Grown adult kids at home

[PragueBlue]

The new 120% mortgage

www.lovemoney.com

Thanks for that. Quite surprising but I guess I can kind of see some logic in it. Not for first time buyers though if I understand correctly.

 

[Mr Kobayashi]

Might not find a deposit so easily but why would they want to when they pay peanuts, their parents still do their washing and they have a fridge full of food to feed themselves. There seems no hunger to do this anymore from so many.

Many obviously take the piss but then there's obviously many who have lost hope. Why rush to move out to spend most your income for a spare room in someone else's house or a shared house with wankers when you have the comfort of mum and dad's?

 

[Kompany Car]

And she works full-time and lives with friends in a shoebox that costs over £1,000 per month

That’s a lot for shared accommodation, it must be in London, Oxford or similar at those prices. £730 per month gets you a £152k mortgage so £1000 per month is around a 200k mortgage over 25 yrs. In most areas for that money you’re not going to be living in the more upmarket places but certainly in the north, bar a few exceptions, 180-200k will buy you a 2 bed terrace.

 

[LangleyBlue1970]

My son has got a fair whack saved …a good 10% deposit …however now need a bank that will lend him 6 or 7 times his salary! Not happening and not really sure what the answer is unless they go for a shared ownership on a new build.

In the interim they are here and I’m trying to embrace it …which is tricky at times

Don’t buy a new build.

 

[SkyBlueFlux]

That’s a lot for shared accommodation, it must be in London, Oxford or similar at those prices. £730 per month gets you a £152k mortgage so £1000 per month is around a 200k mortgage over 25 yrs. In most areas for that money you’re not going to be living in the more upmarket places but certainly in the north, bar a few exceptions, 180-200k will buy you a 2 bed terrace.

She lives in the south-west and some areas down there are crazy expensive, maybe not quite as bad as London. When I lived in London I paid £1400 a month in rent for a one-bedroom flat and that was 5 years ago. I've since decided a one hour commute is far preferable to paying that. It is getting totally absurd in the city.

 

[Bill Walker]

The last time house prices were this high relative to wages was 1876!

Young people in this country have been completely fucked over by a completely broken system,

Yes true.
The UK seems/sounds like to have the same problem as Australia. A huge undersupply of available houses.

What makes prices so high is supply and demand. Houses here are sold usually in about 2 days here for stupidly high prices, it's a sellers market. Because of ever increasing migration.

UK population when I bought my first house was about 56 million, now it's nearing 68 million, main driver has been immigration (not birth rate). All those extra people you bring in need a house. So you could blame our governments for this situation.

Even rents here are going crazy.
One small house was up for rent here on the Gold Coast recently and 85 people turned up for the viewing. Owner must've been rubbing his hands together thinking how much rent he can get.

It's only gonna get worse for parents (and maybe poor old @LangleyBlue1970 as the UK population is predicted to rise to 70 million plus in the not too distant.

Overview of the UK population - Office for National Statistics

An overview of the UK population incorporating data related to 2020, how it has changed, why it has changed and how it is projected to change in the future.

www.ons.gov.uk

 

[I'm With Stupid]

UK population when I bought my first house was about 56 million, now it's nearing 68 million, main driver has been immigration (not birth rate). All those extra people you bring in need a house. So you could blame our governments for this situation.

Not just immigration, but people waiting later and later to start a family, meaning that they live alone for longer. Nearly half of all households in parts of the developed world are single-person (over half in London). But these people aren't all living in one-bedroom properties. In most of the world, the idea of your elderly parents living with you isn't even a question. Nowadays, they all maintain their independence and stay in a house that's suitable for a family of four. Not to mention all of the people buying property as an 'investment' who leave it empty. So yes, there's a supply problem, but there's also an underutilization problem.

 

[Bill Walker]

Not just immigration, but people waiting later and later to start a family, meaning that they live alone for longer. Nearly half of all households in parts of the developed world are single-person (over half in London). But these people aren't all living in one-bedroom properties. In most of the world, the idea of your elderly parents living with you isn't even a question. Nowadays, they all maintain their independence and stay in a house that's suitable for a family of four. Not to mention all of the people buying property as an 'investment' who leave it empty. So yes, there's a supply problem, but there's also an underutilization problem.

Knew someone would argue with the office of national statistics :)

 

[I'm With Stupid]

Knew someone would argue with the office of national statistics :)

Haha, not arguing, just adding to the shitstorm.

 

[Mad Eyed Screamer]

My youngest moved in with me 2 years ago, she was 30 last week and it has really strengthened our relationship which was rocky after I split with her mum and later emigrated when she was younger. Don't charge her anything more than it costs me for her to be here, which is the cost of adding her to my phone plan and car insurance. Love her being here.