A YOUNG couple moved back in with their parents to help them save to buy their dream first home aged just 25.
Megan Tiddy and Dave Greensmith managed to buy their first home in Haddenham village, near Aylesbury after deciding to prioritise saving over living together.
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Dave, a technician in football, and Megan, a trainee solicitor, moved back in with their parents after they finished university so they could fast-track their dreams of homeownership.
Dave moved back to his parents’ home in Aylesbury and Megan to her family home in Ickford so they could maximise their savings, even though they didn’t want to live apart.
Megan told The Metro: “We knew it would be hard, but we wanted to save until we have enough to buy rather than having to rent.”
As well as saving their own money, the couple were able to buy earlier than expected when Megan received an inheritance after her grandmother died.
The couple put a 10% deposit down on a two-bedroom house at a development called The Grove.
The site will have 280 two-, three- and four-bed houses when it’s completed.
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The couple had originally been looking to buy elsewhere in Aylesbury but withdrew from a purchase when the vendor couldn’t find a house to buy.
Megan said: “We started to look around again and when we found Haddenham, we liked the area and loved the feel of The Grove.
“It didn’t feel closed-in like so many new development we looked at, but was really airy and spacious.”
When we checked, two-bedroom houses in Haddenham were listed for around £360,000.
Young buyers are finding it increasingly difficult to get a foot on the property ladder as house prices continue to rise.
Rising interest rates also mean that the cost of mortgage repayments is likely to increase, making it harder to afford a home.
It’s estimated the Bank of England’s decision to increase base rate to 0.5% added £700 a year to mortgages for thousands of homeowners.
Some are turning to alternative methods to be able to afford a property, such as buying at auction.
Our My First Home series tracks the success of people buying their first property.
One buyer went from being £22,000 in debt to buying a £96,900 first home.
And another saved half his wages while renting to buy a £315,000 property in Manchester.
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