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MSE News: Home ownership dream dwindles for young renters
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Former_MSE_Helen
Posts: 2,382 Forumite
This is the discussion thread for the following MSE News Story:
"64% of people aspiring to buy their own home think they have no prospect of ever doing so, according to Halifax ..."
"64% of people aspiring to buy their own home think they have no prospect of ever doing so, according to Halifax ..."
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I get cross with statistics like this. Me and my partner bought our first house 18 months ago, I was 23, just, and he was 25. We saved our !!!!!! off for years. We made a conscious decision not to drink/go out excessively/buy the latest gadgets etc and that is how we managed it. People want it all and then moan when they can't have it.0
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I agree somewhat with the sentiment, but don't think it is quite fair for all circumstances.iwannabeonthebeach wrote: »I get cross with statistics like this. Me and my partner bought our first house 18 months ago, I was 23, just, and he was 25. We saved our !!!!!! off for years. We made a conscious decision not to drink/go out excessively/buy the latest gadgets etc and that is how we managed it. People want it all and then moan when they can't have it.
What if you are like me and living alone for example? I don't go out and blow my money away, but I am struggling to save anywhere near the levels required for a first time buy (I am renting at the moment).0 -
iwannabeonthebeach wrote: »I get cross with statistics like this. Me and my partner bought our first house 18 months ago, I was 23, just, and he was 25. We saved our !!!!!! off for years. We made a conscious decision not to drink/go out excessively/buy the latest gadgets etc and that is how we managed it. People want it all and then moan when they can't have it.
I will say I am very much with on you on this, but for the many you describe there is many more who are already cut right back and still can't afford to buy a home.
With that we have made the cutbacks and will be buying soon enough all being well.Have my first business premises (+4th business) 01/11/2017
Quit day job to run 3 businesses 08/02/2017
Started third business 25/06/2016
Son born 13/09/2015
Started a second business 03/08/2013
Officially the owner of my own business since 13/01/20120 -
I agree somewhat with the sentiment, but don't think it is quite fair for all circumstances.
What if you are like me and living alone for example? I don't go out and blow my money away, but I am struggling to save anywhere near the levels required for a first time buy (I am renting at the moment).
I live alone, I'm a single mum and brought my first house less than a year ago... its possible but its not easy.
And before anyone starts... I'm late twenties, 2 kids, average (median) wage, terrace house in the SE...
GxMortgage at 08/10/10: 110k:eek:
Current Mortgage:... £109,200 :eek:
OPs 2011: 100.50/4000
Current MFD: 02/10/45 :shocked: (will be 63!!!)
Make a payment a week challenge TW 100/123.790 -
I dont understand it when they quote this for people who are pushing 40.
I am only a couple of years older, and have bought and sold six times...! what have they been doing for 20yrs
Fair enough if they dont want to buy, but dont whinge about it..0 -
Love the sympathy. The point is, it shouldn't SO insurmountable that even fairly average people can't do it - i.e., those who didn't start saving at 18 and made a few mistakes regarding debt in the past which they are trying to remedy now. I want to have more kids and be a SAHM, which pretty much destroys all chance at home ownership...top 2013 wins: iPad, £50 dental care, £50 sportswear, £50 Nectar GC, £300 B&Q GC; jewellery, Bumbo, 12xPringles, 2xDiesel EDT, £25 Morrisons, £50 Loch Fyne
would like to win a holiday, please!!
:xmassmile Mummy to Finn - 12/09; Micah - 08/12! :j0 -
I dont understand it when they quote this for people who are pushing 40.
I am only a couple of years older, and have bought and sold six times...! what have they been doing for 20yrs
Fair enough if they dont want to buy, but dont whinge about it..
Great you bought originally when prices where in check, yes you may have suffered a few years of high interest rates at some point.
How about going back to when you first bought, take the situation now and honestly could you buy that type of house now doing the job you where then?
As others have said the problem is its getting more out of reach for the average people, the number of people who can't afford houses is growing.Have my first business premises (+4th business) 01/11/2017
Quit day job to run 3 businesses 08/02/2017
Started third business 25/06/2016
Son born 13/09/2015
Started a second business 03/08/2013
Officially the owner of my own business since 13/01/20120 -
Many of today's younger generation cannot go without foreign holidays, gadgets, latest mobile phones and expensive contracts, going out to the pubs and clubs, takeaways and ding ding meals at home.
Probably the one's calling for 50% drops in house values, which isn't going to happen!0 -
I agree somewhat with the sentiment, but don't think it is quite fair for all circumstances.
What if you are like me and living alone for example? I don't go out and blow my money away, but I am struggling to save anywhere near the levels required for a first time buy (I am renting at the moment).
I'm in a similar situation, I'm in my late 20's, single and renting, recently it's been extremely difficult not to go overdrawn on my finances.
And this isn't because I live a frivolous social life, quite the opposite in fact, I'm very much a unsocial recluse.
So pretty much all my income goes on rent, bills & taxes.
I've got fed up with this constantly being overdrawn with no money lark though, so shall be moving back in with the parents to enable me to live within my means again and save for my deposit.
Plus 3.5 x annual income? Yeah...right that'd get me about 56k, I'd be lucky to buy a cardboard shoebox with that.:www: Progress Report :www:
Offer accepted: £107'000
Deposit: £23'000
Mortgage approved for: £84'000
Exchanged: 2/3/16
:T ... complete on 9/3/16 ... :T0 -
Meanwhile, a think-tank today says that banks should keep their tough mortgage lending criteria in place to help prevent another house price bubble in future.
Mortgages should be capped at 90% of a property's value, while people should also be prevented from borrowing more than 3.5 times their income, according to the Institute for Public Policy Research (IPPR).
The group says the UK has had four housing bubbles in the past 40 years, with these causing widespread damage to the economy.
The IPPR is calling on the Government and the Financial Services Authority not to give in to lobbying from the banking industry and to recommend caps on mortgage lending, both on the amount advanced as a proportion of the value of a property and the amount lent relative to a borrower's salary, as part of its Mortgage Market Review.
Well said, IPPR!!!!!!!! :T:T:T A bit of sense at last. Hope the Govt is listening.
From a potential FTB with decent savings who is fed up of boom and bust.Get to 119lbs! 1/2/09: 135.6lbs 1/5/11: 145.8lbs 30/3/13 150lbs 22/2/14 137lbs 2/6/14 128lbs 29/8/14 124lbs 2/6/17 126lbs
Save £180,000 by 31 Dec 2020! 2011: £54,342 * 2012: £62,200 * 2013: £74,127 * 2014: £84,839 * 2015: £95,207 * 2016: £109,122 * 2017: £121,733 * 2018: £136,565 * 2019: £161,957 * 2020: £197,685
eBay sales - £4,559.89 Cashback - £2,309.730
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