Move to the North, Scotland is very cheap, I am Mortgage free at 25
There is the South and there is London. London is a special case.
But as for the South generally, it's just not true that 'oop North' is always cheaper. I have a friend from a village near Cambridge who was gobsmacked at house prices in the more affluent northern areas. In fact Ilkley, where I was living on his last visit, was more expensive than his area.
He had been lead to believe you could buy a couple of houses for 50p and still have change for a fish and chip supper. :D:D
He had been lead to believe you could buy a couple of houses for 50p and still have change for a fish and chip supper. :D:D
Well, there are some areas where the OP's £20,000 will buy a house for cash and have money to spare but the problem is that they tend to be in towns with very high unemployment and are outside commuting distance of London or other major city.
I think a lot of people rush into moving out and being independent and end up spending all their income on rent and then find it difficult to save for a mortgage (or other things like holidays which end up going on credit). There's nothing wrong with living with your parents for a while if it means you can save some money so when you do eventually move out, you can actually get 'your own' place rather than rent from someone else and can afford to buy nice things without an interest rate.
That said, my oldest brother still lives with our parents and he's just turned 39, has no savings and says he has no plans to move out.
Does he have a job and pay board? And what's your parents' opinion on him living with them at that age?
if its any consilation i am 27 and in pretty much the same situation (although my savings are slightly less) and i am in essex rather than central london... dont see anything wrong with it though, most people i know are still at home - its so much harder to buy a place now than it used to be, especially if your single like i am (and u too sounds like) - i wouldnt worry too much yet.
10 years ago and it might be considered "odd". 20 years ago and it would be "very strange". Today it's most definitely normal, especially if you have a end goal (i.e. buying a property of you own a few years down the line).
If you get on with your parents and like living where you are then stay put. Just squirrel and save as much as you can to increase the level of your deposit.
Agree with this, I don't see nothing wrong with being at home at your age OP, it just shows you're putting your mind to the situation first than just following others and perhaps ending up in a less comfortable/profitable situation.
Well done for saving that much at your age, keep going and you'll reach your goal in good time.
There isn't the stigma anymore when it comes to still living with parents. A lot of people realise how hard it is to start out these days, especially when you don't have a partner to share the burden.
I think the issue comes if you are still treating it and your parents are treating you like you are still a kid. Doing your laundry, cooking all your meals for you, etc. If you do your fair share around the house and are contributing and living like an adult then I don't see the problem.
10 years ago and it might be considered "odd". 20 years ago and it would be "very strange". Today it's most definitely normal, especially if you have a end goal (i.e. buying a property of you own a few years down the line).
If you get on with your parents and like living where you are then stay put. Just squirrel and save as much as you can to increase the level of your deposit.
In the 50s it was common for newlyweds to live with their parents. Back then you could afford to buy a house next door to your family. Today not so much here, but in Italy there are plenty of mammoni and bamboccioni.
I didn't move out permanently until a few years ago. Found a place in Kentish Town that myself and my partner rent, but because my job involves travelling and working abroad we decided not to get a mortgage.
London's great, but there's a world out there. I'd admit Paris is no more expensive than London, but it was a great learning curve for me. Learnt the language, made contacts and though I was penniless by the end of it, the experience was invaluable. Definitely wouldn't have got the job I have today if it weren't for living abroad. Or without the support of my parents.
London's eating itself because of the current housing crisis. Saw this comment in the Guardian today, "We have reached the stage whereby you can either make a valuable contribution to society, or you can make a good wage, but you can no longer do both.", so true sadly.
I'm still living at home, and I'm 35. I don't feel even slightly bothered or embarrassed in any way. It's about whether you're happy with your life regardless of living situation. There's certainly never a need to explain yourself to anyone.
OP I really don't think there is any stigma to living with parents in London anymore. Unless you're a banker or a trust fund baby buying is impossible so it's just how it is. I didn't so much as move out but found myself on my own when my mum died when I was younger than you are but I have been stuck in the rent trap ever since. I have an above average salary (not massive but not bad) and could have what anywhere but London would be a good deposit (I don't physically have it as I've said a relative can use it as it's worth nothing to me in London but technically it's still mine if I wanted it) but it's all pointless unless I want to move very far away - which I don't.
You sound like you're happy with your set up so just enjoy it. You've got it right. I dream of a house price crash that brings one bed flats down to £250K but it's probably never going to happen!
I sort of disagree.
At 28 I feel people should be looking to forge their own identity and way in life, and the most primary part of that is finding your own home. I'm 26 and I moved out when I was much younger so I almost can't imagine still living with my parents.. it's quite a scary thought at such a loss of freedom
They may not be able to buy but renting should be seen as perfectly acceptable and a natural part of life. I can't believe how Thatcherite we're becoming in that it's seen as wholly unacceptable to move out of your parents house unless you're owning property. Renting seems like a necessity to me for that gap between the two parts of life, maybe even longer if we're working on the assumption that quite frankly, many people will never be able to afford to actually buy property.
As already mentioned I reckon the OP should rent either just outside London or maybe up to an hour away. It's a cheap solution that would be affordable, would give independence and would probably assist in the maturation process. I know from my own experience that moving out just makes you so much more your own person.
At 28 I feel people should be looking to forge their own identity and way in life, and the most primary part of that is finding your own home. I'm 26 and I moved out when I was much younger so I almost can't imagine still living with my parents.. it's quite a scary thought at such a loss of freedom
They may not be able to buy but renting should be seen as perfectly acceptable and a natural part of life. I can't believe how Thatcherite we're becoming in that it's seen as wholly unacceptable to move out of your parents house unless you're owning property. Renting seems like a necessity to me for that gap between the two parts of life, maybe even longer if we're working on the assumption that quite frankly, many people will never be able to afford to actually buy property.
As already mentioned I reckon the OP should rent either just outside London or maybe up to an hour away. It's a cheap solution that would be affordable, would give independence and would probably assist in the maturation process. I know from my own experience that moving out just makes you so much more your own person.
I moved out of home and lived and rented for six years. I know what's it's like being independent and renting/having my own place. I chose to move back in with my parents as I wanted to save for a mortgage.
I'm still living at home, and I'm 35. I don't feel even slightly bothered or embarrassed in any way. It's about whether you're happy with your life regardless of living situation. There's certainly never a need to explain yourself to anyone.
I'm 43 and still at home....but i don't really care. My younger brother (30) and sister (26) are also at home.
I'm too independent now to settle down with anyone and it suits me and my job to be single.
I'm still living at home, and I'm 35. I don't feel even slightly bothered or embarrassed in any way. It's about whether you're happy with your life regardless of living situation. There's certainly never a need to explain yourself to anyone.
Good for you. If anything you should be beaming with pride, as you're helping to ease the housing crisis by living with your parents.
London's eating itself because of the current housing crisis. Saw this comment in the Guardian today, "We have reached the stage whereby you can either make a valuable contribution to society, or you can make a good wage, but you can no longer do both.", so true sadly.
How's that comment true ?
For most people on a good wage , they'll be making a valuable contribution to society by paying tax and National Insurance
My three kids live at home aged 24,20,18. They can live here forever if they want. I charge a minimal rent of 100 monthly which includes bills, food etc. I do all the cooking, laundry, house work as I work part time and have the time to do it, they're at work all day and I would be sitting on my arse otherwise.
The house is going to be kept when I'm dead and gone so none of them are ever homeless, it's big enough to have their partners around at weekends, weekends they pay for extra food for friends, boyfriends etc.
Long term, two of my kids will never earn enough to buy a home of their own and in the meantime have no desire to live on thin air in a grotty bedsit.
I can't solve their long term jobs & homes situations but we all get along extremely well and are happy for now.
I'm 56, back when I was in my 20s renting and buying was doable on one wage, never mind two and now it's impossible, add in immigration, badly paid jobs and the cost of housing and it's impossible.
The other disaster for earning decent money is the requirements for getting a job . Back then you could walk into countless office jobs all wiped out by computers. Manufacturing and apprentice jobs, non existent now, many jobs which once required 5 gcses now ask for degrees.
I don't recognise the world much these days. Ive never had a passport or driving licence and am always shocked at being asked for endless ID, doing stuff online or by phone instead of face to face, chip and pin, credit, the brutality of the modern benefits systems, the deterioration of social provisions such as housing, NHS, social services. Everything based on cost efficiency and cut backs.
It's a wonder we ever had libraries and parks built. Anyway it's terrible for young people nowadays. Truly terrible.
My three kids live at home aged 24,20,18. They can live here forever if they want. I charge a minimal rent of 100 monthly which includes bills, food etc...
So basically you are subsidising them as £100 will not cover food and their portion of the utility bills for a month.
So basically you are subsidising them as £100 will not cover food and their portion of the utility bills for a month.
Considering a few years ago my husband was paying for everything, all the bills himself He is more than happy With an extra £300 a month. We weren't going to charge them a penny, they offered, My husband keeps 150 and he gives me 150 every month and we use it as fun money. Going for coffees, day trips etc, everyone is happy with the arrangement.
My kids are happy that Mum and Dad are treating themselves And they're getting a bargain if you like. They don't earn huge amounts of money, in fact the youngest has just come home from working abroad, so until she finds a job, she pays no rent, plus i will pay her prescriptions, phone, haircuts, dentists, opticians, clothes, as and when.
Why is that shocking ? Why does society have to make you feel like you HAVE to be doing this that and the other by a certain age .
The rate its going I will probably still be at home at 35 as well.
I'm 44, my siblings are 46 and 37, and none of us have ever left home. It's a very long story that involves death, illness, disability and family love. You don't desert one another when the sh!t hits the fan.
The good side is, we're mortgage-free and I'm the boss.
I'm 44, my siblings are 46 and 37, and none of us have ever left home. It's a very long story that involves death, illness, disability and family love. You don't desert one another when the sh!t hits the fan.
The good side is, we're mortgage-free and I'm the boss.
Perhaps he was a life-long carer? Don't be so quick to (mis) judge.
Quite, I was living at home and carer for both my parents until I was 33. The only reason I am not now is that they have both passed away.
As already mentioned I reckon the OP should rent either just outside London or maybe up to an hour away. It's a cheap solution that would be affordable, would give independence and would probably assist in the maturation process. I know from my own experience that moving out just makes you so much more your own person.
This is what I was going to suggest, moving out of London to somewhere with good transport links, and either renting or buying there. That way they keep their job in London, are still fairly close to their family but will be able to more easily afford somewhere to live so long as the savings they make by being out of London outweigh the cost of travelling into London every day.
Comments
There is the South and there is London. London is a special case.
But as for the South generally, it's just not true that 'oop North' is always cheaper. I have a friend from a village near Cambridge who was gobsmacked at house prices in the more affluent northern areas. In fact Ilkley, where I was living on his last visit, was more expensive than his area.
He had been lead to believe you could buy a couple of houses for 50p and still have change for a fish and chip supper.
Well, there are some areas where the OP's £20,000 will buy a house for cash and have money to spare but the problem is that they tend to be in towns with very high unemployment and are outside commuting distance of London or other major city.
You only had a mortgage for 7 yrs?
Does he have a job and pay board? And what's your parents' opinion on him living with them at that age?
Agree with this, I don't see nothing wrong with being at home at your age OP, it just shows you're putting your mind to the situation first than just following others and perhaps ending up in a less comfortable/profitable situation.
Well done for saving that much at your age, keep going and you'll reach your goal in good time.
It's possible, I only had my mortgage for 27 months, albeit a relatively small one (it was a 5 year loan but I paid back early)!
I think the issue comes if you are still treating it and your parents are treating you like you are still a kid. Doing your laundry, cooking all your meals for you, etc. If you do your fair share around the house and are contributing and living like an adult then I don't see the problem.
I didn't move out permanently until a few years ago. Found a place in Kentish Town that myself and my partner rent, but because my job involves travelling and working abroad we decided not to get a mortgage.
London's great, but there's a world out there. I'd admit Paris is no more expensive than London, but it was a great learning curve for me. Learnt the language, made contacts and though I was penniless by the end of it, the experience was invaluable. Definitely wouldn't have got the job I have today if it weren't for living abroad. Or without the support of my parents.
London's eating itself because of the current housing crisis. Saw this comment in the Guardian today, "We have reached the stage whereby you can either make a valuable contribution to society, or you can make a good wage, but you can no longer do both.", so true sadly.
I sort of disagree.
At 28 I feel people should be looking to forge their own identity and way in life, and the most primary part of that is finding your own home. I'm 26 and I moved out when I was much younger so I almost can't imagine still living with my parents.. it's quite a scary thought at such a loss of freedom
They may not be able to buy but renting should be seen as perfectly acceptable and a natural part of life. I can't believe how Thatcherite we're becoming in that it's seen as wholly unacceptable to move out of your parents house unless you're owning property. Renting seems like a necessity to me for that gap between the two parts of life, maybe even longer if we're working on the assumption that quite frankly, many people will never be able to afford to actually buy property.
As already mentioned I reckon the OP should rent either just outside London or maybe up to an hour away. It's a cheap solution that would be affordable, would give independence and would probably assist in the maturation process. I know from my own experience that moving out just makes you so much more your own person.
I moved out of home and lived and rented for six years. I know what's it's like being independent and renting/having my own place. I chose to move back in with my parents as I wanted to save for a mortgage.
I'm 43 and still at home....but i don't really care. My younger brother (30) and sister (26) are also at home.
I'm too independent now to settle down with anyone and it suits me and my job to be single.
Good for you. If anything you should be beaming with pride, as you're helping to ease the housing crisis by living with your parents.
How's that comment true ?
For most people on a good wage , they'll be making a valuable contribution to society by paying tax and National Insurance
did he not inherit the home then ?
Doesn't everyone live at home?
The house is going to be kept when I'm dead and gone so none of them are ever homeless, it's big enough to have their partners around at weekends, weekends they pay for extra food for friends, boyfriends etc.
Long term, two of my kids will never earn enough to buy a home of their own and in the meantime have no desire to live on thin air in a grotty bedsit.
I can't solve their long term jobs & homes situations but we all get along extremely well and are happy for now.
I'm 56, back when I was in my 20s renting and buying was doable on one wage, never mind two and now it's impossible, add in immigration, badly paid jobs and the cost of housing and it's impossible.
The other disaster for earning decent money is the requirements for getting a job . Back then you could walk into countless office jobs all wiped out by computers. Manufacturing and apprentice jobs, non existent now, many jobs which once required 5 gcses now ask for degrees.
I don't recognise the world much these days. Ive never had a passport or driving licence and am always shocked at being asked for endless ID, doing stuff online or by phone instead of face to face, chip and pin, credit, the brutality of the modern benefits systems, the deterioration of social provisions such as housing, NHS, social services. Everything based on cost efficiency and cut backs.
It's a wonder we ever had libraries and parks built. Anyway it's terrible for young people nowadays. Truly terrible.
Considering a few years ago my husband was paying for everything, all the bills himself He is more than happy With an extra £300 a month. We weren't going to charge them a penny, they offered, My husband keeps 150 and he gives me 150 every month and we use it as fun money. Going for coffees, day trips etc, everyone is happy with the arrangement.
My kids are happy that Mum and Dad are treating themselves And they're getting a bargain if you like. They don't earn huge amounts of money, in fact the youngest has just come home from working abroad, so until she finds a job, she pays no rent, plus i will pay her prescriptions, phone, haircuts, dentists, opticians, clothes, as and when.
I've always looked after my kids and always will.
Whaaaaat!!!
Why is that shocking ? Why does society have to make you feel like you HAVE to be doing this that and the other by a certain age .
The rate its going I will probably still be at home at 35 as well.
I'm 44, my siblings are 46 and 37, and none of us have ever left home. It's a very long story that involves death, illness, disability and family love. You don't desert one another when the sh!t hits the fan.
The good side is, we're mortgage-free and I'm the boss.
Perhaps he was a life-long carer? Don't be so quick to (mis) judge.
Quite, I was living at home and carer for both my parents until I was 33. The only reason I am not now is that they have both passed away.
This is what I was going to suggest, moving out of London to somewhere with good transport links, and either renting or buying there. That way they keep their job in London, are still fairly close to their family but will be able to more easily afford somewhere to live so long as the savings they make by being out of London outweigh the cost of travelling into London every day.