Generation rent

  • Thread starter Thread starter worsleyweb
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Me and the missus bought our first place together when interest rates were something stupid like 15%, left us about £50 a month to live on. Did our Safeway shopping at 5:30pm buying the marked down food. No car but had the occasional use of the mother in laws Fiat Panda usually after we’d saved up the newspaper coupons for a £1 booze cruise to Boulogne. We skimped and saved back then and now we don’t.
 
malg said:
People owning multiple properties are the root of the problem..............
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That might contribute, as do absentee owners in some areas. However, population density is the main problem. We either concrete over the southern half of the island or ration by price. Neither is very appealing.

Over-population is similarly a major issue wrt climate change. Something has to give at some stage.
 
worsleyweb said:
Read something the other day that the average age of buying a first property in London is 42 and elsewhere 33.

I see people every day in town who clearly rent paying 1000 plus a month for a 2 bed flat and eat out every night.

Can’t for the life of me see the logic of it not the attraction.

Sad that as a society a firemen and a nurse married would struggle to get on the housing ladder!

Madness. House prices in this country are just madness.
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Let’s graft all week, pay £1000 of our salary to a landlord, to pay their mortgage for them.

The definition of lunacy.
 
With regards the first posting, the combined basic annual income of the nurse and fireman is over £50k. What do these people want if they have to save, remember that word, for a first property. Obviously there's the new or nearly new car, 2 or more holidays a year, the cost of keeping up with the Jones, paying off their deliveroo bills, bingo, drinks, Sky Netflix and Amazon subscriptions, smart phones, smart TVs, credit card interest repayments. It must be hell nowadays.
 
idahoblues said:
The only way I could swing buying a house was to build it myself. I was working four ten hour shifts for a local contractor then working Fri Sat and Sunday on my place. A tough six months but had to happen
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That's a hell of a lot of lego !
 
I know or have known several firefighters through playing golf and everyone of them has a second income, usually a building trade. I know one now who is a fully cert part P electrician with a £200 day rate. Works hard and very well off, fair play to him.
 
Sad to say but I've just turned 29 and I'm still at home and waiting for the 'right time' to move out.

I almost managed to move out a few years ago. I was due to buy a place but I got gazumped on the completion date by a company that buys houses just to rent them out.. I was gutted to say the least.

In the time from my offer and the date of the completion houses prices were increasing rapidly and the market had become unaffordable for me.

I looked into moving further away where property is cheaper but decided the burden of having a massive debt on my shoulders and living in a place I didn't want to live in was no better than just staying put. I also looked into renting nearer but the costs are astronomical for what you get. All the extra fees they charge as well are a total piss take. It seemed like a massive waste of money to rent when hopefully the prospect of buying would become a viable option again.

Now Brexit has come along and it feels wrong to buy anywhere before we know the real financial implications (if any) of moving out of Europe. I kinda wish it would've happened in March so I could get on with things. Now with Bonkers Boris a shoe in to become PM and hopefully Brexit actually being err resolved we might see more clearly the future ahead.

I'm still undecided if I want the economy to crash so property becomes affordable or not... It's a horrible thing to hope for but this is the situation that could be the best for the younger generations.
 
Djibrilshairdo said:
Me and the missus bought our first place together when interest rates were something stupid like 15%, left us about £50 a month to live on. Did our Safeway shopping at 5:30pm buying the marked down food. No car but had the occasional use of the mother in laws Fiat Panda usually after we’d saved up the newspaper coupons for a £1 booze cruise to Boulogne. We skimped and saved back then and now we don’t.
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I realised we had made it through when we cooked and then cut up a Bernard Mathews Turkey roast for the dog. It cost a pound. I suddenly realised that used to be our Sunday 'roast' for a family of 5.
 
There’ll be an appreciable percentage of people renting who are probably going to inherit a package large enough to choke a mule.

In the current climate, with asking prices well over 10x the average salary in some parts, why would you decide to live a frugal, miserable existence to raise the capital for a deposit? Surely the right move would be enjoy yourself then inherit.

For others, they are barely wiping their mouths at the end of the month, especially down in the south east. If you’ve got say £500 disposable a month, you’ve got no chance of raising a deposit and having any kind of life.
 
brooklandsblue2.0 said:
I bought my first house at 23. I was skint for 3 years after trying to pay for it as my mortgage nearly doubled as I was on a variable rate. At the time I drove a Renault Clio, couldn’t afford a holiday for 2 years and rarely ate out etc. My friends all had fancy cars and lead a much more extravagant existence but they’re now trying to get on the property ladder at the age when I’ve got a significant amount of collateral built up.

I see some young people I know via work and they literally spend cash like it’s going out of fashion on clothes (online deliveries flying into our office daily!) eat out 2-3 times a week, go to every festival going plus think it’s normal to holiday / city break 3-4 times a year. My theories are

1) zero sense of sacrifice / saving
2) Owning property seems so unattainable that they simply give up and so enjoy today.
3) it’s simply not an aspiration anymore
4) They’re just self entitled snowflake moany arses!!
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It’s not about giving up on owning a property. It's realising that owning a property is less important than people who own properties think and understanding that you only live once and you’re only young for a small part of that one life.

I’m 37 and renting. Unless my money situation changes I will likely never own a property. I’m fine with that.

My generation won’t live as long. By the time we get old, the horrendous diets of the general population will see life expectancy in this country nose dive so we’ll be dying at what will likely be a working age in 30 year’s time.

Imagine sacrificing your youth for money invested in a property that you’ll never see!
 
Psychedelic Casual said:
It’s not about giving up on owning a property. It's realising that owning a property is less important than people who own properties think and understanding that you only live once and you’re only young for a small part of that one life.

I’m 37 and renting. Unless my money situation changes I will likely never own a property. I’m fine with that.

My generation won’t live as long. By the time we get old, the horrendous diets of the general population will see life expectancy in this country nose dive so we’ll be dying at what will likely be a working age in 30 year’s time.

Imagine sacrificing your youth for money invested in a property that you’ll never see!
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Did you actually read my post? One of my points was that owning property is simply not an aspiration anymore.

It’s a personal choice. Some choose to play the stock market, some save to buy a property, some drift from job to job to travel the world and others put more value in instagramming their poached eggs and smashed avocado on sourdough. Whatever makes you happy I guess.
 
I expect to buy in Cardiff but I look everywhere and there’s flats in Blackley or Middleton for £70,000. Can’t people raise that on a £20K p/a salary? Two of you earning that and you’ve got more to play with.

Learn to cook. Fuck Sky off. Don’t use taxis.
 
peoffrey said:
I expect to buy in Cardiff but I look everywhere and there’s flats in Blackley or Middleton for £70,000. Can’t people raise that on a £20K p/a salary? Two of you earning that and you’ve got more to play with.

Learn to cook. Fuck Sky off. Don’t use taxis.
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They want a city centre pad so they can live this instagram existence. A fixer up in Middleton ain’t going to get “likes” on the gram is it?!?
 
Djibrilshairdo said:
Me and the missus bought our first place together when interest rates were something stupid like 15%, left us about £50 a month to live on. Did our Safeway shopping at 5:30pm buying the marked down food. No car but had the occasional use of the mother in laws Fiat Panda usually after we’d saved up the newspaper coupons for a £1 booze cruise to Boulogne. We skimped and saved back then and now we don’t.
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This!
 
brooklandsblue2.0 said:
They want a city centre pad so they can live this instagram existence. A fixer up in Middleton ain’t going to get “likes” on the gram is it?!?
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Who’d live in town now? It’s a pigsty.

I had a few friends living around the Northern Quarter or Princess Street. The flats were shoeboxes without much natural light.

You could’ve got so much more for your money in Failsworth and been part of a community too.
 
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