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- cross-posted to:
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I’m astonished it’s as low as 1-in-4. Where the hell are the other 75% of under-25s who are buying houses getting the money from?
Could it be that the total number of under 25’s homeowners, is so low that the other ~75% are just rich bastards themselves?
They might also rely on other rich relatives that are not their parents.
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Seems to be a paradise for young people in the UK lol
i’m really suprised too. Noone in Germany under 25 could get a loan for a house without their family assisting or a large inheritance.
I mean maybe there is some fringe cases of some remote working programmers that can afford a house in a village with the next supermarket being 20 mins by car and the next hospital being 45 mins.
I know right. However this may also be related to different home owner rates in different countries. Germany is at the lower end with about 49.5% (2021), UK in the middle with 65.2% (2018). But I’m not really an expert in that field as owning property is far away from my life.
Might also be related to the different kinds of houses built in different countries and their different price points.
However this may also be related to different home owner rates
Unaffordable prices probably cause low home owner rates so that would be the most likely relation.
Under-25s in the UK are not buying houses. The sample size on that statistic must be so tiny as to make it an irrelevant statistic.
The average UK house price is around £300k (or in London, where higher-paying jobs like finance night exist, the average house price is £500k). For an under-25 year old to be buying a house without significant parental support means they’d have to be on a crazy salary. This is footballers and pop stars buying houses.
The average UK house price is around £300k
So, it’s pretty common to get a mortgage when buying a house rather then purchasing cash up front.
How much deposit do I need for a £300,000 house in the UK?
For a £300,000 house in the UK, you will likely need a minimum deposit of £15,000.
Then consider that the people buying the thing may have married and both have been working.
So, it’s pretty common to get a mortgage when buying a house rather then purchasing cash up front.
It’s pretty common to not be able to borrow more than 4x your income and to need to put down a 10% (or more) deposit if you want a half decent rate. Do you know a lot of under-25s who have £30k in self-made savings (not family wealth) and earning salaries of £68k a year to be able to qualify for a £270k mortgage?
Sounds like a price you can dream of compared to Germany. Good luck finding anything below 750k € in a major city (750k + 100k to fix the house).
All of my friends except one (so 3 out of 4) that bought a house had to rely on mum and dad.
Under 25 😅
When my last parent dies, almost half of their property value goes to tax, the rest I’d split with siblings and I’ll maybe get close to being able to consider buying my own place
When my last parent dies, almost half of their property value goes to tax, the rest I’d split with siblings
Where do you live of I may ask? In Germany, even assuming a laughably expensive property worth 2 million EUR and without any tax optimizations, with 2 siblings you’d have to pay a bit below 30k EUR in taxes and receive property worth 667k EUR per child. If you got the property worth 2 million only yourself, you’d have to pay around 300k in taxes max.
