Financial future

Raymond Lin said:
The divide for the haves and have nots will get greater.
Children will live at home for longer.
Renting will become more of the norm, like in mainland Europe.
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This pretty much sums it up.

It will depend very much on political policy post 2018, but nonetheless, I suspect it will go this way.

kd
 
We have lots of challenges awaiting us unfortunately...

Government debt
Energy
Climate change
Population
Food/Water
 
atpbx said:
There's no money to be made if something is too expensive for people to buy.

Someone must be buying houses for the prices to keep going up.
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Global Marketplace: 81% of Real-Estate Buyers in London are Foreigners

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atpbx said:
Owning your own home isn't a right, neither is being housed by the state.

Had this with my brother, couldn't afford to rent, couldn't afford to buy, as a white single male couldn't get a council place.

Well, swallow your pride and come and live with me, its no less "not yours" than renting.
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Sounds fine but what if you are in that exact situation with no family to rent from then its back to live with the parents time and then get belittled in the media and by allot of others for it for not having your own place at nearly 30 :o
 
atpbx said:
There's no money to be made if something is too expensive for people to buy.

Someone must be buying houses for the prices to keep going up.
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It was design like that since 1979, the thatcher years, I saw that social housing starts were in decline by 20% the first year she came to power it with labour carrying it on the last 12 years only under 4000 social home were build. I personal think this has been all planned.

I think between the people in places of responsibility between 1910 and 1970 had a heart and wanted change, those that came after did not care about people but wanted to increase their own wealth. Looking at Britain from the outside inside the population has be sold out by their politicians.

Plus there has been a massive decline in pay, your getting paid less than what you got in the 90s when you compare it to productivity.
 
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atpbx said:
Owning your own home isn't a right, neither is being housed by the state.

Had this with my brother, couldn't afford to rent, couldn't afford to buy, as a white single male couldn't get a council place.

Well, swallow your pride and come and live with me, its no less "not yours" than renting.
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I disagree. When you look at some of the 'rights' in the Human Rights Act it amazes me that affordable housing isn't one of them yet it allows terrorists a 'right to a family life' and other such rubbish.

I'm not saying people should expect to be given a house like in a communist state but I do think something is wrong when people's wages are totally out of whack with house prices.

There are plenty of things market forces and a totally free market should apply to, mobile phones, cars etc but having a roof over your head shouldn't be one of them in my opinion.
 
I think its going to get more difficult later on down the line, for now its already hard work to get onto the ladder.

A lot of the "buying" for first time buyers will be down to parents stumping up the deposit for the kids and maybe even just buying a house outright for kids.

This is perfectly fine for these people and "lucky you" is all I can say

But what about the people that work very hard for a "average" wage and have done for the past 10 - 15 years? I am one of those people, My parents own nothing have a council house, when they do go pop I will inherit nothing apart from a couple of bits from inside the house that will be worth nothing as well.

Its funny how many people I have spoken too who can't quite understand why I haven't been able to save 20-40k deposit in the years I have been working, these people just don't understand bills/kids and an average wage just doesn't cut it in this county any more.

I went to the Bank about 8 months ago and asked what mortgage I could get, I was given "Well if your parents or "friends" put 40k in a bank account and don't touch it we will be able to sort you out a mortgage"

This is absolutely crazy talk, I know NO ONE with that kind of money just "hanging about" yet the bloke at the bank seemed to think this was normal practice for getting a mortgage!

Being in a 1 bedroom housing association flat with a child is pretty depressing, I have been in this flat for over 9 tears (2 with my child) and its a horrible flat. Mold which they refuse to resolve, damp and a drunk above me, you try telling them they don't wanna know.

I have a reasonable job as well, IT Project Engineer for a medium sized company and don't earn a "poor" wage. I am having to go down the shared ownership scheme just to get a house.

The only problem with this is that the mortgage is abstinently crap! The interest payments are stupid but hey what other choice do I have?
 
House prices are going up :confused:

You are living in a dream world. Check out the house prices from 2006 > 2012

You'll see they were going up till 2008, then slowly coming down and down and down. Just ask anyone who has their house on the market :D

What people think their house is worth, to what it's actually worth is very different. Yeah ok, a house purchased ten years ago will be worth more today because they haven't drop down to those levels, but house are coming down and have been over the last couple of years.

Example

House near me sold for £280,000 March 2008. Now there is a bigger house on the same road up for sale for £225,000
 
Wizzkidy said:
Its funny how many people I have spoken too who can't quite understand why I haven't been able to save 20-40k deposit in the years I have been working, these people just don't understand bills/kids and an average wage just doesn't cut it in this county any more.
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There are plenty on this forum like this. They have the "if I can do it anyone can" attitude often forgetting that they have a higher than average paying job or supportive relatives.

It's like when a thread on payday lenders comes up and people are quick to profess that anyone who has ever used one is an idiot, a simpleton or just plain ignorant. The fact that person may have been forced to use the service to pay for food or to stop them defaulting on their mortgage doesn't seem to cross their minds.

If you're single, childless, work for average pay and have a bad credit rating you're basically screwed now.
 
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