Stealing from your children

IveSeenTheLight

Yakubu22 wrote: »

I'm sure the thought of owning their first home aged 50, is a most uplifting aspiration.

Again, where does the aged thing come into it.
I'm sure if he wants to buy, he'll apply himself and do so.

I know people in my very close to UK average area that have bought in their 20's
I even know a girl of 24 with a 2 1/2 year old girl who bought 3 years ago.

So not everywhere in the UK is blighted by the thought that they cannot afford.

Some poeple just go out there and do it

IveSeenTheLight

Katie-Kat-Kins wrote: »

Not only do I know that the capital of Cambodia is Phnom Penh, I also know that Cambodia doesn't have a [STRIKE]P[/STRIKE]p in it.

Well done, gold star for you Katie Kat Kins
I won't get into grammar issues, as I am as bad as the rest

chucky

IveSeenTheLight wrote: »

Some poeple just go out there and do it

and others set up multiple user id's, frothing about house prices being unaffordable and stalking a few other users around the forum.

Blacklight

IveSeenTheLight wrote: »

Again, where does the aged thing come into it.
I'm sure if he wants to buy, he'll apply himself and do so.

I know people in my very close to UK average area that have bought in their 20's
I even know a girl of 24 with a 2 1/2 year old girl who bought 3 years ago.

So not everywhere in the UK is blighted by the thought that they cannot afford.

Some poeple just go out there and do it

It's just those still wearing their tin foil hats who think the next leg down is just around the corner and refuse to admit they got it wrong who won't buy. Although more are starting to swallow their pride and just getting on with it now.

Truth is the average person on the average wage can afford an average one or two bed flat.

The average couple on the average wage can afford the average house. In fact, well in excess of the average house.

Even using the golden 3.5x multiplier.

Things simply aren't overpriced like some stubbornly believe, there is no conspiracy and prices aren't about to dramatically plunge, plummet, tumble or crash.

Yakubu22

IveSeenTheLight wrote: »

Again, where does the aged thing come into it.
I'm sure if he wants to buy, he'll apply himself and do so.

I know people in my very close to UK average area that have bought in their 20's
I even know a girl of 24 with a 2 1/2 year old girl who bought 3 years ago.

So not everywhere in the UK is blighted by the thought that they cannot afford.

Some poeple just go out there and do it

You argued that your children are better off needing huge deposits and even bigger mortgages to fuel HPI. So that in the distant future all the equity you have, may be passed on to them. Surely it would be better for them to be able to afford a nicer home, when they need it most (like starting a family)?

Pardon me if i find the old "just apply yourself" chestnut a little tiresome? I work very hard an earn above average -as does the wife. So questioning my work ethic and saying I should just buy, doesn't cut it with me.

But I agree that if you REALLY have to. You probably can buy something far from ideal and certainly not cheap.

Blacklight wrote: »

It's just those still wearing their tin foil hats who think the next leg down is just around the corner and refuse to admit they got it wrong who won't buy. Although more are starting to swallow their pride and just getting on with it now.

Truth is the average person on the average wage can afford an average one or two bed flat.

The average couple on the average wage can afford the average house. In fact, well in excess of the average house.

You're contradicting yourself;

"An average person on an average wage can afford a flat."

Well is that somewhere you'd want to raise a child/family? I've lived in a flat myself in the past and it served a purpose. However they're quickly outgrown and they're the first to lose value. The vast majority of flats by mine are BTLs anyway. The rest generally lie empty and over priced.

Plus you really think I'd let my pride get in the way of a major financial decision? My pride can go to hell if it meant a lifetime of security. I simply believe in the short term, prices will stagnate at best. So unless i need to buy, I probably won't.

DaddyBear

Yakubu22 wrote: »

You argued that your children are better off needing huge deposits and even bigger mortgages to fuel HPI. So that in the distant future all the equity you have, may be passed on to them. Surely it would be better for them to be able to afford a nicer home, when they need it most (like starting a family)?

Pardon me if i find the old "just apply yourself" chestnut a little tiresome? I work very hard an earn above average -as does the wife. So questioning my work ethic and saying I should just buy, doesn't cut it with me.

But I agree that if you REALLY have to. You probably can buy something far from ideal and certainly not cheap.



You're contradicting yourself;

"An average person on an average wage can afford a flat."

Well is that somewhere you'd want to raise a child/family? I've lived in a flat myself in the past and it served a purpose. However they're quickly outgrown and they're the first to lose value. The vast majority of flats by mine are BTLs anyway. The rest generally lie empty and over priced.

Plus you really think I'd let my pride get in the way of a major financial decision? My pride can go to hell if it meant a lifetime of security. I simply believe in the short term, prices will stagnate at best. So unless i need to buy, I probably won't.

I know where you're coming from. I also see stagnation as the result for the next few years, however, I see a stagnant Market as one that can be climbed more quickly.

Really2

DaddyBear wrote: »

however, I see a stagnant Market as one that can be climbed more quickly.

How, a falling market is one that can be climbed quickly surely?

Blacklight

Yakubu22 wrote: »

You're contradicting yourself;

"An average person on an average wage can afford a flat."

Well is that somewhere you'd want to raise a child/family? I

The point was rather that the average single person can afford a one or two bedroom property as opposed to the average house which would be somewhere sizable for a couple to raise a family.

If you can start a family by yourself on your own then I suggest that's what you should go and do...

IveSeenTheLight

Yakubu22 wrote: »

You argued that your children are better off needing huge deposits and even bigger mortgages to fuel HPI. So that in the distant future all the equity you have, may be passed on to them.

I didn't argue that at all.
I'm not sure where you got that assumption.
Let me make it clear. I'm entirely happy for properties to rise in line with inflation.

My argument was that I am not stealing from my children as implied by the OP and in fact if anything I was providing for them.

Nobody can know for exactly sure what will happen with house prices, but historically it can be shown that nominally house prices will rise over the long term.

My son is 15 months and I have 3 properties.
All of which will be mortgage in only a few years.

By the time he's going to be looking for a house (say 20 years) house prices are likely to be significantly higher than they are today (nominally)

I can either do nothing and hope / wish / moan as many do here that property will be affordable to him.
or
I can put investments in place to secure my and my families futures.

I reiterate, I am not stealing from my children, I am ensuring that they are provided for and if need be, that I can provide them assistance.

That said, I still believe in installing an ethic of having to do something to be able to achieve it.
He's only 15 months and already doing some chores around the house.
He see's it as a game, but things like putting his clothes in the washing basket or tyding up toys at the end of the day all build towards him achieveing things for himself instead of relying on others

Yakubu22 wrote: »

Pardon me if i find the old "just apply yourself" chestnut a little tiresome? I work very hard an earn above average -as does the wife. So questioning my work ethic and saying I should just buy, doesn't cut it with me.

You make your own choices in life. You choose what you do, how you budget your money. Simply being an above average earner, does not necessarily reflect in affordability depending on your outgoings.

Certainly in my experience and those I see around me, the oppertunity to buy has always been there if desired.
I do also know people who are unlikely to be able to afford, yet that is where they have placed themselves in their life.

Some area are expensive, I accpet that and don't say that everyone can buy in the area they choose.
Again it comes down to choice. If you can't afford in the area you desire, you can choose to select a different area.
There is obviously sufficient effective demand to push prices to the level they are and you need to accept your position.

Even in my VI area, there are properties I cannot afford. I simply realise this and focus on what is within my budget and get on with it.

The choice is yours.

DaddyBear

Really2 wrote: »

How, a falling market is one that can be climbed quickly surely?

Not if it's eating into your equity.