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Give up Avocado on Toast, Gain a Deposit for Housing? A 26 year old’s View of Buying in London

From the always affable Daily Scot, Scot Bathgate sends this rather cheeky article from The Guardian where 26-year-old Elle Hunt who defines herself as “squarely a millennial” decides to account for all her purchases to see if she can save up for a down payment on a place. And she is in London England. As Ms. Hunt notes “House prices have grown faster than rents and incomes, moving far beyond what is considered affordable, especially for twentysomethings. The only people my age I know who have bought a house have done so outside London, as part of a couple, with help from their parents or all three. But you wouldn’t know that from the commentators who argue that a deposit would be within the grasp of all millennials – if only we would cut back on takeaway coffee and avocado toast.”

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“But I find the argument that I could afford a house simply by going without luxuries for a few years hard to swallow… But I have decided to test my assumption that, as a single twentysomething committed to living in a major city, I will never be able to buy a house.”

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