Who doesn't own a property?
- Thread starter SideWinder
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Deleted User 298457
Deleted User 298457
What scrutiny do these kinds of places come under? There was a chap on American television talking about how he owns 30,000 homes and the outrage was palpable.
presuming renting is completely different there? more protections etc? and prices how are they?
Buying is lot less common in mainland Europe than in the UK. British people have a weird obsession with buying a house without doing an assessment on the various impacts (restricted social mobility limiting salaries, over concentration of investments in the domestic market, etc.).
Yep it's incomparable really.
This is substantially nonsense, and it gets pushed out ALL the time.
Have a look
https://en.wikipedia.org/wiki/List_of_countries_by_home_ownership_rate
France, Spain, Belgium, Italy, Ireland, Poland..... all higher owner-occupier rates than the UK.
It's only really Germany who are lower, and its not by all that much. Coincidentally, they have MUCH stronger tenant rights laws, too.
Soldato
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Bought my first house at 22 for £46k lol sold for £115k and bought second one for £199. House three down from us (same style) has just gone on the market for £375k (I don't think it will sell for that, but who knows!!).
There is no chance in hell I'd be living in this house if I was buying today.
There is no chance in hell I'd be living in this house if I was buying today.
Indeed my first sentence contradicts the rest of my post. Sorry for the confusion.
I meant to only highlight the desire to own a house, not the number who actually own a house (which is much more impacted by the affordability of housing in a lot of the countries you listed).
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What chance will our kids have eh. Pretty depressing. I can see a lot of people having to live with parents into their late 20s to even have a hope.
EDIT: I mean to say instead of renting at all. i.e. Never move out until you can move out by buying first. Not that I feel this is a realistic expectation either if you want a life.
EDIT: I mean to say instead of renting at all. i.e. Never move out until you can move out by buying first. Not that I feel this is a realistic expectation either if you want a life.
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Wow. An eye opener. I am one of those that heard the same. Did not realise it was more Germany. I think it's because I used to work with a lot of Germans who painted the picture there as being like most of Europe.
Didn't think much about buying my first house on my own back in 2007, there was a lot of choice of two bed properties within financial reach. Now though, if I was still single and having equivalent earnings, I'd be around £120-150K short of buying that place, with the maxed out mortgage and same deposit.
My wife was able to keep her flat (which is rented out) when we moved in together. Hopefully it'll help out our lad when he's older as by then the mortage should be paid off.
My wife was able to keep her flat (which is rented out) when we moved in together. Hopefully it'll help out our lad when he's older as by then the mortage should be paid off.
Only really Germany and Austria and Denmark and Turkey and Switzerland you mean?
Only really Germany of any significance. Turkey not really Europe.
And what's your point? Are you defending the belief that the UK is uniquely attached to home ownership?
Bought a 1 bedroom flat in London for £165k in 2011 in zone 3. Sold in 2014 for £278k and bought up north for £395k which felt like a real stretch at the time. We had 2-3 years of things being tight before we both got decent payrises. The house is now valued at £500k so we have at least 50% equity and it all feels pretty comfortable with bills & mortgage being 30% of take home.
We definitely got lucky with homeownership, but we also worked very hard for several years and made a difficult move up north at a very good time.
We definitely got lucky with homeownership, but we also worked very hard for several years and made a difficult move up north at a very good time.
Soldato
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Sold my owned outright 2 bed semi and bought a decent sized 4 bed detached just before the prices started to get really mad. Only have a modest mortgage of 56k left to pay, so I'm kind of wishing we'd really gone all out and bought something even better.
It's really a worry.
If prices don't stagnate soon or decline the have/have not divide is only going to grow.
There's already so much talk of "boomers have it easy" and the millennial group have big mortgages or don't own.
For the next generation/current.. Owning is going to become more and more of a luxury.
Only have to look at the few replies in here to see the insane passive gains that have been realised by many on modest incomes.
Either new products like pass down mortgages and horrible situations of multi generational household by necessity is going to keep the rises going like they are.
Or will the rich keep buying up knowing that there is generally always lack of stock?
Or will we get into a situation like Japan where I believe house prices have been falling for a while?
The bank would lend us 335k. (might have been more) That's too much in my opinion for our salaries. Even the advisor was surprised. Any financial stress could really hurt being mortgaged to that level. Really don't think lending criteria should be relaxed myself
If prices don't stagnate soon or decline the have/have not divide is only going to grow.
There's already so much talk of "boomers have it easy" and the millennial group have big mortgages or don't own.
For the next generation/current.. Owning is going to become more and more of a luxury.
Only have to look at the few replies in here to see the insane passive gains that have been realised by many on modest incomes.
Either new products like pass down mortgages and horrible situations of multi generational household by necessity is going to keep the rises going like they are.
Or will the rich keep buying up knowing that there is generally always lack of stock?
Or will we get into a situation like Japan where I believe house prices have been falling for a while?
The bank would lend us 335k. (might have been more) That's too much in my opinion for our salaries. Even the advisor was surprised. Any financial stress could really hurt being mortgaged to that level. Really don't think lending criteria should be relaxed myself
I've with worked enough youngsters lately to see and feel their frustration about ownership.
Most are renting with little hope of saving enough to ever be able to afford the deposit without help from parents etc.
I genuinely do feel for those who work/save hard and want to jump on the ladder.
I have tried to explain that it's a worthwhile thing to do, but a few have given up and resigned themselve's to either living at home forever or just renting and spending their spare cash on fancy cars or whatever.
As has previously been said, it was vastly different years ago.
I got my first mortgage at 20 y/o back in 1991 for a house that was £34K, and back then the banks couldn't give money away fast enough.
110% mortgages were common place.
I nearly tripled the initial cost of my first property when I sold it, then upgraded and did similar again and again etc, and then bought a flat to rent.
I do have a long term tenant in a property who is saving to buy, and as such I haven't increased the rent in 3 years to help her.
I may be getting played, or not, but it seems the right thing to do.
That said, she looks after the place, and is no trouble, so it's no biggie.
Most are renting with little hope of saving enough to ever be able to afford the deposit without help from parents etc.
I genuinely do feel for those who work/save hard and want to jump on the ladder.
I have tried to explain that it's a worthwhile thing to do, but a few have given up and resigned themselve's to either living at home forever or just renting and spending their spare cash on fancy cars or whatever.
As has previously been said, it was vastly different years ago.
I got my first mortgage at 20 y/o back in 1991 for a house that was £34K, and back then the banks couldn't give money away fast enough.
110% mortgages were common place.
I nearly tripled the initial cost of my first property when I sold it, then upgraded and did similar again and again etc, and then bought a flat to rent.
I do have a long term tenant in a property who is saving to buy, and as such I haven't increased the rent in 3 years to help her.
I may be getting played, or not, but it seems the right thing to do.
That said, she looks after the place, and is no trouble, so it's no biggie.
Things have just got out of control... Seems like more and more areas of the country are heading towards a situation where buying is simply impossible without an above average wage and family assistance / inheritance.
Couple of people I know who were saving for a house since before covid. Over the past two years they've got further from buying a house rather than closer despite continuing to save due to price increases. Bit hopeless for them if this continues.
Am sure we'll see more and more people living with parents for longer and longer as house prices and rents go up while other costs of living also balloon and wages in many sectors fail to keep up. Unsuitable HMOs becoming the only other option for many more people that want to move out, even for those with decent jobs.
I blame a combination of housebuilding failing to keep up with increased demand for decades, along with government monetary policy which has filled the market with money that gets funneled into assets like houses, and massive short term financial gains for certain people during covid which has given them more money to throw at the housing market.
Couple of people I know who were saving for a house since before covid. Over the past two years they've got further from buying a house rather than closer despite continuing to save due to price increases. Bit hopeless for them if this continues.
Am sure we'll see more and more people living with parents for longer and longer as house prices and rents go up while other costs of living also balloon and wages in many sectors fail to keep up. Unsuitable HMOs becoming the only other option for many more people that want to move out, even for those with decent jobs.
I blame a combination of housebuilding failing to keep up with increased demand for decades, along with government monetary policy which has filled the market with money that gets funneled into assets like houses, and massive short term financial gains for certain people during covid which has given them more money to throw at the housing market.
Soldato
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TBH you've left a gap which is non-HMO reasonable rentals. It should be the case that at 18/21 it's possible to move out of your parents and into a house share (non-HMO, just 2 or 3 mates etc) and sustain yourself. Then eventually even rent a flat or gasp, house. Problem is that renting costs so much more than owning a house. Isn't that crazy? That people are pushed towards ownership because renting bleeds them dry?
At least in London, living alone carries such a hefty premium that it's just not viable. Compare my rent in a shared house - just over 600pcm, if I lived alone a 1 bed flat would be MINIMUM 800 but really 1000. 2 bed flats would be 1300-1400 easily.
Whereas at my budget I could be buying a 2 bed flat of my own and the mortgage would be £500. Absolutely bonkers.
I think it's ok that rent should be a part of normal cost of living. Go to work, earn money, income provides the means to support yourself. Buying property should be something above that you have to achieve - but actually it's more like an escape from the trap of renting. Weird.
Renting is cheaper than mortgages here. My rent currently is 1250/month. Mortgage will be £1600+ that is for a 3 bed house.
As an example when I moved out(23) with my brother who was 20 then. We paid £1000 a month on £29k combined. Which was stretch to say the least, had to cycle to work(25miles each day for me and similar for him) etc to make it.
We're both better off now but it was a bit of a struggle and that was in.. 2014! With rent prices now(gone up because mortgages have gone up) and prices of energy etc, I'd be surprised if we could afford to do the same again!
Renting for the first time is actually cheaper than mortgage! unless you move from London to say midlands and get a much cheaper property.
We lived in Croydon which is a hole by a lot of standards and prices are low compared to other parts of London. A lot of people want to live central with a 15 min commute to their office but complain about their rent being crazy, it's a choice really.
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