Who doesn't own a property?

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Consigliere
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Just curious really.

I am 33 and generally been renting around London for years in shared houses. I am currently living at home and trying to move back to London but wow having the extra £600-800 a month spare to go right into savings is wonderful. :o

I will be able to buy soon when my family downside however certainly not anytime soon.

Hindsight is a wonderful thing isn't it...wish I'd saved more when I was younger and got onto the property ladder. :(

Just seeing if there are others like me.
 
Soldato
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Hindsight is a wonderful thing isn't it...wish I'd saved more when I was younger and got onto the property ladder. :(
This is the big thing isn't it wish I'd bought sooner, I'll be mortgage free next October and am so looking forward to it, massive monkey off your back when you realise you won't have to pay a mortgage or rent ever again (life changing events aside).

I really don't see how many young people are going to get on the property ladder without significant assistance from family in the very near future.
 
Consigliere
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This is the big thing isn't it wish I'd bought sooner, I'll be mortgage free next October and am so looking forward to it, massive monkey off your back when you realise you won't have to pay a mortgage or rent ever again (life changing events aside).

I really don't see how many young people are going to get on the property ladder without significant assistance from family in the very near future.

Mmm. I mean at the moment, I'll have £15k which is nothing when it comes to property so its a long way to go. And wait for family to downsize.
 
Soldato
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Exactly, in London you'll need at least double that deposit and then your mortgage will probably be a grand a month, crazy stuff
 
Consigliere
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Exactly, in London you'll need at least double that deposit and then your mortgage will probably be a grand a month, crazy stuff

Yeah its mad how pricey houses/flats are in London. I would be looking at Zone 6 or something...kinda at the end of the Northern Line perhaps.
 
Soldato
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It's not just a 'young people' issue - I'm somewhat older than 33, but have similarly been renting pretty much since 19 and renting in London absolutely killed any hope of saving more than a few pennies per month. Eventually I had to leave London, as it was way too expensive, but even here it's pretty tight. We might get a small mortgage in the next ten years, if we're lucky, but I seriously doubt it.
 
Soldato
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Yeah its mad how pricey houses/flats are in London. I would be looking at Zone 6 or something...kinda at the end of the Northern Line perhaps.
Yeah while I was contracting in London a few years ago we rented a 2 bedroom flat in North Greenwich and it was £1600 a month, the flats were up for sale at half a million, absolutely bonkers prices, happily I already had a house more north and came back when I finished, you can get a 3/4 bedroom detached with a decent garden here for around £250-300k
 
Caporegime
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Got my first house at 35.
But it's not really a traditional starter house. It's more of a second house if you were going to have 3.

I felt I was too old to. Go. For a starter at 35
 
Soldato
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I moved out my parents house at 18 and rented for 9 years till I bought a house, mortgage payments are around £200pm cheaper than the rents I was paying.


Edit...who 'doesn't' whoops
 
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Soldato
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I bought my first house in 2006 aged 24, alongside my girlfriend. It was in Bristol and cost £178k, around 7.5x median uk salary (and about 4x our combined salary at the time)

That house is worth around 300k now. About 10x median salary, making it unaffordable.

Housing market has been destroyed by a number of factors, but buy to let is a huge culprit. Total uk housing stock increased by 1.7m between 2007 and 2017, but that entire increase was eaten by buy to let also increasing by 1.7m!
 
Caporegime
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Every generation since time began has complained about the cost of living. All you can really do to control it is to earn enough by being well educated and well qualified. If you don't do that, prepare to make the rich richer with your rent payments.
 
Soldato
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33, also don't own a house. Was ready about 5 years ago but work looked dodgy and this dragged on for about a year, it did in fact go under and I got made redundant.

Got another job quick enough but thought I wouldn't be there long but didn't want to jump ship to quick as it doesn't look great on your CV.

Dragged my heels for another 6 months or so thinking that if I switched jobs I wouldn't feel secure enough for getting a mortgage being on probation etc

Then the pandemic hit, family got ill, was furloughed so buying a house wasn't at the front of my mind. Now suddenly it's 5 years later and house prices are eye watering.

Im in the south east so not quite London prices but even a 2 bed house here is 280-300k around where I live and work.
 
Soldato
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Every generation since time began has complained about the cost of living. All you can really do to control it is to earn enough by being well educated and well qualified. If you don't do that, prepare to make the rich richer with your rent payments.
As a percentage of earnings, the situation is absolutely incomparable to how past generations had it. We have only twice had a situation comparable to now: in 1905 and 2008. This isn't a Netflix and avocado toast issue.
 
Soldato
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I rented for nearly 20 years and paid more in rent than I care to think about. Fell into a rent trap at an early age having kids very young. I worked all my life - hard - since leaving school with no gaps in employment. Finally during COVID 2020 we got on the ladder as a result of some redundancy money, assistance from parents and some small inheritance of a relative. It's been very hard.

I spent much of my working life listening to older generations than me reminding me that my rent was higher than their mortgage payments and that I should get a mortgage instead, you know, like I had a spare deposit amount of money just lying there in the bank. Then you read comments on forums like these telling you not to live in the South East or London and to just pack your family up, leave your life behind and move up north to a random cheap area. You hear people in the office younger than you talking of renewing their 2 year old car as they're bored of it, whilst soon being able to finish off paying the mortgage in a few years. It's sickening at times but you can't think too much about things that are just not in your control. You have to just plod on and do the best you can and if that means rent for life then so be it. Our neighbouring euro countries do this a lot and home ownership is not so much of an expected thing over there.

My parents bought their current house new for about 100k back in the late 80s. It's worth half a mill today but then they won't see any of that unless they down size or had bought additional properties. Every time you say out loud to yourself that the system is broken/out of control/unsustainable, the problem is that it's the opposite. It's very much controlled and carefully propped up by the government like with the stamp holiday during COVID. Prices only ever go in one direction over time. All the while a capitalist way of life is allowed to prevail this will only ever continue. There is too much invested into the housing market and too much to lose for people in it to want change. What makes it a killer is the state of new build houses getting knocked up across the country. Shocking build quality and control, tiny gardens, driveways and roads and all crammed together for the developers profits first and foremost. This is the misery. This is the UK. A nice joyful post to round the day off.
 
Soldato
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We do not have true capitalism in the UK, in fact it is much more akin to communism. The reason for this, is that money itself is a monopoly, controlled by the private banking sector, which has managed to capture the UK government. The root cause of the ridiculous price of houses is that money can be printed at a whim, out of thin air and not associated with real economic activity, by the private banking sector. Just look at how much money has been printed by the Bank of England in recent years. They literally have their own magic money tree where they can print money at will (or create electronic money in a database), which gets transferred to the major UK banks, for them to make loans, the most important of which are mortgages, because these can be collateralised on the property itself, so are the safest loans for them to make. The money printing causes the eye-watering pump in house prices which we are seeing, and prices become totally detached from economic realities of what "normal" essential workers can manage to earn, i.e. what people working outside the financial sector can earn. People working in the financial sector contribute no real value to society, they are just parasitic on the people doing the real work.

If real workers don't like this, they should call for the UK to return to a "hard" money system, where money is "hard" to produce and cannot be printed out of thin air by the financial controllers (i.e. central bankers at the Bank of England). This means backing Sterling by either gold, or better in my opinion, by Bitcoin. This would mean an end to the financial sector's secret weapon of infinite money printing, and the real economy would see its real value, and people doing real work would be rewarded properly, and would be able to afford houses. This would also mean a return to true capitalism, where real work generating real value would generate enough money for people to buy a house, and we would no longer have the phoney capitalism we have now (more like state communism with central credit controlled by the Bank of England).

The more workers understand this, the better, so spread the word.
 
Soldato
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I spent 8 years chasing to get on the ladder as prices were going up more than my wage multiplier and available deposit, at one point I was ready to buy just as I was given redundancy notice so I moved back in with my parents to reduce the risk and basically had to start from scratch again. Another job scare then prevented another purchase and once again back to saving. 2 years ago I did eventually get a break, but due to property prices it had to be through a housing association to "share the risk" which really means you're paying both lots anyway and only own half of it. I had to settle for a 1 bedroom flat instead of a 2 bedroom terrace house but that was the compromise of buying now instead of chasing the dream. If I'd continued to hold out even with pay rises I now wouldn't be able to afford this place, never mind the 2 bedroom I really wanted.

If you're serious about just getting on the ladder then I'd research your local housing associations and what properties they have. Yes there's usually a new build premium on the price, you're still having to pay partial rent to someone and it's usually a leasehold which is even more frustrating, but the affordability criteria is more in your favour (salaried income and low deposit) and you can buy a higher percentage when you have the funds in the future if you wish to.
 
Soldato
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Somewhere in the middle.
Part of the problem I see is that everyone I know who lives in London also leads a way more sociable life than me. They tend to finish work and go for drinks with colleagues etc. Buy god knows how much crap from Pret or somewhere and make sure they dress well enough to fit in with the crowd.

London property prices are only half of the problem. The London lifestyle is pricey af.
 
Soldato
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Rented for a short while after university then lived in barracks or stayed at parents when visiting home and saved up. We were fortunate that this situation gave my wife and I a good amount of extra income to save and topped up the deposit with the forces help to buy (0% interest loan). We wouldn't have been able to afford a house if we were on one income here.
 
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