Couple forced to have seven jobs and move hours away to buy first home
Sharing that “virtually impossible” to climb the property ladder, a woman and her boyfriend have shared their first-time buyer journey.
When Anya Clements, 22, and Calum Jones, 27 started looking at buying a home together, they were initially excited – but they soon realised getting on the property ladder without the “bank of mum and dad” was out of the question.
As interest rates rose, the young couple were convinced their dream of owning a home was “impossible” and while they kept looking, there was nothing for them within their £250,000 budget.
In a bid to make their wishes come true, the children’s nurse and Welsh Parliament member took up seven jobs between them, and moved two hours away from their family.
Now, after saving up £20,000 over four years, they have finally moved into their new four-bed, two-bathroom, semi-detached home, costing £295,000 – but say that not using the “bank of mum and dad” is no longer an option.
London flat for rent for £1,400 a month with bed tucked away in kitchen cupboardAnya, from Cardiff, Wales, told Need To Know: “In this day and age, it’s become impossible for people to get on the property ladder alone.”
“If people are fortunate enough to have the help of their parents, then I think it’s a great idea, as it gets you into the market. I would always encourage everyone to save themselves and not ask mum and dad – unless they offer – as it’s a big commitment.”
“We felt very guilty when my parents offered, but we’re so proud of saving ourselves and paying for the whole place nearly on our own. It’s a massive achievement and there are lots of schemes out there for first-time buyers which I think are worth taking a look at.”
Anya and Calum initially had the idea of purchasing a three-bed, detached home and realised there weren't many options available within their budget.
In an effort to increase their money pool, they started putting £200 per month into a Help To Buy ISA; a now-ended government scheme, which promised an extra 20% loan.
They also used Martin Lewis’ expert money advice to help keep them on track and how to best invest their money to boost their savings.
But over the past year, when they were finally ready to buy, house prices shot up and their “perfect” home was no longer in reach.
According to The Times, The Bank of England has increased rates 14 times since December 2021, with the current level of 5.25%, with house prices 5.9% more expensive in 2022.
While they didn’t want to take up her parent’s offer of a loan, they had to accept, as even with all their saving efforts, they still fell short of the full £42,000 deposit needed.
Anya said: “Unfortunately, we couldn’t have gotten much without their help, which just goes to show how much it is now to buy a home. It’s worrying, especially for people of our age, as there’s no hope in sight with being able to own something of your own – so we’re left with really expensive rent.
UK house prices fall again - down 3.2% from last year peak, says Nationwide“We’ve got to pay my parents back and we’re lucky enough to be in the position with our current jobs that we’re almost done with this. Even then, we still need to renovate the home, as anything newer wasn’t in our budget anymore.”
Now, they’re hoping to add value over the next ten years to their home with DIY to modernise the property.
Anya added that her advice is to always start with a goal in mind and ensure to leave enough for additional fees.
She said: “I’d add on roughly £10,000 for solicitors fees and surveys – we had to spend an additional £8,000. Start looking at areas you would like to buy in and get an idea of what sort of property you want, then work out the minimum deposit needed.
“I think it shows great independence and determination if people are able to afford their own home – but this doesn’t minimise the achievement either way if they need a little help from mum and dad."