The reason for my pessimistic thoughts

lostinrates

purch wrote: »

My parents bought their first house in 1960 (about 4 months before I was born)

17 West Street, Minehead. I don't know what they paid, but it didn't leave our family of 5 penniless.

My Dad was a plumber, Mum didn't work

In Dec 2007 an identical terraced 3 bed, 14 West Street sold for
£ 187,000

I'm not sure what that tell's us about affordability, but it puts some context into the story.

My father bought our west London house in 1978/9 for a tiny amount, I can't rememebr now what it is, but way less than DH earns a year (and on less than a 3.5 of a fairly normal wage fr the time). It sold in 1987 ish for £250k. Later it was turned into several flats, one of which sold for more almost double that £250k a couple of years ago. (more than 3.5 DH's higher than average wage)

Lotus-eater

Graham_Devon wrote: »

Secondly, want to point out I'm not moaning, I am far better off than loads of people my age that I know, however, I am just sharing my views as to why I feel that the market, and life as we know it, surely cannot continue. How on earth will my generation and generations below me live.

Otherwise, as conrad says, my generation will all get to 80 with absolutely nothing to show, and a life of work JUST to provide a roof over our heads....and thats no life.

I do have most of the things listed, I do have an LCD TV, internet, 2 computers etc. No sky though, tis rubbish. Like I say, I'm not moaning. But buying a £400 LCD TV is a bit different to buying a £180k house for which you need job security, deposits etc etc.

I believe wholly in enjoying life, so I'm not going to forego those things which I would like to buy just to provide shelter, as then I really will ownder what the hell I'm getting up every day for.

I'm totally in agreement with you, I have been very lucky to be able to buy at the right time. I have said on here before that had I not bought my first house when prices were cheaper, my life would have been completely different. I feel for FTB'rs today and even though I'm not not yet 40, younger people in general with the house prices still being so seemingly unobtainable.

However, I was in the same situation in the late 80's, I couldn't afford to buy either and houses looked just as unreachable, so I forgot all about it, lodged with a friend and had a good time for several (bit hazy tbh) years. I hope they come down for you as they did for me. (house prices not the other things from the hazy years)
although thinking about it, I hope both things come down for you.

Conrad

purch wrote: »

My parents bought their first house in 1960 (about 4 months before I was born)

17 West Street, Minehead. I don't know what they paid, but it didn't leave our family of 5 penniless.

My Dad was a plumber, Mum didn't work

In Dec 2007 an identical terraced 3 bed, 14 West Street sold for
£ 187,000

I'm not sure what that tell's us about affordability, but it puts some context into the story.

I have plenty of families with only one earner that buy houses. It tells us nowt.

Graham_Devon

Really2 wrote: »

OK i am 33 have a 5 bed detached and should be mortgage free before 50.

How can you not see a house as an asset yet you have no qualms spending £400 on something worth £100 when you get it out of Curry's.

A rent free retirement is invaluable also when you die it becomes an asset for your family, and their family after that.

Unlike some, I see a bigger picture and it ain't all just about me.

Well, the £400 TV is not worth £100 at all. You wouldn't be able to go anywhere and get a £400 TV for £100, so I do not see the point you are getting at there.

Also, there is a slight difference between the ability to go out and buy a TV for £400 and the ability to go and and buy a house.

I can go into the shop, walk out with a TV.

I cannot go into a bank and walk out with a mortgage. THAT is the difference. That's why I had to go halfway with the shared ownership. Even if I saved that £400 each month, it would give me £4800 at the end of the year. Enough to pay for the solicitors fees and some of the stamp duty (at the point when I was buying). That saving for a year, £400 a month which is a huge sum for some to be able to save each month, does not even cover even the start of the deposit.

And lets face it, I'm not buying a £400 TV each month.

As for the "its not all about me" comment. Considering I have been talking about my generation and those below me, and trying to look at everyones quality of life, I don't really feel there was a need.

Lotus-eater

Graham_Devon wrote: »

I cannot go into a bank and walk out with a mortgage. THAT is the difference. Even if I saved that £400 each month, it would give me £4800 at the end of the year. Enough to pay for the solicitors fees and some of the stamp duty (at the point when I was buying). That saving for a year, £400 a month which is a huge sum for some to be able to save each month, does not even cover even the start of the deposit.

Yes but to be fair, we both saved like crazy for two years before we could afford a mortgage. Really saved hard, no treats at all. You just have to do the same and hope prices will come down.

Graham_Devon

Lotus-eater wrote: »

Yes but to be fair, we both saved like crazy for two years before we could afford a mortgage. Really saved hard, no treats at all. You just have to do the same and hope prices will come down.

I know, I did the same.

As I said, I have a home, with a mortgage

My main point was, I could never afford a full home (I could afford it, I'm paying the monthly figure now, just cannot get the mortgage to cover it if you see what I mean), and I'm constantly told, or constantly see, that actually couples if they are both on a full time average wage bringing in circa 50k a year can buy a house.

The whole point of this thread was me trying to say how I find that whole "working couple with 50k income can buy a house, therefore this is what the average should be" wrong, and explaining why i find it wrong.

pipkin71

Really2 wrote: »

A rent free retirement is invaluable also when you die it becomes an asset for your family, and their family after that.

That is true - although some have found the house needs to be sold to pay for care

My dad has now retired and being mortgage free gives them a lot more freedom to do the things they want.

They are happy they have an asset that means I will own my own home at some point, although hopefully not for a very very long time. In some ways though, I do think people should live for now rather than thinking about an asset for their children, children's children ect.

Really2

Graham_Devon wrote: »

Well, the £400 TV is not worth £100 at all. You wouldn't be able to go anywhere and get a £400 TV for £100, so I do not see the point you are getting at there.

Also, there is a slight difference between the ability to go out and buy a TV for £400 and the ability to go and and buy a house.

OK Liquidating assets like a distressed selles it is not the price you paid for it it is the price it will get on the market second hand.

As you said you like to enjoy life and will not sacrifice lifestyle for ownership. But you have?

I am not having a go but your view seems to be i sould be able to have what I want at the cost I want.

I cant really remember this idea of i am enttitled to it 8-10 years ago?

Lotus-eater

Graham_Devon wrote: »

I know, I did the same.

As I said, I have a home, with a mortgage

Oh yeah, sorry You just jumped into the housing market a bit early.
Don't buy any more tv's

socrates

The point about the essentials list - is that they all have on-going charges/expenses either monthly or annually.

Years ago very few people had cars now its probably an average of at least one per household - what about all the costs that go with that car - probably £100 a week all told.

Mobile phones never existed years ago - £40 a month there?

Internet - you need to buy the computer and the printer and the scanner etc. etc.

The wii - you need to keep buying games, upgrades etc

The white goods that we buy are made to last a few years and then be replaced

Its a never ending list - in the past people never had so they never knew so they did not think they were missing out on anything.

Lets not even get onto utility bills and council tax, insurances.......