FTB expectations too high?

brummybloke

Is it just me but have people got far too use to jumping 2 levels up the ladder for their first home?

when i was growing up, people had a 1 bed flat for their first house, unless they had very well paid jobs or inheritted money. a few years later, they sold and got a 2 bed terrace or something along those lines, then moved up again a few years later.

nowdays though people seem to be complaining that 3 bed semis in decent areas should crash to 3 times the average wage so they become more affordable?

there is nothing wrong with having something nice which is affordable but are people forgetting the houseing ladder is just that, a ladder which you hopefully climb up, not a lift where you start at the bottom and go straight to the top or the middle.

different areas have different qualities, some places cost more to live in, there must be a reason for it? my thoughts are that it is because the houses are bigger, of a better quality, people have more money and take better care of where they live, this makes it more desirable to live there.
if house prices all became affordable to the average wage then would everywhere raise its standards to the nicer places? or will the standards lower?

i can say that in Birmingham, expensive areas such as edgbaston and harborne started going down hill as the prices in poorer areas went up, becoming closer to the nicer area prices. a 3 bed semi in handsworth was within 10% of a 3 bed house in harborne which is crazy talk.

obviously for people with savings or cash in the bank, they are now in a position to go as far up the ladder as they can, im talking about ftb who keep posting on the site with crash crash crash and then complain about affordability but expect a 3 bed semi and seem to be ignoring the actual property ladder.

mr.broderick

brummybloke wrote: »

Is it just me but have people got far too use to jumping 2 levels up the ladder for their first home?

when i was growing up, people had a 1 bed flat for their first house, unless they had very well paid jobs or inheritted money. a few years later, they sold and got a 2 bed terrace or something along those lines, then moved up again a few years later.

nowdays though people seem to be complaining that 3 bed semis in decent areas should crash to 3 times the average wage so they become more affordable?

there is nothing wrong with having something nice which is affordable but are people forgetting the houseing ladder is just that, a ladder which you hopefully climb up, not a lift where you start at the bottom and go straight to the top or the middle.

different areas have different qualities, some places cost more to live in, there must be a reason for it? my thoughts are that it is because the houses are bigger, of a better quality, people have more money and take better care of where they live, this makes it more desirable to live there.
if house prices all became affordable to the average wage then would everywhere raise its standards to the nicer places? or will the standards lower?

i can say that in Birmingham, expensive areas such as edgbaston and harborne started going down hill as the prices in poorer areas went up, becoming closer to the nicer area prices. a 3 bed semi in handsworth was within 10% of a 3 bed house in harborne which is crazy talk.

obviously for people with savings or cash in the bank, they are now in a position to go as far up the ladder as they can, im talking about ftb who keep posting on the site with crash crash crash and then complain about affordability but expect a 3 bed semi and seem to be ignoring the actual property ladder.

One of the more recent better posts.

ess0two

3 bed semis can be had for as little as £125k local to my area,surely this is ftb territory on 2 wages.

Paddy2eyes

Why should a three bed semi not be three times average wage? Most people would consider that to be an 'average' house.
Also first time buyers aren't necessarily earning average wages so would not be able to afford the aforementioned house based on sensible lending criteria.

beingjdc

brummybloke wrote: »

when i was growing up, people had a 1 bed flat for their first house

The difference now is that the average First Time Buyer is in their mid-thirties, whereas in the 1970s the average First Time Buyer was in their mid-twenties.

I don't know many 34-year olds who want to live in a 1-bed flat.

chrisandanne

When I got married in 1974 my now ex husband worked for his father in their own business, we were relatively well off. We also had a network of friends in the same business all over the country, London, Birmingham, Hertfordshire, Ilkley, Northumberland, Southport etc all young couples equally well off.

We all married within a couple of years of each other and with the exception of two couples (who bought Detached houses) all bought very modest terrace houses and also furnished them with mainly second hand furniture.

People today seem more willing to sink a larger proportion of their income into a mortgage, it seems to matter more 'what you have'. They also seem to expect to have it all beautifully done out from day one.

It's brainwashing......you are what you own mentality. You can hear it on this forum all the time from some posters...the worst one was....'you have nothing, you are nothing'.

A

lynzpower

People today seem more willing to sink a larger proportion of their income into a mortgage, it seems to matter more 'what you have'. They also seem to expect to have it all beautifully done out from day one.

but surely this is another symptom of the over inflated bubble this country has found itself in? When OH and I are buyers of course the mortgage will be high. We wont have the money to pay trademen to make places nice. My parents bought wrecks, but they both didnt HAVE to work full time to meet the mortgage payments so they could repair & decorate it all themselves.

this is the problem, because houses cost too much for so many FTBs they simply dont have the money, time or skills to repair a flat or house.

SGE1

I don't think FTB have high expectations. I think you'll find most of them have no expectations at all.

brummybloke

beingjdc wrote: »

The difference now is that the average First Time Buyer is in their mid-thirties, whereas in the 1970s the average First Time Buyer was in their mid-twenties.

I don't know many 34-year olds who want to live in a 1-bed flat.

i have highlighted this bit because this is partially the problem.

a 34 year old may not WANT to live in a 1 bed flat, however if that is what is affordable then that is what there is.

30 Years ago it was good enough for a first time buyer and most 'average' wage earners would have been very happy to have the flat but it seems people think they should have more nowdays for being in the same boat people were in 30 years ago?

is it through easy credit and not having to pay in real money that peoples expectations have got so high?

im buying again after i sold late last year, i will be furnishing my new place with stuff picked up at auction most likely as i want decent well made things but cant afford to buy new, i am compromising by seeing if i can pick decent 2nd hand things up which will last.

im no hippy save the world type or some socialist, im a regular bloke who is just getting slightly baffled at peoples ever raising expectations and what they think they should be able to afford despite their income and the cost of better located / sized housing.

Mr_Matey

I'm 30 and have been renting for 5 years (i.e. avoiding the over-priced property markets of Aus/UK). When I get around to buying a house it'll be after the crash, and I'll probably be 35 with over 10 years of savings.

I'll jump onto the "ladder" at the same point as a 35 year old back in your good ol' days.

I did the 1 bedroom flat for a few years, but now I like my space. So yes, I expect something good for my money. I've worked hard for it, and I'll be moving into at least a quality 2 bedroom property.

brummybloke

Paddy2eyes wrote: »

Why should a three bed semi not be three times average wage? Most people would consider that to be an 'average' house.
Also first time buyers aren't necessarily earning average wages so would not be able to afford the aforementioned house based on sensible lending criteria.

i would actually think 'most' people do not think that a 3 bed semi is an average house.

unless of course by average you mean half way up the housing ladder? in which case i would agree with you.

but then are you saying that 3 x the average wage should right from the off get you half way up the housing ladder?