property ownership is such an abstract concept to me knowing I’ll never own my own home.
It just doesn’t even flag up as an option on my radar.
Its obligatory at this point to mention Lifetime Isa’s (LISA).
Nowhere near as well marketed as Help to Buys but miles better if you’re going to be saving for over a year, which given the state of things is likely.
Deposit anywhere up to 4k, earn 25% on top of it. So basically a potential free grand a year. If you’re saving then do yourself a favour and knock a year or two off of buying your house by getting one.
Absolutely criminal that they aren’t common knowledge, then again if they were, the tories would have probably axed them.
Single and bought my first place by myself with no help in my early 20s. You just need to be committed to doing it, get a decentish job (I was on about 22k at the time), manage your money well and don’t waste money on stuff you don’t need.
And no I didn’t live with parents while I saved, I rented a room in a house share.
set myself a goal of buying my first house before 30 and I managed it a few months before I did so. Moving from the south east to Scotland helped a lot there. I was on 30k and I did buy it all without any help from parents, the major contributing factor here are Scottish property prices an the fact that the flat needed repairs because I wouldn’t have been able to afford this otherwise.
If anyone cares for stats I am single, I was earning 30k and the 2 bed flat cost 130k. I put down 26k as a deposit that I’d saved up through working for 5 years (3 at minimum wage) and having a side gig. Not at all surprised that FTB age is over 30, as I do not know anybody in their 20s who owns a place.
I genuinely think saving is doable for most people (at least most people in my situation) if you are willing to make sacrifices (I didn’t order a takeaway for the first two years I lived in Scotland is one example I can think of). I am fucking stingy and that’s how I managed to save and it wasn’t enjoyable at all.
Not surprised, especially with the huge rise in prices in the last 2 years. The first house i bought back in 2015 for 120k I sold for 150k in 2019. Neighbours in a similar property sold for 175k last year.
Infuckingsanity
i bought at 42, but then I came penniless in this country at 32
In another ten years I suppose quite a lot of social change is going to occur suddenly.
Wasn’t it already over 30s before covid and mad house price increases?
Every time we manage to save something (while we’re in overpriced rented accommodation) the goal posts suddenly disappear into the horizon, it’s almost like the game is rigged(!)
2008: house prices should have crashed but didn’t
2015: house prices should have crashed but didn’t
2016: house prices should have crashed but didn’t
2020: house prices should have crashed but didn’t
… I’ll tell you when house prices will crash, the fucking day after I manage to finally buy one. That’s when.
The latest tactic is to try and get people to lower their standards and understand that they’ll never own a house outright, but they can own some of the house through a buy-to-rent , shared ownership situation, which is absolutely fucked.
my parents were on their third home by the the time they were 31, a nice end of terrace 3 bed.
a friend of mine has just bought a flat, hes 45 and has taken on so much debt I cant see him ever managing to pay down enough to then move to a house, even a 2 bed house.
what the heck is the future going to be like for families stuck with insane debt in tiny dwellings they cant afford to leave.
well yeh when estate agents are like “160k please” for what is in some cases a literal pile of plastic called a house it’s no surprise. Housing in the UK is so shit
I bought at 29, but it was a long hard struggle.. Only a 2 bed flat but at least I’m paying towards my own mortgage.
I never imagined anyone under 35 could even afford to buy a house.
Being able to buy your own home at a young age is one of the unsung advantages of the armed forces. I know that’s not helpful to everyone but I’m always surprised they don’t advertise it?
My husband and I were in our mid-late 40’s when we bought ours. I feel really sorry for younger people right now, they are pretty screwed when it comes to home ownership.
Honestly more surprised to hear it was previously below 30.
My partner and I (early 30s) have a combined income that’s like, two good raises away from 6 figures, and the idea of home ownership is still just a complete pipedream for us. Though admittedly we do insist on living in London, so I guess that’s on us, at least partly.
Fortunately, the idea of actually owning a house has never appealed to me that much. Like, I want the financial savings, but it sounds like a right ball ache.
A lot of people are setting up arrangements where their parents legally “front” the child’s inheritance on their house, and they borrow part of the mortgage (usually a non repayment one) on behalf of the child, so the child only has to start off borrowing a much smaller lump under their own name.
The child then eventually increases the size of their repayment mortgage to buy the non-repayment mortgage off of the parents over time. This gives the parents a lump sum to enjoy too.
In the South East this is becoming a common model.
It seems insane to me that people talk about a housing ladder. The idea of storing wealth in housing is so deeply ingrained in culture that it isn’t questioned. How about buying a house to, you know, *live* in it?
Near me, a room (literally just the room) in a shared house is going for £400 a month.
You’re not paying bills along with that, but I noticed an electric heater in the room which means the landlord probably is reluctant to turn the heating on.
Just awful.
Not surprising at all. The only reason I could afford my first home under 30 was because my mum let me live with her until 25 to save up money *and* I settled for a smaller place than I’d have liked with an aim to affording something bigger down the line.
Without parental support it’s absurdly difficult.
My partner and I managed to buy at 35 years old with a 10% deposit and 25 year mortgage. I was desperate to buy by 35 so that the mortgage is paid off by the time I’m 60 (though it should be earlier due to overpayment) so that I would have a few years working before retirement to save extra in my pension.
I’ve been really lucky the way its worked out but I feel so bad for people struggling to buy – I can’t imagine retiring and having to still pay rent. I’d never be able to afford it if I had to.
37 comments
no shit, houses are expensive af. you need to save for years and years, preferably with a stable partner to share the load
At this rate I’ll be over 40. FFS.
And in 1990 it was 33 and hit 34 in 2001 https://estateagentnetworking.co.uk/average-age-uk-first-time-buyers-drops-1990-levels/#
I’d like to see these numbers adjusted not to include inheritance as that’s currently the only way I can ever envision myself ever owning property.
I’m 34 and can’t even sniff at ownership. Need that number to keep rising so I feel like less of a failure…
Yup, I’m 34 and about to have a kid with my fiancee. Will I ever have my own home? Not a chance.
Two thirds of my salary is gone on rent alone, so how I’m meant to save 30 grand for a deposit on a reasonable home for a family is just stupid. Now the cost of living is soaring it’s just a pipe dream.
Sadly I can’t get any help, all of my parents money has gone.
How old would a first time council tennant have to be ?
This wilful ignoring of council houses as a solution to ease the housing stock isn’t right. True the council’s have no money, because their housing rent income dropped and they sold the land for peanuts to house builders .
I would like a reason as to why we cannot invest in social housing as the need is so great.
40 here, just managed to finish saving a 5% deposit (plus fees). Wife and I both working full time careers; hers as a graduate.
We don’t eat avocados
We don’t go to Starbucks (Love my own coffee)
However we were guilty of having a holiday once per year which Covid has helped us to save from
Everyone I know who managed to buy under the age of 30 either had help and/or has been very very lucky with their circumstances. That’s also true for anyone over 30 as well but I happen to know a few people who bought younger. Not to say that they didn’t also work hard, but hard work alone often isn’t enough to get on the ladder these days.
We are very generously being given chunks of cash by a relative to put in our LISA’s to hopefully get our own place in the next couple of years, but honestly with rising house prices and probably interest rate increases coming, I’m a bit worried that we still won’t be able to buy or borrow enough when the time comes. Now we’re both in our 30’s it really does feel like time is ticking even though we’re clearly not the only ones in this situation. Even though I am thankful for any help we receive I worry that it still won’t be ‘enough’ in our circumstances. Of course we will also have to have a savings pot for all the fees and costs associated with buying a home too. It just feels so out of reach. Guess time will tell.
The only way I managed to purchase a flat at 30 was by staying back with my parents for a bit. No financial help other than that – even paying them rent was way cheaper than paying for a private place.
Otherwise rent increases and house price increases both would have made it virtually impossible, seeing how much inflation there is in the market. I would have forever been chasing the bottom end of the housing market.
Not sure how my younger brother is going to get on the ladder though. Even my place has increased greatly in 1 year.
Can confirm, just turned 34, in the middle of trying to buy
Ofc they are! especially in London. If you aren’t working high paid jobs it’ll take a long time to save for something decent.
This isn’t a new problem – but that doesn’t mean it isn’t a problem.
There are two obvious things causing high demand in recent years – population growth and low interest rates. We have done something about the former (restricting immigration from the EU), but the latter is still causing problems. We need interest rates to go up to a level where other investments are better than property, so houses can go back to primarily being something you buy to live in, rather than get a rental return from. That probably means about 3-4%.
I thought the headline said “in London”. Was a bit surprised
33 when I bought. Turned 34 the week after (Christmas Day). Male, single. Bought on 17th Dec. ’21. Haven’t moved in yet, still doing the place up. Hope to move in in about 3 weeks.
They’ll soon moan the child rate is diminishing but if you can’t afford a decent roof over you how are going to supply for a sprog?
I’m in my thirties, and property ownership is such an abstract concept to me knowing I’ll never own my own home.
It just doesn’t even flag up as an option on my radar.
Its obligatory at this point to mention Lifetime Isa’s (LISA).
Nowhere near as well marketed as Help to Buys but miles better if you’re going to be saving for over a year, which given the state of things is likely.
Deposit anywhere up to 4k, earn 25% on top of it. So basically a potential free grand a year. If you’re saving then do yourself a favour and knock a year or two off of buying your house by getting one.
Absolutely criminal that they aren’t common knowledge, then again if they were, the tories would have probably axed them.
Single and bought my first place by myself with no help in my early 20s. You just need to be committed to doing it, get a decentish job (I was on about 22k at the time), manage your money well and don’t waste money on stuff you don’t need.
And no I didn’t live with parents while I saved, I rented a room in a house share.
set myself a goal of buying my first house before 30 and I managed it a few months before I did so. Moving from the south east to Scotland helped a lot there. I was on 30k and I did buy it all without any help from parents, the major contributing factor here are Scottish property prices an the fact that the flat needed repairs because I wouldn’t have been able to afford this otherwise.
If anyone cares for stats I am single, I was earning 30k and the 2 bed flat cost 130k. I put down 26k as a deposit that I’d saved up through working for 5 years (3 at minimum wage) and having a side gig. Not at all surprised that FTB age is over 30, as I do not know anybody in their 20s who owns a place.
I genuinely think saving is doable for most people (at least most people in my situation) if you are willing to make sacrifices (I didn’t order a takeaway for the first two years I lived in Scotland is one example I can think of). I am fucking stingy and that’s how I managed to save and it wasn’t enjoyable at all.
Not surprised, especially with the huge rise in prices in the last 2 years. The first house i bought back in 2015 for 120k I sold for 150k in 2019. Neighbours in a similar property sold for 175k last year.
Infuckingsanity
i bought at 42, but then I came penniless in this country at 32
In another ten years I suppose quite a lot of social change is going to occur suddenly.
Wasn’t it already over 30s before covid and mad house price increases?
Every time we manage to save something (while we’re in overpriced rented accommodation) the goal posts suddenly disappear into the horizon, it’s almost like the game is rigged(!)
2008: house prices should have crashed but didn’t
2015: house prices should have crashed but didn’t
2016: house prices should have crashed but didn’t
2020: house prices should have crashed but didn’t
… I’ll tell you when house prices will crash, the fucking day after I manage to finally buy one. That’s when.
The latest tactic is to try and get people to lower their standards and understand that they’ll never own a house outright, but they can own some of the house through a buy-to-rent , shared ownership situation, which is absolutely fucked.
my parents were on their third home by the the time they were 31, a nice end of terrace 3 bed.
a friend of mine has just bought a flat, hes 45 and has taken on so much debt I cant see him ever managing to pay down enough to then move to a house, even a 2 bed house.
what the heck is the future going to be like for families stuck with insane debt in tiny dwellings they cant afford to leave.
well yeh when estate agents are like “160k please” for what is in some cases a literal pile of plastic called a house it’s no surprise. Housing in the UK is so shit
I bought at 29, but it was a long hard struggle.. Only a 2 bed flat but at least I’m paying towards my own mortgage.
I never imagined anyone under 35 could even afford to buy a house.
Being able to buy your own home at a young age is one of the unsung advantages of the armed forces. I know that’s not helpful to everyone but I’m always surprised they don’t advertise it?
My husband and I were in our mid-late 40’s when we bought ours. I feel really sorry for younger people right now, they are pretty screwed when it comes to home ownership.
Honestly more surprised to hear it was previously below 30.
My partner and I (early 30s) have a combined income that’s like, two good raises away from 6 figures, and the idea of home ownership is still just a complete pipedream for us. Though admittedly we do insist on living in London, so I guess that’s on us, at least partly.
Fortunately, the idea of actually owning a house has never appealed to me that much. Like, I want the financial savings, but it sounds like a right ball ache.
A lot of people are setting up arrangements where their parents legally “front” the child’s inheritance on their house, and they borrow part of the mortgage (usually a non repayment one) on behalf of the child, so the child only has to start off borrowing a much smaller lump under their own name.
The child then eventually increases the size of their repayment mortgage to buy the non-repayment mortgage off of the parents over time. This gives the parents a lump sum to enjoy too.
In the South East this is becoming a common model.
It seems insane to me that people talk about a housing ladder. The idea of storing wealth in housing is so deeply ingrained in culture that it isn’t questioned. How about buying a house to, you know, *live* in it?
Near me, a room (literally just the room) in a shared house is going for £400 a month.
You’re not paying bills along with that, but I noticed an electric heater in the room which means the landlord probably is reluctant to turn the heating on.
Just awful.
Not surprising at all. The only reason I could afford my first home under 30 was because my mum let me live with her until 25 to save up money *and* I settled for a smaller place than I’d have liked with an aim to affording something bigger down the line.
Without parental support it’s absurdly difficult.
My partner and I managed to buy at 35 years old with a 10% deposit and 25 year mortgage. I was desperate to buy by 35 so that the mortgage is paid off by the time I’m 60 (though it should be earlier due to overpayment) so that I would have a few years working before retirement to save extra in my pension.
I’ve been really lucky the way its worked out but I feel so bad for people struggling to buy – I can’t imagine retiring and having to still pay rent. I’d never be able to afford it if I had to.