Mark Hepburn and Laura Starkie

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Mark Hepburn

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Mark Hepburn and his companion Laura purchased a home with a 5% deposit

Proudly owning a house by the age of 25 has turn into an unachievable dream for a lot of during the last 20 years.

Hovering property costs imply simply one in five 25-year-olds own a property, in comparison with almost half 20 years in the past, in keeping with one current research.

However as the federal government unveils its Housing White Paper, there are some younger individuals who have managed to buck the development – with out assist from the financial institution of mum and pop.

Right here 4 younger householders – all – who purchased properties in 2016 – reveal simply how they did it.


Mark and Laura

Title: Mark Hepburn, age 23. A debt collector on £18,500 a 12 months

Lives with: Accomplice Laura Starkie, age 25. An accountant on £20,000 a 12 months

Location: Oldham, Better Manchester

Home value: £125,000 for a 3 bed room semi-detached home

Deposit: £6,250 (5%) with the Help to Buy mortgage scheme (which ended in December)

Why purchase a property?

We had been sick of residing at dwelling with every of our dad and mom and needed our personal area. I would fairly reside in a home than only a bed room. We mentioned shifting out and renting, however we each agreed it was useless cash.

How did you do it?

There was loads of budgeting. I actually know the place each penny goes. I needed to drill it into Laura a bit bit, however she bought used to it after some time. Like her make-up – she needed to go for a less expensive model. We had been each working at McDonald’s once we had been saving and if there have been additional shifts, we’d take them.

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Mark Hepburn

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Mark and Laura say they needed to change their life-style with a view to get monetary savings to purchase their dwelling

Did you make any sacrifices?

There was positively a way of life change once we had been saving. We’d purchase grocery store finances stuff as an alternative of manufacturers. We did not go on vacation through the time we had been saving up – and that was a large factor for Laura.

How does it really feel to be a house proprietor?

I really feel ridiculously completely happy. I really feel proud and our pals are too as a result of they know we labored extraordinarily laborious for it. When you get there, you needn’t fear as a lot.

What if you’ll want to transfer?

I not too long ago went for a job in Bolton, which isn’t that near the place we at the moment are. The wage was £27,000 per 12 months, however I would not transfer home for that. It must be considerably larger to contemplate jobs away from the place we at the moment are.

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Mark Hepburn

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Mark says you’ll want to watch your cash if you wish to save as much as purchase a house

Response from pals?

I can not rely what number of instances our pals have requested us how we have completed it. We simply clarify you’ll want to save, watch your cash and in the reduction of. They’re completely happy for us and we’re simply making an attempt to get it into them to not depart it too lengthy and to start out saving.

Ought to extra younger individuals have the ability to purchase a house?

I’ve bought blended opinions. When Laura and I had been at McDonald’s we had been on a mixed wage of £23,000 and we managed to save lots of up £7,000 between us inside a 12 months. So I do not see how individuals cannot do it. However then we have no youngsters. The Assist to Purchase mortgage scheme was a God-send. However should you’re stopping one thing that is so good and serving to younger individuals, it should trigger mayhem.


Ruby and Sam

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Ruby Willard

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Ruby and Sam have purchased a two-bedroom terraced home

Title: Ruby Willard, age 22. A recruitment advisor on £19,000 a 12 months plus fee

Lives with: Accomplice Sam Bardell, age 22. An engineer on £24,000 a 12 months plus extra time

Location: Havant, Hampshire

Home value: £182,200 for a two-bedroom terraced home

Deposit: £18,220 (10%) with the Help to Buy Isa

Why purchase a property?

It was a case of residing at dwelling. I moved again into the field room of my mum’s home and I hated it. Sam lived along with his dad and mom too so we thought if we will, let’s do it – so we determined to save lots of and go for it. We had been taking a look at renting however to us it was like throwing away cash.

How did you do it?

Being fairly tight might be the reply. Once we determined we had been going to purchase, I believed I am not going to spend cash elsewhere once I needn’t. We did nonetheless have a pleasant vacation to Greece. I get fee and Sam will get extra time so we in all probability earn £55,000 total, which meant we had been ready we may borrow possibly greater than individuals on minimal wage.

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Ruby Willard

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The couple’s dwelling value £182,200 they usually saved up a 10% deposit

Did you make any sacrifices?

We might haven’t had such a giant social life. We nonetheless did issues, however we had been aware. What I did was save what I knew I wanted to save lots of, and lived on no matter I had left – which was often about £200 a month. I wasn’t shopping for lunch at work, which might save about £25 every week.

How does it really feel to be a house proprietor?

It was bizarre at first. Once we bought the keys it was like “are we on vacation?” When issues began to return collectively it felt like such an achievement. Every part we had chosen to not do, not going to the cinema one evening, helped in direction of it.

What if you’ll want to transfer?

We’d be open to the concept, however we’d in all probability search for work nearer to the place we purchased a home, so it in all probability would have an effect on future selections. If we did determine we needed to go some other place, we’d in all probability look to promote the home and hopefully we could have made some cash on it.

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Ruby Willard

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Ruby says proudly owning her own residence looks like “such an achievement”

Response from pals?

It has been fairly optimistic. I’ve bought pals which have purchased homes, however loads of them have had large lump sums of cash given to them.

Ought to extra younger individuals have the ability to purchase a house?

Neither of us accomplished three years at college, so we in all probability established a profession path sooner than people who do go. I converse to lots of people which have graduated, they usually can’t discover jobs that may permit them to borrow sufficient. It takes years to save lots of a deposit, after which home costs go up they usually cannot borrow sufficient. I feel that is how it’s now.


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Andrew and Kirsty

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Andrew Douglas

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The couple have been instructed they’re “adulting laborious” as a result of they’ve purchased a house

Title: Andrew Douglas, age 23. A social employee on £31,000 a 12 months

Lives with: Accomplice Kirsty Lamb, age 24. A pharmacist on £35,000 a 12 months

Location: Moredun, Edinburgh.

Home value: £145,000 for a two-storey terraced home with two bedrooms

Deposit: £21,750 (15%) with the Assist to Purchase Isa

Why purchase a property?

We determined we needed to get on the property ladder as shortly as attainable. If we get on it now, we’d have the ability to purchase what we wish by the point we’re older and seeking to have a household.

How did you do it?

We began saving originally of 2015 and had been in all probability saving between £400 and £500 a month every. We did go on a few holidays, so though we have been saving, we have nonetheless been residing. We weren’t scrimping, however we do solely spend about £30 every week on meals. We test receipts and search for the very best offers, so that’s extra thrifty than most individuals.

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Andrew Douglas

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Andrew and his companion saved round £400 a month every for his or her deposit

Did you make any sacrifices?

We spoke about going away for 3 weeks to someplace like Australia, however we thought – it should value £2,000 every and we will put that in direction of the home now fairly than ready a number of additional months.

How does it really feel to be a house proprietor?

It feels unusual. It does really feel like numerous duty – I did not realise how a lot. Issues like taking out mortgage safety. Our pals name it “adulting laborious”. They’re renting and not likely serious about proudly owning a spot they usually’re like “wow, you have purchased a home”.

Response from pals?

Numerous individuals suppose it is actually good, different individuals say they’re nowhere close to that stage. I do not know in the event that they’re considering I am rising up too quick. It is usually been optimistic. I do not know anybody who has completed it with no companion, so I feel it might be troublesome to do it by yourself.

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Andrew Douglas

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Andrew and Kirsty purchased their dwelling with a 15% deposit

What if you’ll want to transfer?

With a giant transfer we’d give it a trial, and lease out this home whereas we lived some other place.

Ought to extra younger individuals have the ability to purchase a house?

I do suppose individuals complain they can not afford to purchase a home however they exit each weekend, they smoke or they eat out on a regular basis. However property costs have additionally shot up within the final 20 years with extra individuals shopping for second properties. There are additionally individuals who do not need to have the duty. I feel it is good that the federal government helps with Assist to Purchase schemes and it must do extra to assist first-time patrons.


Rebecca and Adam

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Rebecca Thompson

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Rebecca purchased a three-bedroom dwelling together with her boyfriend Adam in Irlam, Better Manchester

Title: Rebecca Thompson, aged 23. An info analyst on £21,900 a 12 months.

Lives with: Adam Drinkwater, aged 25. A financial institution administrator on £16,500 a 12 months.

Location: Irlam, Better Manchester

Home value: £126,500 for a three-bedroom semi-detached home

Deposit: £6,300 (5%) with the Assist to Purchase mortgage scheme and Isa

Why purchase a property?

We lived in a rental flat collectively for 18 months and realised that the quantity we had been paying in lease was kind of the identical as we’d be paying with a mortgage. Once we had been renting there have been loads of issues we could not do, like embellish or transfer something round.

How did you do it?

It was troublesome. I used to be working part-time in my remaining 12 months at college so I saved my whole wage and lived off my pupil mortgage, which wasn’t a lot. We did not go on vacation that 12 months and saved as a lot as we may.

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Rebecca Thompson

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Their dwelling value £126,500 with a 5% deposit

Did you make any sacrifices?

We got here straight from college, the place you are residing on a little bit of a shoe-string anyway, so we in all probability sacrificed however not realised, as a result of we have not been having fun with the additional revenue we have had since graduating. We’d have in all probability gone on some extra holidays or gone out extra and possibly purchased a number of extra garments.

How does it really feel to be a house proprietor?

It is sensible. I really feel it is a actually safe base whereas I am happening to develop my profession. It is one much less factor. Lots of people are aiming in direction of saving a deposit whereas I’ve bought previous it.

What if you’ll want to transfer?

It will be actually troublesome, and it is positively an attraction for staying the place I’m. In my profession there are loads of alternatives down south, however I would not need to entertain it due to the home costs. It will take us 5 instances longer to save lots of up a deposit, and the quantity of revenue you’ll want to get for a mortgage is completely unobtainable for the typical graduate.

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Rebecca Thompson

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Rebecca says there must be extra reasonably priced housing

Response from pals?

Some reside in a dearer space and I feel they had been stunned. It isn’t one thing that is on lots of people’s radar, proudly owning a house at this age. Notably should you’re not in a relationship, I do not suppose it’s reasonably priced.

Ought to extra younger individuals have the ability to purchase a house?

I feel cultures have modified a bit. When my dad and mom had been rising up, their dad and mom drilled into them ‘type your self a home, get married and that is when your life begins’. Now there’s not as a lot of an emphasis. I feel properties do have to be extra reasonably priced. It is foolish that the city the place we reside in, quite a bit individuals can afford to purchase – whereas solely as far south as Birmingham no-one can afford to purchase a home incomes what we do.


First-time patrons: The numbers

  • The common age of a first-time purchaser within the UK is 30, says lender Halifax
  • The deposit paid by first-time patrons was on common greater than 20% of the property value in 2014
  • The price of a house for a first-time purchaser was four.5 instances their annual revenue in 2014
  • The median revenue for a first-time purchaser family in England was £43,000 in 2014/15 – £16,000 greater than all households
  • Almost a 3rd had assist from family and friends for his or her deposit
  • The common value of a UK dwelling was £217,928 in November 2016 – 6.7% larger than the earlier 12 months

Supply: ONS, Department for Communities and Local Government, Land Registry


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