As a recent property buyer I can confirm the state of the UK property market is horrific. We only got on the bottom rung because of a gift from my other half’s grandfather. I live in Aberdeen which is a pretty expensive place to live because of the oil and gas industry here. The market is set up so you can just afford the rent (we earn approx £48,000 between us) and saving is difficult.
You could save every spare penny and probably take about 5 years but then what about life? What if you want kids? Want to go on holiday? Visit friends? Drive a car? Yeah life just doesn’t allow you to save to your max potential so we’re talking a long time before a 10% mortgage is reachable. Even then its for a place right on the edge of the city and you are having to travel an hour each way through shitty traffic. I’m grateful for the gift and that we have a house but things shouldn’t be this difficult when two of you have jobs.
