Which Decade Was The Hardest On The Yoof For Buying A House?

Jimmy_31

reweird wrote: »

Actually on reflection I think this poll is flawed, as today's generation of man-babies still living at home under mummy and daddy's roof, rules, and finances are more likely to whine and moan over their sense of entitlement than any other previous generation, ever. Hence the skewed poll. In our day the yoof just knuckled down and got on with their lot in life.

Im guessing you lost everything.

Chin up weirdo

reweird

70's

Pipe down Jimmy lad, you're embarrassing yourself now boy. Mummy will be along shortly to tuck you in.

Percy1983

00's

reweird wrote: »

Actually on reflection I think this poll is flawed, as today's generation of man-babies still living at home under mummy and daddy's roof, rules, and finances are more likely to whine and moan over their sense of entitlement than any other previous generation, ever. Hence the skewed poll. In our day the yoof just knuckled down and got on with their lot in life.

Poor didums is the poll not going how you wanted and actually backing up what I have been saying in another thread?

Maybe just maybe I am correct that people are staying at home longer because its harder to buy a house.

I don't expect it for nothing and I am working for one, if the previous lax lending was still about I would have bought at the age of 25, but instead I have to save a deposit and have a spotless credit history which has pushed me to buying at 28 (all going to plan).

Of course I am just a child in your eyes so ignore me... but just consider that I may actually be a man and may be correct.

PS, I only live under my parents roof, I make my own rules and manage my own finances.

IveSeenTheLight

Percy1983 wrote: »

if the previous lax lending was still about I would have bought at the age of 25, but instead I have to save a deposit and have a spotless credit history which has pushed me to buying at 28 (all going to plan).

I wonder how many have delayed purchase as you have and will soon be in the position to start buying.

Of course, having a larger deposit means you have to save more and it will take longer, but will that start to filter through?

Will the mindset change for younger people to start saving earlier?

zeupater

Percy1983 wrote: »

..... Maybe just maybe I am correct that people are staying at home longer because its harder to buy a house.

I don't expect it for nothing and I am working for one, if the previous lax lending was still about I would have bought at the age of 25, but instead I have to save a deposit and have a spotless credit history which has pushed me to buying at 28 (all going to plan). ....

Hi

In reality the only issue you have raised here is that it is now harder for first time buyers (yoof) to buy than three or four years ago, not decades ago. We, and many others, purchased in a period before lax lending, when credit history was also taken into account, when the lender would actually write to your employer to confirm employment history and income, when you would only likely get a mortgage from a lender with which you had a history of savings, when you could only borrow a percentage of the value of a property before buying lender indemnity insurance .... and here's the big one .... each lender branch office could only lend an amount per month which was related to the size (revenue/savings value) of that particular branch, which resulted in having to apply for a mortgage and be put on a waiting list.

I agree that it's hard for first time buyers today, but it's probably no harder than at almost any time in the past ... that's why I haven't voted on the poll as I wouldn't just follow the normal impulse to simply select the decade in which we first purchased, as I suspect most who have voted will have done.

HTH
Z

Really2

80's

Percy1983 wrote: »

if the previous lax lending was still about I would have bought at the age of 25, but instead I have to save a deposit and have a spotless credit history which has pushed me to buying at 28 (all going to plan).

Would that not indicate it was easier to own in the 00's then?

I would say now is far harder then the 00's, what will this decade be called anyway? The Teenys?

But will this decade be harder who knows? but I would personally say it was easier to own in the 00's as borrowing was far more relaxed.

It is odd the Decade people moan about as a massive HPI boom, lax lending has become the one voted most hardest to buy in?
Surly it was the one easiest to buy in but the one people did not want to take the higher amount of debt on. A fully understandable reason, but that did not make it hard to buy IMHO.

Percy1983

00's

IveSeenTheLight wrote: »

I wonder how many have delayed purchase as you have and will soon be in the position to start buying.

Of course, having a larger deposit means you have to save more and it will take longer, but will that start to filter through?

Will the mindset change for younger people to start saving earlier?

I will say there must be many like me who will all be filtering through slowly, by all means its not such a bad thing to do it has just set me back a bit.

I do believe the mindset will change as you say and people will start saving sooner, in hindsight I should have but the trend at the time was 100%+ mortgages, as it is I decided against a 100%+ mortgage and decided to clear my debts first and get a 100% mortgage, of course in that time the goal posts moved and I now need a deposit.

By all means I am not bitter about it and just getting on with it, but overall time wise it has delayed me but financially I will see a massive benefit from my choices which I will admit are more luck than judgement.

IveSeenTheLight

Percy1983 wrote: »

I will say there must be many like me who will all be filtering through slowly, by all means its not such a bad thing to do it has just set me back a bit.

I do believe the mindset will change as you say and people will start saving sooner, in hindsight I should have but the trend at the time was 100%+ mortgages, as it is I decided against a 100%+ mortgage and decided to clear my debts first and get a 100% mortgage, of course in that time the goal posts moved and I now need a deposit.

By all means I am not bitter about it and just getting on with it, but overall time wise it has delayed me but financially I will see a massive benefit from my choices which I will admit are more luck than judgement.

Indeed, if there are people filtering through and the mindset changes for people to start saving earlier, the result should be that it would increase demand as those with the desire, then have the ability.

zeupater

Percy1983 wrote: »

I will say there must be many like me who will all be filtering through slowly, by all means its not such a bad thing to do it has just set me back a bit.

I do believe the mindset will change as you say and people will start saving sooner, in hindsight I should have but the trend at the time was 100%+ mortgages, as it is I decided against a 100%+ mortgage and decided to clear my debts first and get a 100% mortgage, of course in that time the goal posts moved and I now need a deposit.

By all means I am not bitter about it and just getting on with it, but overall time wise it has delayed me but financially I will see a massive benefit from my choices which I will admit are more luck than judgement.

It's either a buyers or sellers market, so with the current market conditions and some luck you'll be buying property at a discounted rate and do quite well from the decision to not buy a few years ago :D.

Percy1983

00's

The question is how quickly will people filter through and how many will it be out of reach for and therefore will never filter through.

In the 100%+ mortgage days more or less desire=demand which caused a massive bidding war. With things as they are now those filtering through will stablise the market I would guess.

I don't think they will be a single point they all get there but it should lead to a reasonable level of demand but nothing like the previous peaks.

By all means I could be wrong, yes its still not ideal but at least this way the financially ept will get the first bite of the cherry.