First Time Buyers - Enough is Enough!

meanmachine_2

dougk wrote:

Thats the point - its my view it is unlikely that IR will ever return to the historical average. The world is so much different you cannot turn back time and things change.

You might find that the world hasn't changed so much, not with Australia and, much more importantly, the US now starting to pursue a higher interest rate policy. Expect American IR rates to jump next week, which will inevitably lead to a rise here.

Nothing in the world has really changed. When Labour came to power they fiddled the inflation figures, taking property out of the equation. That's all.

Are we, as a nation, richer now because of hyper house inflation? Or are we simply creating a whole generation of people with massive debts? And who the hell is going to support them when they get to retirement age?

It's mad and unsustainable. And something's got to give... Sooner or later.

UKJubilee_2

I am a FTB and have been saving hard (going out is a rare treat) with my housemate in rented property for the last 2 years for the deposit which we finally have. Yes, property is very expensive and a lot of the cheaper stuff is snapped up by BTL but given the state of the FTSE and the unreliability of pensions you can understand why.

Yes, I am mildly begrudging of the BTL's but only because they can afford to do it! (In fact my mother has one as she didn't work for 15 years bringing up 3 kids on her own and so has no real pension to look forward to), BUT if they didn't buy the properties all the people in the rented properties would be looking to buy too and so the situation with competition and prices would be the same!

Perhaps the anger at the BTL's here is a little influenced by the fact they can afford to do it?

Woby_Tide

nelly wrote:

doug and his type think we should sacrifice any sort of fun and luxury in our lives just to buy a house. Well I aint buying into that literally.

nelly, you've got issues, you seem incapable of seeing the fact that owning a property is not the end of having any sort of fun or luxury. I'm guessing you also regard anyone who chose to get married as 'boring' and anyone not going out every weekend as a 'square'

I'm imagining you're very similar to someone like Rick out of "The Young Ones"

dougk_2

Just to reiterate what W_T has said.

I am not suggesting anyone misses out on fun. Fun can be free!

Fun is not about going on a £5000 holiday or going out drinking 10 pints a night. This sort of fun is for those who don't feel repsonsibilty to others less fortunate. A house is a physical item a holiday is something that lasts for two weeks and is gone.

The best form of fun in my view is happiness and the best happiness is gained form people and I feel helping people gives me great satisfaction and reward.

Woby_Tide

I didn't quite mean it like that doug, I still enjoy my luxury holidays and if I could handle 10 pints I'd probably try it;). I just don't think that people should see owning a house as being that much of a barrier to continuing your lifestyle much the same as before(except rather than having as much 'leisure' time before you'll find less time due to maintenance/gardening etc. which to some is still leisure.


having a baby though, well that's a different story, thats a barrier to having costly fun/holidays etc.

dougk_2

Maybe I went OTT with what I said!

I certainly found the year after buying the house I done less outside of the house so my lifestyle altered. Some of this was because I enjoyed the DIY element and putting my own touch on the house.

People also seem to forget that the "financial struggles" dissapears after the first year or so (after pay rises and initial bills go etc). You can then start having the bigger luxuries again.... like you say I don't think its the same with having children!

robby-01

robby-01 wrote:

meanmachine wrote:

You really do have to stop repeating this rubbish.

Why should I have to pay MORE TAX than my parents .]
How do you pay more tax than your parents?

sorry mate I thought you said .Why should I have to pay more tax than my parents.When it is quite obvious that what you really said was.
Why should I have to pay more tax on my income than my parents did on theirs.
my mistake

nelly_2

Woby_Tide wrote:

nelly, you've got issues, you seem incapable of seeing the fact that owning a property is not the end of having any sort of fun or luxury. I'm guessing you also regard anyone who chose to get married as 'boring' and anyone not going out every weekend as a 'square'

I'm imagining you're very similar to someone like Rick out of "The Young Ones"

dont talk such crap.

A mortgage at 6 times anyones salary is going to change there life for the entirety of the mortgage.

Argue that!

dougk_2

Nelly.

It won't necc. be the case unless you are very wasteful and you don't have a career and ambitions.

where has the 6x salary thing come from? we were talking 4x earlier - which IS affordable.

Woby_Tide

so from house prices rising dramatically to forecasting a huge crash nelly, now house prices, interest rates and wages are about to stay fixed for 25 years, interesting point