Blue Maverick
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Again this will have an effect later on in life when the penny drops that when they retire they’ll have to find that rental money along with all their other bills, choices!
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Housing
- Thread starter blue for life
- Start date
I started saving mt first deposit the day I got my first job. I then bought a small house and later traded up. I know things are a lot harder now but people have to help themselves. My son saved half his deposit and I gave him the rest. My daughter is house hunting and has saved all the deposit she needs.Again this will have an effect later on in life when the penny drops that when they retire they’ll have to find that rental money along with all their other bills, choices!
Both gave up some social stuff to make it.
I started saving mt first deposit the day I got my first job. I then bought a small house and later traded up. I know things are a lot harder now but people have to help themselves. My son saved half his deposit and I gave him the rest. My daughter is house hunting and has saved all the deposit she needs.
Both gave up some social stuff to make it.
Blue Maverick
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Yep people looking at social media and seeing all these so called influencers living it large thinking I need that car or flash holiday, clothes etc it’s nit the real world. I do not envy anyone trying to get on the housing market but it can be done you just have to lower your expectations for now.I started saving mt first deposit the day I got my first job. I then bought a small house and later traded up. I know things are a lot harder now but people have to help themselves. My son saved half his deposit and I gave him the rest. My daughter is house hunting and has saved all the deposit she needs.
Both gave up some social stuff to make it.
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Johnny Mars Bar
Well-Known Member
I do feel bad for people stuck in the rental doom loop.
Rent prices are obscene, and because they’re obscene, people can’t save for a deposit.
I got a couple of mates in this situation and it’s awful.
Rent prices are obscene, and because they’re obscene, people can’t save for a deposit.
I got a couple of mates in this situation and it’s awful.
tommybooth
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Went from a flat to a three bedroomed house. First 8 years in the house we had no money till things eased. Mind you when the mrs got the push we used that to knock 10 years of the mortgage with a lump. Still not sure how one years payments knocked that much off.
SkyBlueFlux
Well-Known Member
Owning a house is quite simply beyond the realistic means of many young people. The whole spiel about not buying German cars or lattes is frankly the final insulting kick in the face for a generation of people who have been completely left behind. And I say this as somebody in my mid-30s who owns my own home. You know how I did it? Dumb luck like everybody else. I got married to somebody and we both have high paying jobs but I couldn’t have bought alone.
I was the mug who listened to people like the ones in this thread. I didn’t have a car, I didn’t go on holiday for over a decade, made all my own meals at home, lived frugally every day under the belief I would somehow make it one day and be able to afford a home. And you know where it got me? Fucking nowhere - I just led a miserable hermit crab existence. If I married somebody who wasn’t earning well I would still be renting. People who are still under the notion it is a meritocracy or this is something you can work towards are living on a different planet.
You either inherit money (and this can either be in the form of cash gift or living for free at home - a luxury many don’t have), get a job that pays obscenely well (being a teacher or some honest job like that wouldn’t cut it), or marry somebody who gives you a good combined income. These are now the only paths to owning a home, and for most ordinary folk one of those isn’t an option.
It’s simple maths. House prices have reached escape velocity, they are growing faster than young people’s salaries can keep up. No bank is giving them a mortgage even if through some miracle, or financial help they manage to get a deposit together, because they aren’t meeting the affordability criteria. People don’t quite understand how much things have changed in that respect. Young people on £25k a year cannot withstand a shock in interest rate increases. They can get a mortgage for at most £120k if that is their salary. Just looked in my area and the cheapest flat for 20 miles around is £150k so… oh well I guess?
The graduates I speak to in their early 20s have simply stopped trying - they’ve just gotten used to the idea they will rent forever. Because they’ve realised the maths makes it impossible. So why try? Why live like a monk in a monastery for something that realistically isn’t going to happen. I don’t blame them.
I was the mug who listened to people like the ones in this thread. I didn’t have a car, I didn’t go on holiday for over a decade, made all my own meals at home, lived frugally every day under the belief I would somehow make it one day and be able to afford a home. And you know where it got me? Fucking nowhere - I just led a miserable hermit crab existence. If I married somebody who wasn’t earning well I would still be renting. People who are still under the notion it is a meritocracy or this is something you can work towards are living on a different planet.
You either inherit money (and this can either be in the form of cash gift or living for free at home - a luxury many don’t have), get a job that pays obscenely well (being a teacher or some honest job like that wouldn’t cut it), or marry somebody who gives you a good combined income. These are now the only paths to owning a home, and for most ordinary folk one of those isn’t an option.
It’s simple maths. House prices have reached escape velocity, they are growing faster than young people’s salaries can keep up. No bank is giving them a mortgage even if through some miracle, or financial help they manage to get a deposit together, because they aren’t meeting the affordability criteria. People don’t quite understand how much things have changed in that respect. Young people on £25k a year cannot withstand a shock in interest rate increases. They can get a mortgage for at most £120k if that is their salary. Just looked in my area and the cheapest flat for 20 miles around is £150k so… oh well I guess?
The graduates I speak to in their early 20s have simply stopped trying - they’ve just gotten used to the idea they will rent forever. Because they’ve realised the maths makes it impossible. So why try? Why live like a monk in a monastery for something that realistically isn’t going to happen. I don’t blame them.
Trouble is,rightly or wrongly, the goverment policy has been to make it less and less appealing for private landlords to be in the market who then sell there properties as its not worth the hassle.
This then leads to a shortage so rents climb, also a lot of private landlords will be on buy to let mortgages and with the increase will have to pass this on to the tenant.
Not sure what the answer is ,in Stockport they seem to be building flats everywhere but unless social housing take some or private landords buy them they will get sold to private owners
Whilst this is a good thing it doesnt help the rental sector which there will always be a need for .
This then leads to a shortage so rents climb, also a lot of private landlords will be on buy to let mortgages and with the increase will have to pass this on to the tenant.
Not sure what the answer is ,in Stockport they seem to be building flats everywhere but unless social housing take some or private landords buy them they will get sold to private owners
Whilst this is a good thing it doesnt help the rental sector which there will always be a need for .
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Ifwecouldjust.......
Well-Known Member
House opposite me in Reddish basically a 2 up 2 down going on the market for rent at £1200 per month! What’s going on! Plus you have to put up with me living opposite. I hope this government can do something about housing!
My daughter has a deposit for a house.... pays rent which costs her more than a mortgage repayment would (and has done since 2019)..... but doesn't qualify for a mortgage because she doesn't have a good credit score apparently (its cos she's a single mum really) Does that help answer your question?
Kompany Car
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The bit highlighted in red is because landlords are profiteering. They dont have to pass on the cost as the property is not declining in value, but instead the private landlord is still gaining equity, it just means they aren't doing it at the same rate as before.Trouble is,rightly or wrongly, the goverment policy has been to make it less and less appealing for private landlords to be in the market who then sell there properties as its not worth the hassle.
This then leads to a shortage so rents climb, also a lot of private landlords will be on buy to let mortgages and with the increase will have to pass this on to the tenant.
Not sure what the answer is ,in Stockport they seem to be building flats everywhere but unless social housing take some or private landords buy them they will get sold to private owners
Whilst this is a good thing it doesnt help the rental sector which there will always be a need for .
I'll admit it im part of the problem, having two rental properties, but the rent charged has remained the same for the last 15 yrs and as a result Ive had the same people renting the houses and looking after them all this time. Zero hassle, they are happy and I have assets that are increasing in equity year on year and will be paid off in a few years time.