Property experts reveal whether it’s actually worth buying a home when you’re young

Getting on the property ladder young is often hailed as a huge achievement – and is the dream of many renters.

So, considering that the average 21-year-old will have paid their landlord £80,000 by their 30^th birthday, if you’ve got the means to buy as soon as possible, is it worth it?

Posting in the r/HousingUK Reddit thread, 22-year-old @peachy-kiss revealed that they had the savings to buy a flat worth around £100,000.

It might not sound like much in the UK market, where the average property now goes for £267,700 as per figures from Zoopla, but for the typical 22-year-old, getting on the property ladder is largely a pipe dream.

Many are still in the family home with their parents, as the 2021 census found that more families (in England and Wales) had adult children living at home compared to 2011, increasing by 13.6% to 3.8 million.

Similarly, 42% of adults aged between 18 and 39 say that they’ve ‘given up’ on the prospect of home ownership – including 38% of those earning over £60,000.

‘I have enough saved up for the 10% deposit plus a bit more for legal fees. I also have an agreement in principle that is more than enough to get me a mortgage of the properties I am currently looking at,’ the Redditor wrote, adding that her budget covered one-bedroom flats in Plymouth.

However, the 22-year-old was wondering whether it was ‘really worth’ getting on the ladder while they had the means. With a stable job and a partner to split the bills with, it seemed a natural step up from renting or living with parents – and yet they remained unsure.

Likewise, since their boyfriend remains a full-time student, they wouldn’t qualify for a mortgage, and so it would be solely their name on the deeds.

‘While everything on paper seems like this is a viable option for me, with about £750 after bills and mortgage payments, I’m not sure if I should continue living at home and saving or if I should just make the jump and buy,’ they mused.

‘It all seems very intimidating buying on your own for the first time and I’m not sure if it’s realistically a good choice.

‘I’m welcome to continue living at home, [but] my house is too small for me and my partner now we have moved back in after living at uni for the last three years.

‘Ideally we would like to move as soon as possible but buying a place seems so scarily permanent.’

Naturally, the comments section was inundated with people who argued that buying younger was better – as it means a few extra years spent paying off a mortgage.

As a Londoner, @Training-Party-9813 didn’t manage to get onto the ladder until they were 35, but now wishes they had bought sooner.

‘I’d be closer to having a mortgage paid off than I am now at 48,’ they penned.

‘If you have a partner who can help with costs then that may alleviate some fears.’

In @NeedForSpeed98’s view, the ‘younger the better.’ They bought when they were 24.

However, in @twerrrp’s opinion, it ‘depends on what your priorities in life are,’ noting the first-time buyer benefits on offer.

‘If you want to settle down then it’s probably a good idea,’ they wrote.

‘But if you could potentially end up settling somewhere else then the flexibility of renting might work for you.’

And so, with that in mind, Metro chatted to a handful of property experts to understand whether it’s really worth buying a home while you’re still young. If you have the means, that is.

Is it actually worth buying a home when you’re young?

Advantages of buying a home early

As Phil Spencer, property expert and founder of property advice website Move iQ believes, buying your first home isn’t always just about the money. In his view, it’s ‘an emotional as much as a financial investment.’

‘There’s nothing quite like the feeling that owning your own home brings – it’s a joyful mixture of freedom and responsibility,’ Phil tells Metro.

But buying a home is one of the most significant financial decisions any of us can ever wish to make, since the majority of first-time buyers will need a mortgage to help them spread the cost.

‘One of the financial arguments for buying rather than renting is that each monthly mortgage payment you make is partly a payment to yourself, which will take you a step closer to owning your home outright,’ Phil shares, noting that if you rent your home, your rent payment goes towards your landlord’s mortgage, not yours.

‘Then there’s the high cost of renting. In many areas, rents have risen so high that the average first-time buyer may find themself paying less on their mortgage each month than the average renter shells out on rent.’

Drawbacks of buying a home early

But on the other hand, according to Aaron Squire, property specialist at OneDome, buying a home young depends on the type of lifestyle you want to lead. And if you want to travel, you might want to reconsider.

‘Homeownership is a commitment and may limit your ability to move freely for career opportunities or lifestyle changes, which can be a challenge if you’re still exploring different cities or industries,’ Aaron suggests.

‘Additionally, owning a home comes with ongoing maintenance and unexpected costs, which can be challenging to manage without a stable income or savings buffer.‘

Likewise, Jonathan Bone, head of mortgages at online mortgage broker Better.co.uk, suggests it’s worth assessing the stability of your career before you apply for a mortgage.

If you anticipate that you might be offered the opportunity to relocate in the future, it could be worth holding off for now.

‘A mortgage that suits your current budget may not align with your financial situation later. Waiting until your career is more settled and your earning potential has grown could put you in a better position to afford a property that meets your long-term goals.’

In Jonathan’s view, it’s also critical to consider whether or not you have a sufficient emergency fund in place – which, as per Lloyds Bank’s recommendations, should be around three months’ worth of essential outgoings.

But in Jonathan’s opinion, this might be closer to six months’ worth.

‘While having enough money for a deposit and mortgage payments is great, without an emergency fund, you could find yourself in financial trouble should unforeseen circumstances arise,’ Jonathan notes.

Finally, it’s important to consider whether you’re buying because you’re ready – or because you feel pressured, whether that’s from family members to ‘settle down’ or otherwise.

‘While these opinions often come from places of good intentions, they shouldn’t dictate your choices,’ he concludes.

‘Remember, there’s no universal timeline for buying a house and rushing into it could lead to regrets. It’s one of the biggest commitments a person can make, so be sure that you want to do it for yourself, not anybody else.’

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