The younger generation and the future cost of housing?

DELLBOY_2

MrRee wrote: »

It is rather pleasant - but I didn't just fall on it ..... it took hard work, lots of evening study, lots of interviews, lots of promotions, lots of skill.

I do fear that the youth of today are terrified of the grafting which is required to make things happen.

In the company I consult for, the apprentices are on around £24,000 ..... they very quickly progress to well over £45,000 before they are 28 years old. If they are dedicated and good at what they do.

To be brutally honest, £24,000 a year is a poverty wage and it should be made illegal.

remind me your on £1700 a day so if you took a wage cut of say £200 a week you could up 2 aprentice wages by £5000 a year ,
go on do the right thing you know you want to ,,,,,

System

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.

So somebody therefore can afford to buy it.

abaxas

A country where things get worse not better, is one which is dying.

ILW

Some things get better, others worse. Thats life.

homelessskilledworker

Not wanting to sound like the monty python sketch "Oh when I was a lad" but a postive reverse on that scenario...

A young bloke in his early 20's on an average wage could get himeself a nice little 2 or 3 bedroomed terrace, they were nice times and the young working adults had direction then.

I think we will be going back to those days sooner than some are expecting

drc

chucky wrote: »

2 things, using an average salary to see if everybody should buy property is pointless. Not everyone is able to buy property so average is meaningless.

Secondly, buying property isn't something that people have to do in their lives, they can always rent. 40 years ago the number of people buying was much lower and in the 1920 much lower. Buying property isn't a stage in life like getting married, having children or getting christened or retiring. There are other options to buying property.

That was the whole point of my question. If people are going to be forced to rent and even that is unaffordable to many nowadays (especially in London where many jobs are centred), when they get to be too old to be employable, can't find work etc but have not been able to put aside money for a pension (because their LL has been charging them the maximum their income can afford and the rest has been taken up by rising living costs, bills etc) the government will have to pay for their housing and the bill will be enormous.

It seems like the government either a) don't care because they won't be around then or b) are too stupid to realise this impending problem and are only concerned that the present baby boomers continue to live the lifestyle to which they have become accustomed. But the younger generation is told to "live with it".

In the area we live in (a very average suburb of n.London), the price for a small (50sq meter) 1/2 bed ex council flat is £250k, yes a quarter of a million pounds! I can't remember what the average salary is in London but lets say it is £30k (before tax) then that is still over 8 times pre tax income and for a small ex council flat on an estate. And it is assuming that whoever buys it is prepared to bring up a family in such a small space. To rent a similar place, LL are asking for £300 per week! So, a couple earning good money would still be paying a lot either through rent or mortgage and if they ever want to have a family then the wage would drop down to one/childcare costs would eat up the second salary.

Out,_Vile_Jelly

If government policy decrees that I can't buy (not possible in London on a single, average salary), then the government will have to pay my rent in old age. All I do is subsidise home-owners and breeders; they can pay for me for a change.

ILW

Give at few years and all the boomers will be dead. The "young" people can then vote in a government that will give them cheap housing.

chucky

drc wrote: »

It seems like the government either a) don't care because they won't be around then or b) are too stupid to realise this impending problem and are only concerned that the present baby boomers continue to live the lifestyle to which they have become accustomed. But the younger generation is told to "live with it".

Each generation has different types of challenges to overcome.

Past generations have dealt with worse problems and developed, the same will have to happen again.

Percy1983

As mentioned the biggest problem right now is if renting you are at the mercy of a landlord, by all means the prefernce would always be owning, but if there was better rights for tenants it wouldn't be as bad.

Currently I wouldn't consider starting a family in rented accomodation as you be fine for years, you r children get settle in schools etc, then bang you have to be out in 2 months because a stranger feels like it.

For the size of the BTL market right now it needs some serious regulation.