Parents, you're just making it worse! Please STOP!

vishpatel

lynzpower wrote:

Why get at Ems*Honey Vishpatel, she seems to have written the only thing in this whole thread that most common sense people agree with!! You dont like that then?

do you have children? I ask this as those who do will pull out all the stops to support them not to over intellectualise the situation to the nth degree. Even if my parents had seen this thread and given the global economy a good mulling over, I really cant see them thinking, oh no love, lets not lend Lynz
5k, as this will impact on property prices and this will mean in the future blah blah blah" And theyd be quite right too!

you sound bitter to me mate.

Ems*Honie thanked Tassotti who made a pretty callous comment.

I did mention in my original post that life goes on & parents will always help out financially... but I just wanted some to realise they are also fuelling house price inflation by funding purchases at inflated prices.

You still haven't answered why you didn't pay for the deposit yourself? Were there exceptional circumstances why you couldn't save money?

Not bitter at all - I'm doing very well for myself. No debt/massive mortgage. Just a large growing pot of cash in the bank

vishpatel

ms_london wrote:

I do agree with the OP with the two statements above, although I know the real point was about BTL.

What real point?

vishpatel

ms_london wrote:

I am hoping to have a few BTL's too (if and when I ever get on property ladder!!).

who isn't!

lynzpower

vishpatel wrote:

You still haven't answered why you didn't pay for the deposit yourself? Were there exceptional circumstances why you couldn't save money?

Not really, but then i wonder what business it is of yours if there were.

My circumstances were that I wanted a flat and mummy and daddy coughed. As theyve made thier fortune from property development over the years, 5k is small change to them.

lowis

slightly off topic but sort of interesting in relation to this discussion...i'm currently reading a book called East End Chronicles - great book and the parts that describe the housing situation in some parts of London just 100 - 150 years ago is fascinating.

landlords used to rent out a bed in a room to three people at a time i.e. one person would be a tenant from 8am to 4pm, another person would have the room from 4pm to midnight and a third would have the room from midnight to 8am.

and there would often be four to six beds in a room

and more often than not the space UNDER the bed would be rented out on the same basis as described above.

perhaps this suggests that there has always been problems with supply of affordable housing and compared with 100 years ago things do seem much improved :-)

lynzpower

@ lowis another great book in this vein is My east end. again very interesting to look at how far we have come interms of housing demand and need

Dead_Eye_Jones

vishpatel wrote:

Hi all,

I'm a wannabe FTB who has decided to shelve plans to buy a home for the time being.

Hi Vish!

Ive made my thoughts on this matter clear a number of times, tbh im afraid it is perfectly possible for a ftb to buy a decent house without any parental help. One such example is myself, I recently bought a semi in London, zone 6, 20min commute into town, 3 dbl rooms, garden, recently modernised etc etc.

I did this through no other means than careful saving to build up a large deposit and working hard to get my salary to a reasonable level (certainly not mega bucks let me assure you, infact distinctly average!).

I made the decision I wanted my own place in my early 20s having had some poor experiences with renting, sadly I had a series of dodgy landlords that reinforced my plan to put down roots. Now im not well off enough to just buy the 1st house I wanted, my parents couldnt help, I dont have a rich aunt, Ive not won the lottery, Im not a high flying career exec, so I made the decsion to cut luxury items out of life.

I noticed that 99% of the world survived without !!!!!! away £100 on a night out (like most of my peers), I realised I didnt need a designer to tell me what to wear, CRT TVs work as well as LCD ones, I didnt need a car in London, I didnt need to rent my own luxury flat in a posh part of town, healthy food is cheap, you dont need lotions and potions to get through the day - the list goes on and on. Each month I saved over half of my salary and 6rs later I was able to buy.

I now have a fixed mortgage so I know how much I need to pay each month and can start to spend my spare cash on a few treats for a change. Now I may be making assumptions but my peers, as far as I can see, are content to spend all the money they earn each month and some they dont have too, and then they have the cheek to complain they cant buy a house and seem to look at me with jealous eyes despite that I got where I am with hard work and sacrifice.


I think people need to realise that they cant have it all, if you cant save up for a deposit then you cant have a house, tough! Thats life to be honest. Society is there to pick up those that genuinly cant look after themselves and Im all for social housing, but for the rest of us its a struggle and a struggle that the current spoilt generation seems to have overlooked. I think people got too used having what they wanted when they wanted and dont want or rather dont expect to have to put the effort in. If you are not well off, you have to make a choice, live an affluant lifestyle on credit or get saving every last penny to put down some roots and longterm security - get reading this website lol!!

To anyone who wants to buy, its simple, get saving as much as you can, work hard at building a career, start now and in ten years you'll be there, I dont see why anyone should just be able to walk into a nice family home without having to earn it, where else in the world do people have these expectations? Yes it is hard, yes it is tough but we all have more opportunities today than we did 100yrs ago, and more opportunities than people living in Eastern Europe and developing countries. We dont know how tough it can it really be...

I didnt have any breaks, I didnt have an easy ride, but ive done it, I really dont see why anyone else cant. Just dont expect to get there overnight.

And yeah its annoying that some kids do walk into houses that mum and dad got them, but good luck to them, if I were in their position id be jumping on the chance too. Yeah so we didnt get the breaks they did, but we are still very well off in respect to the rest of the world so I for one cant complain. Its particularly annoying when such people rub your nose in their good fortune, just ignore them, there will always be twts in life - be assured they have their own problems... what goes around comes around and all that!

Good luck !

vishpatel

Dead_Eye_Jones wrote:

Hi Vish!

Ive made my thoughts on this matter clear a number of times, tbh im afraid it is perfectly possible for a ftb to buy a decent house without any parental help. One such example is myself, I recently bought a semi in London, zone 6, 20min commute into town, 3 dbl rooms, garden, recently modernised etc etc.

I did this through no other means than careful saving to build up a large deposit and working hard to get my salary to a reasonable level (certainly not mega bucks let me assure you, infact distinctly average!).

I made the decision I wanted my own place in my early 20s having had some poor experiences with renting, sadly I had a series of dodgy landlords that reinforced my plan to put down roots. Now im not well off enough to just buy the 1st house I wanted, my parents couldnt help, I dont have a rich aunt, Ive not won the lottery, Im not a high flying career exec, so I made the decsion to cut luxury items out of life.

I noticed that 99% of the world survived without !!!!!! away £100 on a night out (like most of my peers), I realised I didnt need a designer to tell me what to wear, CRT TVs work as well as LCD ones, I didnt need a car in London, I didnt need to rent my own luxury flat in a posh part of town, healthy food is cheap, you dont need lotions and potions to get through the day - the list goes on and on. Each month I saved over half of my salary and 6rs later I was able to buy.

I now have a fixed mortgage so I know how much I need to pay each month and can start to spend my spare cash on a few treats for a change. Now I may be making assumptions but my peers, as far as I can see, are content to spend all the money they earn each month and some they dont have too, and then they have the cheek to complain they cant buy a house and seem to look at me with jealous eyes despite that I got where I am with hard work and sacrifice.


I think people need to realise that they cant have it all, if you cant save up for a deposit then you cant have a house, tough! Thats life to be honest. Society is there to pick up those that genuinly cant look after themselves and Im all for social housing, but for the rest of us its a struggle and a struggle that the current spoilt generation seems to have overlooked. I think people got too used having what they wanted when they wanted and dont want or rather dont expect to have to put the effort in. If you are not well off, you have to make a choice, live an affluant lifestyle on credit or get saving every last penny to put down some roots and longterm security - get reading this website lol!!

To anyone who wants to buy, its simple, get saving as much as you can, work hard at building a career, start now and in ten years you'll be there, I dont see why anyone should just be able to walk into a nice family home without having to earn it, where else in the world do people have these expectations? Yes it is hard, yes it is tough but we all have more opportunities today than we did 100yrs ago, and more opportunities than people living in Eastern Europe and developing countries. We dont know how tough it can it really be...

I didnt have any breaks, I didnt have an easy ride, but ive done it, I really dont see why anyone else cant. Just dont expect to get there overnight.

And yeah its annoying that some kids do walk into houses that mum and dad got them, but good luck to them, if I were in their position id be jumping on the chance too. Yeah so we didnt get the breaks they did, but we are still very well off in respect to the rest of the world so I for one cant complain. Its particularly annoying when such people rub your nose in their good fortune, just ignore them, there will always be twts in life - be assured they have their own problems... what goes around comes around and all that!

Good luck !

Well done for saving!

I didn't say it wasn't possible to buy did I? I just intimated it was poor value for money in the current market. Thats the whole point of being a MSE'er. Getting good vfm.

You mentioned oppurtunities a couple of times. You can always point to less well off countries - you could do that 100 years ago too! The only way to compare is within this country. And what I see is the likelyhood of a whole generation ending up poor in their old age. I have quite a few friends and relatives coming out of school/uni right now who are finding it much harder in the job market than I did 5 years ago. Students now graduate with a large amount of debt. They are conditioned into thinking debt is normal & ok.

BTW I did mention earlier that numerous members of my family are willing to help me financially, but I am not comfortable with taking their money and plowing it into property right now - I only see bad things to come for house prices. And this is the whole point of my thread! We have a generation of parents who have done very well out of buying property. So they tend to strongly encourage their kids to dive in too, but they don't always think about the long term financial implications. A family member suggested I take out an interest-only mortgage. To me this was financial suicide in the current market!

I have been saving more than half my salary (and going without luxaries) for years now. But I've decided against buying property - I've made investments elsewhere.

lowis

DEJ - your achievement is commendable but as i have said before depends on your circumstances.

i could not afford a 3 bed semi in the 'burbs on my salary - even if i had saved £50k since leaving uni BUT i can afford a 1 bed ex-council flat under the right to buy scheme in EC1 though (just).

anyone earning 2 or 3k less than me wouldn't be able to afford that - so no not everyone can afford to buy their own home in the area they want to live in (or were brought up in). yes, i could afford a house in some run down or out of the way town somewhere MILES from london but i would need my london salary to pay for it!!!

dougk_2

IMO The reason for the current house prices is simple - DEMAND.

If people did not want or could not afford to buy houses they wouldn't be selling and prices wouldn't be rising.

BTL's is a double edged sword. Without BTL's there would be less houses available to people who cannot afford, cannot for credit reasons etc or do not want to buy. Rents would therefore increase as demand for rental properties outweighs those that are available and then house prices would rise as those people who can afford to buy clamber about to get a house as they can't find a place to rent!

Do you think prices will drop if people stop BTL ? I don't - interest in the market over ex-BTL's and higher rental costs will cause prices to rise more.

How many of those complaining about house prices are actually renting from a private (BTL) landlord waiting for prices to drop? If so you are fuelling the BTL market!

Different people have different views as to what "AFFORD" means.

My definition of afford is if after monthly paying for your house (mortgage etc), clothes and food (i.e essentials) have you got any money left? If yes you can "AFFORD" it.

If No are you doing something to try and make a house affordable? (change jobs, reskill, develop yourself?).