OK-I'm never going to be able to buy a house. Other options?

Comstock

Thanks to a whole combination of circumstances, many my fault, some not, I'm still renting at 38, with no prospect of being able to save for a house. As a single man with no children and not disabled I'm not going to qualify for social housing, unless there is suddenly a mass council house building boom. Fine. I've got to live with that. That's not what I'm asking about.

What I *am* asking is 'what are my options', other than endless private renting. I believe a local housing association do some properties on a purely commercial basis, where anyone who can afford the rent can apply. Has any here got any experience of that sort of thing? Do you get the same security of tenure social housing tenants enjoy?

Any other life long renters on here? How have you got on

Also what happens when you reach pension age, assuming there is still such a thing in 30 years time. Do you get housing benefit?

paulineb_2

Im in a council flat, I also dont have kids and Im single. I took a flat in a hard to let area because otherwise I would have been waiting for 15 years for a house and I wasnt in a position to be able to buy.
There are some areas where you could walk into a council flat if you are willing to take a property in an area which is perhaps a bit difficult. Theres nothing wrong with my flat but there are a few anti social issues here, however Ive been here 20 years, I come in at night, shut my door and get on with things and I dont feel unsafe, just had a few issues with in particular one family over the years.

Housing benefit depends on your income, so its not automatic that because someone is over 65 they'll get it.

Theres shared ownership where you can purchase part of the house and rent the other, think that you can have a 25 per cent, 50 or 75 per cent share with an option to buy outright.

Some ex council houses still sell quite cheaply, mine would probably sell for around £25 000 on the open market had I bought it, but as I said above, depends what area you are in and part of the UK.

olly300

Never say never.

If you are 38 you will be working until you are at least 67.

As you are single you can find a partner who you would commit to. This partner may be younger than you, richer than you or have a house already.

In the mean time I would look at the housing association thing.

Comstock

olly300 wrote: »

Never say never.

If you are 38 you will be working until you are at least 67.

As you are single you can find a partner who you would commit to. This partner may be younger than you, richer than you or have a house already.

Of course. That is entirely possible. But if it doesn't happen, I still need to look at a plan. I know in some european countries lifelong renting is the norm. How do they do it? Private landlords?

Comstock

paulineb wrote: »

Im in a council flat, I also dont have kids and Im single. I took a flat in a hard to let area because otherwise I would have been waiting for 15 years for a house and I wasnt in a position to be able to buy.
There are some areas where you could walk into a council flat if you are willing to take a property in an area which is perhaps a bit difficult.

You would still need a local connection, surely? Anyway, I'm happy in the Derby/Burton area.

Some ex council houses still sell quite cheaply, mine would probably sell for around £25 000 on the open market had I bought it, but as I said above, depends what area you are in and part of the UK.

If you don't mind me asking, where, (obviously only very roughly), do you live?

Tancred

Comstock wrote: »

Thanks to a whole combination of circumstances, many my fault, some not, I'm still renting at 38, with no prospect of being able to save for a house. As a single man with no children and not disabled I'm not going to qualify for social housing, unless there is suddenly a mass council house building boom. Fine. I've got to live with that. That's not what I'm asking about.

What I *am* asking is 'what are my options', other than endless private renting. I believe a local housing association do some properties on a purely commercial basis, where anyone who can afford the rent can apply. Has any here got any experience of that sort of thing? Do you get the same security of tenure social housing tenants enjoy?

Any other life long renters on here? How have you got on

Also what happens when you reach pension age, assuming there is still such a thing in 30 years time. Do you get housing benefit?

My advice: emigrate. You have nothing to lose and everything to gain. With no ties, the world is your 'oyster'. I'm happily married but the one I thing I miss more than anything else is absolute personal freedom - you still have it, so don't waste it.

paulineb_2

Comstock wrote: »

You would still need a local connection, surely? Anyway, I'm happy in the Derby/Burton area.



If you don't mind me asking, where, (obviously only very roughly), do you live?

Sometimes you need a local connection, other times not, depends on how desperate the council are to fill the property

Im in wishaw, which is a town about 15 miles from Glasgow.

lessonlearned

Whether or not you will be able to afford to buy a property will be down to a number of variables, the most important will be where you want to buy and how much you earn.

London or the SE may well be beyond your means but there are plenty of areas where you can buy perfectly nice properties for as little as £50k

I'm assuming that you may have some debts so my advice is a frugal lifestyle, clear off the debts and start saving, a second part time job or maybe a little sideline business.

You don't have to completely clear a mortgage by the time you retire, as long as your pension is sufficient to cover the repayments.

At any rate you have 29 years until the current retirement age of 67 so still plenty of time.

The problem with life long renting in the UK as opposed to Europe is that unless you are able to rent a housing association property there is no security of tenure.

Rents will more than likely continue to rise faster than inflation whereas, subject to interest rises, your mortgage will remain more stable. You can fix mortgage rates for added security if you wish.

If you do live in a very expensive area and have to remain there for employment would shared ownership be an option. What about a houseboat or perhaps a park home.

My parents rented for decades and eventually bought their home when they were in their early 50's on a 14 year mortgage.

Don't give up - it can be done.

Edited to say I just realised you said you are in the Derbyshire/Burton area. I am in Derbyshire. You can definitely get a small terraced house from about £60K to £70K - a one bed flat from around £30 to £35K. OK they might need a little work but perfectly doable.

Tancred

Comstock wrote: »

Of course. That is entirely possible. But if it doesn't happen, I still need to look at a plan. I know in some european countries lifelong renting is the norm. How do they do it? Private landlords?

Renting is the norm, not the exception in Germany. There is less attachment to a property there - mostly a cultural thing, but after WW2 when 1/3 of German houses were destroyed or severely damaged few people there put much emotional value into a home. The other thing is that most people live in apartments, which are much more suited to renting than ownership for various reasons.

paulineb_2

Tancred wrote: »

My advice: emigrate. You have nothing to lose and everything to gain. With no ties, the world is your 'oyster'. I'm happily married but the one I thing I miss more than anything else is absolute personal freedom - you still have it, so don't waste it.

Its all very well saying emigrate, but a lot of countries wont let people in unless they have a job and savings

I have friends who are now in Australia and they had to have a job and £30000 in the bank before they were accepted.

paulineb_2

lessonlearned wrote: »

Whether or not you will be able to afford to buy a property will be down to a number of variables, the most important will be where you want to buy and how much you earn.

London or the SE may well be beyond your means but there are plenty of areas where you can buy perfectly nice properties for as little as £50k

I'm assuming that you may have some debts so my advice is a frugal lifestyle, clear off the debts and start saving, a second part time job or maybe a little sideline business.

You don't have to completely clear a mortgage by the time you retire, as long as your pension is sufficient to cover the repayments.

At any rate you have 29 years until the current retirement age of 67 so still plenty of time.

The problem with life long renting in the UK as opposed to Europe is that unless you are able to rent a housing association property there is no security of tenure.

Rents will more than likely continue to rise faster than inflation whereas, subject to interest rises, your mortgage will remain more stable. You can fix mortgage rates for added security if you wish.

If you do live in a very expensive area and have to remain there for employment would shared ownership be an option. What about a houseboat or perhaps a park home.

My parents rented for decades and eventually bought their home when they were in their early 50's on a 14 year mortgage.

Don't give up - it can be done.

Im in a council flat and I have security of tenure. It may be slightly different for people who have moved in more recently, but I have an assured tenancy. I would also qualify for a 70 per cent discount if I wanted to buy, but Ive been here almost 20 years and I have the maximum discount.

My mum bought her council house when she was 46. She also got the maximum discount, paid about 17 000 for it, shes in a terraced house and its worth about 90 000 now.