Because you're suggesting the young of today are just lazy or blowing cash on cars and ignoring all the evidence telling you buying a house today is much harder for most people.No idea why you have it in for me
Yeah it was bang average, but lots of today's young don't want to do bang average.
Mortgage Rate Rises
- Thread starter glenimp617
- Start date
No, they aspire to have less than the average that their parents had, yet still cant manage it on a current average wage.
Average house prices are 9x the average salary now.
Continue this chart on to the peak in October 2022 and things look even more bleak.
I really don't get why some people find this so hard to understand?
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Yes, that's for TWO people working full time.
For one person, or a household where only one person works full time (due to young children/childcare or whatever) then its pretty much impossible.
Soldato
I'm saying a lot of young people don't want the committment of paying off a house. Not everyone of course.
Yes it's hard to get on the ladder now, but hardly impossible. You can buy a small property in most areas for about £140k. With a 20k deposit that £120k left. Hardly impossible on an average wage over a 30 year period.
If you're talking going straight for a family type house, then sure, impossible. You have to start somewhere though.
Where is the magic £20k coming from for a single person?
And people are. Young people are.
If they weren't then the housing market would fall over.
You've basically fabricated a scenario and then comforted yourself by explaining why you did it better.
I mean "a lot of young people" etc etc...
Citation?
Soldato
Saved up over a few years. Again hardly impossible if you are dedicated enough.
As has been poinsted out, if you are on your own, this is im possible/would take probably 10 years of doing nothing but living and not spending.
Yes that would be the answer without being down on them. They would have to sacrifice something if they really wanted to get on the housing ladder just like all of us on here have probably done. Yes some will be able to do it relatively easily(my son) others will need help from family or struggle for that much longer(my daughter).
What evidence do you have to suggest that this is the case?
£140k? That's half the national average.
Two minutes ago you were saying the problem is that kids don't just want average anymore, and now you're suggesting they buy a property worth half the average?
What you're essentially saying, is suck it up kids, your dual average wage incomes today will only get you a house that is half as good as your parents were able to afford on equivalent incomes, but just shut up and be grateful.
Where does this bizarre and inconsistent thinking end? In ten years time will you be telling youngsters to be happy living in tents?
The type that was affordable on equivalent wages 15+ years ago you mean?
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My son had more than his deposit saved up before he even bought his house and could have probably managed to get it on his own. That was in 2016
Cool anecdote. Thanks.
Just an example, not the norm I know.
Think about these figures you've posted, the income ratio is much higher now than when you bought in 2004 and this is with an house less than half the national average cost. Again your past experiences are clouding your views on this.
This. A person on the average salary, should be able to afford an average home.
Soldato
Quite a few young people obviously do buy houses, but is that the right thing to do at the moment and at what cost to their future?
Quality of life is very important, if you’re not careful you end up as a debt slave in a job you hate.
Just for some figures, a £250k mortgage at 5% over 25 years is nearly £1500 a month.
Average house price is £280k so with a 10% deposit you'd be looking to borrow roughly £250k for an AVERAGE house.
For the people who don't think its hard, can they explain how an average salary is able to pay £1500 a month JUST on their mortgage? Once you add council tax, utilities, insurance, food, petrol/travel costs etc etc you are way, way over the average salary take home pay.
You basically need two average incomes to live reasonably, in an average home.
Average house price is £280k so with a 10% deposit you'd be looking to borrow roughly £250k for an AVERAGE house.
For the people who don't think its hard, can they explain how an average salary is able to pay £1500 a month JUST on their mortgage? Once you add council tax, utilities, insurance, food, petrol/travel costs etc etc you are way, way over the average salary take home pay.
You basically need two average incomes to live reasonably, in an average home.
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Soldato
Just checked, two bed flat for around £130k in our general location.