An entire generation locked out of property ownership

Cleaver

chiquito wrote: »

Who can afford private rental its dearer than mortgages...... Flip it will be cardboard box city lol

One thing is certain: this country has houses and they will all be filled in one way or another. That could be through prices falling and more people buying, prices rising and more people buying, prices falling and less people buying or prices rising and less people buying. Maybe if prices rise and less people can buy, people will move in to different ways of living - i.e. more people living in one house, which is common in places like London already.

So people need somewhere to live, so if rents go up you'll see more house shares I guess.

PasturesNew

Cleaver wrote: »

So people need somewhere to live, so if rents go up you'll see more house shares I guess.

There comes a time when you can't houseshare. This might be because you've grown into a miserable, selfish, cantankerous old b4st4rd, or others assume you will be.

I'm finding it difficult to get viewings on places that are "close to sharing, but not quite" and I think the issue is that those advertising are 20-35 and I'm ... not. One interesting advert was worded quite badly and it sounded at first like a small annexe, but when I read it it said "to share with our 22 year old son". I thought "I'm up for that!", he wouldn't be though

Cleaver

PasturesNew wrote: »

There comes a time when you can't houseshare. This might be because you've grown into a miserable, selfish, cantankerous old b4st4rd, or others assume you will be.

True. But I was just saying that the market will sort out what happens. If rents are rising I guess you have three choices:

1) Don't rent. If lots of people do this, presumably rents will fall.
2) Rent at a higher cost
3) Cut your cost of renting by renting with someone else.

PasturesNew

Cleaver wrote: »

I got a new job today.

What do you do?

IveSeenTheLight

HAMISH_MCTAVISH wrote: »

So only around 30% will be able to buy according to the Rowntree Foundation......

Now, where have I heard that before.

Oh yes, here:

And below.
There is no shortage of posts which have pointed out the likely reduction in owner occupancy levels and an increasing in rentals.

Instead of considering these arguments, it's far easier to hit your head against a wall, stick your fingers in your ear and say "la-la-la-la-la" believing that there will be a crash to satisy all tin hat wearers where every man and their dog can own a home

IveSeenTheLight wrote: »

We need to be careful or we'll get into a credit related discussion shortly, however recent generations have had the luxury of available credit and opportunity to purchase that saw the owner occupancy reach an all time high circa 70%.

It's quite plausible that due to credit constraints and house prices that they will revert to further back generations where owner occupancy was far lower and people simply rented

IveSeenTheLight wrote: »

I agree with you but think it's been available for longer.

The thing is, owner occupancy was much lower when there was tighter credit controls.

Having a more sensible time is likely to mean less opportunities to become owners.

IveSeenTheLight wrote: »

It may not seem fair or just, but I think with the period of austerity, were going to see owner occupancy percentages lower than where they are.

If you want to move into the option of being a owner occupier instead of a tenant / stay at home, your realistically going to have to do the extra required to achieve it, regardless if it's harder than recent years or not.

PasturesNew

My problem with renting is that nobody would want to share with somebody who slobs around in leggings/a loose T shirt all day, eating endless toast and permanently glued to the Internet .... somebody who was up all night and going in/out of the house and pacing about/prowling about the house in the dark silently. Bit bl00dy odd and creepy to live with me.

Cleaver

PasturesNew wrote: »

What do you do?

Prefer not to go in to details on a public forum Miss New, but happy to send a PM if you're interested?

vivatifosi

Cleaver wrote: »

I got a new job today.

Congratulations Cleaver! Was it changing the rusty lock on the trophy cabinet at City?

Seriously though, good luck in the new role!

PasturesNew

Cleaver wrote: »

Prefer not to go in to details on a public forum Miss New, but happy to send a PM if you're interested?

OK. But I won't reply.... I'll be pleased to read it and think "Oh". I'm not good at responding, somebody has to stop first... it's usually me.

HAMISH_MCTAVISH

Joeskeppi wrote: »

Whats the 28th percentile salary for couples aged 30-34?

Based on ASHE median all-earnings, with a unisex average x 2, for 30-34 year olds the following would be the case.

The 75th percentile for a couple is £70,024

The 80th percentile for a couple is £76,090

The 90th percentile for a couple is £96,304

So the average FTB house price in 2026 based on current CML average FTB income multiples, and only the top earning third or so of FTB-s being able to buy, would be somewhere around £240,000 in todays money versus the current of around £130,000.

Joeskeppi wrote: »

Wowzers, if someone works that out, it may be possible that's the most bullish statement ever.

Why yes Joe, I do believe it is.