Soldato
My mum's hairdresser spent a bit less than that, around £15,000, then went back to living with her parents!
Boomerang Generation
- Thread starter chris.tarry85
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My mum's hairdresser spent a bit less than that, around £15,000, then went back to living with her parents!
I bought a house with my now ex when I was 28, before then we rented and saved, we went on holidays but nothing expensive. As soon as I got a job that left me some money after bills I was putting away £500 every month until we could afford a deposit. I honestly couldn't stand renting, having inspections every 3 months and watching the rent go up every year on something you're never going to own and can't invest in isn't a good way to live.
Soldato
Was just reading on another forum and came across this, which is pretty obvious but not something Id really recognised before.
Banks now lend a multiplier of both salaries not just the main salary, which was the case a generation ago.
So as a single person you basically have to be on twice what a couple would individually be on to get the same mortgage.
And as more women work and salaries get closer to mens, this pushes up what couples can jointly buy, forcing up prices.
I wonder what it is, given this, that the powers that be expect a young single person, or even a single person of any age, to do about the situation? Giving up your internet, sky tv or weekly visit to the pub isnt really going to help.
Banks now lend a multiplier of both salaries not just the main salary, which was the case a generation ago.
So as a single person you basically have to be on twice what a couple would individually be on to get the same mortgage.
And as more women work and salaries get closer to mens, this pushes up what couples can jointly buy, forcing up prices.
I wonder what it is, given this, that the powers that be expect a young single person, or even a single person of any age, to do about the situation? Giving up your internet, sky tv or weekly visit to the pub isnt really going to help.
Soldato
Nail, head.
Except it isn't the powers that be driving all this. It's salaries, competition, etc. To be fair there are some decent schemes for young/first time buyers, it's just that the price of housing has rocketed well beyond this assistance.
Some of those schemes are eye-watering though. A couple of friends of mine (who are a couple!) bought a new-build 3 storey town house in Cambridge a couple of years ago on the Help-to-Buy scheme. I managed to prise out of one of said friends that they were paying more than £1800 per month in combined mortgage and rent. Plus there are all the disadvantages of such a scheme; they were not allowed to make any modifications to the house for the first year, and I believe some restrictions remain in place, they have no garage and a driveway for one car, and the 'management company' which owns the estate has just implemented a no-street parking scheme, which means that any visitors either cannot visit them by car OR they have to fork out £100 per time for a permit.
Soldato
Urgh. Could not live with the bureaucracy. How awful.
boo hoo, time to decide what is more important and grow up
Caporegime
I was lucky enough to buy my first home in 2007 at age 22 with my wife, it was a 2 bed terrace new build for 195k. The first time buyer initiative I think had just been launched back then, and my wife luckily had 10k saved up so we got our foot in the door. Stayed there for 7 years and stair cased once (bought more % of the property) then moved into the house we are in now. Managed to nab this house for 200k in 2014 that needed some TLC. Fast forward to today and we have completed a loft conversion, house is now about 330k. No plans to move for quite some time, even though on our salaries we could afford a bigger mortgage up to 500k.
Caporegime
Soldato
Is this a bannable offence? I feel it should be a bannable offence.
Soldato
Seconded.
I'm not that young anymore but GF is smart, a managing director and earns 4 or 5x what I do. Winning?
Caporegime
I think hanging or at least a gentle stoning is in order myself.
Packet of gravel sir?
this is a much bigger issue and will affect generations to come.
The way the youth are manipulated to spend what they earn to look a certain way is a massive problem. It's always been a popularity competition but when I was younger not as many people actually cared. Now we have a generation or two who are totally transfixed on their social status, the way they look at what they aspire to be. 9 times out of 10 it's an unreachable level but when someone says "play the cards you're dealt" the same people who are driving the social media apps and magazines are there, right away to say "don't you dare tell that person how to high to aim" in the belief they are being fair and to further the sales of their app/mag.
Combine the above with challenging financial goals when it comes to buying or even living on their own in rented accommodation, it's a recipe for disaster.
Pretty much very office junior, secretary etc... on £25k in London spends most of their money on how they look and what they wear. I know a girl, 27, on 25k who has 5, >£1.5k handbags. lives at home with parents.
It's madness.
The way the youth are manipulated to spend what they earn to look a certain way is a massive problem. It's always been a popularity competition but when I was younger not as many people actually cared. Now we have a generation or two who are totally transfixed on their social status, the way they look at what they aspire to be. 9 times out of 10 it's an unreachable level but when someone says "play the cards you're dealt" the same people who are driving the social media apps and magazines are there, right away to say "don't you dare tell that person how to high to aim" in the belief they are being fair and to further the sales of their app/mag.
Combine the above with challenging financial goals when it comes to buying or even living on their own in rented accommodation, it's a recipe for disaster.
Pretty much very office junior, secretary etc... on £25k in London spends most of their money on how they look and what they wear. I know a girl, 27, on 25k who has 5, >£1.5k handbags. lives at home with parents.
It's madness.
Soldato
28, currently renting, used to own a house with my ex. Realistically I am not going to own a house in the next 10 years unless I move back in with my parents and live very low rent for a couple of years and/or live like a hermit. Not complaining really, just how it is.
Tried that. I'm actually living a little now and learning so much about myself and life I'd have never known if I'd stuck on the first card I was dealt. Them's the trade offs unless you're particularly wealthy.
Tried that. I'm actually living a little now and learning so much about myself and life I'd have never known if I'd stuck on the first card I was dealt. Them's the trade offs unless you're particularly wealthy.
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Soldato
I think that's grossly unfair. There are plenty of us who couldn't give a toss about looks or image, who are struggling. As the original article in OP shows, there are also moronic ***** living with mum and dad being irresponsible. But those people aren't the cause of the problem. They're just a sideline.