A Twenty-Something's Struggle onto The Property Ladder... | Lifestyle





If you were remotely interested enough to click on this post, odds are you're someone who knows the struggle of trying to get onto the property ladder. 

It's not exactly new information that's it's becoming increasingly harder for twenty-somethings to set foot onto the property ladder, and so I thought I would create a blog post about my efforts for saving for my first home, as at Uni this issue didn't even cross my mind (clearly far too busy with the Jägerbombs...)


So now, coming up to 25 years old, I've only really just started planning for my future. 

Concerns over house prices for young adults were raised in research published by homeless charity Shelter in 2014. It has predicted the proportion of young adults still living with their parents would pass 50% within a generation unless radical action was taken to tackle Britain’s housing shortage. It warned that the average house price in England could double to £446,000 in 10 years if current trends in the “broken” housing market continue, and could quadruple to more than £900,900 by 2034. Data released by the Office for National Statistics (ONS) shows that the percentage of young adults living with their parents in the UK has risen from just over a fifth (21 per cent) in 1996 to 26 per cent in 2017, rising from 2.7 million to 3.4 million in the past two decades. 
Source: The Independent, Wednesday 8 November 2017



In this post I mention a few of the things I'm doing to set off in the right direction, to hopefully get me to be a home owner within the next couple of years and I hope it can be helpful for anyone who is attempting the same! 


Moving Home

Ironically, just what my panicky quote from The Independent article above points out. Yep, we've cut our losses and given up our lovely flat and decided to retreat and move home. Renting our own space was amazing and we absolutely loved it - but Jesus, were we pissing our money up the wall! With rent, bills and food we could barely save a penny, and monthly leisure spending was practically non-existent. So when it came to re-evaluating if we were going to extend our tenancy agreement we quickly realised we would be kidding ourselves to keep up this charade any longer... 

Beautiful as it was, the flat wasn't ours and the longer we stayed there the further away we would be from ever owning anything close to it. We worked out if we stayed living in the flat it would take us 10 years to save the amount of money we could save in 1 year if we moved home 

That's ludicrous and mind-blowing at the same time, but sadly it's the reality of the market. We're very fortunate to have the opportunity to still live at home in our mid-twenties, I know not everyone has that luxury, and in all honesty, I have no clue how those people manage this struggle. 



Lifetime ISA

Now, I'm no accountant - nor would I ever even attempt to give any financial advice in any capacity to anyone (let's just say numbers are not my forte) ... I do think there's something to be said about these Lifetime ISA thingys. You probably already have one, but if you don't I would definitely recommend you looking into them (or a standard help-to-buy scheme) as a way to support you along the way to buying your home. 

I've taken one out with Skipton Building Society as they have a good offering for the government matching part of your savings by contributing up to £1000 a year into your account (dependent on how much you save). But as I said, I won't go into financial advice, so if you are interested in looking at the Skipton LISA scheme for yourself I will link it here



Building Up 'Good' Credit

Now this one could be a little controversial, but I have decided to take out a credit card agreement in order to start building up my 'good' credit rating. I know some people are very against taking out credit cards and they absolutely can land you in a hell of a lot of trouble if you don't use them wisely. However, I'm confident in my ability to restrict my spending and only use it for the purpose of increasing my credit scores (even if I do really want that Louis Vuitton duffle bag, mirco-bladed eyebrows and basically every Chloe bag ever made...) But in all seriousness, a good credit rating will be invaluable when you finally get to that day when you're taking out your mortgage. 

I chose to go with Sainsbury's for my credit card, as they're offering 31 months of 0% interest, which seems to be the longest period available across the market. You can find out all the info on money saving, including credit cards, on the Money Saving website, linked here


If you have any other methods of saving for this pesky purchase, I'd love to  hear your thoughts on the issue. And until the day I own my own place, you can find me on Pinterest pinning the sh*t out'a all the homewares! 

Take a scroll through my Interiors board below :) 








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