Young generation want too much too soon

wymondham

moneyinmypocket wrote: »

Just seen some young pros - with there iPhones, car each, sky tv, several tvs moaning about house prices, what ever happened to saving up? My theory they are so used to credit binges that they don't know how to save up - generations gone by would go without - we even used to rent are tv and VHS player back in 80s - it's simply put too much too soon for sone people - work harder friends

These sound like sensible people to me - it's the ones that don't complain or even think about house prices and go ahead and buy anyway, usually on a 'helpful' scheme that are ones in future trouble, and making prices stay high for the more sensible purchaser...

You don't mention their age so I'm assuming they are young... You're only young once so why not have the gadgets etc ... plenty of time for houses etc when the time is right....

moneyinmypocket

Your dreaming if you think there will be a big HPC

homelessskilledworker

I get the feeling that this is more a cry for reassurance, everyone now knows deep down that prices are heading down, some it seems are still in denial.

Saying that younger people are just work shy spenders is just a stupid over generalistaion, those who are under 35 and are working have never had it so hard since at least the WW2. People are forever going on about flat sveen TV's and I phones, people seem to forget that the Babyboomers were paying close on three of full months wages to buy a colour TV back in the 70's, and many were constantly on strike for the most silliest of reasons, and then it was common to buy property that was no more than two or three times the annual wage of ONE person.

Today you can buy a TV for a few days wages, a days wage in many cases, and I phones are similar.

rictus123

This thread is very true. The very minority are encouraged to save through our parents and by the time we had income that allowed us to hold money back between paydays there was no decent saving rates so everyone's attitude was just kind of like what's the point. So almost as if money just burned a hole in pur pockets. When I was 16 to 19 I followed the crowd. Went through many cars, was out every weekend, New clothes every week etc while paying more than 2000 a year for car insurance. Paid off all debt by summer 2011. Instead of save for a deposit I took on 13,500 loan to buy equipment and tools for doing overtime outside my usual job. It's made me money back so far but will be at least 5 months until loan is cleared.then comes the house deposit. Once I start saving for the house deposit I think that is when I will break away from the crowd and stop being a sheep. The amount of people who will be jealous and probably stop speaking to me will be unreal.

moneyinmypocket

Those who think there is going to be a crash are wrong and I will tell you why - there is still money out there! Also when the boomers die off where do you think there money is going to go? It's going to go to there family's. Too much time and circumstances have passed for a HPC to happen. I was a HPC cheer leader for years and then the penny dropped - I must have spent 50k in rent over my 20s - at some point u have to make a choice carry on renting or start preparing to buy

homelessskilledworker

moneyinmypocket wrote: »

Those who think there is going to be a crash are wrong and I will tell you why - there is still money out there! Also when the boomers die off where do you think there money is going to go? It's going to go to there family's. Too much time and circumstances have passed for a HPC to happen. I was a HPC cheer leader for years and then the penny dropped - I must have spent 50k in rent over my 20s - at some point u have to make a choice carry on renting or start preparing to buy

There really is'nt going to a property crash!!, honestly there won't, because there just won't right, STOP SAYING THERE IS GOING TO BE A PROPERTY CRASH RIGHT!!

Reading betwen the lines you seem very worried, does it make it worse knowing that you held out for so long and you now see there is a good chance that you was right first time.

shortchanged_2

moneyinmypocket wrote: »

Those who think there is going to be a crash are wrong and I will tell you why - there is still money out there! Also when the boomers die off where do you think there money is going to go? It's going to go to there family's. Too much time and circumstances have passed for a HPC to happen. I was a HPC cheer leader for years and then the penny dropped - I must have spent 50k in rent over my 20s - at some point u have to make a choice carry on renting or start preparing to buy

So would you like to declare your VI why you do not WANT house prices to fall?

suburbanwifey

There won't be a house price crash, its not going to happen. I understand how some feel though. My first purchase at 19 was a flat (£14,500 to purchase) then when I was 21 I sold and bought a house (3 bed semi in desirable area) for £22,000 and my last and final purchase was my cottage in the country which was almost 7 yrs ago now .... my mortgage gets paid off next week :jand I'll be mortgage free mid-forties but they can't do that now. Back then you bought a house at 19, you didn't rent and you expected to be mortgage free by mid-forties etc. I feel for teens nowadays, if they do ever manage to buy a property, it will be poverty all the way to get onto the housing ladder and they'll probably be in their 30's or 40's when first time buyers or, and this is the sad bit, stuck renting all their lives, their money draining away into the house owners pocket, making them comfortably off etc. I would not wish to be a teen/twenty something in this age, I am glad I am mid-forties. We did have it easier. But, I'm glad of my modern technology, I love it and have it all, but there again, I can afford it, some can't and that's the problem, a lot out there live on credit to get the things they want rather than accepting they can't afford it. I did rent a TV in my early 20's (mortgage payments left little for luxuries) and the first mobile phone I saw was a house-brick lol I do so prefer my iPhone 4s

Not sure what the solution is, as I do not think house prices will ever crash or go backwards to any large degree. We were luckier, by far I think, even with the strikes, the lack of internet, technology etc as we could buy a home and now, we have the best of both worlds. The kids of today can buy technology but have to live in insecure, expensive rental properties, their life going nowhere. I wouldn't fancy having to pay rent when I retire, that is what they face. Rent is for life! a mortgage eventually gets paid off. Its always better to buy! that's why I am in the position I am now, because I bought my first home age 19.

DirtyDick

moneyinmypocket wrote: »

Those who think there is going to be a crash are wrong and I will tell you why - there is still money out there! Also when the boomers die off where do you think there money is going to go?

I can't quite see how that'd have any impact on the markets unless all the babyboomers were involved in the same coach crash.


Babyboomers will be pushing 70 and the youngest around early 50s. They'll fade away in dribs and drabs over many decades; the money would be split between children; a chunk lost in tax; or else go on nursing care.

Even if it did happen that this glut of disposable income comes about overnight, house prices would rise to match demand and affordability.

morganedge

wannabehermit wrote: »

The deposits you have to save are unobtainable for the normal couple. My parents were able to buy a large 3 bed house in a decent area for £30,000. My dad earned £12,000 a year as a postman, needing to save a £1,500 deposit to buy said house.

That same house is now worth £300,000. A postman may be able to save a £30,000 deposit over a period of time, but he sure as hell ain't gonna get a mortgage for £270,000.

DH is a lorry driver (so a proper skilled job, unlike a postman), he earns £14,000 a year. Max mortgage we'd be able to get therefore would be £42,000, so even to buy a 1 bed flat we're looking at over £100,000 for a deposit. The only way to save that would be to live in a cardboard box and not eat for the next 8 years.

It's not a simple case of youngsters wanting everything now. I'm a saver. I love saving. I love the satisfaction of buying something that I've worked hard for and knowing that it is mine 100%. But I'm also realistic and sadly we know that our own house is just not possible.

Not knowing anything about this sort of stuff, as I live with my girlfriends parents, how on earth are people supposed to be able to buy a house nowadays then? Who are the first time buyers? Are they just people in really really well paid jobs? I've got 1 or 2 friends who bought a small house last year, but I've never sat down and asked them about the financial aspects of it all. (because i'd embarass myself as I know nothing about that sort of stuff. Mortgages etc etc) lol