| the young buying houses 10:41 - Feb 7 with 2773 views | britferry |
Just watching the telly, they going on what Kirstie Allsopp said about the young saving for to buy a house. She said 'When I bought my first property, going abroad, the EasyJet, coffee, gym, Netflix lifestyle didn’t exist'
Some stats:
In 1993, the average salary was £11k and an average house was £51k, about 4.5 times your salary.
Now the wage is £25k but the house is £255k, 10 times your wage.
For me, I'm with Kirstie, I live opposite a students house, they have deliveries all times of days, takeaways, groceries, and the obvious eBay/Amazon.
how the hell can they afford all of this, I never did when I was a student.
They just don't understand money. |  |
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| the young buying houses on 10:48 - Feb 7 with 2145 views | raynor94 |
I live in Mount Pleasant, and yes their are a lot students doing as you say, but what I'm amazed at is how many young people renting rooms in hmos.
We are going backwards with home ownership sadly |  |
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| the young buying houses on 10:51 - Feb 7 with 2135 views | onehunglow |
| the young buying houses on 10:48 - Feb 7 by raynor94 |
I live in Mount Pleasant, and yes their are a lot students doing as you say, but what I'm amazed at is how many young people renting rooms in hmos.
We are going backwards with home ownership sadly |
That said,we are obsessed with buying houses. Foreigners have no problem with renting | |
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| the young buying houses on 13:07 - Feb 7 with 2072 views | ExiledJack |
Financial education is poor, and needs addressing. More concerning is the prospect that a lot of these youngsters have given up. The multiples of salary for home ownership are daunting, exacerbated by student debt and a concentration of job opportunities in cities.
In general the youth have difficulty in turning to their parents for guidance, as the circumstances they came up in were wildly different.
Politically, their voice isn’t strong enough yet, evidenced by the NI increase. I’d expect some extreme swings when the balance of power shifts. | | | |
| the young buying houses on 14:45 - Feb 7 with 2019 views | controversial_jack |
The country has gone backwards. A lack of affordable housing, crappy pensions, privatisations and the run down of the NHS. That's capitalism though | | | |
| the young buying houses on 15:06 - Feb 7 with 1989 views | Dr_Winston |
| the young buying houses on 13:07 - Feb 7 by ExiledJack |
Financial education is poor, and needs addressing. More concerning is the prospect that a lot of these youngsters have given up. The multiples of salary for home ownership are daunting, exacerbated by student debt and a concentration of job opportunities in cities.
In general the youth have difficulty in turning to their parents for guidance, as the circumstances they came up in were wildly different.
Politically, their voice isn’t strong enough yet, evidenced by the NI increase. I’d expect some extreme swings when the balance of power shifts. |
Financial education is indeed absolute crap. Perhaps more time ought to be spent in school educating kids in how to calculate compound interest or budget monthly instead of learning how to work out the volume of a cylinder. |  |
| Pain or damage don't end the world. Or despair, or f*cking beatings. The world ends when you're dead. Until then, you got more punishment in store. Stand it like a man... and give some back. |
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| the young buying houses on 16:44 - Feb 7 with 1941 views | Catullus |
We spend a lot of time trying to educate our son about money. He gets more pocket money than a lot of kids but we tell him to buy his own stuff, computer games, clothes, things for his room, we only have one kid and our house is for him. In 10-15 years, if we're both still here we're going to look for a sheltered accommodation and give him the house.
Where I work there are several youngsters who work 2 jobs. They can't get one full time job and one part time isn't enough. They work weekends and the worst shifts (for young people, 3am-7am, they are 22-30 and trying hard to save enough for their own place. Some rent and pay more for rent than a mortgage would be but they can't raise a deposit. Others are still at home with parents. I really feel sorry for them.
I can see why young people think people my age have it easy but I worked long hours. I had no help from parents, my first home was 100% bought by myself, this home now is myself and my wife our deposit came from the equity of my first house.
I really wouldn't want to be a 20 something now. No wonder so many youngsters seem upset with us oldies. its not our fault though, its been the successive governments of the last 40 years. Labour or Tory, they've screwed us all. | |
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| the young buying houses on 22:48 - Feb 7 with 1860 views | gadgetuk |
| the young buying houses on 16:44 - Feb 7 by Catullus |
We spend a lot of time trying to educate our son about money. He gets more pocket money than a lot of kids but we tell him to buy his own stuff, computer games, clothes, things for his room, we only have one kid and our house is for him. In 10-15 years, if we're both still here we're going to look for a sheltered accommodation and give him the house.
Where I work there are several youngsters who work 2 jobs. They can't get one full time job and one part time isn't enough. They work weekends and the worst shifts (for young people, 3am-7am, they are 22-30 and trying hard to save enough for their own place. Some rent and pay more for rent than a mortgage would be but they can't raise a deposit. Others are still at home with parents. I really feel sorry for them.
I can see why young people think people my age have it easy but I worked long hours. I had no help from parents, my first home was 100% bought by myself, this home now is myself and my wife our deposit came from the equity of my first house.
I really wouldn't want to be a 20 something now. No wonder so many youngsters seem upset with us oldies. its not our fault though, its been the successive governments of the last 40 years. Labour or Tory, they've screwed us all. |
We live in south london, when we bought our first place 21 years ago we were gifted a deposit by father in law and bought a complete pit of a place which we gradually renovated and sold for double what we paid. This allowed us to buy another fixer upper - a 3 bed semi detached house that hadn't been touched in decades.
It was tough when we did it, now it's nigh on impossible. A 1 bed flat in my area is 1/4 million, a house starts at 400k, how on earth can my kids get on the property ladder around here.....in fact, why on earth would you want to? My son who is 16 has already said he has no plans to live around here - I hope that the ability or remote working means he can live well outside of London and still have a great career path. | | | |
| the young buying houses on 23:14 - Feb 7 with 1849 views | KeithHaynes |
Mummy and Daddy looking after their precious darlings 😉 |  |
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| the young buying houses on 23:15 - Feb 7 with 1844 views | KeithHaynes |
| the young buying houses on 22:48 - Feb 7 by gadgetuk |
We live in south london, when we bought our first place 21 years ago we were gifted a deposit by father in law and bought a complete pit of a place which we gradually renovated and sold for double what we paid. This allowed us to buy another fixer upper - a 3 bed semi detached house that hadn't been touched in decades.
It was tough when we did it, now it's nigh on impossible. A 1 bed flat in my area is 1/4 million, a house starts at 400k, how on earth can my kids get on the property ladder around here.....in fact, why on earth would you want to? My son who is 16 has already said he has no plans to live around here - I hope that the ability or remote working means he can live well outside of London and still have a great career path. |
He’s young yet mate, but slowly get him into remote living over the next few years 😂👠| |
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| the young buying houses on 11:40 - Feb 8 with 1741 views | Catullus |
| the young buying houses on 22:48 - Feb 7 by gadgetuk |
We live in south london, when we bought our first place 21 years ago we were gifted a deposit by father in law and bought a complete pit of a place which we gradually renovated and sold for double what we paid. This allowed us to buy another fixer upper - a 3 bed semi detached house that hadn't been touched in decades.
It was tough when we did it, now it's nigh on impossible. A 1 bed flat in my area is 1/4 million, a house starts at 400k, how on earth can my kids get on the property ladder around here.....in fact, why on earth would you want to? My son who is 16 has already said he has no plans to live around here - I hope that the ability or remote working means he can live well outside of London and still have a great career path. |
You could probably sell your house in London and buy 2/3 in Swansea or hereabouts. Here in Skewen this 2 bd terrace cost us 95k, it's needed doing up and when were done it may be worth 130k. Lots of people are doing that kind of thing.
Keith, we are doing everything we can to make sure our son won't need a mortgage to start off. We are even considering getting the attic turned into a dormer over time, make it a 3 bedroom. In case he has a family.
Many of my friends kids may well never own their own place, the way its going, going....gone. | |
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| the young buying houses on 12:08 - Feb 8 with 1722 views | Dr_Winston |
| the young buying houses on 11:40 - Feb 8 by Catullus |
You could probably sell your house in London and buy 2/3 in Swansea or hereabouts. Here in Skewen this 2 bd terrace cost us 95k, it's needed doing up and when were done it may be worth 130k. Lots of people are doing that kind of thing.
Keith, we are doing everything we can to make sure our son won't need a mortgage to start off. We are even considering getting the attic turned into a dormer over time, make it a 3 bedroom. In case he has a family.
Many of my friends kids may well never own their own place, the way its going, going....gone. |
Guy I know sold his house in London, bought a three bedroom detached place on the Gower and still had a couple of hundred grand left over. | |
| Pain or damage don't end the world. Or despair, or f*cking beatings. The world ends when you're dead. Until then, you got more punishment in store. Stand it like a man... and give some back. |
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| the young buying houses on 12:30 - Feb 8 with 1701 views | onehunglow |
My daughter has a large 4 bed detached . No kids and probably won’t have ,it’s their choice. Both working ,one self employed .
Son has a five bedroomed in Chester with two kids. Both high earners and only reason they can live where they do is of the childcare we offer so they can work at home.
Any youngster not able to have well paid solid job will struggle to get anything other than a modest property if one at all. That said,if the home is a happy one then they are blessed
We bought when rates were 16% and it was tough but we lived frugally and it’s worked out . Very important to live within one s means . | |
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| the young buying houses on 12:07 - Feb 9 with 1585 views | controversial_jack |
When we took out our mortgage in 86, it was just about affordable. We had nothing though, but things gradually improved . I had a well paid job and my wife worked until the kids came along. That's rarely possible today, because of a lack of decent jobs and high living costs. However, youngsters these days have to have internet, expensive phone contracts and things that we never had. | | | |
| the young buying houses on 13:05 - Feb 9 with 1558 views | raynor94 |
Kirstie Allsopp is absolutely spot on, to many youngsters want it all, and want it now | |
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| the young buying houses on 13:52 - Feb 9 with 1532 views | KeithHaynes |
| the young buying houses on 13:05 - Feb 9 by raynor94 |
Kirstie Allsopp is absolutely spot on, to many youngsters want it all, and want it now |
Was she anything to do with a symbolic fruit at Oxford ? | |
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| the young buying houses on 13:55 - Feb 9 with 1529 views | Lohengrin |
| the young buying houses on 12:07 - Feb 9 by controversial_jack |
When we took out our mortgage in 86, it was just about affordable. We had nothing though, but things gradually improved . I had a well paid job and my wife worked until the kids came along. That's rarely possible today, because of a lack of decent jobs and high living costs. However, youngsters these days have to have internet, expensive phone contracts and things that we never had. |
We didn’t have them because they didn’t exist, mate.  |  |
| An idea isn't responsible for those who believe in it. |
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| the young buying houses on 15:55 - Feb 9 with 1500 views | Whiterockin |
| the young buying houses on 13:05 - Feb 9 by raynor94 |
Kirstie Allsopp is absolutely spot on, to many youngsters want it all, and want it now |
This exactly. When we bought our first house we were given furniture ect to start us off and replaced it when we could. Many children of today want everything new when they move in. Credit is also a major problem, how many run up massive credit bills and struggle to pay it off. Then there are mobile bills £40-£50 a month. I know not all are the same, but many need to evaluate their aspirations and lifestyle if they want to buy a property. |  | | |
| the young buying houses on 16:22 - Feb 9 with 1479 views | controversial_jack |
| the young buying houses on 13:55 - Feb 9 by Lohengrin |
We didn’t have them because they didn’t exist, mate. |
Yes mate, i remember | | | |
| the young buying houses on 17:17 - Feb 9 with 1459 views | GixerJack |
| the young buying houses on 15:55 - Feb 9 by Whiterockin |
This exactly. When we bought our first house we were given furniture ect to start us off and replaced it when we could. Many children of today want everything new when they move in. Credit is also a major problem, how many run up massive credit bills and struggle to pay it off. Then there are mobile bills £40-£50 a month. I know not all are the same, but many need to evaluate their aspirations and lifestyle if they want to buy a property. |
We bought our first in mid 80’s, the deposit was topped up with a cash wedding gift from my future parents in law, we put in time and effort turning it into a really nice home that we sold for double what we paid and then bought another to repeat.
All we had moving into that first house was a bed, a cooker, a fridge (not that we needed one coz it was so cold) and an old leather armchair. I sold my car to raise extra cash and we kept hers because it was cheaper on petrol.
I really feel for youngsters now because of the mismatch between wages and property prices, but they all seem to want to property that doesn’t even need painting |  | | |
| the young buying houses on 18:51 - Feb 9 with 1432 views | Gwyn737 |
Whilst not wanting to disparage the stories about how hard people worked to get on the ladder (which should be applauded) I don’t think some are attributing enough to the good fortune of timing.
I bought my first flat in 2002 for £73k with a relatively small amount of cash saved and a 100% mortgage, which were readily available and all the rage at the time.
I’ve moved 3 times since then and with the exception of a bit of decorating, did nothing to the properties. Each move (around 6 years apart) saw the price of each property increase by between a third and a half purely down to the market.
So with just the good fortune of timing I’ve managed to enable my boy, when the time comes, to get on the ladder. It’s just luck.
Many youngsters will never be that fortunate to see enough money handed down to make a start with house prices now so high compared to wages.
I find Alsopps’s comments incredibly condescending. | | | |
| the young buying houses on 20:36 - Feb 9 with 1401 views | majorraglan |
It’s clear from reading the posts a lot of the people have put some serious graft in and made lots of sacrifices to get on the property ladder. My first house back in the late 80’s was an old house which needed a damp proof course, it ended up being a much bigger project which took a couple of years to complete as money was tight. Did lots of the donkey work myself. Some of my furniture was second hand while my parents helped me out with a carpet for my living room and stairs. At the time lending was tightly controlled and mortgage borrowing was limited to 3 x my meagre salary.
I am not saying some people can’t be more frugal, but these days house prices are way beyond the reach of many people - average sold price in Wales is £218k and the average wage less than £30k pa. Lots of kids have no chance of getting on the property ladder.
In terms of Kirsty Allsopp, she makes a point but she comes from a very privileged background, her dad is/was a Baron and she’s been educated privately etc, so she’s not got the same perspective as lots of folk. | | | |
| the young buying houses on 08:19 - Feb 10 with 1341 views | Whiterockin |
I am quite surprised that nobody (I think) has mentioned the mortgage rate we paid in the 80s about 16% as apposed to the 3% available now. Just looking at the cost of property is misleading. | | | |
| the young buying houses on 09:26 - Feb 10 with 1299 views | SingUpNorthBank84 |
"Look after the pennies and the pounds will look after themselves"
Can't have been just my family that taught me that... | | | |
| the young buying houses on 09:40 - Feb 10 with 1277 views | Catullus |
| the young buying houses on 08:19 - Feb 10 by Whiterockin |
I am quite surprised that nobody (I think) has mentioned the mortgage rate we paid in the 80s about 16% as apposed to the 3% available now. Just looking at the cost of property is misleading. |
Given how much the price of houses has risen, a low interest rate doesn't help very many, specially when they can't even raise a deposit. The whole system is stacked against younger people. Crap jobs, crap wages, high prices, high rents.
Somebody else pointed out the difference in ration between wages and house prices, it's gone from around 4X up to 10X that average wage but other prices are much higher too, petrol to start with. In 1985 a litre of petrol was 42.8 pence, now it's over £1.44p per litre, fuel costs have sent other prices up. How are kids supposed to buy a house on part time and zero hour contracts? | |
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| the young buying houses on 10:05 - Feb 10 with 1260 views | union_jack |
| the young buying houses on 17:17 - Feb 9 by GixerJack |
We bought our first in mid 80’s, the deposit was topped up with a cash wedding gift from my future parents in law, we put in time and effort turning it into a really nice home that we sold for double what we paid and then bought another to repeat.
All we had moving into that first house was a bed, a cooker, a fridge (not that we needed one coz it was so cold) and an old leather armchair. I sold my car to raise extra cash and we kept hers because it was cheaper on petrol.
I really feel for youngsters now because of the mismatch between wages and property prices, but they all seem to want to property that doesn’t even need painting |
It’s the same with cars. I had to buy cheap and do them up. Many lost oil at the rate similar to what an oil producing country could produce. Many didn’t start in the cooler nights and when you most needed them to. A bit of rain and you needed wellies in the car.
Nowadays, kids run around in their new acne carriages without a care in the world.
And now I sound like a bitter, grumpy old man. Which I am. |  |
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