Why is this country so obsessed with that?
Cameron's housing plans
- Thread starter robfosters
- Start date
Why is this country so obsessed with that?
British culture..
They HAVE to have a holiday aboard every year.
They HAVE to buy the latest mobile phone on contract.
They HAVE to buy a new car on finance...maybe two cars...
Then moan why they cant get a deposit together for a mortgage.
Probably because the weather is so ****?
I think part of it is the Facebook culture - you've got to show of to your "mates" from school (that you never talk to otherwise) how great your life is and how successful you are.
£300 for a week's camping in Wales isn't going to do that!
£300 for a week's camping in Wales isn't going to do that!
well if the girlfriend wants to update her instagram with yoga poses on the beach then a sunnier destination is required
ideally it should be somewhere exotic too then you can be all pretentious about having gone 'traveling' rather than having been on holiday
You mean a £10k "Gap Yah" around Asia?
Then coming back to complain "But I can't afford a deposit!"
Soldato
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Three massive generalisations right there. Rather than you lot clubbing together to prove that it is possible and that the rest of us moaning simply can't manage our finances properly
rolleyes: ), answer me this.With plenty of evidence that London is not always the place where prices are rising the fastest in this boom, and also plenty of evidence that London is not the most unaffordable city when it comes to prices to earning ratios, what exactly would you suggest when this bubble continues to cities up north? Suggest nobody can live in our major cities anymore? Sorry, but £500k won't get you a 2 bed flat in Birmingham, best pull your socks up and stop having all those holidays mate. Or move to *insert crap town here*. Seriously?
And to answer the questions above, I'm still saving hard as I have done all my working life. I was managing to save money even when living in west London on minimum wage. Even though I've almost given up on buying somewhere, I will continue to save as I always have done and maybe when this bubble bursts I will have enough to get a foot on the 'ladder'. What I'm not prepared to do is mortgage myself up to my eyeballs on a base rate of 0.5% when rates are clearly going to rise and property is clearly overpriced in the SE. That to me is the best financial advice I would follow...
You really think everybody who can't afford a house is living the life of Riley, peeing their money up the wall on holidays and golf club memberships?
All this proves is that you live in a middle/upper class bubble. It's not uncommon for people in similar bubbles to make exactly those same assumptions. "Oh the poor would be fine they just prioritised better. There's no real problem here."
Try actually earning close to min wage, then tell me how many holidays you can afford to go on, even if you wanted to...
Soldato
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Are you suggesting the market should be such that people on NMW should be able to buy houses?
Doesn't this come back to, if the rent they are paying is higher than the mortgage would be, then why not?
Well they can? Just have to have a deposit first.
So you don't want to attempt getting on the ladder while the base rate is 0.5%? You're going to wait till it rises?....that will make you more 'up to your eyeballs.'
Saying you've given up when it's such a good time to get a mortgage is an incredible mindset. Also, if your continuously saving as you have mentioned, why don't you put down 5% on a 2 bed apartment and use help to buy? My mortgage is very cheap per month doing this.
Soldato
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Three massive generalisations right there. Rather than you lot clubbing together to prove that it is possible and that the rest of us moaning simply can't manage our finances properly
With plenty of evidence that London is not always the place where prices are rising the fastest in this boom, and also plenty of evidence that London is not the most unaffordable city when it comes to prices to earning ratios, what exactly would you suggest when this bubble continues to cities up north? Suggest nobody can live in our major cities anymore? Sorry, but £500k won't get you a 2 bed flat in Birmingham, best pull your socks up and stop having all those holidays mate. Or move to *insert crap town here*. Seriously?
People buy where they can afford. Same as happens now. Same as has always happened. Has the south suddenly become barren of people living there because of high house prices?
Sounds to me like you could buy but won't. That is your choice but you don't have to mortgage up to your eyeballs, it is possible to buy a place to get on the ladder and get something better further down the line.
Help2Buy is such an amazing scheme - buy a £270k home with just a £14k deposit - it's literally too good to be true and I reckon us taxpayers will have to bail it out at some point. I certainly don't blame people for taking advantage of it though.
Edit: please ignore this question if you like, but what's your plan for dealing with the government loan? Are you planning to pay it down at all or just suck it up after 5 years when they start charging interest?
Soldato
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Yes but that is unlikely in the market we have and is not a realistic expectation for the market to get to. But in principle I agree if a person on NMW can afford to buy then fine. Fair play to them but I suspect it is the exception to the rule.
no I think that a couple in OK jobs saving for 12 years should have enough for at least a HTB property even if they are inept at budgeting
what has minimum wage got to do with any of this?
The lower end of the market should serve those people, yes. Would the houses be mansions? Clearly not.
Are you saying somebody on NMW doesn't deserve to own any property? That the market should only serve the middle class and above?
Its got nothing to do with entitlement or whether you consider someone 'deserves' a house. Whether someone on minimum wage can afford a property depends on whether they can finance purchasing one. It is going to still require them to get together a deposit and is likely going to require living in an area where there isn't huge demand for homes.
There are some rough areas where local authorities have sold off houses for a pittance, there are some areas up north where property is quite cheap so yes someone on minimum wage could, in theory, get a property. In general it isn't likely in a lot of areas.
What determines the size of the deposit? House prices. What determines house prices? Competition/contention over limited supply.
If people stopped buying /additional/ property as an investment, what would the effect be on competition, and therefore house prices, and therefore the size of the deposit?
Why is this not completely obvious and universally accepted?