When I was working before my period of poverty I earned about double the annual average salary; are you going to have a rant at me?
Property values can go down as well as up, you know.
And boomers wonder why millennials are bitter towards them..
- Thread starter Scam
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When I was working before my period of poverty I earned about double the annual average salary; are you going to have a rant at me?
Property values can go down as well as up, you know.
I dunno, does anyone live in you?
Its not about individuals, its about people, society, and on average, the general population cannot afford to buy a home, and an increasing number cannot afford to even rent. This is a huge issue that will only get worse. People are living longer, working longer, but still by retirement they won't afford to live. So the government will have to pay for it.
But they can and that demand drives prices up. The prices wouldn't be what they are if people, the general population, were not buying them. Rent is the same, things move so quickly you can view a house in the morning and it's rented by midday.
I agree that the situation is pretty dire. I personally think there should be an overhaul of mortgage lending. If you have proven to be a good stable renter then why should a bank not lend you money for your own house? Obviously this would be wide open to abuse so I have no idea how it would be implemented but I firmly believe, because I was in it myself until recently and the bank of mom and dad was the only thing to pull me out of it (fully paid that back which was far easier to do once I had a mortgage that was less than half the rent I was paying), that the initial deposit is the biggest issue for buyers whilst paying exorbitant rent and trying to have some semblance of a life as well.
Don't worry. Whilst you millennials have very little chance of owning a house, plenty of middle-class older people now have 10-15 houses and are making absolute bank.
So it's swings and roundabouts. You lose, but other people win handsomely.
Just got to make sure you were born at the right time and had the right opportunities. If you didn't, that's on you.
So it's swings and roundabouts. You lose, but other people win handsomely.
Just got to make sure you were born at the right time and had the right opportunities. If you didn't, that's on you.
If they bought it for 800k they were already wealthier than most.
You have 2 choices really:
1. Stop pretending you can buy the house you want in London or
2. Get the job that pays enough to buy the house you want in London.
Winding yourself up about how unfair it all is will only end in tears.
You have 2 choices really:
1. Stop pretending you can buy the house you want in London or
2. Get the job that pays enough to buy the house you want in London.
Winding yourself up about how unfair it all is will only end in tears.
Property and land goes up and always will do (generally). It's one of the most finite resources we have unless we move to another planet.
Play the game and make every effort to get on the property ladder as soon as you can. You will likely reap the same dividends when you are older/close to retirement.
Play the game and make every effort to get on the property ladder as soon as you can. You will likely reap the same dividends when you are older/close to retirement.
House prices in London have always been out of range for average earners though, I've lived there for nearly thirty years and it was only when I went in with my partner that I could stop renting and get on the property ladder, we had to get a lodger and live in New Cross, (which at the time was quite frankly terrifying, a burglar broke in to a house in the next road along and set fire to the person when they wouldn't hand over their card details 
). Sure, prices were less but interest rates were much, much higher and the banks didn't throw money about like they do now, you'd get 3 times your annual salary if you were really lucky, so it's not like most people back in the day were running around buying up cheap property.
). Sure, prices were less but interest rates were much, much higher and the banks didn't throw money about like they do now, you'd get 3 times your annual salary if you were really lucky, so it's not like most people back in the day were running around buying up cheap property.
House prices in London have always been out of range for average earners though, I've lived there for nearly thirty years and it was only when I went in with my partner that I could stop renting and get on the property ladder, we had to get a lodger and live in New Cross, (which at the time was quite frankly terrifying, a burglar broke in to a house in the next road along and set fire to the person when they wouldn't hand over their card details
Good old New Cross. The few times I've visited were to get bang on it in The Venue
The Venue, that was quite something.
Exactly. London's popular, it has the best of everything and that comes at a premium, move out and have a bigger house but get fat because you have to drive everywhere.
Exactly. London's popular, it has the best of everything and that comes at a premium, move out and have a bigger house but get fat because you have to drive everywhere.
No they won't, that money is going to be spent on healthcare or the mountain of debt they likely have and it'll disappear straight upwards.
I find it mildly fascinating that people believe that the banks and individual investors aren't trying their damnedest to get all those properties so they can rent them out for obscene prices. This is the trajectory of our rent-seeking economy.
House? You could probably buy Detroit.
Soldato
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I bought my first house in cardiff when I was an admin bod in the jobcentre.
Those houses are now around £160k.
There's no way a jobcentre admin person could afford that now- you'd need £16k deposit and 7x salary.
Those houses are now around £160k.
There's no way a jobcentre admin person could afford that now- you'd need £16k deposit and 7x salary.
Personally I'm a huge fan of a mass social housing building programme, literally millions of houses for people to rent for a reasonable amount of money. Obviously it'll never happen as there are far too many vested interests against it.
There should be no such thing as BTL.
15-20 years ago you could buy a nice 2 bed semi with a garage in the village I live in for 52k, those houses are now around 200k.
Doesn't literally every front bench MP have their own portfolio these days. On both sides of the house.
Soldato
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Our 3 bed semi in a nice NE London suburb purchased for £71K in 1994, sold for £726K in 2018.
I can see why younger generations get the hump with the opportunities that Boomers/Generation Xers got as they’re unlikely to be repeated in their lifetimes.
I can see why younger generations get the hump with the opportunities that Boomers/Generation Xers got as they’re unlikely to be repeated in their lifetimes.
Do you by any chance want me to have a rant at you?
I'm not bitter about them having nice stuff, I'm bitter about them being gifted a huge amount of unearned money and living like kings for doing absolutely nothing apart from being born in the right decade.
Indeed.
Yes. For every 'wrong' the Tories have committed against fair housing, Labour have done just as bad. BTL absolutely blew up whilst they were in power, just look at Tony and Cherie's *spit* portfolio nowadays.