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

densol_2

OP - What was the question /point in your post because I must have missed it - sorry

mrsS_2

who decided that 34 is the absolute peak earnings age?

I know that the average ftbyer is now 34- but in 1984 it was 31-I would have expected a much more significant increase.

surely if you dont leave uni until 21/22 and then do some work related qualifications for a couple of years you have then only got 10 years climbing the ladder?

of course they are going to most likely have another 30 years before they retire- so what are they going to be doing during this time?

sorry- dont know many people of 34 who think they have peaked on their careers yet

but as someone implied earlier- you can do amazing things with statistics.

(btw-still in my 30s and quite understand about wage inflation thankyou!)

barnaby-bear

MascaraMinx wrote:

I'm loving all the 100% mortgage- no savings bashing.



However, I presume if I had parents who were happy to hand over £10k to me for my deposit then that would be okay then. I shouldn't expect to be allowed to purchase a property if I have no savings, but if someone is going to give me a handout to be able to afford it then that's acceptable?

Perhaps only privileged people should be allowed to own property, those that haven't ever racked up any debts because every thing has been handed to them on a plate, haven't had to fund their own education and make their own way through life.

Perhaps you should consider lots of people work hard, make sacrifices, live within their means, fund their own education, don't run up debt and SAVE,
after saving my *own* deposit I don't want some 100% mortgagee getting the same rate running up stacks of debt and going into DMP/IVA/BR so the bank passes the cost onto me. Perhaps only those people who have earned their own money and can manage their finances should be able to buy houses - yep that's how it is and always has been.

PoorDave

meanmachine wrote:

But the average FTBer age is 34 - absolute peak earnings and above average.

Why are we expected to buy below average when we won't be earning any more and won't be able to climb the ladder?

Jeez I'm bored of making this same argument with a bunch of boomers who, quite frankly, don't understand that a high wage inflation economy is different to a low wage one.

As has been said before, if you're fed up with it then stop.

People are expected to buy what they can afford without whinging, not sitting on the pavement next to a 3 bed house they can't afford crying to their mummy saying "but i want that one!"

Life is hard. Success is part luck and part hard work. The OP has presumably worked hard enough to buy a 2nd house, then perhaps benefitted from capital gains allowing them to purchase more - that's the good luck part. The bad luck part will come if they lose their job, or if interest rates rise so they're losing money.

In that case can you imagine all the BTL landlords coming on here "crying to their mummies" about how it's not fair? Can't see it somehow (might be wrong)

Anyone remember the OP's Q? From before we turned this into the same thread as lots of others...

zar

Assuming from your clues you mean Flintshire (I don't know the area) these are the numbers from the latest ONS Annual wage survey results.

mean 22,160

percentiles
20 11,045
25 13,189
30 15,055
40 17,467
median 21,514
60 24,120
70 27,883
75 29,024
80 31,530

So assuming a 10% deposit from somewhere, a single-wage FTB household would have to be in the top quarter of earners in the county (assuming 3.5x mortgage).

You can look at different combinations for a dual-wage household - when I put the 25% figure into the halifax calculator for both (13k) it said it would lend £103k which is almost enough, so I guess both partners would need to be in the top 75% of earners in the county to get the required mortgage, which seems more achievable. That's almost 4 times joint income though, so it all depends on whether your potential FTBs want to borrow as much as they can to buy your house.

Angela_D_3

bs0u0128 wrote:

not on market as of yet waiting to see if i can offload privately, however others in the same road went for more actually 118950 but that had more space slightly

Well there you go then it sell like a hot cake :rolleyes:

meanmachine_2

PoorDave wrote:

In that case can you imagine all the BTL landlords coming on here "crying to their mummies" about how it's not fair? Can't see it somehow (might be wrong)

Yes, how unlike the Brits to whinge when their greed makes them do stupid things.

Most recently it's endowments, next it'll be IO mortgages.

These things come around every 15 years, just like every boom and bust cycle.

We're stupid to think that history never repeats itself. And greed makes us blind to that fact.

Oh,and I love how rampant house price inflation is explained away as the result of "hard work", as if anyone has actually earned it. Sorry pal. Easy come, easy go. Too much money in the system, which will have to be paid back over the next 10 years with higher IRs.

Get used to it.

Sapphire

mrsS wrote:

You are absolutely right

however most of the apprenticeships that were around then are not available now.

I left school at 18 to also work on books- I became a chartered accountant. The year after I started the Institute decided it would no longer accept anyone with just A levels- however good they were and the job became graduate entry only.

So to do the same job now i would HAVE to get a degree- it wouldnt make me any better at my job-just older!

how do we turn back the clock?

Well, it would be possible for the government to encourage employers to start up apprenticeship schemes. It could well be something that employers would welcome. They would be able to employ inexperienced juniors straight from school at a low rate and teach them the job, instead of having to employ inexperienced juniors who have obained degrees, and expect to start on higher salaries (however useless for the job their degrees are). The latter would have to be taught just as much by the employer - if not more - as the former.

tomstickland

Great repackaging of the same old arguments! I agree with most of what most people have said.
ie: in some areas you can afford to be a FTB if you think a 1 bed flat or small house is OK and earn a good salary.
House prices are high at the moment, and there's no reason why they should always stay like this.

Xbigman

This debate will never end, and will never come to any conclusions. Every ones view is influenced by their personal circumstances. The OP can't understand why FTBers can't afford 'one of his properties'. Those without a deposit think its reasonable not to have one, those with a deposit think those without should have worked harder.

Personally I didn't care what house prices did because I have mine and the mortgage is looking pretty small compared to some others. Now I've realised my daughter cannot get anywhere to live on what she earns, buying or renting. I think she will be living with me for the forseeable future. :eek:
Regards



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