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

ukcarper

Jimmy_31 wrote: »

Yes , sat out the boom because prices got ridiculous and it was obvious the construction industry would end up on its !!!! at some point, so it would have been stupid of me to get a mortgage.

So it is possible to save

RenovationMan

RenovationMan wrote: »

You're doing it again, making things up!

I never said you didn't have a child living with you. You stated on a different thread that you didn't receive CTC or WTC. I then asked whether you turned down your CTC and WTC due to altruistic reasons - i.e. you don't need it so you won't claim it.

It's not a difficult question to answer. So, why do you not receive WTC or CTC?

Hmnn, no answer. Again. Perhaps Graham is waiting for the thread to start on a new page before he replies to a question I never actually asked?

Smilver

quantic wrote: »

Additionally, this might be a very naive view, but I always thought it was best to save up for a house BEFORE having the family?

Nowadays its a case of get others to pay for you and live in a nicer than you can afford place.

Any way saving for 30 yrs is a moving target, because your savings are going down, but then again maybe house values will go down even more in the next 30yrs.

UrWntr

marlonthemagnificent wrote: »

i work for one of the UK's biggest companies

our graduates start on 28k...which must one of the best graduate salaries around...and way, way above the national average....but they are amongst the best graduates in the country and go through a rigorous selection process

on average, i'd guess they are paying about 700pcm on rent (to even rent a room), 200pcm on bills and another 200pcm on travel....then they have to repay their student loans (as they are above threshold)......that's before they have eaten, bought clothes or done anything else........so they ain't got much left to save.....and they are the amongst the top paid young people in the uk

so how do the rest save to buy...?

They are not amongst the top paid young people in the country.

I live in Berkshire and have plenty friends between the ages of 21 to 30 (some graduates, some not). None of them earn less than £40k pa.

yertiz_2

UrWntr wrote: »

They are not amongst the top paid young people in the country.

I live in Berkshire and have plenty friends between the ages of 21 to 30 (some graduates, some not). None of them earn less than £40k pa.

My son is due to graduate from a 'top' Uni this year, any tips?

Pobby

Clearly this is about the madness of HPI. I see Berkshire is mentioned. I come from Reading although have been away for a long time ( I intend to return shortly ). A very decent 3 bed semi would be about £65,000 in the mid 90`s, a terrace a little above £40,000. I would be inclined to multiply those prices by a factor of 4. My young relatives ( bar one ) cannot buy there. So pay silly rent, not able to save and are unable to buy. The one that did buy had a deposit as his lady came into cash but to get the mortgage he did a bit of a fiddle on his income.

As for £40k a year, I am amazed. I know tons of folks there yet I can`t think of more than one who earns that.

UrWntr

yertiz wrote: »

My son is due to graduate from a 'top' Uni this year, any tips?

Sure.

- Avoid the big companies
- Avoid "graduate schemes"

In my opinion, your son would be better off finding a job with a small start-up (typically with VC funding). American companies tend to pay the most. He'll also get stock options so if the company gets bought or IPOs he'll get a windfall.

Obviously it depends on your son's degree and skills. If he studied History/Geology/Geography or similar then he's unlikely to find a job working for someone else that pays well. "Top Unis" are mostly irrelevent to employers these days.

If your son is willing to work in IT Sales, Product Management/Marketing or something finance related, he'll be on an 80k OTE within 2 years (40k basic + 40k performance related commission). If successful, of course .

suburbanwifey

quantic wrote: »

Additionally, this might be a very naive view, but I always thought it was best to save up for a house BEFORE having the family?

I agree LOL, it seems to me nowadays they get together, have a baby, then buy a house and then get married :shocked: (that's even if they bother with the 'getting married' bit - Mmm they will tie themselves together with a 25 yr mortgage but marriage seems too much of a commitment? Society is messed up!)

Seems all the wrong way around if you ask me!

neverdespairgirl

suburbanwifey wrote: »

I agree LOL, it seems to me nowadays they get together, have a baby, then buy a house and then get married :shocked: (that's even if they bother with the 'getting married' bit - Mmm they will tie themselves together with a 25 yr mortgage but marriage seems too much of a commitment? Society is messed up!)

Seems all the wrong way around if you ask me!

Or, marriage isn't that important.

OH and I had a baby (he's now 6) then bought a house (last year) and are going to get married at some point in the future. We don't lack commitment to each other or our son.

Percy1983

suburbanwifey wrote: »

I agree LOL, it seems to me nowadays they get together, have a baby, then buy a house and then get married :shocked: (that's even if they bother with the 'getting married' bit - Mmm they will tie themselves together with a 25 yr mortgage but marriage seems too much of a commitment? Society is messed up!)

Seems all the wrong way around if you ask me!

See my signature, house near completion, marriage later in the year, children to follow (all being well).