The younger generation and the future cost of housing?

moneyinmypocket

I would have thought that the parents who own would leave the house/wealth to there children eventually so there will be a pass down.

silverchair

moneyinmypocket wrote: »

I would have thought that the parents who own would leave the house/wealth to there children eventually so there will be a pass down.

But if those parents need care and are placed into a home then they will have to sell the property to pay for it.

Jack_Johnson_the_acorn

I bought my house at age 25, in December last year. I earn about an average wage £24k partner is a nurse.... we get by just fine. I don't see the big issue re housing... if you save hard and make sacrifices.... a 15% deposit is quite realistic IMO

grizzly1911

silverchair wrote: »

But if those parents need care and are placed into a home then they will have to sell the property to pay for it.

With increasingly poor quality diet,obesity, diabetes, heart complaints together with increasingly restricted/reduced health care no doubt life expectancy will plateau and start to fall as the majority become poorer.

PasturesNew

Jack_Johnson_the_acorn wrote: »

I bought my house at age 25, in December last year. I earn about an average wage £24k partner is a nurse.... we get by just fine. I don't see the big issue re housing... if you save hard and make sacrifices.... a 15% deposit is quite realistic IMO

But not everybody is earning £24k - and many people don't have a partner either.

drc

moneyinmypocket wrote: »

I would have thought that the parents who own would leave the house/wealth to there children eventually so there will be a pass down.

What happens if the parents have 4 kids to leave property to and each of them wanting/having families of their own. Not much money or space to go around.

MrRee_2

Jack_Johnson_the_acorn wrote: »

I bought my house at age 25, in December last year. I earn about an average wage £24k partner is a nurse.... we get by just fine. I don't see the big issue re housing... if you save hard and make sacrifices.... a 15% deposit is quite realistic IMO

Congratulations!

You are just like the youth of yesteryear ... realise that you just have to save hard.

15% on the average property of £165,000 is around £24,000 - that's only 2 years saving a mere £1,000 a month.

Of course, you may have to sacrifice those things which youngsters think they cannot live without - like smartphones, iPads, nights out getting drunk, etc.

MrRee_2

PasturesNew wrote: »

But not everybody is earning £24k - and many people don't have a partner either.

True to the partner piece ..... but, I'm sorry, I cannot believe than anyone is earning too much less than £24,000 these days.

drc

Jack_Johnson_the_acorn wrote: »

I bought my house at age 25, in December last year. I earn about an average wage £24k partner is a nurse.... we get by just fine. I don't see the big issue re housing... if you save hard and make sacrifices.... a 15% deposit is quite realistic IMO

In London, the average deposit required is apparently something like £70k. You would need to save up for a lot of years on a £24k income (before tax) just to have enough for the deposit, let alone the rest of the mortgage (and you would probably be buying a very small property at that).

kitschkitty

MrRee wrote: »

True to the partner piece ..... but, I'm sorry, I cannot believe than anyone is earning too much less than £24,000 these days.

It must be nice in your world, sadly most of us don't live there.