How do people afford to work in expensive areas of the country?

[fez]

Irritatingly I know quite a few people from uni who basically got given houses by their parents/grandparents. It's so frustrating.

I don't think many people get gifted houses but statistically apparently 47% of people under the age of 55 buying a house have monetary help from their family. Thats perhaps a bit vague a statistic but it brings home the scale of the issue.

Oh and the average age of a first time buy is nearly 34 now...

In the 60s it was 23 and that was likely on a single income.

 

[fez]

@fez Fair play to you for being so honest. I know several people who like to pretend they're self-made when pretty much everyone knows their background. Some of these people have even told me this at social functions when they've had a few too many, but bump into them at a sober event and I've overheard them saying the exact opposite to others, acting like they're God's gift and everyone else just needs to work harder.

A gifted house deposit, even a small one, is an absolute game changer.

I have exposure to all levels of wealth and its quite eye opening. My parents were quite poor but born at the right time. My brother earns silly money in the banking sector so I know how that sect spends their money and I sit somewhere in the middle.

My partner is very much in the "yes I have had help but its not that bad for others" camp which I struggle with. She doesn't want to listen. She doesn't seem to understand she earns good money, has had help and the position this has put her in means that shes free to make good financial decisions for the future which make her better off.

 

[potatolord]

I don't think many people get gifted houses but statistically apparently 47% of people under the age of 55 buying a house have monetary help from their family. Thats perhaps a bit vague a statistic but it brings home the scale of the issue.

Oh and the average age of a first time buy is nearly 34 now...

In the 60s it was 23 and that was likely on a single income.

I bought at 23 in the early 90s with my girlfriend, my house was £38k. I think that was around 3.5x salary with my deposit.

That house last sold at £160k in 2017. I'm guessing £200k plus now?

That might not sound much to some here, but £200k is around 8x the annual salary of the job I had back then (just checked current rate).