Selfish Britain

JonnyBravo

yorkshirekev wrote: »

Perfectly rational position to take. Because you have actually done what I personally would love to do in the future, any tips? Because to me the idea of owning a house is pretty much on the same level of realism as going to the moon at the moment.

Not trying to be critical. You guys are entrepreneurs, you took the risks, you claim the benefits.

No direct advice sorry.
I have no idea of your personal position.

General tips?
Do whatever you think is best for you.... they key word in there is "think". ie dont rely on a load of nutjobs on here to tell you what is going to happen. Most have tried and they've all been wrong at some point or other. Think for yourself.

I s'pose I'd say dont put your life on hold for something (eg a crash) that might not happen but then if people do that and are happy with whatever the result then thats good too.
It is no doubt harder to buy now, (I only had a 10% deposit), but that's just the way of the world at the moment, it won't stay that way. Things change. You can only deal with the present, don't waste too much energy on something you can't change.

thorsoak

In our case, neither of us had gone to university - although we both went to grammar school. OH was taken on as a BP engineering trainee at 17, which meant apprentice wages (£3.50 per week) plus 2 nights at evening school & 1 day release - plus 1 week (unpaid) at summer school. This until he was 21. I started as a junior secretary at the salary of £5.50 per week at the age of 18. Out of these amounts we both gave our parents 50% of what we earned.

OK - so entertainment to us was an evening in the pub/dance hall, nursing half a pint of bitter (for him) and a babycham for me - or on occasion a drive to Eel Pie Island for the jazz/party.

We saved what we could - and it took long enough to save - but then our expectations weren't so great. For a week's holiday we went & stayed with rellies!

We remortgaged on three occasions when our kids grew up - to help with their deposits on their first homes (from 1990 through to 2005) And when we moved for the last time, No 4 got some help then.

We didn't buy to make money - we bought somewhere to live, not anticipating making our homes our piggy banks! Our last (and final) move two years ago as we retired caused not a few headaches and at the end we were "gazundered" and had to accept £50k less at the very last minute - which was to have been our pension pot - oh - and did I mention that our pensions were depleted due to the late 90s turmoils??

It's never been any different - we worked out that in 1990, again in 1998 and in 2005 there was very little difference in the ratio of what was earned/cost of property.

yorkshirekev

JonnyBravo wrote: »

No direct advice sorry.
I have no idea of your personal position.

General tips?
Do whatever you think is best for you.... they key word in there is "think". ie dont rely on a load of nutjobs on here to tell you what is going to happen. Most have tried and they've all been wrong at some point or other. Think for yourself.

I s'pose I'd say dont put your life on hold for something (eg a crash) that might not happen but then if people do that and are happy with whatever the result then thats good too.
It is no doubt harder to buy now, (I only had a 10% deposit), but that's just the way of the world at the moment, it won't stay that way. Things change. You can only deal with the present, don't waste too much energy on something you can't change.

Cheers. The way I look at it, is that there is no point being bitter. As someone in my mid 20's you guys are my landlords and managers, so regarding you as vermin would be both unpleasant and self-defeating.

Waiting for a crash would be similarly self-defeating as nobody knows what tomorrow will bring, let alone this time next year. It is just difficult to keep up a sense of aspiration when deep down you know that unless you triple or quadruple your income then you will always be stuck renting.

System

First things first kev it looks like you've still got a lot of debt to shift, and then you need a deposit. So my advice, get saving!

yorkshirekev

Joeskeppi wrote: »

First things first kev it looks like you've still got a lot of debt to shift, and then you need a deposit. So my advice, get saving!

Thanks Joe. You are totally right. But I am one of those annoying people who needs a goal to aim at in order to keep motivated. Debt is lower now, I have just been too lazy to change the sig!

JonnyBravo

yorkshirekev wrote: »

Cheers. The way I look at it, is that there is no point being bitter. As someone in my mid 20's you guys are my landlords and managers, so regarding you as vermin would be both unpleasant and self-defeating.

Waiting for a crash would be similarly self-defeating as nobody knows what tomorrow will bring, let alone this time next year. It is just difficult to keep up a sense of aspiration when deep down you know that unless you triple or quadruple your income then you will always be stuck renting.

Mid 20's?. Blimey don't worry.
Didn't buy 'til I was 28. Didn't move in 'til nearly 29 as it was uninhabitable for 6 months.
I chose to live with the olds and all the restrictions that came with to save extra cash.
You need a goal?
Focus on promotions to treble your wage like you say you'll need. I earn over 5 times what I did 10 years ago. Like you say I'm now managing people who did what I did a while back.
Sure it's hard to see that long term when you're 25, (sorry I'm coming across as patronising but I'm recently 40 and it's required when you're over the hill ), but if you want it bad enough you'll get it. If you don't get it, I guess you just didn't want it bad enough.
Well done with the debt. Keep it up and good luck.

nearlynew

Anyone who says it's just as easy for youngsters to buy a house today as it was, say, 30 years ago is talking out of their ar5e

yorkshirekev

JonnyBravo wrote: »

Mid 20's?. Blimey don't worry.
Didn't buy 'til I was 28. Didn't move in 'til nearly 29 as it was uninhabitable for 6 months.
I chose to live with the olds and all the restrictions that came with to save extra cash.
You need a goal?
Focus on promotions to treble your wage like you say you'll need. I earn over 5 times what I did 10 years ago. Like you say I'm now managing people who did what I did a while back.
Sure it's hard to see that long term when you're 25, (sorry I'm coming across as patronising but I'm recently 40 and it's required when you're over the hill ), but if you want it bad enough you'll get it. If you don't get it, I guess you just didn't want it bad enough.
Well done with the debt. Keep it up and good luck.

Cheers Jonny, I like your style. I think being as positive as you can be is what I have got from this. It will be terribly difficult, but I suppose anything worth doing is going to be hard.

olly300

yorkshirekev wrote: »

I am sitting on the sidelines at the moment just looking at how things are going. Moved to London from Yorkshire a few months ago and just about to start again in my old industry.

Just trying to find my feet and see whether it is worth it or realistic for me to fight like hell for five years to try and get my way up in this industry so that when I am 32/33, I will have better options.

I am fairly neutral here. Just want to see whether I can do this, or should I be thinking of emigrating and trying to get a better standard of living somewhere else.

My instinct is that without parental assistance, you would have to get very lucky nowadays to ever achieve the goal of home ownership. But the question would be: If your chances are 10-20% is it worth still going for it?

If I was starting out and was offered a job in certain European countries I would emigrate.

Some of my friends now have and they aren't starting out though.

Yes you can get yourself a nice flat or house if you are lucky in the SE but the quality of life you have paying for it is poor.

Even the richest people I know have worked very hard for their money and are only enjoying themselves in their late 40s. They also had children late or are on their second family (which is not always their fault)

Out,_Vile_Jelly

ILW wrote: »

Anyone on a salary of £30k or more can buy a home. It may not be in the preferred area or it may not be the preferred type of home but they are out there.

In London?