How many of you still live with your parents 30+?

jonneymendoza · 2 Dec 2015 at 16:55

StriderX said:
So it will be dead eventually, culture doesn't follow wealth.

Yes it would be. considering moving abroad tbh. dunno if i should even bother buying a place here in london. if i do id probably rent it out and use it as my pension. buy a flat for 300k in london, 25 years from now sell it for 600/800k

dowie · 2 Dec 2015 at 17:03

NickNR said:
This is the case for many unfortunately. I grew up in Central London, my parents bought the flat they were living in from the council, I can't remember what they paid for it, but I know it is worth probably 15-20 times what it was worth when they bought it in the early 80s.

The average price for a 1 bedroom flat in the area I live in is around £275,000, 2 and 3 bedrooms are more like £350,000+. To get to truly "affordable" living you need to move to a very different area, which probably means a new job and moving away from family, which in my case, am very close to. It is understandable than many people don't want to do that. If you grew up in an area that is now unaffordable for many, it can be a tough pill to swallow.

How on earth young people nowadays are supposed to get the deposits etc together in the South East when the cost of living is so high unless they have people that can help them out is beyond me!

well you ought to be able to save up for one easier than most since you've got parents living in Central London

jonneymendoza · 2 Dec 2015 at 17:16

dowie said:
well you ought to be able to save up for one easier than most since you've got parents living in Central London

how? His parents probably earn same amount as a joe blogg living in a small village up north.

Seriously us londoners dont earn far more then the rest of the country.

Thats why we cant afford mortgage in london!

Roar87 · 2 Dec 2015 at 17:46

I've no idea why people choose to live in a 1 bedroom flat in London when they could live in a 3 bedroom house in other parts of the country while doing the same job

jonneymendoza · 2 Dec 2015 at 17:49

Roar87 said:
I've no idea why people choose to live in a 1 bedroom flat in London when they could live in a 3 bedroom house in other parts of the country while doing the same job

Most of the jobs are in London

Buffman · 2 Dec 2015 at 19:20

FoxEye said:
Had enough of house sharing at uni. You are quite correct - it's crap.

Living at home with my mum is also house sharing It's not crap; we're both happy to share the place. It also costs me a lot less, and benefits mum who doesn't drive (etc, etc).

Mum & dad aren't together, so mum would be alone if I moved it. In fact she's said she'd not be able to keep the place together on her own, so she'd have to move into a small one-bedroom flat.

I'd have to house-share with strangers - and that has many complications. I have an indoor cat, who I will not be parting with under any circumstances. What are the chances of finding 1. a house that allows pets, 2. flat-mates that like cats & 3. flat-mates who will take care not to let the cat out?

Realistically, house-sharing is not an option. No, I will not abandon my little furball.

Yeah agreed about rather living with parents better than strangers. However lots of job require movement to pursue jobs/careers (and suggesting hur dur 1 bedroom flat costs too much is a poor excuse)

Of course not everyone is in the same situation.

And I dont understand the weird cat thing, dogs are much better ;D

dowie · 2 Dec 2015 at 19:27

jonneymendoza said:
how? His parents probably earn same amount as a joe blogg living in a small village up north.

Seriously us londoners dont earn far more then the rest of the country.

Thats why we cant afford mortgage in london!

how much his parents earn is irrelevant - having somewhere to live for no or minimal rent in central London makes saving for a deposit much easier

Roar87 · 2 Dec 2015 at 19:35

jonneymendoza said:
Most of the jobs are in London

While there are a lot of jobs in London, unless you're doing specialist work that means you have to work at a company in London, you can find well paid jobs in every other major city around the country - with the added benefit of having a big house.

I moved out because whilst me living there wasn't a problem, me wanting to have girls come over like any normal young adult year old was.

SonniLombardi · 3 Dec 2015 at 00:17

jonneymendoza said:
Lol your not legal to

a lot of things weren't also legal what happened to my family while growing up but that didn't stop them from happening. Complicated past put it that way. And yes you are allowed to move out at 16 with parents consent.

NickNR · 3 Dec 2015 at 01:11

dowie said:
well you ought to be able to save up for one easier than most since you've got parents living in Central London

My parent (not parents) live in West London suburbs now, but lived in Central London when it was a VERY different place to the one it is now. My mother passed away and my Dad is on a single income that probably sits a little over national average way, often works 6 days a week paying a morgage with the prospect of working till he dies (he is 68 in 2 weeks by the way). One thing he isn't ready to give up yet is the house as he is emotionally attached to it as my mother and him built many years of good memories together in it, I think that is more than understandable. I pay a decent amount of rent and bills and cover any other costs myself.

People need to understand that many than spent their lifes in London are far from rich, or privileged, my family is anything but that, hence why they are working and see no retirement in sight. So no, it is NOT easier for me than most to be able to save up.

I don't judge someone for moving about at 16 anymore than I would at 40 if they and their family had no problem with that.

NickNR · 3 Dec 2015 at 01:14

dowie said:
how much his parents earn is irrelevant - having somewhere to live for no or minimal rent in central London makes saving for a deposit much easier

It makes it no different to any other part of the country, there may be more jobs, but there is a hell of a lot more competition too. Like I said in my previous reply, I certainly pay rent and it is not minimal. I would not dream of living with my Dad and not paying him and without my contribution towards that he probably would be working 7 days a week to keep things as they are.

NickNR · 3 Dec 2015 at 01:18

Whoops, posted the wrong thing, my correct reply is directly below!

NickNR · 3 Dec 2015 at 01:20

NickNR said:
I am 31 and currently living with my Dad. I live in the West London suburbs and also work in a small town around that way that does not have great transport links. For a below average at best 1 bedroom flat in my area I am looking 65%+ of my monthly wage and that is before taking bills etc into account. A small studio is 50%+ of my wage and a flat share is about the same, but obviously that would mean bills are covered. I earn below national average wage but certainly above minimum wage (I earn in the low 20s). Unfortunately I don't have saving as I tried to do the "full time" musician from my teens until my mid 20s, I took a big risk with it, and it was one that didn't pay off!

Everything within a commutable distance is the same or more, in fact someone at my work recently bought a place (he is single) and had to move to Corby as that was the only place he could afford, and he saved for over 10 years for the deposit, he now travels about 5 hours per day for work and it is putting huge strain on him. Where I live, unless you earn a good wage you need to live with someone (girlfriend, wife etc) or flat share, living on your own on a low wage is really not an option anywhere in the area. Which is a shame as I love the area I live in, I'm looking at being out next year, but it will certainly be a struggle.

dowie said:
well you ought to be able to save up for one easier than most since you've got parents living in Central London

One thing I DIDN'T claify in this post that may have made you think differently. That house that is worth many more times what it was worth when they bought it was sold by my parents in 1994, so they certainly aren't reaping the rewards of Central London property, far from it!

wyomingguy · 3 Dec 2015 at 07:42

Interesting

Diagro · 3 Dec 2015 at 09:03

MatteH Oxford said:
A few people in the thread regarding how old people were when they bought their first house has a few confessions regarding dodgy financial practices by some a few years back in order for them to be able to buy. They have been extremely lucky so far by the looks of it, but look at the huge amount of financial shenanigans by the Government that have supported the housing market, directly, indirectly or coincidently so far:

Help to buy
Funding for lending
Bank bailouts
Special liquidity scheme
Quantitative easing
Rate cut from 5.75% to 0.5%, nearly 1/12th of what they were - a huge drop
Probably a lot more than I've put here

A lot of areas have only just about recovered in price from the 2008-9 crash, save a few places like London and the S.E. What can be realistically done from here on by the Government, without it having even more dire consequences for the "real" economy outside of buying and selling houses to one another?

I'm rather scared to be honest, I read the other day that 80% of net mortgage lending was Buy to let borrowing. Given the massive tax changes coming over the next few years, this sector looks like it will pretty much collapse.

Maybe finally the UK will have its real property crash?

It needs to crash, but mainly in areas such as London.... Area's such as mine has been the same for the past 8 years, possibly a 10% rise at best which is what it should be like...

EDIT: checked and its more like 35%

tom_e · 3 Dec 2015 at 09:06

NickNR said:
I am 31 and currently living with my Dad. I live in the West London suburbs and also work in a small town around that way that does not have great transport links. For a below average at best 1 bedroom flat in my area I am looking 65%+ of my monthly wage and that is before taking bills etc into account. A small studio is 50%+ of my wage and a flat share is about the same, but obviously that would mean bills are covered. I earn below national average wage but certainly above minimum wage (I earn in the low 20s). Unfortunately I don't have saving as I tried to do the "full time" musician from my teens until my mid 20s, I took a big risk with it, and it was one that didn't pay off!

Everything within a commutable distance is the same or more, in fact someone at my work recently bought a place (he is single) and had to move to Corby as that was the only place he could afford, and he saved for over 10 years for the deposit, he now travels about 5 hours per day for work and it is putting huge strain on him. Where I live, unless you earn a good wage you need to live with someone (girlfriend, wife etc) or flat share, living on your own on a low wage is really not an option anywhere in the area. Which is a shame as I love the area I live in, I'm looking at being out next year, but it will certainly be a struggle.

Lord have mercy on his soul, I do everything I can to avoid ending up back there even if it did mean I could move back in with my parents and actually save some money.

dowie · 3 Dec 2015 at 09:11

NickNR said:
It makes it no different to any other part of the country, there may be more jobs, but there is a hell of a lot more competition too. Like I said in my previous reply, I certainly pay rent and it is not minimal. I would not dream of living with my Dad and not paying him and without my contribution towards that he probably would be working 7 days a week to keep things as they are.

it makes a huge difference and yes it is down to jobs

someone growing up in an area of high unemployment or a remote area will invariably have to move and rent - someone with parents living in a big city, especially London, has a potentially massive advantage to the tune of several thousand a year

tcfreer · 3 Dec 2015 at 09:57

Parent's basically told me and my brother to shove off when we hit 24/25 respectively.

Bit of a issue for me as I'd been a real muppet cash wise in my early years, flash cars, holidays and was paying for it massively - couldn't really afford to move out, but wasn't really given a chance - for acouple of months up to going I'd come home from work to see more of my stuff bagged up near the door

Was very upsetting and took a while to get other after moving out.

I don't really talk with my parents much any more - though when we do we don't argue as much as when I lived at home.

I've always rented room's off people through spareroom etc - so moved a lot.

Now just waiting to confirm that I ahve been approved for a mortage for my own place.

No help from my parents - More help from my grandma then then - though they have offered to help in other ways, moving, setting things up etc.

Some times I feel very lonely on the family side, I've seen them maybe 6-8 times this year, and spoken to them even less. And no they don't contact me either.

I wish I had a better relationship with them and spoke more - hope it happens before it gets to late.

tom_e · 3 Dec 2015 at 09:59

tcfreer said:
I wish I had a better relationship with them and spoke more - hope it happens before it gets to late.

Step up and make the effort then, sometimes the only way is to swallow your pride.

Aloreth · 3 Dec 2015 at 10:11

Its slightly off topic but the wife and I are 32 and 30 respectively. We are looking at selling our flat in London in the hope of buying a 3 - 4 bed house. We live in an ok area (Earlsfield - nearish to Clapham Junction) and buying a mid terrace house will set us back over a £1 million. The bank will happily lend us the cash but just the prospect of a middle terrace house costing that much makes me feel a bit unwell.