Why now so hard to get that 1st rung on the propery ladder compared to years gone by?

PoorDave

F_T_Buyer wrote:

PoorDave, I understand your argument. But how many threads are started on here saying "should I put my money into bricks and mortar"? The answers are always the same "you can't lose", "it's a one way bet".

This is the reason I come on here. I am one of the few who is arguing against this and pointing out the risks. Also, you will find from my posts I back up my points with sound reasoning, unlike many of those who argue for investing in property.

I have not continually complained about housing, although I do feel there is a fair amount of inequality. I have not continually copied and pasted like one member did, which wasn't helpful. I have answered questions (which I hope members find helpful), some of which have been yours on other threads. I get many people sending me PMs, on this and other websites asking more questions about economics, and I enjoy helping people out.

I do also read HPC, although it is too fast moving so only read important threads. It is an eye opener to the spin in the media, and is judge by it's name rather than it's content (unfortunately). I mainly spend my time on other investment forums.

I grudgingly admit you're not the worst complainer!

I think the posts on MSE about house buying any property are reasonably equally split between the "don't do it" and "do it" camps. Maybe i'm wrong.

I tend to try to sit in the middle and heckle either camp, though sometimes i end up on one side or other.

Two questions: How much do you know about economics, and what other investments do you look at on here or elsewhere?

PoorDave

ringo_24601 wrote:

Before everyone harps on with their tales of frugality "i didn't buy my house by going out, enjoying myself and having any form of life" we must just accept one fact my dad taught me from a young age:

Life is not fair

I bet you won't get away with this post for long...

Jim_B_3

ringo_24601 wrote:

Before everyone harps on with their tales of frugality "i didn't buy my house by going out, enjoying myself and having any form of life" we must just accept one fact my dad taught me from a young age:

Life is not fair

Why must we accept it?

[Deleted User]

What else you gonna do about it? Complain?

Jim_B_3

There are many, many cases in which people protested against things that weren't fair, and had them changed. Just because something isn't fair doesn't mean it's unassailable.

Begin the misrepresentation of my point.... now!

[Deleted User]

<- starts humming songs from Les Miserables ->

Let them eat cake

HouseHunter_2

when I first bought a house I earnt £8k and my partner £16k, at the time we were only allowed 3 times first income plus 1x second (I think) or 2.5 x joint. now I earn 32k and my partner 30k and we can have (easily) 3.5xjoint. and interest rates were WAY higher. finally we were able to buy a £60k house (and it was a struggle to get the mortgage) and interest rates meant that the payments were around £500 a month, which is often overlooked in these discussions.

If money has been tight I've always got a second job or taken in a lodger. I wouldn't say I've ever lived in a cardboard box, or had a difficult life in fact I've always had a great time but I think that's down to expectations. I grew up in a wealthy area and therefore knew if I wanted to buy anything bigger than a rabbit hutch I needed to perhaps move slightly to the wrong side of the tracks, which was let's put it rather colourful at times, but that's life really. and (whisper it) life ain't fair (which doesn't mean you shouldn't try and put it right but is a useful starting point to face the world with).

PoorDave

Jim_B wrote:

There are many, many cases in which people protested against things that weren't fair, and had them changed. Just because something isn't fair doesn't mean it's unassailable.

Begin the misrepresentation of my point.... now!

How do you propose to change things so they are fair, not just for you, me or anyone else on MSE, or the UK property market in general?

And who will arbitrate what is "fair"?

I agree fully an unfair system can be changed

Jim_B_3

PoorDave wrote:

How do you propose to change things so they are fair, not just for you, me or anyone else on MSE, or the UK property market in general?

And who will arbitrate what is "fair"?

I agree fully an unfair system can be changed

OOooo, lots of things. For starters, I'd like to radically increase inheritance taxes. I'd like to remove all tax breaks. I'd like to introduce a basic income; a base amount paid to every citzen, unassailable and given to all. I'd like to remove all political parties. I'd like to eliminate the idea of owning land; all land is the property of all citizens, administered by a public body, and may be rented by private citizens.

These are a few off the top of my head. Details need working out.

Dead_Eye_Jones

SammyLee wrote:

Daft question time, can anyone please shed some light on why it's now so hard for a first time buyer to put their foot on the property ladder compared to times gone by? What factors are causing this? I'm sure our Parents didn't have the same problem and the only sense I can get out of Estate Agents when I ask them is that there are so many First time buyers on the market but why should that be?
Yours confused

kids these days are spoilt and used to having what they want when they wanted. My parents bought their first property by setting their sights low, buying cheap, buying a wreck, going without luxury food, electronic googs etc etc. They DID NOT walk into an estate agents and pluck one of the shelf.

I had the same attitude, I shunned luxury items and pssing away my money down the pub, I worked hard and saved. I earn a very average salery, yet Ive just bought a 3 bed semi within commuting reach of London.

Most of my peers spend all the money they earn each month, and more. They get into debt, they drink, they buy ipods and what's more they think its their god given right to do all this stuff. And they wonder why they cant afford to buy a house.

It takes the pss imo. I worked 'kin hard and sacrificed and bought a place, if I can do it, anyone can, I didnt have any lucky breaks, no special treatment, no rich parents, I just took my opportunites given to me at my (state) school and then worked my !!! off. Anything else is just excuses, life is hard, compared to 95% of the world you have it easy, go and earn a house, if you cant then tough.

Social housing is great for those who really cant look after themselves those who pssed about at school or got spoilt by their parent - unlucky darts, a lesson you've learnt the hard way. I bet teach said they were doing it for your good and you didnt listen...

Sorry for the lack of sympathy, just sick and tired off the modern day whingers who think they are owed it all. Make your choices and suffer (or enjoy) the consequnces...

I did it by saving every last penny from the moment I left education, for 6-7 years and finally got what I wanted, now I just have to pay my mortgage each month, put a bit in the pension pot, some in the rainy day fun and the rest of the cash I can enjoy. I earned it. All the money saving info on this site should be enough, rent and travel where my two major expenses, after that I spent pretty much nothing. When I talk to my parents - thats pretty much what it was like for them too, their only entertainment was a radio. Worked for me too!

Thinks havent really changed, only peoples attitudes, these days people dont seem to understand the meaning of hardwork and sacrifice. Good luck to those who can have it all, I have friends whos mummy and daddy gave them a house, im not bitter. But most of us cant have it all, so make your choices and face up to the consequences... dont give me excuses.