Resentment of this generation

Percy1983

I can very much echo what has been said, I look at my parents house now worth £125k to which they bought it for £25k and after 25 years of payments the outstanding mortgage is £27k and there is a few credit cards racked up.

The reality is it would cost me more to buy into the same situation, I say this as the area has gone downhill in the 25 years and for me to buy in an area which is nice now is theres was 25 years ago I am looking at £175k.

My wages are already higher then my dads have ever been and my other half works full time in a higher paid job than my mum (who worked part time), yes what they had is still out of reach to us.

By all means I don't just sit here moaning about it and have worked hard to better my income etc, but I have had to work harder not to get a better deal but just to make sure I can actually buy a house.

cashbackproblems

Your absolutely spot on!

My parents generation who didnt even bother with education made so much from their properties and even had the ability to buy 3/4 bed homes as their first home, something it will take the younger generation 10-15yrs saving first. Im 25 and my parents have 4 BTL houses which they bought 15yrs ago for approx 70k each and they are now worth 160k+! BTL are still a good investment but only for long term, not quick money makers.

I guess we'v just gota live with the situation we're in as you can not do anything about market forces. Globalisation has also contributed with more outside money coming into property market especially in London.

shortchanged_2

Percy1983 wrote: »

My wages are already higher then my dads have ever been and my other half works full time in a higher paid job than my mum (who worked part time), yes what they had is still out of reach to us.

By all means I don't just sit here moaning about it and have worked hard to better my income etc, but I have had to work harder not to get a better deal but just to make sure I can actually buy a house.

You've hit the nail on the head there Percy1983, it's the rise of the working woman that is the cause of HPI.

ILW

If it was so easy 25 years ago, how come less people owned their own homes?

quantic

Its not my situation so much that annoys me, its more so that the previous generations seem to have a sense of accomplishment from being in the situation they are in? My point is that even if you bought extremely stupid, you still did incredibly well, absolutely nothing todo with your own knowledge/strengths etc. Oh well, maybe the trend will continue and my kids will be even more fooked then we seem to be

cashbackproblems

ILW wrote: »

If it was so easy 25 years ago, how come less people owned their own homes?

Did they? I thought thats when people actually started to own their own home with Thatcher selling off council houses so more people become home owners.

doire_2

ILW wrote: »

If your generation refused to pay the prices, they would drop. So you only have yourselves to blame.

Dont tell sibley that....he thinks sellers will never drop the price

Really2

Do you not have to take in take in to account virtually everything else is cheaper than back then though.

Cars, Washing machines, Holidays, TV, Telephone, Food, cost to service debt, etc etc.

Anyone ever thought that of putting cost of living in to the mix.

I think like for like even with house price inflation cost of living (all costs) are lower than they were 30, 40 + years ago.

Excess money has a habit of making in demand items inflate.
Blaming generations seems a bit odd.

reeac

It's all due to the lending institutions, starting back in the 1980's, getting into competition with each other to lend bigger and bigger multiples of income along with self-certification of income, 100-125% mortgages etc. This increased peoples buying power and drove up prices. Of course the rising prices led to bigger commissions and fees for house agents, surveyors, insurance salesmen etc. so none of them complained.

ukcarper

This is the main problem with these threads they fill up with people telling you how you could buy a 4 bed detached as you first home. Well house prices are expensive but not as expensive as some people would have you believe. I bought my first house in 1972 it was a 3 bed terrace I had to move 20 miles from where I worked and commute to be able to afford that I was on a reasonable salary equivalent to about £30k now. The house was worth about 5.3x my salary then and would be 6.6x now.

A lot depends on when you buy if I had bought that house in 1971 it would have been 4x my salary if I had bought it in 1973 over 6x.