A 24-year-old in Lancashire says he saved at least £1,000 a month from age 18 and now owns two homes.
Story Snapshot
- A telecoms worker reportedly saved half his pay from age 18 to buy a first home
- He bought a £98,000 two-bed at 23, renovated it with his girlfriend, and rented it out
- He remortgaged, released equity, and bought a £140,000 cottage at auction for short-term lets
- His path stands out as the average first-time buyer age in England is about 34
What He Did: Save Early, Buy, Renovate, Leverage
The Mirror reports that Jacob Waddington started full-time work after college, earning about £24,000 a year, and saved at least £1,000 a month from age 18. He later earned about £33,000 a year and says he still saved a large share, about £1,500 a month from his £2,200 take-home pay, according to the profile. At 23, he bought a two-bed house in Accrington for £98,000. He and his girlfriend, Holly, spent a year fixing it up, then rented it out.
After the work, the first home was reportedly valued at £160,000, which set up the next move. They remortgaged the property and used the released equity to buy a £140,000 cottage at auction, with a plan to run it as a short-term holiday rental, the report says. The steps described match a common investor path: live frugal, build sweat equity, refinance, and redeploy. His LinkedIn lists roles in telecommunications, which aligns with the wage path in the story.
Why This Stands Out in Today’s Housing Market
This case turns heads because most first-time buyers are older. Government data show the average first-time buyer age in England is about 34, with London even higher. That means buying at 23, then adding a second property by 24, is well ahead of the pack. Regions like the North often offer better price-to-income value than the South, which can make this kind of plan more workable there. The age gap and regional price gap frame why this profile gained attention.
Housing reports note that many first-time buyers now need extra income sources or larger deposits to get started, given higher prices and tighter budgets. That is why a strict savings routine can make a big difference. The Mirror feature stresses steady saving and hands-on renovation as the keys to his jump from renter to owner to landlord within a short span. It also shows how equity release can speed a second purchase when the first home’s value rises.
Takeaways for Families Focused on Discipline and Ownership
For readers who value thrift, personal drive, and family support, this story shows a path that does not wait on government programs. It leans on saving, learning basic trades, and taking care of a starter home. It also shows how smaller markets outside the pricey South can open doors earlier. Official surveys confirm that buying young is rare today, which underscores how strict budgeting still matters if you want control and ownership sooner.
The details in the profile come from Waddington’s own account, which outlines earnings, saving targets, purchase prices, a year-long renovation, a new valuation, a remortgage, and an auction buy. For many families, the core lesson is simple: cut spending, boost savings, build value with your hands, and use finance tools wisely. In a time of high costs, this method offers a practical, step-by-step plan toward independence and long-term wealth.
Sources:
mirror.co.uk, mathportal.org, bmo.com, linkedin.com
