And boomers wonder why millennials are bitter towards them..

Jez said:
What a landlord does need to be able to do, however, is to be able to liquidate anything if they did need to. While i hope that our financial situation is stable, the idea that a tenant has a right to remain in my property beyond our signed AST is a worrying thought, and i truly do not think can be right.
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This is a big part of the problem though. If you had invested in something else long-term and needed to immediately liquidate, you'd have to pay a fairly high penalty. Why shouldn't that apply here as well. Afterall if you're a landlord that's see's their property as a long-term investment then the need for immediate liquidation should be very rare, and if there ever is an occurrence where liquidation is needed then it's fair that a penalty would apply.
 
Nitefly said:
First, it is objectively more difficult to buy property for first time buyers than ever before.
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Well that’s clearly false. If you go back pre-boomers it could be pretty tough, in some areas you had to apply to some Lord for the right to by the freehold even in order to get a small plot of land to build on (that’s what my nan’s parents had to do) and then it might involve a small house you built by hand yourself, with no electricity, outside toilet etc... and that was only early 1900s.

We had various periods of very high interest rates if you go back a few decades, the process of obtaining finance wasn’t as advanced. Plenty of people reliant on council housing etc..

Now go back to say the 90s and the early 00s - it was super easy to buy then, arguably easier access to credit than ever before. Gen X and the oldest millennials had plenty of opportunities.

Now currently you’re claiming it’s harder than ever - that’s dubious. In terms of prices a house is less affordable now than it was for say a boomer, that’s hardly “ever”, historically we’re not exactly doing badly and frankly house prices are but one aspect of our general living conditions which have overall improved immensely over just a couple of generations.
 
First of all it's not harder than ever before is it? up to the 1960's millions lived in council or private rentals, the average factory working man could never hope to get a mortgage. Then it became easier late 60's onwards and now it gone difficult again
 
Nitefly said:
It’s a strange back and forth in this thread.

First, it is objectively more difficult to buy property for first time buyers than ever before.

Some people in difficulties claim they have it hardest. Then, others in response say say “hey, we worked hard!” - it all descends into some bumfight with one lot saying “pah you had it so easy what a joke” and the other saying “ no you just need to work as hard as I did.”

The previous paragraph is just noise. The only relevant point is that it is more difficult to buy property than before as a first time buyer.
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A sensible reply in this thread at last.

I don't think anyone is denying that it is more expensive / or harder. That said it's not impossible, but people are also not willing to make compromises (i.e. want to live in Central London in a 2 bed flat, rather than a 1 bed studio on the outskirts).

But it is also about context - whilst property may be hard to come by, luxury cars, good quality food, technology is easy to come by.

There's always a pro / con argument that can be applied depending on your situation, point of view, life experience and any luck/opportunities you've had over others.

Ultimately there is no one right thing/solution, no one is right / wrong - but I think we can all agree it's expensive to own a property, and requires commitment and time to get there.
 
Freefaller said:
Don't live in London - or be happy to commute a little? London and big cities skew the property figures.
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I'm way out of London and most first time buyer type properties, that aren't in a dodgy neighbourhood, start at around 170K around here. There are some exceptions but most of the ones that pop up at like 125K that are in a good area typically need a lot of work.
 
Rroff said:
I'm way out of London and most first time buyer type properties, that aren't in a dodgy neighbourhood, start at around 170K around here. There are some exceptions but most of the ones that pop up at like 125K that are in a good area typically need a lot of work.
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I appreciate that. You have your head screwed on, but some people are just not willing to compromise. It's fun to do a house/flat up though - and if you're willing to do it yourself you can do it relatively cheaply and will add value to your property.

The second home we bought needed some work, and just the work we did has already added a huge amount of value. We're hoping to do an extension, but it's almost looking cheaper to buy another house! More and more people seem to be doing extensions rather than buying homes as their families expand or people want more space.
 
Buying the crapiest house on the nicest street you can afford is normally a good way of making a few quid.

As long as its not so bad the bank won't lend on it (assuming mortgage)
 
Did there use to be less bad/rough areas? Is that part of the problem? Or the opposite?

see that mentioned quite a lot, ‘only place we could afford a 3 bed house was in the less desirable areas...wold have to settle for somewhere smaller in a better area’
Type thing
 
builder22 said:
Did there use to be less bad/rough areas? Is that part of the problem? Or the opposite?

see that mentioned quite a lot, ‘only place we could afford a 3 bed house was in the less desirable areas...wold have to settle for somewhere smaller in a better area’
Type thing
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Well you can still buy a 3 bed terrace in some areas of Gainsborough for under 70k , but I wouldn't want to live there...
 
HACO said:
Median household income is £30k in this country, median house price is £238k. That's 8 times that. Assuming they can get a mortgage of 4.5x salary, that's £135k. So they need a £100k deposit. Good luck saving that on a £30k household income and please lecture me on how it's pretty affordable for vast majority of people.
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You're mixing up income and salary.
Median household income is the actual money coming in after tax. Salary is what your employer pays you before tax is taken off.
 
dowie said:
Well that’s clearly false. If you go back pre-boomers it could be pretty tough..
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You do take written language very literally don’t you. Yes, I would agree that it has, literally, been more difficult times to buy a property than now, certainly in the pre-human era :p

What you say about buying in the 90s and early 2000s is effectively the opportunity that people are missing out on. Groups of people born before this era will also have had the benefit of it.

As for interest, paying a higher interest doesn’t really affect the difficulty of the buy in. Granted there are more options now but was it really more difficult? Not sure on that... nominally more difficult at best?
Freefaller said:
...

But it is also about context - whilst property may be hard to come by, luxury cars, good quality food, technology is easy to come by.

There's always a pro / con argument that can be applied depending on your situation, point of view, life experience and any luck/opportunities you've had over others.

Ultimately there is no one right thing/solution, no one is right / wrong - but I think we can all agree it's expensive to own a property, and requires commitment and time to get there.
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Agreed.
 
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