And boomers wonder why millennials are bitter towards them..

[Tuppy_Glossop]

Buy a couple of acres and install a caravan and a brood mare. When the required time period has elapsed, bring in two or three shipping containers and summon the spirit of Kevin McCloud.

Bish, bash, bosh, you have a million pound house.

 

[Mr Badger]

Ah yes, the generation that blames everyone else and expects the world to give them everything for free.

What Boomers? Couldn't agree more.

Blame them millennials for everything, and had everything handed to them for free.

Think my Grandad bought his house with a years wages or something. And if he ever needed a job he could pretty much walk into anywhere, ask nicely, and get a job. He said as much himself.

Anyway im going to unfollow this thread I think. Too many clueless people on either side of the fence looking for a fight.

Have fun chaps.

Just because they could afford to buy a house and raise a family whilst only working a basic job in a factory and had access to free higher education if they wanted it and pensions that young people today can only dream of, then moan about how tough it was because they didn't have (insert thing that didn't even exist back then - typically a mobile phone)...

 

[ianh]

The alternative to increasing house prices also happens. In Stoke my friends £180k house slowly rose to £210k-ish over 5 years before the social housing tenants were finally moved in by the Council. 5 years later (10 total) and the house is now worth £130k with the crime index for the post code dropping from a B+ to a D- for mostly Violence and Anti-Social behaviour because sadly the tenants who were moved in tended to be druggy scum.

I lived in a Council house for a decade and neither myself nor my family would ever dream of trashing such nice accommodation but thats just not the way too many people think nowadays.

https://www.rightmove.co.uk/house-prices/st6-4aa.html - look at the 10 year price drop!

Crime Stats - https://ukcrimestats.com/Postcode_Districts/ST6/

 

[Psycho Sonny]

My rent is £650 a month. My house is worth £100k at the most. A mortgage would be easily affordable. In fact is could likely overpay by 20-40% by keeping the £650 monthly payment. Or take a much shorter mortgage, potentially 17 or 18 years instead of 25. The monthly payments are rarely the issue. While rent remains so high actually getting in the ladder is next to impossible for many.

Rent is high because of supply and demand. Loads of people rent and there has to be a supply to meet that demand. Put it this way if there was too many rental properties rent would go down.

Also in your scenario you are saying it's impossible for you to save or borrow £5k.

Minimum wage is circa £18k per year.

You should be able to borrow it from friends or family and then pay them back within 2-3 years instead of overpayments on the mortgage.

Or if your rent is £600 a month. Add on another £300 in other house bills. £900 total let's say. All you would need to do is live with parents or other family for 7 months and you have your deposit right there.

It's not impossible. Plenty of people do it. Also everyone should aim to have at least 6 months wages as savings for a rainy day as it is. This pandemic is a prime example of how a lot will end up losing cars and homes because of zero savings.

 

[Psycho Sonny]

It's probably got a lot to do with buy to let and foreign investment

Buy to let is needed. It's the homes that are bought and left empty which are an issue.

If you removed buy to let. Then all the people who rent but have zero deposits would be homeless.

Foreign investment where nobody lives in the property is a real issue. Buy to let is no different to leasing a car. Yet plenty are happy to do that.

 

[Rroff]

Rent is high because of supply and demand. Loads of people rent and there has to be a supply to meet that demand. Put it this way if there was too many rental properties rent would go down.

Also in your scenario you are saying it's impossible for you to save or borrow £5k.

Minimum wage is circa £18k per year.

You should be able to borrow it from friends or family and then pay them back within 2-3 years instead of overpayments on the mortgage.

Or if your rent is £600 a month. Add on another £300 in other house bills. £900 total let's say. All you would need to do is live with parents or other family for 7 months and you have your deposit right there.

It's not impossible. Plenty of people do it. Also everyone should aim to have at least 6 months wages as savings for a rainy day as it is. This pandemic is a prime example of how a lot will end up losing cars and homes because of zero savings.

Problem is a house isn't a commodity in the same way some other goods are so it doesn't have quite the same impact from supply and demand as it otherwise might - ultimately people need a roof over their head so it limits the amount the market can simply not play (go without) and dictate prices that way.

While what you are describing can work for some people there are an awful lot of people that isn't an option for as well.

 

[FoxEye]

Rent is high because of supply and demand. Loads of people rent and there has to be a supply to meet that demand. Put it this way if there was too many rental properties rent would go down.

Also in your scenario you are saying it's impossible for you to save or borrow £5k.

Minimum wage is circa £18k per year.

You should be able to borrow it from friends or family and then pay them back within 2-3 years instead of overpayments on the mortgage.

So all these people on min wage jobs have friends that will be able to lend them £5k, and not need it paying back for a few years?

Heh. So many of you exist on a different planet.

 

[Rroff]

So all these people on min wage jobs have friends that will be able to lend them £5k, and not need it paying back for a few years?

Heh. So many of you exist on a different planet.

I have to wonder about the life experience of some people posting in this thread - I know very few people who have friends who would loan them £5K and quite a few people where living with parents or other family for a few months just isn't an option for various reasons (even though for some it is an option).

 

[Psycho Sonny]

So all these people on min wage jobs have friends that will be able to lend them £5k, and not need it paying back for a few years?

Heh. So many of you exist on a different planet.

I also stated family. Not just friends. You could borrow £1k each from several friends if need be and say I'll pay you back.

Or simply move in with family for 6 months.

 

[Rroff]

You could borrow £1k each from several friends if need be and say I'll pay you back.

I don't know what sort of friends you have but I certainly wouldn't be asking my friends to loan me money - many of them can't even afford it. Fortunately I have parents who can loan those kind of amounts easily but not everyone does.

Same with living with friends or family - though I've got a few friends who'd think nothing of me crashing for a few days living with them for a few months to save money is a completely different kind of imposition and same with family - some might be able to put me up in an emergency but it would be a completely different situation living with them for a few months (and TBH I wouldn't even ask them to do it unless they brought it up in conversation as an option in the first place).

 

[Vince]

I have to wonder about the life experience of some people posting in this thread - I know very few people who have friends who would loan them £5K and quite a few people where living with parents or other family for a few months just isn't an option for various reasons (even though for some it is an option).

Different folks from different backgrounds, still it makes some interesting reading. I know If I asked my mum or any family member to lend me £50 they would laugh at me let alone 5k/10k. Like many here I lived in council houses and we even lived in temporary accommodation (effectively homeless) on a few occasions between the ages of about 7 to 12. There was only one way I was ever going to be able to buy my own place and that was to do it myself.

 

[Psycho Sonny]

I have to wonder about the life experience of some people posting in this thread - I know very few people who have friends who would loan them £5K and quite a few people where living with parents or other family for a few months just isn't an option for various reasons (even though for some it is an option).

Really? Because most single folk under 30 live with their parents.

The neighbour behind me. His son and his gf live with him. So does his daughter. All of them adults. The son even has a kid.

To the left of me. The guy is I'm his 30's or 40's living with his mum.

Across the road another guy living with his parents albeit he's in his 20's.

To the right a few doors down another living with parents. As far as I can tell they all have jobs bar the ones behind me.

So there are plenty of folk living with family.

As for borrowing £5k from family to buy a home I'd say that is pretty much standard these days. If anything it's nothing compared to what a lot of folk borrow from family or are gifted even.

 

[FoxEye]

I have to wonder about the life experience of some people posting in this thread - I know very few people who have friends who would loan them £5K and quite a few people where living with parents or other family for a few months just isn't an option for various reasons (even though for some it is an option).

I think they must assume that everybody is middle class and has a few tens of thousands kicking around in some savings account they aren't using.

And that lending £5k to your friend and not needing it back within 3 years is perfectly feasible for anyone.

Of course they can only conceive that one friend at a time would need the money, because all their other friends are investment bankers

 

[Rroff]

Really? Because most single folk under 30 live with their parents.

The neighbour behind me. His son and his gf live with him. So does his daughter. All of them adults. The son even has a kid.

To the left of me. The guy is I'm his 30's or 40's living with his mum.

Across the road another guy living with his parents albeit he's in his 20's.

To the right a few doors down another living with parents. As far as I can tell they all have jobs bar the ones behind me.

So there are plenty of folk living with family.

As for borrowing £5k from family to buy a home I'd say that is pretty much standard these days. If anything it's nothing compared to what a lot of folk borrow from family or are gifted even.

Quite a lot still live with parents (about 30% currently) and it is ever increasing but there are still a lot that don't.

Different folks from different backgrounds, still it makes some interesting reading. I know If I asked my mum or any family member to lend me £50 they would laugh at me let alone 5k/10k. Like many here I lived in council houses and we even lived in temporary accommodation (effectively homeless) on a few occasions between the ages of about 7 to 12. There was only one way I was ever going to be able to buy my own place and that was to do it myself.

I've been fortunate myself - but I've spent quite a bit of time working for a large company that has people from all walks of life and got to see a range of backgrounds and the realities for people in various different situations.

 

[Psycho Sonny]

Quite a lot still live with parents (about 30% currently) and it is ever increasing but there are still a lot that don't.

I get that a lot don't. However if you are saying it's impossible to buy. Then stay with family until you can afford to buy, rent somewhere cheaper or buy somewhere cheaper or get a second job.

It's not impossible. Get a lodger or move in somewhere as a lodger rather than renting on your own.

Buying a Bugatti may be impossible. But getting £5k together for a deposit isn't impossible. Unless you don't work.

 

[FoxEye]

I get that a lot don't. However if you are saying it's impossible to buy. Then stay with family until you can afford to buy, rent somewhere cheaper or buy somewhere cheaper or get a second job.

It's not impossible. Get a lodger or move in somewhere as a lodger rather than renting on your own.

Buying a Bugatti may be impossible. But getting £5k together for a deposit isn't impossible. Unless you don't work.

We are we fixated on £5k anyhow? That's far too little for a deposit in most places and most circumstances. More like £10 - £30k.

 

[Rroff]

I get that a lot don't. However if you are saying it's impossible to buy. Then stay with family until you can afford to buy, rent somewhere cheaper or buy somewhere cheaper or get a second job.

It's not impossible. Get a lodger or move in somewhere as a lodger rather than renting on your own.

Buying a Bugatti may be impossible. But getting £5k together for a deposit isn't impossible. Unless you don't work.

For some people those are solutions but I think people underestimate for how many they aren't.

Also as FoxEye says - around where I work (never mind live) you are looking at more like £25+K deposit these days even for a fairly basic place. (Where I live right now the average house price is £1.8m so don't even go there).

 

[Psycho Sonny]

For some people those are solutions but I think people underestimate for how many they aren't.

Also as FoxEye says - around where I work (never mind live) you are looking at more like £25+K deposit these days even for a fairly basic place. (Where I live right now the average house price is £1.8m so don't even go there).

He said the property he lives in costs £100k so that's why I'm using £5k as that's what he would have required pre Covid to buy it.

So it's obvious now to you guys £5k is easy to get your hands on. Therefore not impossible.

 

[Rroff]

He said the property he lives in costs £100k so that's why I'm using £5k as that's what he would have required pre Covid to buy it.

So it's obvious now to you guys £5k is easy to get your hands on. Therefore not impossible.

Around here 100K doesn't go far (mostly "park" homes AKA glorified static caravans) - for a basic place in an OK neighbourhood starts about 130K and you are likely going to need more like 10-15% deposit.

 

[Fusion]

Currently you're looking at a 15% deposit minimum, most (all?) of the 90% LTV mortgages have been pulled. They will come back in time, I'm sure.