buy a house early
27th February 2022 by Property Deal Store Administrator in First Time Buyers, Property Deal Store News

The Importance of Buying Property Early in Life

Hi, I’m Janice, one of the directors and founders of Property Deal Store.

janice minihan

My family and I have very recently moved back to our native Australia and settled in Brisbane after living in the UK for eight years. I wanted to write this because I can’t believe how much the housing market has changed over here since we left and I can see the UK property market going the same way.

Property in Brisbane

At the moment getting settled back in Brisbane and just being in this market makes me so grateful to have our investment portfolio in the UK where the price of housing stock is cheap and the rents are positively geared.

The prices here in Brisbane have soared, both in terms of buying and renting. I really don’t know how a young person/couple would be able to afford it. Without property here already I don’t think we would’ve got back into the market now that it has moved on so much in eight years.

I’m thankful we decided to keep our Australian property whilst we lived in the UK and built our portfolio across North West England or we may not have been able to move back without great difficulty and expense.

The same is happening in the UK market

The average first time buyer in the UK is now 34 years old. That’s six years older than the average first time buyer in 2007.

As a result of the pandemic, 20% (10.5 million) people in the UK are now living back with parents, with two thirds of these expecting that to remain the case for the foreseeable future.

The cost of living is soaring along with house prices so those in ‘generation rent’ are set to keep getting older before they can afford to step onto the property ladder.

But for those who made the decision to buy their first property in their 20s, and were able to remain homeowners throughout the recent turbulent times, are in a good place with the value of their homes rising all the time.

Yes, the Covid pandemic exacerbated existing issues and hit many people hard very suddenly but if we look at figures over the last 20 years there’s consistency. The property cycle shows that houses will double in value every 7-10 years, hence the importance of buying your first home as soon as you can.

Prioritise property ownership

The problem is that generally the younger you are the less you are likely to be earning from work.

I believe that despite this young people in their 20s should make the necessary financial sacrifices to prioritise buying their first home. It will put you ahead of the curve and give you the financial stability you will appreciate later in life. Plus, buying your first home and being a proud homeowner is an exciting experience!

This is a vital piece of advice and I wanted to share it from my recent personal experiences as well as from my position as a developer, investor and trainer in the property industry.

Property will always appreciate over time, get in the game as early as you can.

Janice Minihan, PDS director

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