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On the basis of just one 27 year old girl you know you can extrapolate to understand the behaviour of pretty much every office junior, secretary etc.?
That statistics malarkey; easy innit?
Boomerang Generation
- Thread starter chris.tarry85
- Start date
That statistics malarkey; easy innit?
I moved out of my mum's house over 2 years ago to rent. Will probably have to end up moving back there at the end of this year so I can save a few more £k for a deposit to buy with my girlfriend early next year. Just not able to save enough paying nearly £900/m on rent/bills.
Soldato
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After my wife and I got married we made the difficult decision to move in with her parents. It was really handy for commuting to work for both of us and allowed us to save very effectively. It essentially set us both up financially and got us onto the property ladder. I wouldnt change that decision in hindsight.
On that note I know a good few who wouldn't have been able to break into the housing market without an inheritance.
Caporegime
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That's different and a very rare occasion of a young couple to do that so well done. If my daughter is still living at home in her mid twenties I will not mind as long as a large chuck of her income is going towards a mortgage.
Yeah it feels like calls for final boarding are going out for the housing market at the moment.
Soon people wont be able to get on, it was only my second job that let us get that 5% deposit and we are both Uni graduates with full time jobs (not amazing jobs but not silly low either).
The inheritance took us up to a 22% deposit which with the government help to buy of 20% took us to looking at 60% mortgage rates.
That inheritance took almost 1/3 off our monthly payments.
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I do hope that you regularly express your appreciation to her parents for your difficult decision?
For what it is worth, they were probably absolutely delighted to have you about and to have helped - despite all the negative comments here and elsewhere, parents often are
Soldato
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*raises hand* That is our situation as well... We saved fairly hard whilst renting for about 4 years - didn't completely sacrifice all luxuries, still took a few euro-holidays over that time and bought the odd thing here and there, had a basic car... but neither of us are big drinkers or really go out much, cook everything from scratch, neither of us buy a lot of clothes or are particularly "flashy" and still our £850pcm rent and relatively early-career salaries weren't allowing us to save much at all (put away barely a few grand in that time)... But we were able to add that to a small inheritance that we got when my (now) wife's mother sadly passed away, and combined with the help2buy just squeaked onto the ladder with a 75% mortgage on a £250k place... for a mortgage payment of £150pcm less than our rent was
Since then we've both had some promotions and can easily afford to put away £500+ a month on top of rent bills etc. and still live fairly comfortably (most of it is going on mortgage overpayments at the moment, expecting that to change when kids start arriving!)... so if we'd stayed renting I think we would still have gotten there in the end, but we'd obviously be quite a few years behind on paying the mortgage and have wasted a lot more money in dead rent... Can completely understand how people are stuck
Caporegime
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The type of people renting the high end student accommodation are in a different world to you though and you wouldn't have been the target market.
Go to the west end now. Byres road is 50% Chinese (the rich kind) wearing £600 trainers and £300 gucci belts with £2K LV bags.
Therefore they need a plush studio apartment too. Some even drive cars worth more than the price of an average flat in Glasgow to buy outright.
The students in your situation being kicked out at 16 wouldn't be looking at anything like the above. So it's of no correlation at all. Plenty of students still share crap flats.
Caporegime
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- 21 Jun 2006
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Those handbags are fake or she is retarded.
Her take home salary is £1500 a month.
So to spend £1500+ each on multiple handbags would be akin to her not having money to do anything for several months at a time.
Also just because 1 person in your whole office does that doesn't mean everyone else does. I have retards in my office too but I also have others who earn double what they do yet don't spend a penny on anything.
Good chance they are fake - I've been quite fascinated by a friend of a friend on Facebook/Instagram who has been doing stuff like (real example) blagging her way onto some rich guy's yacht in Saint-Tropez then tagging herself on some island in the Bahamas that is exclusive to billionaires. Weirdly seems to take quite a lot of people in.
Yeah I feel this didn't really need spelling out tbh.
See this loads. I'll be buying my first house in my 40s, which I consider to be quite an achievement as I have nothing to fall back on, no safety net, no inheritance, nothing. Starting at age 22 with £600 and a suitcase, to buying a £500k+ house 20 years later despite having run up TONS of debt in my 20s is something I'm happy to live with. It'll also be paid off significantly sooner than most, not bad for a filthy immigrant who literally stepped off the boat with nothing and zero education to speak of.
My only lesson I'd have taught myself in my younger years would be to not spend silly amounts in interest but hey, I never had parents or the internet to tell me this and the new shiny things were amazeballs.
Associate
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- 153
I'm in my late twenties and I still live at home. I think there are cheap places to rent in London. But I don't see the point in renting alone if I plan to buy a house in future. That would just mean throwing money away for years and years. Instead, I share the rent with my Mum and her boyfriend equally, I buy my own food, I pay for the internet (because I use it the most) and I clean the house. I'm not saying I get along with my Mum all the time, but it works pretty well. If I were to move out, it would just leave all of us worse off financially.
I think the dude in the article is just a poor example of people who for whatever reason, live with their parents for longer then what is socially acceptable.
The BBC could have found someone more mature who works full-time, but is genuinely struggling to move out. However that wouldn't be as interesting to read. Instead as is always the way, the BBC chose to find the worst kind of example.
I think the dude in the article is just a poor example of people who for whatever reason, live with their parents for longer then what is socially acceptable.
The BBC could have found someone more mature who works full-time, but is genuinely struggling to move out. However that wouldn't be as interesting to read. Instead as is always the way, the BBC chose to find the worst kind of example.
Unless she attracts some rich banker/city lawyer type on a night out who appreciates how she looks and what she's wearing.
Soldato
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I was stuck renting in a really bad area - I have no idea how I would have been able to afford a mortgage if I'd stayed in regular employment within my (fairly unqualified) field.
I genuinely don't see how people manage to climb up the property ladder unless they're very successful in my field - the way prices have shot up over the last 20 years is shocking!
I genuinely don't see how people manage to climb up the property ladder unless they're very successful in my field - the way prices have shot up over the last 20 years is shocking!
Caporegime
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Not going to lie, if you live at home it's really easy to save up for a house tbh. All these pathetic students with their useless degrees need to get a grip and some self discipline.
You could get a decent sized deposit in 3 years with an average wage job. I have 2 jobs and tbh I might just go and buy a house outright. None of this mortgage crap. Or I could buy 2 houses and rent one out.
You could get a decent sized deposit in 3 years with an average wage job. I have 2 jobs and tbh I might just go and buy a house outright. None of this mortgage crap. Or I could buy 2 houses and rent one out.
You live in Leeds though, hardly comparable to other areas like the South East and even the South West now. That's not a knock against Leeds btw but its an argument I had with an old boss who kept going on about how is mortgage was one third of my rent but he lived in the North East where houses are cheap.
Yes you can move to cheaper areas for housing but it's not the solution some people think it is, for one it separates family's which only increases social care costs (elderly parents / nursery care support for example) as family units break down and two those cheap houses won't stay cheap for long if people from wealthier areas start moving in. You only need to look at how prices have gone up in Bristol as more and more Londoners move in, sure wages have increased in some sectors but your average Bristolian will find it far harder to buy / rent now as wages certainly haven't kept up overall.
Sadly the problem with that second point is that home owners think its a good thing as their house will go up but it only screws over the next generation and only benefits people either using property as an investment or looking to downsize / move out the area to somewhere cheaper.
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