Struggling to get on the housing ladder? You’re not the only one.
Huddersfield was recently revealed as one of the top ten towns in the country for rising house prices during 2017, and with average prices here standing at £187,000, many young people won’t be getting on the ladder anytime soon.
But one savvy millennial has revealed how she managed to buy her first home aged just 20.
Jennie Crockhart put a deposit on her flat in Bristol just one month after her 20th birthday without any help from her parents after four years of working multiple part-time jobs and saving meticulously.
She said financial independence was hard-wired into her from a young age.
“Growing up, my parents didn’t have lots of spare money but they always told me that when I had my own job I could afford to buy whatever I liked,” she said.
By the time Jennie was 16, she was working five part-time jobs alongside her AS levels, and saved every penny possible.
“Owning my own home was always important to me”, she added. “In my opinion, when you’re renting, you are just paying someone else’s mortgage.
“So as soon as I started earning I started putting £50 aside here and there – or more if I could manage it.”
Jennie, who is now 21, quit A levels at 17 deciding they weren’t for her and instead enrolled on a sales apprenticeship scheme. The entrepreneurial teenager then managed to generate £500,000 in new business in three years, and was able to put aside £500 a month.
“For a while I carried on working part time in a pub alongside my apprenticeship to supplement my income.
“I also saw my bonuses as just that – a bonus – so I put the money away. My savings quickly started to mount up.”
Jennie began to talk to a mortgage consultant at 18 to get an idea of what she could borrow and the kind of deposit she would need. A year later, she found a home she really wanted to buy, and put all her efforts into raising the remaining ten per cent needed.
The two bedroom apartment in Bristol needed a complete renovation, which she said she saw as “a good opportunity”.
As a result of her efforts, the flat is now worth in excess of £150,000 - despite its original value being £30,000 less.
“I certainly don’t feel like I’ve missed out on anything,” she said.
“Starting my career at such a young age has taught me a lot about life, and I’m exactly where I want to be at the moment. I never wanted to be reliant on anyone else, and knowing I’ve achieved all this on my own is a brilliant feeling.”