how is it hard for ftb to get onto the ladder in all places?

[Deleted User]

Graduates at my IT firm in london start on 24K, how in the hell are they meant to buy somewhere in London on that much, on top of repayment of student debts and with no savings? Even if you do decide to rent for a few years, rental prices are massive and you don't get much chance to save after paying debts. God knows what salaries are like for people in their 20s in backwater bits of North Wales (you've still not said the town name, it could be anywhere from Holyhead to llandudno)

The OP is utterly disillusioned about the financial state of FTBers

sciencegeek

mummyof3 wrote:

Hubby is in the forces.
We live in service married quarters which we pay rent for.
When he joined up 20 years ago he was told that there would be no need to buy a house as he would always have a married quarter.
So because of this and a 14 year marriage and 3 kiddies later, there is no way that we can afford to buy a house when he comes out next year.
I work only 12 hours a week and hubby full time and with our combined wage, which is not alot, we will not be able to afford to buy a house.
When he comes out next year we will be made homeless, jobless and have to apply for a council house. Which we have no idea on how to do.
What do we do?

To be fair ive no idea what wage your husband has been earning but a friend of mine (aged about 23) has recently joined the army as an officer and gets paid about 27k. His army accomodation and meals are provided and cost him about 50p per day in total. I realise that you + 3 kids also cost money but have you not managed to save anything in 14 years!!!
I really hope you get the house you need, i feel that families who have made a contribution to society should get preferential treatment to those who have had the opportunity but chosen not to take it. If this were the case perhaps we would have a more productive society and less of a welfare state.
If i were an employer i would happily employ ex-forces because i would be fairly sure they were not shy of a bit of hard work!
best of luck.

Ms_Piggy_2

I really think a huge amount does depend on where you live.....

I'm in the north east and it *is* possible to get on the ladder. Not necessarily easy, but certainly possible to buy an OK flat, in an OK area with an OK (but certainly not massive) wage.

pawpurrs

Maybe mummy thought that house prices wouldnt have become so unaffordable?

meanmachine_2

bs0u0128 wrote:

one of my properties im selling

Sorry, I switched off at this point.

The sooner people are taxed to make owning more than one property prohibitively expensive, the brighter everyone's future will be.

In the US, wages are the same as ours, but the average house price is nearly half. Which means every Yank has more disposable income and bigger properties too. Oh, and the market is crashing, despite these factors.

When will the British ever learn? No wonder companies are moving abroad.

pawpurrs

Well said mean machine.

Its the BTLers that have really strangled the property market, who gains in this market, downsizers, no one else!

barnaby-bear

MascaraMinx wrote:

why assume everyone needs 100% mortgage?

Because most FTB don't have savings or parents to hand over cash. I know I don't.

So they probably shouldn't be FTB with no savings/deposits - mortgage multiples used to be 3-3.5 single salary but you HAD to have a deposit. People seem to be able to generate huge amounts of extra cash to throw at their CCs on the DFW board.

If you don't have any savings trying to buy a flat/house is really quite utterly stupid. People who can't save shouldn't be able to get mortgages, anything else is irresponsible lending.

Dead_Eye_Jones

MascaraMinx wrote:

Because most FTB don't have savings

Dude, without any money in the bank I wouldnt expect to be able to buy a toaster, let alone buy a house, why should anyone be able to buy a house without earning and saving for it? People have funny expectations - if you dont have any money you cant have a house, I think this has been the case for quite a while now! Life is hard, always has been, always will be, relative to most of the world, we have it pretty easy...

pawpurrs wrote:

Its the BTLers that have really strangled the property market

*cough* single occupancy *cough* increasing population *cough* - Im afraid the demonising of the BTL market doesnt change the fact that demand has increased massively, and will continue to do so. Dig up the forecasts on Londons exploding population - millions of people expected over the next few years - do you *really* think BTL is to blame? *really?*, hmm a million extra people in the city and not a million new homes, hmmm - you do the math!

Also, our economy *needs* landlords so we can house the skilled immigrant workers that we now depend on because us Brits are nolonger up to the job.

ringo_24601 wrote:

Graduates at my IT firm in london start on 24K, how in the hell are they meant to buy somewhere in London on that much

Hi, to put your mind at ease, Im a grad in London and started on waaay less than that (blimey can I have a job? ) and im now the owner of a 3-bed semi 20mins away from the City. I did it by saving hard for a deposit using MSE tips and shunning 'necessities' such as phones, gyms, booze nights out etc. London is actually a cheap place to live but sadly we are hyped to believe the opposite. Where else can you go to weekly diverse free cultural events, visit bargin markets and travel around an entire city for a tiny % cost of car ownership?! But us MSEs know all about that already !



Cheers

emszii

Me and my partner just bought our first house through GMAC RFC for 89950(with a 5% vendor gifted deposit so we didnt have to pay anything)
It was easy and combined my partner and I earn 28k a year.
Its a 3 bed terraced house that has just been gutted and refurbished...so in our case it was quite easy....easier than we thought actually

[Deleted User]

Hell, from the new graduates we're getting at the moment, it looks like if you can use Word well you'd be management in 3 years. We're a bit more of a consultancy than programmer factory. One of our new starts just started a 6 month rental contract for.. a grand a month. I told him my mortgage on a 2 bedroom house 25 mins train ride from london was less than that.