Young people feel robbed of a better life but they don't know what to do about it

Looking at houses in my street, a three bedroom semi mortgage would cost

in 1998: £470 a month 25 year Mortgage
in 2014: £1375 a month 25 year Mortgage with £60000 deposit (20%). This is at the lower end of the market

It's a council estate btw (built in the 50s and 60s).
 
Lord-Jaffa said:
Looking at houses in my street, a three bedroom semi mortgage would cost

in 1998: £470 a month 25 year Mortgage
in 2014: £1375 a month 25 year Mortgage with £60000 deposit (20%). This is at the lower end of the market

It's a council estate btw (built in the 50s and 60s).
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Bargain at twice the price. And people say we have a housing bubble?! Boulderdash! Who can't afford a 300k house these days? Only the lazy and workshy, that's who.

/sarcasm
 
Efour said:
Why are you so obsessed with home ownership ? Its such a British thing.
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Because here, in Britain, rents can be more expensive than mortgages. In Europe renting is the norm but tenants have lots more rights, rents are capped, and rental properties are maintained to much stricter standards. Don't you know?

You either buy your own home or you buy a home for someone else.

Which is smarter?

There is of course option (c) - leave the UK and go somewhere nicer/fairer.
 
Efour said:
Why are you so obsessed with home ownership ? Its such a British thing.
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There's nothing wrong with wanting to own something that in most cases you maintain and something you pay towards. Do you own your house? Would you be willing to sign it over to someone and pay their mortgage?
 
FoxEye said:
Because here, in Britain, rents can be more expensive than mortgages. In Europe renting is the norm but tenants have lots more rights, rents are capped, and rental properties are maintained to much stricter standards. Don't you know?

You either buy your own home or you buy a home for someone else.

Which is smarter?

There is of course option (c) - leave the UK and go somewhere nicer/fairer.
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lol doing c thx :P
 
Hyburnate said:
There's nothing wrong with wanting to own something that in most cases you maintain and something you pay towards. Do you own your house? Would you be willing to sign it over to someone and pay their mortgage?
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there's nothing wrong if you can afford it.

There's everything wrong if you cant and have it drummed in your head that you are a nothing unless you do.

i dont currently own a house. Yeah id sell my house then use that income to rent and live if that was necessary.
 
FoxEye said:
There is an alarming pre-conception amongst a lot of people here that my generation and younger generations are throwing away money like water. And fair enough, we *all* know someone like this... in every generation!

But it's not the case that we could afford to buy/rent if we were better with our finances. I have a reputation for being exceptionally tight, saving every penny, and I still couldn't afford a place to live.
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OK I will respond to you fully tomorrow as I am busy tonight.

My parting shot will be, though - that if you are bringing home £1000 a month, with very little outgoings, where is your money going?

If your personal expenditure is £100 a month based on your self professed 'hermit' lifestyle then are you saying your parents charge you £900 a month for living at home?

Your sums don't seem to add up..... or am I missing something? :confused:

Regarding work hours - absolutely yes work more if you need to. I had to. I went for a long time working 60, 70, 80 and even 90+ hrs a week. Its horrible and I hated doing it but a few years of hard graft payed dividends.

Instead of convincing yourself you can't - perhaps try deciding what you want and doing what you need to in order to get it (except robbing banks and stuff obviously :p)
 
In terms of buying, I was very lucky, because when I first bought in 2001, my parents gave me some money towards it. Even then, people thought i was nuts for paying 67k for a studio flat.
 
Dyson said:
Wow! 40 whole hours? That's really pushing themselves...
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Some people don't have a job were the hours are an option. Not everywhere hands out overtime.

There is some really funny posts in this thread! Some things to note that not everyone in the country is always going to earn more over their working life, so there will always be people who are stuck on the same wage. Now this may be through no fault of their own or they may not be able to earn more for whatever reason but it happens so deal with it.
 
FoxEye said:
There is of course option (c) - leave the UK and go somewhere nicer/fairer.
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The people best able to do that are normally the people that are already doing well for themselves as they have desirable skills and have the financial freedom and ability to afford to do so.

The poor on the other hand are much less able to do so unless you are of the like minded people that would travel across the globe from some third world hell hole and work for peanuts in the UK for a better life then going to some other country seems unlikely.
 
teaboy5 said:
Some things to note that not everyone in the country is always going to earn more over their working life, so there will always be people who are stuck on the same wage. Now this may be through no fault of their own or they may not be able to earn more for whatever reason but it happens so deal with it.
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Of course there are always people that are going to be on a low wage across their working life, some out of choice and some out of circumstances. I used to work with ladies out on the factory floor where they were putting things together and had done for decades. They liked the job because it was straight forward, low stress and they didnt have to think about it and could natter the day away. They really didnt want anything more out of their job and I can respect that as they were happy with what they were doing and the world needs people like that.

The people that can afford to buy houses are generally not like that.
 
BuffetSlayer said:
/life lesson
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Hear hear!! Hats off to you sir.

As for Foxeye's comment on leaving the UK, I have done because I'm pretty sick of all the moaning and grovelling coming from people who think they're being hard done by and its possible the government will crack and put the UK deeper into the red.

When my father came to the UK 30 years ago, he had just over 100 quid in his bank account but my parents kept their heads down, worked hard and built a small fortune. I grew up with this mentality and going to a school who's motto was "labor omnia vincit" - work conquers all.

Most people have to work from the bottom up; we can't expect things to be handed on a plate which many young people expect nowadays (sweeping generalisation, not aimed at OP)
 
Terminal_Boy said:
Why pay rent for 20 years and have nothing to show for it when you can usually pay less for a mortgage every month and have your own property at the end?
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Well that's the particularly screwed up UK housing market for you. Step outside of it and see the stupidity.

Foxeye knows what im saying. But yes thats the way the game is played in the UK. Property seems to be the biggest measure of a man.
 
Efour said:
Why are you so obsessed with home ownership ? Its such a British thing.
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At a guess it's probably because we're a relatively small island, with quite a high population which is increasing, and also quite strict planning/building regulations.

All of this means housing is at a premium, and therefore it's simple supply and demand.

Housing will become more expensive, it's inevitable, unless we suddenly build thousands more houses, or something causes a reduction in population. This means rents will increase. Something you can do nothing about if you're renting (other than obviously move into a cheaper property). If you own on the other hand, you at least have some level of control over it, e.g. extending your mortgage over a longer term.
 
Haggisman said:
At a guess it's probably because we're a relatively small island, with quite a high population which is increasing, and also quite strict planning/building regulations.
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I lolled at this statement because I'm thinking of places like Hong Kong and Singapore!! :p
 
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