It was a small flat with only one bedroom and a tiny lounge — but it meant the world to me. The thrill of holding those keys in my hand, knowing I had a place to call my own was indescribable. Growing up, my family moved around a lot and I longed for the stability and security that owning a home provides.
I wanted to build a solid foundation for my future, free from the uncertainty of renting. Armed with a nine-to-five job, a robust savings strategy and a great mortgage broker, I conquered the daunting realm of buying my first home before I reached my twenties. Today, I'm here to spill the beans on why other young adults should strive to own a piece of the property pie and my top tips on how to do it.
It's no wonder young people feel disillusioned when the average first-time homebuyer in the UK is now 37. So the first question is, should you push to buy a home young, or are there benefits to renting and which path offers the right outcome? There are plenty of reasons why it makes sense to buy a house instead of renting, even if strictly speaking, the average mortgage repayment may cost a bit more than the average monthly rent. According to property website PropertyPal.
com, house prices in Northern Ireland in April had increased 2.9% compared to April 2023. In contrast, rental prices have increased 10.
2% vs April 2023. PropertyPal said that in the first quarter of the year, the average two to three-bed house purchased by a first-time buyer cost £170,700. If paying a 10% dep.
