I am probably in the wrong part of LondonI live and work in London since I moved here 20 years ago. You would be surprised how many people are well paid in City of London to be able to afford properties. I dont doubt for a second that many had help from families and many properties in London are owned by old money but for what i know, 90% of the colleagues have more than one property in London and mostly through their own salary/saving. The average salary before bonus in City of London is now 70K meaning a couple should be able to buy a 500K flat after a few years saving. And this is not high flying industries like bankers or lawyers who could buy faster.
We live in London and pay £1100 a month in rent. Short answer, we can't. We previously lived in a studio flat with cheap rent and we managed to save 4k in the three years we lived there. Then the landlady decided not to renew her contract for no particular reason (she was a nasty bitch anyway). We had literally three weeks to find a new place and it was over the Christmas period. The 4k got eaten up by deposits and agent fees and contract fees and all kinds of BS and we were back to square one. In the three years we've lived in this place, we've managed to save 3k. We don't live extravagantly, we just have high rent and bills to pay. We've still never been on a honeymoon and it's been six years. I would like to start trying for a baby now, I'm 33 but we don't have space here and how could we afford it? We both came from poor backgrounds and have no financial help from either side. So I guess we're fucked lol.Admittedly, I am damn nosy. I live in London, I am curious to know how couples saved up for house deposit when the price of a 3 bedroom Victorian terrace can start from 550k at least (zone 4./fixed upper).
Not too sure if this topic feeds into Tattle Life haha
We bought a 1 bed flat in London with Help 2 Buy, we paid for the deposit with our own money, 2 years of saving and managed to do it quickly because I received a good bonus from myshitjob at the end of 2nd year.
Deposit: 18k
Do it! You’ll honestly never regret it and it gets your foot on the ladder. I’m from Scotland so I know it’s different legal system wise up here (I’ve never understood why you guys pay to buy a house you are effectively renting - no judgement - just confusion!) but anyhow. You’ve got your deposit - go grab life and do it. You’ll have a blast. Promise. I bought on my own and as terrifying as it is, wouldn’t ever change itI love threads like this and reading other peoples experiences. I would be a first time buyer going it aloneand it terrifies me. I have a good deposit that has taken me YEARS to save but I still live with parents and am 39! I’m just so scared to take the plunge and do it on my own.
Would you consider moving out of London? I live in Essex so the commute isn’t too bad and you could rent a 2 bedroomed flat/possibly small house depending on the area for the same money.We live in London and pay £1100 a month in rent. Short answer, we can't. We previously lived in a studio flat with cheap rent and we managed to save 4k in the three years we lived there. Then the landlady decided not to renew her contract for no particular reason (she was a nasty bitch anyway). We had literally three weeks to find a new place and it was over the Christmas period. The 4k got eaten up by deposits and agent fees and contract fees and all kinds of BS and we were back to square one. In the three years we've lived in this place, we've managed to save 3k. We don't live extravagantly, we just have high rent and bills to pay. We've still never been on a honeymoon and it's been six years. I would like to start trying for a baby now, I'm 33 but we don't have space here and how could we afford it? We both came from poor backgrounds and have no financial help from either side. So I guess we're fucked lol.
That is so sad to read, I’m really sorry that so much of your life was spent that way. But I’m really happy for you that you now have your own space that you own. I bet it feels amazing now to be free of that and able to do what you want to do, although I’m sure there are still scars. I hope your life going forward is much much happier xI've never told anyone this (IRL)- but here's my story.
I bought my detached house in 2015. On my own.
It was £153k.
I paid in cash.
All my own money- I didn't have (and refused) a penny from anyone. If that makes me sound smug and superior, read on.....
I'd lived all my life at home with my mother. She had chronic post-natal depression with me, so much so that my dad walked out, she had blamed me for it and since that age I had been the "man of the house" (I'm male BTW). I was never "allowed" to go on a holiday, buy clothes, even buy food for myself as it would send her into a depressed state. But I put up with it as it was all I'd ever known.
Had my first nervous breakdown at 17. Went to Uni (local as I wasn't "allowed" to move out) and got a job. After a few years I had a decent salary (£45k at one point, less now). I literally had no life though- no friends, nothing to spend money on (I remember buying a £4 kebab one night on my way back from work and mum crying as I had "no idea about money"- I was paying her rent and food costs, didn't sped any other money).
If I wanted clothes I was expected to buy them from a charity shop. I was a manager at work and expected to wear suits/ smart clothes.
Anyway- after having another breakdown in 2015 (a bad one- I ended up in A&E after seriously suicidal thoughts and exhaustion) I decided that I would move out. It had never been discussed, and I was 36 at this point. My entire life was about what my mother wanted. The counsellors I had after my breakdown described it as domestic/emotional abuse.
So long story short- yes, I saved enough money over 10 years to buy a house outright, but my God it cost me a lot. And I wish I'd have moved out 20 years earlier and struggled.
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