Average family will have to save for more than 30 years to raise first deposit

MrRee_2

ILW wrote: »

True, but even up north, I would not consider someone on 10k should even be considering home ownership.

Absolutely agree ......

There is a home owning class and then a renter class.

ILW

MrRee wrote: »

Absolutely agree ......

There is a home owning class and then a renter class.

Nothing to do with class, just income.

HappyMJ

£18,600 is only minimum wage for less than 30 hours per week for 2 people working.....and that hard working family expects to buy the "average" property. I don't think so.

The average family needs to be working full time at 37.5 hours each and earning at least £7.50 per hour before even considering buying at the lower end of the market. Anything less and you may as well rent and claim housing benefit.

MrRee_2

ILW wrote: »

Nothing to do with class, just income.

Class as in group rather than class as in social position.

Carl31

ILW wrote: »

A young couple earning say £25k each would take home around £3000 per month.
Saving a grand a month for a few years should be simple. If you are not on that sort of income, you are not in the "homeowner" bracket anyway.

I think when the term 'family' is used, it assumes at least one child in these articles

justjohn

I think many first time buyers don't want to start at the bottom of the ladder. Its not actually a case of getting on the housing ladder. Many buyers want to jump onto the middle of the ladder.(still without any sacrafice)

i had my first house when i was 22.(miners cottage,then ex-council x 2,now edwardian) i would loved to have bought the house i am in now as a first time buyer. Big difference between getting on the housing ladder and buying your ideal house.

DaddyBear

ukcarper wrote: »

Why is that all my family the oldest being 36 have had their own homes for at least 5 years as is the case for most of their friends.

Before 2006...... Lower (or non-existent) deposit requirements, lower inflation, pay rises generally matching or surpassing inflation.

Before 2004...... Cheaper property prices.

It's not rocket science.

Mallotum_X

Saving up can be done on low income. I did it myself and bought in Jan 2002 at the age of 25. I had done it the old fashioned way. Rented a cheap flat, ran an old car and didnt waste money on pointless stuff. I bought a 2 bed starter home with a 10% deposit. Over the last (almost) 10 years that house would have increased to about £140-£150k and is now probably somewhere about the £130k mark. I sold in 05 for £125k.

Part of the problem has been that FTB have expected a lot more as their first time home. Many people had started out with a flat or small terrace and worked up, yet that idea seems to have gone. The typical 25 year old FTB now seems to want the flash car, fancy new home and to fill it with brand new funiture. Then complains at the cost. Yet if they started out like many had done in the past, save up, and then have an old car and furniture from friends or family to start out it would have been easier.

Prices rocketing is a problem, but its only part of the problem, attitudes and expectations have also lead to much of the mess we are in now.

Quite why all these FTB over the age of 35 didnt do something sooner is a little strange.

Carl31

Mallotum_X wrote: »

Saving up can be done on low income. I did it myself and bought in Jan 2002 at the age of 25. I had done it the old fashioned way. Rented a cheap flat, ran an old car and didnt waste money on pointless stuff. I bought a 2 bed starter home with a 10% deposit. Over the last (almost) 10 years that house would have increased to about £140-£150k and is now probably somewhere about the £130k mark. I sold in 05 for £125k.

Part of the problem has been that FTB have expected a lot more as their first time home. Many people had started out with a flat or small terrace and worked up, yet that idea seems to have gone. The typical 25 year old FTB now seems to want the flash car, fancy new home and to fill it with brand new funiture. Then complains at the cost. Yet if they started out like many had done in the past, save up, and then have an old car and furniture from friends or family to start out it would have been easier.

Prices rocketing is a problem, but its only part of the problem, attitudes and expectations have also lead to much of the mess we are in now.

Quite why all these FTB over the age of 35 didnt do something sooner is a little strange.

I think the article is speaking about families, not single people, or couples

Mallotum_X

Carl31 wrote: »

I think the article is speaking about families, not single people, or couples

People are not born as a family... Its a choice they make. Get the house then start the family would be a more sensible way round of doing things perhaps?