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spunko2010

"meet One Of Uk's Youngest Homeowners" Borefest

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Is it just me or are there more of these types of "articles" appearing in recent months? Can't help but wonder if it's a nudge-nuge, wink-wink from Westminster to keep things steaming along?

http://www.kentonline.co.uk/folkestone/news/meet-one-of-uks-youngest-48226/

Sounds to me like he's bought a rabbit-hutch new build off-plan using the keyworker scheme. that will plummet in value.

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Is it just me or are there more of these types of "articles" appearing in recent months? Can't help but wonder if it's a nudge-nuge, wink-wink from Westminster to keep things steaming along?

http://www.kentonline.co.uk/folkestone/news/meet-one-of-uks-youngest-48226/

Sounds to me like he's bought a rabbit-hutch new build off-plan using the keyworker scheme. that will plummet in value.

Just goes to show how fecked up it all is if this is news, my elder sister bought here first home when she was 17 in the early eighties nothing out of the ordinary then even if it was a probate sale from within the family and slightly below market rate (£8K)

Edited by long time lurking

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I always knew that I did not want to rent a place. I wanted something that would be my own.

Well, only 25 years of debt servitude to go kid, and that shitty little flat will be all yours. Assuming you haven't gone for a 40 year mortgage, that is.

My, what an inspiration for other young people he is.

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Good chance that could be his forever home.

These articles are no more than propaganda pieces now as the prevailing trend is collapsing ownership rates for the under 35s. Wheeling out a few kids who are leveraged to the hilt on a shoe box with the help of government schemes is hardly inspirational to me.

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Just goes to show how fecked up it all is if this is news, my elder sister bought here first home when she was 17 in the early eighties nothing out of the ordinary then even if it was a probate sale from within the family and slightly below market rate (£8K)

Exactly. Young person "buys" house = headline news. There's been a few others recently as well that actually made the nationals.

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Well, only 25 years of debt servitude to go kid, and that shitty little flat will be all yours. Assuming you haven't gone for a 40 year mortgage, that is.

My, what an inspiration for other young people he is.

The article actually suggests it's a shared ownership, or something similar. So at the end of his mortgage he'll own half of it if he's lucky.

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"Adult planning to buy a quarter/half of a single room on the outskirts of Folkestone off a bank using his next 25-30 years' wages"

Edited by Dorkins

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I was 19 and 1 month when I bought my first house in 2003. Didn't require any assistance from Government schemes etc. but did get around £4k from my Nan as a deposit. Mind you the house was £36k then! I'm sure this wouldn't be news without the rampant HPI since then making it so bloody difficult to do that so few can...

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Just goes to show how fecked up it all is if this is news, my elder sister bought here first home when she was 17 in the early eighties nothing out of the ordinary then even if it was a probate sale from within the family and slightly below market rate (£8K)

You are not legally allowed to own property before the age of 18. Presumably she did not complete until she was 18.

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I was 19 and 1 month when I bought my first house in 2003. Didn't require any assistance from Government schemes etc. but did get around £4k from my Nan as a deposit. Mind you the house was £36k then! I'm sure this wouldn't be news without the rampant HPI since then making it so bloody difficult to do that so few can...

2003 was pretty damn near the top.

Certainly a lot higher[1] - relative to net incomes and interest rates - than two years ago, when next-door's daughter bought her first house at age 19. No idea how much help she may have had from her parents (a dockyard worker and a part-time supermarket worker).

On the other hand, can't blame you for buying in that market - given that you had the chance. The chattering classes were talking HPI (as opposed to the more mixed message we've had since about the second half of 2004). And a 19-year-old doesn't have the life experience to take a long view ... unless perhaps an assiduous student of history.

[1] excluding "prime london".

Edited by porca misèria

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You are not legally allowed to own property before the age of 18. Presumably she did not complete until she was 18.

Possibly she had lived there for many years with my grandmother place was owned by my great aunt and left to my mother and uncle

I think my mother paid off uncle then sister paid off mother via mortgage

So if you are left a property at an early age how does that work then ?

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1986 when I bought mine when I was 18 years old....no choice, my wife and child were living with my mum and dad. I say no choice, what I mean was my good lady never gave me a choice.?

Interestingly we sold in 1990 and had to move into rented because our greedy seller back out last minute - but we honoured our sale. Karma ensured a collapse in values at this point before buying a current home in 1992.

Er, yes - child before 18. Got myself a holiday office job quickly in an corporate......hopefully I will leave when I find something more suitable.?

Edited by Phil321

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2003 was pretty damn near the top.

Certainly a lot higher[1] - relative to net incomes and interest rates - than two years ago, when next-door's daughter bought her first house at age 19. No idea how much help she may have had from her parents (a dockyard worker and a part-time supermarket worker).

On the other hand, can't blame you for buying in that market - given that you had the chance. The chattering classes were talking HPI (as opposed to the more mixed message we've had since about the second half of 2004). And a 19-year-old doesn't have the life experience to take a long view ... unless perhaps an assiduous student of history.

[1] excluding "prime london".

2003 was no where near the top in West Yorkshire. I sold in 2007 for 80k...

I didn't really know anything about HPI, house prices etc. I didn't really 'do' socialising and was from a rural area, english in Wales so further isolated from the world. I bought a home after moving 200 miles for a job and getting kicked out of my first rental after 18months... was as simple as that really.

Edited by My Name Is ??

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The novelty will soon wear off. Hope he has a plan to pay down the govt loan and mortgage asap or, as mentioned it could be his forever home.

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What a sad sad state of affairs. It's when I read things like this that I am so glad I enacted a non-UK housing Plan B a few years ago.

If it makes you feel any better, he's probably only buying a 99 year lease.

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Possibly she had lived there for many years with my grandmother place was owned by my great aunt and left to my mother and uncle

I think my mother paid off uncle then sister paid off mother via mortgage

So if you are left a property at an early age how does that work then ?

If you are left a property before you are 18 it would need to be held in a trust until you are of age.

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