QUOTE(YORKSHIRE GUY @ Jul 15 2012, 09:20)
Bought first house on my own at 22.
QUOTE(ATD @ Jul 15 2012, 10:08)
Bought my house aged 20. If I hadn't I think I would have murdered my mother!
QUOTE(TzukeNut @ Jul 15 2012, 21:21)
I put 22 as both my parents were dead by then but I didn't actually get my own place for about another year: stayed in the house till it was sold & then lived with one of my brothers until I bought this place.
Less than 18 months to go on the mortgage: hurrah! (Then I'll be better able to afford all the repairs that it now needs).
Just out of curiosity, I'm wondering whether youse were lucky to find a house that you could afford to buy, get a mortgage etc., or whether it was just cheaper to buy properties back then??
Put it another way, if you were in the same situation today, would you be renting a place, instead?? I think you probably would - because a lot of cheaper properties have been bought as BTL's these days. So there's less supply in housing.
And also, as you probably know, the rules regarding mortgages have been tightened up. And you need a big deposit - just like the 80s again. My folks actually paid a 50% deposit for their current house 30 years ago. Yes, in cash. They'd already been married 11 years then.
You just cannot do this sort of thing today - because it is so hard for younger guys (even under 30 in some cases) to get a job - and meet your living costs - for long enough to be able to save for the scale of a deposit needed today.
In the 80s you might be talking, maybe... a £10k/£15k/£20k house?? Perhaps paying between 1/3 / ½ that as a deposit, so that would be a good couple/three/four years single-person's salary even then. Now, even basic detached houses are 10 times as much. And terraces not far behind. It's just impossible.