[Finance] Best way to help kids get on property market

[stewart_weir]

Hi,

Has anyone done any research into this or can point me to any good sites? I want to help them get on the property market, can afford to lend/give them some money BUT not sure what is the most efficient legal way?

Move to Europe..... Oh no we are leaving EU..

 

[Wrong-Direction]

helpful contribution

I think you mean truthful contribution

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[NooBHA]

Depends how old you / your kids are!

Mine 18 / 20 and will no doubt be looking to move out before too long. I'm 48, and not quite ready for assisted housing just yet!

I didn't say ''one size fits all '' - If it did, my suggestion would be a ''well trodden path'' - Though never too young for Assisted Housing'' - Even if it is someone just to do the cleaning and ironing

 

[cloud]

I'm a Treasury Analyst, who works in front office - also bound by a training contract to study ACA. So, despite the nature of an FO role and my study, including my salary. I should just get a 2nd job.

While I was studying for my ACA I had several jobs, as well as studying and working. And I was a single parent so had that to do as well. It's perfectly possible if you are well-organised.

 

[Weststander]

Another way to keep the rich rich and the poor poor, we could easily have affordable houses but we dont because the government are *****.
We shouldn't have to rely on our parents

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Which government? This has been a massive issue in southern England for long before Cameron walked into Downing Street. Residential property prices here have been on a huge upward trajectory since 1995. The ‘winners’ are those of us lucky enough to own a house big enough for our needs, whilst everyone else struggles with housing.

Supply and demand, a lack of land given planning permission, greenbelt, nimbies, the great attraction of this part of the world to Brits and newcomers (careers, closeness to London, a less wet and cold climate), greater population in general, more split families ..... all gave rise to huge house price inflation.

 

[banjo]

Charge them rent. Save up the money, then surprise them with a lump sum.

 

[cloud]

My absolute favourite, let me guess. You're older than 50.

Cheap is relative to the location you're in. I work 37.5 hours a week and earn 50% more than the national average, moving to Hitchin where I deem renting to be reasonable and within good distance of my location of work; £1,100 a month rent is pretty decent value to me. However: https://www.zoopla.co.uk/house-prices/hitchin/ Average house price is just over £400,000. I could find cheaper, but I cannot venture to far from my job or London, where I spend 40% of my time working.
..
And people suggest I should get a second job. The amount I can save is actually a little less than £500, which exacerbates the problem, it'll be more like 6.5 years.

Yes, I am 50+, but what does that matter? I could never afford to live in Hitchin but I am happy with my 2 up 2 down in Bedfordshire, which is cheaper. Yes, I still have 2 jobs - every little helps.

 

[Garage_Doors]

I gave my Daughter the deposit for a flat out of Brighton. I had to sign away any rights to the property or rights to my money back. As she was single but had a boyfriend I also made sure he had zero rights should he move in. The flat was £90K but it is a start and over the next 20 years I expect her to sell and move up.

How can you legally make sure he has no rights on the property if he moves in? I’m in a similar position

 

[timbha]

How can you legally make sure he has no rights on the property if he moves in? I’m in a similar position

difficult if he claims he has helped with the mortgage, bills, upkeep, etc unless he pays rent under a formal agreement.

 

[Guinness Boy]

You'd think, someone suggesting crashing the economy, shouldn't be taken seriously..




My absolute favourite, let me guess. You're older than 50.

Cheap is relative to the location you're in. I work 37.5 hours a week and earn 50% more than the national average, moving to Hitchin where I deem renting to be reasonable and within good distance of my location of work; £1,100 a month rent is pretty decent value to me. However: https://www.zoopla.co.uk/house-prices/hitchin/ Average house price is just over £400,000. I could find cheaper, but I cannot venture to far from my job or London, where I spend 40% of my time working.

Assuming I want to buy a house for £350,000, cheap relative to my location. I need a deposit of 10% for an LTV of 90% £35,000. Let's say I can afford £500 a month savings. £35,000 / £500 = 5.8 years of saving in linear terms to buy a house that's a reasonable location for me.


And people suggest I should get a second job. The amount I can save is actually a little less than £500, which exacerbates the problem, it'll be more like 6.5 years.

What are your circumstances with regards to family?

Here's a one bed flat in your location for 165K

https://www.zoopla.co.uk/for-sale/d...h_identifier=5d588286c11b951a30994fb439f7b28c

Looking at it they'd probably take an offer of 150. What's stopping you?