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'Generation rent' excluded from home ownership
Comments
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That is exactly the point, We will both be 28 when we buy to which we want to start a family (we would have done already if we could call anywhere home), with that we are going straight to the 3 bed semi's as we would outgrow a 2 bed terrace rather quickly.
If you could have afforded anything 4 years ago a small house would have been just fine but its just not a good idea now.
As said if the average FTB is getting older, the average FTB home will change with them.
As it is locally houses have got about £20k cheaper in the mentioned 4 years, so all is good.Have my first business premises (+4th business) 01/11/2017
Quit day job to run 3 businesses 08/02/2017
Started third business 25/06/2016
Son born 13/09/2015
Started a second business 03/08/2013
Officially the owner of my own business since 13/01/20120 -
Actually, this is something that's been bothering me recently (and this isn't aimed at you personally Yakubu in any way)...Buying your first house has always been hard, but I feel conditions currently are incredibly difficult at the moment. Unless of course you're lucky enough to have wealthy family to give you a leg-up the ladder (which I'm not).
Why are we all so poor generally when it comes to inheritances? By definition we all come from lines with dozens of previous generations; what's happened to their excess wealth over the decades? Even if only a small portion gets passed on, the values of compounding should have made this quite a large amount.
I can understand a fair few cases of the accumulated fortune being squandered away, but for 90-something percent of the population to effectively have to start from scratch every generation - what happened? Why aren't we all living in our great-grandparents' summer house?
</naive mode>0 -
Where's this then?
Only one bedroom flats for elderly up north left.
You know that's not true. If what you're saying is you have to join a waiting list and get points or rent privately - that's how it's always been, all over the British Isles. Not only does the North have enough social housing there are regeneration areas where you can buy houses for next to nowt and get grants to do them up.
The only place in the UK where there is an accepted shortage of social housing is in the overcrowded south. That is being addressed and has been for five years.0 -
Actually, this is something that's been bothering me recently (and this isn't aimed at you personally Yakubu in any way)...
Why are we all so poor generally when it comes to inheritances? By definition we all come from lines with dozens of previous generations; what's happened to their excess wealth over the decades? Even if only a small portion gets passed on, the values of compounding should have made this quite a large amount.
I can understand a fair few cases of the accumulated fortune being squandered away, but for 90-something percent of the population to effectively have to start from scratch every generation - what happened? Why aren't we all living in our great-grandparents' summer house?
</naive mode>
That's a very good point."For those who understand, no explanation is necessary. Those who don't understand, dont matter."0 -
mr_fishbulb wrote: »This is an interesting comment and has got me to thinking now that the average FTB is 37 (or similar), is the size of the average property the FTB is buying larger?
People can get away with a 1 bedroom place in their mid 20's, but at close to 40 you're going to want to start thinking about where to put the little 'uns (if you haven't already got some).
The average age of unassisted FTB-s is 37.
The average age of assisted FTB-s is late 20's.
The average age of all FTB-s is 32.... The same as it was in 1990.
The big difference is what the size of deposit requirements since the crash has done to FTB numbers. They've halved since 2007, when house prices were higher. That and 80% of FTB-s now receive assistance from BOMAD. From memory it was less than half in 2007, when prices were higher.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0 -
Terrible nonsense. There is no reason why a young person nowadays will not be able to afford a home. How can anyone not have enough for a deposit by the time they are 25? If someone is unable to purchase a house then it is not the deposit that is the problem.
There is no excuse for most 25 year olds to not have tens of thousands of pounds in savings.0 -
You know that's not true. If what you're saying is you have to join a waiting list and get points or rent privately - that's how it's always been, all over the British Isles. Not only does the North have enough social housing there are regeneration areas where you can buy houses for next to nowt and get grants to do them up.
The only place in the UK where there is an accepted shortage of social housing is in the overcrowded south. That is being addressed and has been for five years.
OK, I accept that I have the opportunity to join a waiting list - but in reality, my OH and I as healthy, childless people have next to no chance of ever having a high enough priority to actually get a property. We've looked at the local Housing Associations and again, as healthy, childless people who aren't key-workers there isn't really anything available to us. In the town where I live, they've built 40 council houses in the past two years (in fact, they've allocated the money for these, I don't think they're actually built yet). There are 13,000 people on the council's waiting list (according to a local news report from January this year). Realistically, there's no way we'd get council housing. So our only option is to rent privately, where we don't have much in the way of security of tenure.
Fine, there's loads of housing up North, but there isn't necessarily the work to go with it. I'd be a fool to leave my job in the hope of a cheap house, given that I'd still need a job to pay for it, grants or not ...0 -
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Terrible nonsense. There is no reason why a young person nowadays will not be able to afford a home. How can anyone not have enough for a deposit by the time they are 25? If someone is unable to purchase a house then it is not the deposit that is the problem.
There is no excuse for most 25 year olds to not have tens of thousands of pounds in savings.
I'm not sure if you are being sarcastic or not!?0
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