Property experts reveal whether it’s actually worth buying a home when you’re young

Getting connected the property ladder is surely nary mean feat, but considering that the average 21-year-old volition person paid their landlord £80,000 by their 30^th birthday, if you’ve got the means to buy young, is it worthy it?

Posting successful the r/HousingUK Reddit thread, 22-year-old @peachy-kiss revealed that they had the savings to bargain a level worthy astir £100,000.

It mightiness not dependable similar overmuch successful the UK market, wherever the mean spot now goes for £267,700 arsenic per figures from Zoopla, but for the emblematic 22-year-old, getting connected the spot ladder is mostly a tube dream.

Many are inactive successful the household location with their parents, arsenic the 2021 census recovered that much families (in England and Wales) had big children surviving astatine location compared to 2011 – and had accrued by 13.6% to 3.8 million.

Similarly, 42% of adults aged betwixt 18 and 39 accidental that they’ve ‘given up’ connected the imaginable of location ownership – including 38% of those earning implicit £60,000.

‘I person capable saved up for the 10% deposit positive a spot much for ineligible fees. I besides person an statement successful rule that is much than capable to get maine a owe of the properties I americium presently looking at,’ the Redditor wrote, adding that her fund covered one-bedroom flats successful Plymouth.

However, the 22-year-old was wondering whether it was ‘really worth’ getting connected the ladder portion they had the means. With a unchangeable occupation and a spouse to divided the bills with, it seemed a earthy measurement up from renting oregon surviving with parents – and yet they remained unsure.

Likewise, since their fellow remains a full-time student, they wouldn’t suffice for a owe – and truthful it would beryllium solely their sanction connected the deeds.

‘While everything connected insubstantial seems similar this is simply a viable enactment for me, with astir £750 aft bills and owe payments, I’m not definite if I should proceed surviving astatine location and redeeming oregon if I should conscionable marque the leap and buy,’ they mused.

‘It each seems precise intimidating buying connected your ain for the archetypal clip and I’m not definite if it’s realistically a bully choice.

‘I’m invited to proceed surviving astatine home, [but] my location is excessively tiny for maine and my spouse present we person moved backmost successful aft surviving astatine uni for the past 3 years.

‘Ideally we would similar to determination arsenic soon arsenic imaginable but buying a spot seems truthful scarily permanent.’

Naturally, the comments conception was inundated with radical who argued that buying younger was amended – arsenic it means a fewer other years spent paying disconnected a mortgage.

As a Londoner, @Training-Party-9813 didn’t negociate to get onto the ladder until they were 35, but present wishes they had bought sooner.

‘I’d beryllium person to having a owe paid disconnected than I americium present astatine 48,’ they penned.

‘If you person a spouse who tin assistance with costs past that whitethorn alleviate immoderate fears.’

In @NeedForSpeed98’s view, the ‘younger the better.’ They bought erstwhile they were 24.

However, successful @twerrrp’s opinion, it ‘depends connected what your priorities successful beingness are,’ noting the first-time purchaser benefits connected offer.

‘If you privation to settee down past it’s astir apt a bully idea,’ they wrote.

‘But if you could perchance extremity up settling determination other past the flexibility of renting mightiness enactment for you. Buying and selling are costly tasks truthful hold until you’re ready.’

And so, with that successful mind, Metro chatted to a fistful of spot experts to recognize whether it’s really worth buying a location portion you’re inactive young. If you person the means, that is.

Is it really worthy buying a location erstwhile you’re young?

Advantages of buying a location early

As Phil Spencer, spot adept and laminitis of spot proposal website Move iQ believes, buying your archetypal location isn’t ever conscionable astir the money. In his view, it’s ‘an affectional arsenic overmuch arsenic a fiscal investment.’

‘There’s thing rather similar the feeling that owning your ain location brings – it’s a joyful substance of state and responsibility,’ Phil tells Metro.

But buying a location is 1 of the astir important fiscal decisions immoderate of america tin ever privation to make, since the bulk of first-time buyers volition request a owe to assistance them dispersed the cost.

‘One of the fiscal arguments for buying alternatively than renting is that each monthly owe outgo you marque is partially a outgo to yourself, which volition instrumentality you a measurement person to owning your location outright,’ Phil shares, noting that if you rent your home, your rent outgo goes towards your landlord’s mortgage, not yours.

‘Then there’s the precocious outgo of renting. In galore areas, rents person risen truthful precocious that the mean first-time purchaser whitethorn find themself paying little connected their owe each period than the mean renter shells retired connected rent.’

Drawbacks of buying a location early

But connected the different hand, according to Aaron Squire, spot specializer at OneDome, buying a location young depends connected the benignant of manner you privation to lead. And if you privation to travel, you mightiness privation to reconsider.

‘Homeownership is simply a committedness and whitethorn bounds your quality to determination freely for vocation opportunities oregon manner changes, which tin beryllium a situation if you’re inactive exploring antithetic cities oregon industries,’ Aaron suggests.

‘Additionally, owning a location comes with ongoing attraction and unexpected costs, which tin beryllium challenging to negociate without a unchangeable income oregon savings buffer.‘

Likewise, Jonathan Bone, caput of mortgages astatine online owe broker Better.co.uk, suggests it’s worthy assessing the stableness of your vocation earlier you use for a mortgage.

If you expect that you mightiness beryllium offered the accidental to relocate successful the future, it could beryllium worthy holding disconnected for now.

‘A owe that suits your existent fund whitethorn not align with your fiscal concern later. Waiting until your vocation is much settled and your earning imaginable has grown could enactment you successful a amended presumption to spend a spot that meets your semipermanent goals.’

In Jonathan’s view, it’s besides captious to see whether oregon not you person a capable exigency money successful spot – which, arsenic per Lloyds Bank’s recommendations, should beryllium astir 3 months’ worthy of essential outgoings.

But successful Jonathan’s opinion, this mightiness beryllium person to six months’ worth.

‘While having capable wealth for a deposit and owe payments is great, without an exigency fund, you could find yourself successful fiscal occupation should unforeseen circumstances arise,’ Jonathan notes.

Finally, it’s important to see whether you’re buying due to the fact that you’re acceptable – oregon due to the fact that you consciousness pressured, whether that’s from household members to ‘settle down’ oregon otherwise.

‘While these opinions often travel from places of bully intentions, they shouldn’t dictate your choices,’ helium concludes.

‘Remember, there’s nary cosmopolitan timeline for buying a location and rushing into it could pb to regrets. It’s 1 of the biggest commitments a idiosyncratic tin make, truthful beryllium definite that you privation to bash it for yourself, not anybody else.’

Do you person a communicative to share?

Get successful interaction by emailing MetroLifestyleTeam@Metro.co.uk.

MORE: I physique 20ft tiny homes for stateless radical (and they lone outgo £12,000)

MORE: I bought a location with my spouse — but erstwhile we broke up, helium refused to sell

MORE: London’s cheapest spot to rent revealed — but it mightiness not beryllium for long