5 Things Your Parents Should Have Done to Get You on the Housing Ladder

Under 30? Lucky you right?

More people of your age have had access to higher education, travel and good healthcare than ever before.

Ever. 

And if you don’t believe it, just ask a boomer where they used to go on vacation. And while they’re telling you about freezing their bathing suits off in Scarborough, take note – their teeth will be crooked, dentists cost a lot more back then too.

And yet, for all the benefits of being in your prime now, there is one thing that isn’t great and it is the subject of many dinner table conversations – how the hell am I ever going to buy a property?

In London you’ll need 12x the average income to buy the average house – that’s 3x more than 1996. To buy an average home in Hackney you will need a household income of £178,000.

So Whose Fault Is It?

Well not yours obviously. 

Blame previous generations, buy to let landlords pushing up prices, a lack of new build, and an unbalanced economy that favours the south and foreign investors from questionable locations who see UK property as nothing more than a safety deposit box.

And your parents – surely they could have done more to help?

It’s true, they could – here’s the list of somewhat dubious suggestions…

  1. They could have told you to skip college. It takes 5 years to get A levels and a degree. In that time the average price rose £150,000. 
  2. They could downsize. Parents don’t really need a garden and all those spare rooms right? Release some equity and fund your child’s deposit – it’s the only fair thing to do!
  3. They should have told you not to spend money more often. Money saved in to a property ISA receives a government top up. 
  4. They should have voted differently. All governments have had a go at solving the housing crisis. For decades. All have so far failed miserably. 
  5. They should have moved you to Durham, Mid Glamorgan or Ayrshire where a home is just £60,000 or 2x income.

Even the big crash of 2008, Brexit fears and COVID-19 could do no more than dampen prices for a short time before they bounced back with a vengeance. 

So what can be done (that doesn’t involve falling out with your family or building a time machine to snap up fields in Fulham for a few shillings?

Jonathan Rolande should know, as owner of House Buy Fast & expert in how to sell your house quickly, he’s bought hundreds of part exchange and relocation homes.

There’s no easy fix” he says. “But looking at cheaper areas is worth looking at especially as we can all work from home more easily now, there really is no need to be central for many people. Using two incomes to buy is a massive help but of course it can be risky if things don’t work out.

If you really don’t think you’ll ever be able to buy in the area you want, consider buying elsewhere as an investment. At least you’ll have a foot on the ladder.

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