Its now been almost 8 months since Matthew and I got the keys to our first home, and truthfully I thought I would have written a lot more about the process by now, but between everything else going on in my life and my minor falling out with blogging last year, I just haven’t got round to it.
I have, however, been thinking a lot about the sort of posts that I wanted to write about this, and while at first I thought a ‘Tips on Saving for Your First House’ post would be a great idea, the more I thought about it, the more annoyed I was getting with the concept of that post. Here me out.
Its no secret that our generation, ‘millennials’, are renting for longer, if not indefinitely, and the percentage of homeowners under 30 has dropped more than significantly in the last 10-20 years. I count myself as a minority for becoming a homeowner at the age of 23 and I’m very aware that while I could write about how Matthew and I saved up for our house, there are a whole tonne of circumstantial reasons why this wouldn’t be relevant to a lot of other people.
House prices differ MASSIVELY throughout the country
As a born and bred southerner, I have lived my whole life with a notion of what I thought was the price of a house was based on what house prices were like around where I lived. I started saving as young as I could because I knew that I wanted to buy my own place at some point in my life, and I knew that wasn’t going to be cheap.
But Matthew is a northern boy, and when we did start looking at houses seriously, we knew it would be up north. I was left dumbfounded when I discovered that we could buy a detached house for less than what a 1 or 2 bedroom flat would cost in Bournemouth. Suddenly, the deposit money I had been saving all these years was more than enough for a house, despite being nowhere need what it would need to be in my hometown. The fact is, most people aren’t prepared to move across the country just to own a home, and we were lucky (if that is even the word) to be relocating for Matthew’s job, because the chances of us being able to buy somewhere down south without significant help were slim.
Not everyone can make the ‘sacrifices’ we were able to
I never moved out of my parents’, and Matthew moved in with us 9 months before we bought our house. We both worked at the same place, so it was pretty easy for us to share my car. It would be pretty easy for me to write a post saying that to help save for a house you should move in with your parents, share/sell a car etc, but I know that those options aren’t always an option for everyone.
We all have different histories
I started working at 16, and I didn’t go to university after sixth form, so I had the luxury of no student loans. I always knew that I wanted to buy a place, so I started saving super early, even before Matthew was in the picture, AND Matthew and I were able to buy together, when not everyone can split a mortgage.
We also have totally different histories to previous generations. My parents were married by my age, not fighting for jobs in overcrowded industries like so many people are today AND the housing market was a totally different place to how it is today. We just can’t compare ourselves.
Home-buying incentives and schemes
Because we bought a new-build, we were eligible for the government Help To Buy loan for up to 20% of the value of our house which is interest free for the first 5 years. If you’re not buying a new-build, you can’t apply for this, and to be honest, without this we wouldn’t have been able to afford the house we fell in love with. There are also other options, like shared ownership and Help to Buy ISAs, but again, these aren’t always options for everyone.
Now none of this is to say that people under the age of 30 can’t save enough to buy houses, I mean we’re living proof that it is possible, but I’m just a little fed up of all these clickbait articles saying that its because we love avocados (which we don’t all love just FYI) or some other ridiculously false reason, when in fact its because we’re stuck at the bottom rung of the property ladder with baby boomers stomping on our hands and so many real factors are actually affecting our generation.
I’d love to hear your thoughts on this, so drop me a comment!