'Generation rent' excluded from home ownership

FATBALLZ

globalds wrote: »

Reading this thread I get the impression far too many first time buyers are expecting too much.

Part of the role of first time buyer is to buy something in a hopefully up and coming area as opposed to somewhere more established.And also get a place considered at the bare minimum to be a dooer upper.

This saves many thousands and is the way it was done.

The other part of the first time buyer experience that involves waiting until you have the funds to decorate and buy expensive consumer goods seems hardly worth mentioning as it would be laughed off this thread as being something totally impossible.

Can you give some examples (rightmove) of what you'd term a 'dooer upper'? Are we talking a few manky carpets to be replaced or major structural problems?

Percy1983

chucky wrote: »

exactly, they also the last people that should really complain that house prices are unaffordable when they're the main reason to blame that they can't afford to buy.

I would partially agree with this, as I say I had debts but I could still complain housings was unaffordable as I couldn't afford with or without said debts.

Likewise with me, once houses became affordable (due to working hard and upping income) said debts where only a obstacle but not really a problem (a little time needed to pay them) as if you can afford to save a deposit you can afford to pay debts.

As it is we have been lucky here, as it is we didn't have too much phantom debt (we have a lot of stuff to show for it) and in the time we have been clearing them prices have come down nicely, so we will have a lot of stuff to put in said home and we wil get the home for around £20k less.

FATBALLZ wrote: »

Can you give some examples (rightmove) of what you'd term a 'dooer upper'? Are we talking a few manky carpets to be replaced or major structural problems?

I was wondering this, most property seems to already have had the 'developers' in so have white bathrooms and magnolia walls with laminate floors. With that the ones which need work don't seem all that cheaper.

ukcarper

Yakubu22 wrote: »

Seriously this pretty much sums up the out of touch attitude of some of the older generation. I'm not sure what planet you live on. But how on earth does someone who graduates at the very earliest 21. Then save "tens of thousands" while paying tax, student loan repayments, and living costs in less than 4 years.

What a disgusting level of ignorance.

Average graduate pay £25k take home £1.6k a month student loan £75 a month. Live with parents like we did I would have thought you could save quite a bit.

Yakubu22

globalds wrote: »

Reading this thread I get the impression far too many first time buyers are expecting too much.

Part of the role of first time buyer is to buy something in a hopefully up and coming area as opposed to somewhere more established.And also get a place considered at the bare minimum to be a dooer upper.

This saves many thousands and is the way it was done.

Please read #26. You don't have to be frivolous to struggle.

ukcarper wrote: »

Average graduate pay £25k take home £1.6k a month student loan £75 a month. Live with parents like we did I would have thought you could save quite a bit.

Well £25k a year is a great salary for a graduate. In fact I don't know many who got that. Assuming your parents don't ask for much contribution and you don't mind living at home with parents till mid 20s. You don't have an expensive commute, you don't have expensive holidays, you don't spend much going out. You might be lucky to save £6k a year.

Given all those positive factors which most young people don't all benefit from. It is hardly easily achievable to save something like £30k in under 4 years.

FATBALLZ

ukcarper wrote: »

Average graduate pay £25k take home £1.6k a month student loan £75 a month. Live with parents like we did I would have thought you could save quite a bit.

That £25k figure is biased towards London, and roles aimed specifically at graduates, I very much doubt it is a true reflection of what your typical University graduate earns when they get their first job. I started in a graduate scheme in a good job in 2005 and was on less than that.

Don't get me wrong it can be done (I did it myself), but you would have to either have a very good income or live with your parents (not everyone can), and even then it's pretty marginal, especially assuming that you pay into a pension and given many people need cars for work or have high transport costs even if they don't.

ukcarper

Yakubu22 wrote: »

Please read #26. You don't have to be frivolous to struggle.



Well £25k a year is a great salary for a graduate. In fact I don't know many who got that. Assuming your parents don't ask for much contribution and you don't mind living at home with parents till mid 20s. You don't have an expensive commute, you don't have expensive holidays, you don't spend much going out. You might be lucky to save £6k a year.

Given all those positive factors which most young people don't all benefit from. It is hardly easily achievable to save something like £30k in under 4 years.

£25k is the average graduate salary. It's no good having ago at older people because that is what we did stayed at home with our parents, night out quite drink at the local with friends and no holidays.

[Deleted User]

ok.. look at this way; two people, saving £300 a month for 3 years will have a bit over 20k between them. If they found a 180k property, they could get themselves a 90% mortgage.

Does that sound so hard? It doesn't to me. I gave up holidays for a few years and cut down how much I went out... it wasn't terrible and I wasn't on a particulally great graduate salary. If you are young and living away from your parents, flat sharing is the best way to keep your costs down.

If you whippersnappers think life is expensive now; wait till you have kids and want to buy a bigger house.

FATBALLZ

ukcarper wrote: »

£25k is the average graduate salary. It's no good having ago at older people because that is what we did stayed at home with our parents, night out quite drink at the local with friends and no holidays.

£25k really isn't the average, as I mentioned before and explained here:

http://ww2.prospects.ac.uk/cms/ShowPage/Home_page/Main_menu___Research/Labour_market_information/Labour_market_FAQs/What_is_the_average_graduate_starting_salary_/p!epmglcg

And I'm going to have to take issue with your second comment, given the number of posts from people saying they bought aged 19, 20 , 21 etc. on this site. I'm not saying you're lying, but maybe the reason younger people tend not to believe these stories about what 'everyone' did back in the day is because so many of them are contradictory. Also articles like this would make me suspicious:

http://www.guardian.co.uk/society/2009/dec/08/young-adults-living-parental-home-ons

ukcarper

FATBALLZ wrote: »

That £25k figure is biased towards London, and roles aimed specifically at graduates, I very much doubt it is a true reflection of what your typical University graduate earns when they get their first job. I started in a graduate scheme in a good job in 2005 and was on less than that.

Don't get me wrong it can be done (I did it myself), but you would have to either have a very good income or live with your parents (not everyone can), and even then it's pretty marginal, especially assuming that you pay into a pension and given many people need cars for work or have high transport costs even if they don't.

I accept is hard and things have change since I was young but it could be done if people did live with parents and save most of their salary. I save £800 in one year when earning £1.5k gross, a different world then less temptation people got married earlier hardly anyone bought a property on their own. Property is more expensive my first house was about 5.5x average wage same house 7.5x .

Yakubu22

FATBALLZ wrote: »

That £25k figure is biased towards London, and roles aimed specifically at graduates, I very much doubt it is a true reflection of what your typical University graduate earns when they get their first job. I started in a graduate scheme in a good job in 2005 and was on less than that.

Don't get me wrong it can be done (I did it myself), but you would have to either have a very good income or live with your parents (not everyone can), and even then it's pretty marginal, especially assuming that you pay into a pension and given many people need cars for work or have high transport costs even if they don't.

PRECISELY

ukcarper wrote: »

£25k is the average graduate salary. It's no good having ago at older people because that is what we did stayed at home with our parents, night out quite drink at the local with friends and no holidays.

why do some of the older posters insist that they're being attacked simply because someone younger expresses an opinion that things are tough these days?