The younger generation and the future cost of housing?

seven-day-weekend

paulmapp8306 wrote: »

Theres that word "want" again.

In past generations it was not uncommon for 2 or 3 generations to live in the same house. THAT is the norm - not kicking kids out to fend for themselves once they hit 18/22.

Look at Germany for a medel. Homes are family homes (in the country generally) and house all generations. Mortgages are taken out over 100 years and pass from generation to generation. Homes in the city tend to be rental flats for those working there - who retreat to the family home at weekends and once the working life is over.

WE - generally - in this country want no part of extended family life any more. Much like the "a dog isnt just for christmas" line - a family is for life. If my kids are still in my home when their 30+ thats fine, as long as its because they cant afford to move out - rather than choosing to spend money on entertainement/gadgets etc rather than on actually the cost of living.

Our son lived in our house until he was 32 - for the last eight years with his girlfriend and a lodger whilst we lived in Spain. No way would we have 'chucked him out'.

However, when we came back from Spain we wanted our house back, so supplied him with the deposit so that he could get a flat of his own. We would rather do that than him waste his money on paying rent to someone else and having to move every six months. (I know not everyone sees it like that, but we do, so does our son). He pays his 40k mortgage himself. His mortgage is substantially less than if he had rented the same flat.

Had we not been able to afford to gift him the deposit, then he and his girlfriend would have stayed living in our house and paid US a bit of rent.

So yes, we do understand about family homes and extended families.

[Deleted User]

£40k mortgage? Blimey, that was my deposit

However, I too wouldn't be on the 'ladder' if it wasn't for family assistance

seven-day-weekend

ringo_24601 wrote: »

£40k mortgage? Blimey, that was my deposit

He has a really nice two-bedroom flat, similar to this one, in a popular development. It came with carpets, curtains and kitchen appliances and has a garage. It was £65k.

http://www.rightmove.co.uk/property-for-sale/property-27106834.html?premiumA=true

[Deleted User]

I have the joy of living in the South, plus wanting a 'family home' in a nice area. Since I've moved here, I've stopped feeling all upset about my generation and worry more about those graduating about now

Now if they could just do something about stamp duty... I can't believe you can't lump it into your mortgage anymore

Percy1983

paulmapp8306 wrote: »

Obvious regional prices apply, BUT 195k is quite a bit abouve the average house perice currently - and a lot higher than a starter 1/2 bed house/flat, so those figures dont really fit.

FWIW Im just buiying a 4 bed semi - for £112k, which on £18k is very achievable.

I will say the bigger problem is as people are saving to wait/save longer to buy what they buy when they get there has changed.

I say this from experience, by the time we could afford a house the starter houses/flats just aren't big enough for our short to long term plans.