Given the choice between your solution (Feel bitter about it) and my solution (do something about it) I'll take mine every time thanks.
And boomers wonder why millennials are bitter towards them..
- Thread starter Scam
- Start date
Given the choice between your solution (Feel bitter about it) and my solution (do something about it) I'll take mine every time thanks.
Permabanned
- Joined
- 25 Oct 2004
- Posts
- 9,078
I'm not bitter about my situation, grateful certainly, although I don't think my nieces or nephews will be as lucky as me when the time comes for them to leave the nest. In 10-15 years time I suspect the housing market will be even worse, they will probably still be living with mum and dad well into their 30s unless they get lucky on the relationship front and meet a non crazy person early on, and find well above average pay jobs.
Associate
- Joined
- 20 Mar 2014
- Posts
- 2,361
You can buy a 3 bedroom detached house here in Burnley for 180k. Move here and commute to Manchester on the train or in a car. Plenty of jobs. (At least until covid)
But you dont want to live in Burnley do you. So how is it not your fault you can't afford a house. If you cared that much you would move.
I'm not saying the situation in the south is good and more houses should be built. But saying it is impossible is just wrong. Move to Scotland.
But you dont want to live in Burnley do you. So how is it not your fault you can't afford a house. If you cared that much you would move.
I'm not saying the situation in the south is good and more houses should be built. But saying it is impossible is just wrong. Move to Scotland.
Precisely!
Permabanned
- Joined
- 25 Oct 2004
- Posts
- 9,078
Even at 180k, your still looking at 10x the average income of someone on minimum wage, coupled with the huge deposits required by the banks now, owning a home as a single person on £18k-£19k a year is likely to be impossible. Certainly with some banks no longer allowing the bank of mum and dad to chip in. So in the scenario you say above, it doesn't matter if you live in the south or north, if your on minimum wage and single your very unlikely to get on the property ladder regardless.
Even a 1 bed flat will set you back 100k with a 5-15% deposit with high rental costs could take an eternity to save up, by then the goal posts would have shifted further. Just saying things like just move, or just earn more. Is very narrow minded and something someone who's never had to "struggle" would say without knowing the reality of what millions of people go through every day.
Even a 1 bed flat will set you back 100k with a 5-15% deposit with high rental costs could take an eternity to save up, by then the goal posts would have shifted further. Just saying things like just move, or just earn more. Is very narrow minded and something someone who's never had to "struggle" would say without knowing the reality of what millions of people go through every day.
Someone on 18-19k wouldn't (or shouldn't) be looking at 180k houses.This sort of thing however...
https://www.rightmove.co.uk/property-for-sale/property-74423175.html
https://www.rightmove.co.uk/property-for-sale/property-74423175.html
Permabanned
- Joined
- 25 Oct 2004
- Posts
- 9,078
Reasonable, still requires a 8k deposit though, which on 18k a year unless your living with your parents still will be very hard to save up, your looking at nearly £700 a month to save up the 10% deposit in a year and with rental prices so high, you'd be living on beans on toast for a year if you had any money left at all for food. If your at your parents still then it would be entirely possible with some restraint.
Why do you think it should only take a year to save up for a deposit? It took me and my wife 5 years with 2 babies in that time.
Bottom line is that if you want to own a home, you should save, and keep saving, if that is what you really want, until you have what you need. There is no acceptable/unacceptable timeline to it, that is just personal opinion, and relative to how much you actually want to be a homeowner
Soldato
- Joined
- 15 Feb 2012
- Posts
- 3,305
- Location
- 2
If you got in on the Help to Buy ISA scheme, you get up to £3k free, plus some pretty generous returns on top over the last five years. £1200 initial deposit plus £200 pcm over four and a half years would have netted you about £17k deposit. Even at 15% deposit that's a £100k mortgage. £200 out of £1500 should be achievable per month, if not more.
House prices have to come down. If too many people can't afford rent/mortgages then eventually their will be too little gain for some landlords and they'll sell up.
If everyone is living at home. No one would be renting is the extreme scenario.
I think we must be near a peak. Certainly the days of massive gains are long gone.
Its very interesting hearing a lot of the 'havea' just saying. Move or work harder etc. Make the sacrifice.
If everyone is living at home. No one would be renting is the extreme scenario.
I think we must be near a peak. Certainly the days of massive gains are long gone.
Its very interesting hearing a lot of the 'havea' just saying. Move or work harder etc. Make the sacrifice.
My parents charged me rent. Not normal rent, but it was enough for me to say "this isn't worth it", living under the thumb. Probably added a few years onto my rental journey
If you can live rent free, and work, it's a no brainer. Not everyone can just 'live with parents' however
And if house prices go down you'll be the first one moaning about it.
I dont see how having somebody else pay off your mortgage in full could ever be considered 'too little gain'. If house prices came down, more people would be likely to buy 2nd and 3rd homes and fill them with tenants.
Moving isnt an option for everybody, some people cant leave their family for various reasons, but you can always try to better your earning capacity. Sacrifice is required unfortunately, we all have to do it, some are lucky, but the rest of us only have the choice of which part of our lives we make it, if you avoid it whilst young, you will make it whilst old and vice versa.
Yeah it would suck just taking on a mortgage and watching that money get deleted bit by bit.
If house prices are dropping there are better investments
Let's say they drop at 2 percent a year.
On a 250k house the first year would see 5k drop off
If you take what.. An optimistic 10k in rent and are paying off only 6k of that in equity you're only gaining 1k a year.
You could make much much more in simple safe index trackers (if the stock market isn't also tumbling)
I believe those are the type of situations where you might get landlords exiting?
savvy landlords yes, but not all of them, and new ones would replace them, ones who wouldnt ever consider investments other than good old bricks and mortar.
I know plenty of people who worked their way up from shopfloor to management in industries you dont even need a qualification to enter, these people are never going to be dabbling in stock markets...but now they have decent wages and could perhaps look at buying property with a view to putting tenants in to pay of the mortgage so they could just cash that in later
Yeah I agree with you. A lot won't exit. A lot are just general people who have done well in the boom.
Would that not result in the same effect?
Is their asset is going down x percent they are still losing x percent a year?
Really, I have no idea the typical equity a BTL has.
I expect the really big ones are outright bought.
- Joined
- 30 Jul 2006
- Posts
- 12,130
Quite a few who bought their Council Houses at a large discount under Thatcher's "Right to buy" scheme and then sold it on at a profit.
Others bought Taxpayers' assets and sold them on to make a profit.