Boomers' House Price Bonanza Barrels Onwards. Young Excluded and Forgotten

ukcarper

brit1234 wrote: »

£400k in the outer areas where I live. Now I have saved £100k in ten years and I can't afford to buy as prices are too high. I guess I should simply give up food to save more.

I would personally love a 2 bed terrace, however it is unaffordable.

http://www.rightmove.co.uk/property-for-sale/property-38651908.html

Less than a hour from Waterloo similar to my first house and is in the area I commuted to west London from.

Loughton_Monkey

brit1234 wrote: »

£400k in the outer areas where I live. Now I have saved £100k in ten years and I can't afford to buy as prices are too high. I guess I should simply give up food to save more.

I would personally love a 2 bed terrace, however it is unaffordable.

Even if we believed that getting on the ladder with £100K deposit is "unaffordable", then sitting there earning <2% gross on £100K rather than >4% net on, say, £250K is your choice, but not one I would make.

More importantly, though, the biggest factor that will prevent you from ever owning a house of any type is... er... the fact that you are "on strike". Never done it myself, but generally, people on strike have someone with whom they can 'negotiate' giving a possibility that things will improve.

In your case, I'm not sure you can 'negotiate' with anyone about the price of houses - a record proportion currently being sold to FTB's - all around you - while you march up and down with your placard saying (I'm guessing) "Can't buy. Won't buy".

You come across as someone who gave up drinking beer when it exceeded £2 a pint in 1995 or so, and will never drink it again until it gets below £2. Perfectly entitled to do so. But don't come on here complaining that you're thirsty!

[Deleted User]

seven-day-weekend wrote: »

We bought a terraced house just outside the city centre in 1976 when we were in our twenties.

We still live in that house now.

What exactly is wrong with being 'stuck on the first rung of the property ladder'? It's not compulsory to live in a four bedroom detached in a rural idyll!

I always felt sorry for our neighbours, when we lived in a 2 bed terrace. The main bedroom was a nice size, but the second was a box. They had two teenage boys! I could never understand where they put them in that house.

We thought the place was crampt when we had a 2 year old and a newborn. Ironically, those little houses now cost about £230k! That's affordable for greater London apparently

BTW - anyone with £100k in the bank, and an ok salary should certainly be able to able to get on the ladder. They might just not be able to buy in select London areas

Percy1983

JencParker wrote: »

I agree, I can't get excited about HPI even though I have nearly paid off the mortgage. My kids may benefit after I'm gone, but all the only benefit will be that they will be able to get their foot on the first rung which they can't currently do. If they weren't so high, they'd be able to do that without waiting for me to kick the bucket!

This is the problem, we are pushing that soon only those with parent who can give them money can afford to buy.

Yeah if houses double in price before my parents die I will get twice the money, not to bad for me in that respect, the problem is my brother will ge twice as much towards a house but all the houses will cost 2x more so he will be worse off.

Without rampant HPI inheritance from houses would be less but also not needed, yes some will get some which will help them massively but those without would still be able to buy.

Our destiny should be based on the good or bad desicions of our parents but our own hard work.

CLAPTON

Percy1983 wrote: »

This is the problem, we are pushing that soon only those with parent who can give them money can afford to buy.

Yeah if houses double in price before my parents die I will get twice the money, not to bad for me in that respect, the problem is my brother will ge twice as much towards a house but all the houses will cost 2x more so he will be worse off.

Without rampant HPI inheritance from houses would be less but also not needed, yes some will get some which will help them massively but those without would still be able to buy.

Our destiny should be based on the good or bad desicions of our parents but our own hard work.

I'm surprised there are no affordable houses in Manchester

what sort of price range are you looking for?

Percy1983

CLAPTON wrote: »

I'm surprised there are no affordable houses in Manchester

what sort of price range are you looking for?

There is loads which are affordable to me, but I know many people earning much less or stuck on 0 hour contrats etc. The other point I will make is as easy as it is to find a house for £40k on rightmove but there is many 'no go' areas, I don't say this as a snob many would regard where I live as not to good.

Loughton_Monkey

ringo_24601 wrote: »

BTW - anyone with £100k in the bank, and an ok salary should certainly be able to able to get on the ladder. They might just not be able to buy in select London areas

Perfectly true. But being 'on strike' prevents the ability to be sensible.

Maybe it's the "OK Salary" ingredient that's missing....?

I'm not short of a few bob, but genuinely cannot afford to buy my own private jet. I could (but don't) advertise that I'm on "Private Jet buyer's Strike".

ukcarper

Percy1983 wrote: »

There is loads which are affordable to me, but I know many people earning much less or stuck on 0 hour contrats etc. The other point I will make is as easy as it is to find a house for £40k on rightmove but there is many 'no go' areas, I don't say this as a snob many would regard where I live as not to good.

When have people on 0 hours contracts or very low wages ever been able to buy houses.

From what I can see the big problem facing young people is not house prices but the lack of good jobs.

JencParker

ukcarper wrote: »

When have people on 0 hours contracts or very low wages ever been able to buy houses.

From what I can see the big problem facing young people is not house prices but the lack of good jobs.

Although house prices are a problem in certain areas, I agree with this. The lack of jobs, the lack of security and the lower wages (unless you are in certain industries) is a major factor.

[Deleted User]

Loughton_Monkey wrote: »

Perfectly true. But being 'on strike' prevents the ability to be sensible.

Maybe it's the "OK Salary" ingredient that's missing....?

I'm not short of a few bob, but genuinely cannot afford to buy my own private jet. I could (but don't) advertise that I'm on "Private Jet buyer's Strike".

Being 'on strike' yet being in a position to buy means you'll just watch as your local house prices rise faster than your salary. That's a tad stupid.

I do wonder if people are just getting uppty because they can't live where they want to. I live in the SE, just within the M25. Even then, you only really need two people on £25-30k each + deposit to buy a home.

I guess the problem is - are young people struggling to earn the salary necessary to get the 'bottom rung' of the ladder? Are they struggling to raise the deposit (it took me 3 years of no holidays/car to save for mine)? I imagine it's a combination of the two

Or.. is it young people on low salaries who expect that there housing market should be in everyone's reach? Now, i don't believe you should need a university education to earn enough to be able to buy a home, but it is feeling like that is the necessity in the South.

There's no problem with house prices in the rest of the country. I'd like someone to point out a place outside the M25/SE zone where there are no 'affordable houses' ?