Boomerang Generation

If people want to save for a deposit it can be done, even if you lived in the London area. You need to be more disciplined with your money but from early on.

Back in our parents/grandparents days they could buy a house because soon as they were earning, that's what they were saving to do. These days, soon as people are 16 and earning. The last thing they are thinking about is saving to buy a house. Its all about going on holidays, buying the latest iDevice, buying that expensive car on loan or on lease. Soon as they get to their mid to late 20's and think about saving for a deposit. They cant because they have crap load of accumulated debt to pay off from the past few years. Our parents/grandparents didn't any of that in their days so they had 0 debt when saving for a deposit.

Also how many do we know still live have at home because they are single parents from a young age? They need their parents to financially help them out with childcare etc so they don't stand a chance trying to save for a deposit. Especially if they are unemployed single parents.
 
I moved out of my parents around 8 months ago, I'm 29.
There is no shame in staying at home if you are trying to get yourself to a position where you can move out and afford to pay your own way.
I paid my keep, helped with the bills, split the fiber internet with my brother, My father is disabled so I did a lot of stuff around the home and garden for my parents, I enjoyed it tbf, as I like keeping busy.
I made my meals for the most part on the days I wouldn't be around, I worked shifts all over the place so I was rarely at home at the "normal" meal times anyway, mum would make me dinner if I was home as she'd be making it anyway, and it'd only be a little extra.

The problem I believe today is everyone feels like they need to fit in, be better than their peers and have the latest things. Cars are a prime example that I see regularly, the "young" people (i say that like i'm old but i'm only 29!) always need to have new cars on finance, picking up audi's, mercs etc, you see them driving around and think how on earth do they afford that, they're only what,12!? lol I believe social media plays a huge part in making us feel inadequate, advertising ramming stuff down our throats constantly, buy this new phone, buy these shoes, buy that smart watch etc etc, it makes us feel like we're missing out. I've been there in a way, always spending my money when I got paid, buying pointless rubbish I didn't need, or want, got myself into a lot of debt and learn't the hard way.
 
People who bought houses when they were a pittance and made a killing just by living in said houses are always going to talk like they win at life and look down on more recent generations struggling with it and living at home longer (I haven’t read the article though so I’m not saying the person in it is or isn’t an idiot)

I’ve rented for the last 6-7 years since moving out at 24 despite being more than capable of buying. I felt like I had to live away from home back then due to my age but looking back I was still very young
 
Ocean Breeze said:
If you are single it is also much harder to buy a house and be able to afford to live.
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Absolutely. This thread has a lot of sense, a lot of sad facts, and some absolute tripe in it. But the sad truth is that I'm a born Londoner, earning well, have always been careful with money, aged 31, and am just on the wrong side of ever being able to buy. If I had a partner with a provable income I'd at least be able to consider a place inside the M25. As it stands I would have to move well outside the home counties. Depressing.
 
Ocean Breeze said:
If you are single it is also much harder to buy a house and be able to afford to live.
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Not really, I am single and purchased my house (Midlands area) when I was 27 and I now 35. All I did was save and not spend money on crap. Also getting a better paid job helped a lot which some don't do.

If I wasn't single might be different as I be spending money on my partner or having kids with them. If they were the same age as me even more so due to their biological clock.
 
Yea most ppl I know only put the minimum into their pension. They want to get a house sorted first, then it'll be kids next, then pension after that. Wayyy too late.
 
Pawnless Endgame said:
I was a student of the early 00s so not a million years ago.
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I recently looked up a house I rented in 2007 (so just pre crash) and the rent had more than doubled - Don't underestimate just how crazy things have got. Of course it's dependent on where you are in the country, but in general if you're near a lot of jobs then rents are outrageous.
Thankfully I got on the housing ladder a few years back, but I can totally understand that it would be completely out of reach for many.
 
Bought a house with my girlfriend (now wife @36) at 24. Was well up for moving out by then. I'd been away at uni up to 21.

We actually moved back in with my parents, as a family with our 2 yr old, between selling and buying houses 7 years ago. I appreciate my parents putting up with us, their house is small - 3 bed ex council, but it was a tough 4 months.

I'd really have had to hit the skids before I went back with them now. Can't relate at all to people who happily put up with it.
 
Ocean Breeze said:
If you are single it is also much harder to buy a house and be able to afford to live.
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Being in a relationship is more expensive, especially in the most costly thing of all which is time.

LuckyBenski said:
Absolutely. This thread has a lot of sense, a lot of sad facts, and some absolute tripe in it. But the sad truth is that I'm a born Londoner, earning well, have always been careful with money, aged 31, and am just on the wrong side of ever being able to buy. If I had a partner with a provable income I'd at least be able to consider a place inside the M25. As it stands I would have to move well outside the home counties. Depressing.
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If you have a goal, then achieving it is easy, all that is required is sacrifice and suffering.

billysielu said:
Yea most ppl I know only put the minimum into their pension. They want to get a house sorted first, then it'll be kids next, then pension after that. Wayyy too late.
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Rent is around half my expenses, paying only the minimum to get a house sorted first is perfectly fine.

I bet most of the people you know go out drinking on the Friday after work, buy random stuff and spend money on takeaways and random subscription services.

I will only concede that, people who are simply unable to manage their finances should be paying more into a pension, then they will not have as much money to waste. But that does not make it the correct advice. It annoys me, similarly the advice to cancel credit cards or never have any because you may be tempted to spend is to me, the same as advising you to never leave your home because maybe you will be tempted into a drugs at one point.
 
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Ocean Breeze said:
If you are single it is also much harder to buy a house and be able to afford to live.
Click to expand...

malachi said:
Not really, I am single and purchased my house (Midlands area) when I was 27 and I now 35. All I did was save and not spend money on crap. Also getting a better paid job helped a lot which some don't do.
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Another singleton here, also West Midlands, and also 27 when I got my house :)

I've always been in low paid admin jobs though, like £7/hour 40 hours full time or £10/hour 30 hours part time.

I'm now trying to sort out my bills. They have crept up over time, like Virgin Media used to be £20/month and has almost doubled (to £38) in 10 years, so I have sacked them off and got PlusNet installing a phone line next week. Similar bitrate but £26 a month + £70 cashback which pays for the £50 phone line installation. Apparently once you're off the Virgin cable network and onto a normal BT phone network, it is easier to switch providers and get cashback every year and not get locked into ever-increasing tariffs.
 
platinum87 said:
Being in a relationship is more expensive, especially in the most costly thing of all which is time.

If you have a goal, then achieving it is easy, all that is required is sacrifice and suffering.
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1) prob, but then again what is the true value of time? If you're religious its to give glory to God and live life a certain way. If you're not religious you derive the purpose differently. But I'd say both groups would tend to value relationships?

2) goals are all well and good but its not right just to say sacrifice and suffering. I'm struggling to make a million a year at the moment. Happy to sacrifice and suffer where do I sign up please?

Which ties back into the housing issue. Plenty of people now have no mechanism to reach certain levels previously thought normal (modest home ownership, marriage and children, preservation of old and new family structures etc)
 
Ocean Breeze said:
This makes absolutely no sense. A household that has two salaries of say £25k has a total income of £50k compared to one person which is half that and they would have to pay for everything..
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Exactly, I'm looking at buying a house right now. Sigh a house, at best I can afford a one bed flat in an OK area. This is also buying in Scotland where house prices are generally cheaper than most of the UK.

I earn about average UK wage. (30ish). And the thought of buying, just to buy is so off putting. I mean I'll do it, pay the mortgage and eventually move. But if I take my dad for example who never got near my wage till his late 40/early 50s. Now owns a 3 bed cottage, in a very nice area. (right next to a 18 hole golf course etc). Detached garage, driveway. Unreal views.

It's a crap situation now, we are essentially forced to rent and then stuck in a situation where getting onto the market is so hard due to our outgoing rent. Not everyone has family to move in with, or in a relationship to increase the mortgage,

It's my own fault, I was in a position to buy 5+ years ago, and I should've. But I spent the money on holidays, push bikes and generally fooling about.
 
I'm 23 and hoping to move out in the next year. Maybe 6 months.

I pay "rent" to my parents which they've actually been putting aside to give back to me to help with a deposit (I didn't know!) so that's greatly appreciated.

Without them doing that I'd have been stuffed because of how expensive things are around here.
 
I do sympathise with people. When I bought I had help from my family, which was the only way it was possible to buy at that time in a desirable location. Buying by myself, it would have been impossible to buy into this area - I literally couldn’t save fast to beat the increase in house prices. Remember, two people = potentially double the mortgage.

People without that sort of help need to shack up with another or be super insano at saving and be paid well.
 
Acme said:
I'm 23 and hoping to move out in the next year. Maybe 6 months.

I pay "rent" to my parents which they've actually been putting aside to give back to me to help with a deposit (I didn't know!) so that's greatly appreciated.

Without them doing that I'd have been stuffed because of how expensive things are around here.
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How very nice of them. I've known of some parents that have gone missing on cruises multiple times a year thanks to the "extra help" provided by their kids paying their way.
 
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