Is home owning for young people just a pipe dream?

sydenhambased

I'll admit my post looks like a shill - it genuinely isn't. We've both said "yes" to every bit of work that's come our way over the past year or two (working all hours), and had a couple of bumper years financially but NOT increased our spending.

If we were to fall back to a more leisurely work pace, we probably wouldn't be able to afford our mortgage if rates hit 7%, but we'll cross that bridge in 5 years when the fix is up.

C_Mababejive

Home ownership is an illusion.

You dont own it until you have paid the last payment

You will have paid vastly more for it due to year on year accrued interest payments

You dont truly own the land it stands upon

By the time youve made the last payment, most of your life has gone and you have spent it working to service the mortgage.

LisbonLaura

SerialRenter wrote: »

... like it's an offence to exist, be young and to want to have somewhere to live too.

In the land of your birth (to at least one indigenous parent), you should imho be entitled to a roof over your head at cost.
You can see the forces acting against that. Most of them are not new, but btl & the encouragement of benefit seeking immigrants have become an excellent way to set peasant against peasant, & that has always been one of the best tools of those in control. It also of course keeps those vital property values riding high.
The culture is becoming sicker. My sympathies to those not driven by greed.

sydenhambased

C_Mababejive wrote: »

Home ownership is an illusion.

You dont own it until you have paid the last payment

You will have paid vastly more for it due to year on year accrued interest payments

You dont truly own the land it stands upon

By the time youve made the last payment, most of your life has gone and you have spent it working to service the mortgage.

I totally agree. Sadly in the South East we're seeing rent inflation in line with property price inflation, and if interest rates go up it'll only get worse. People often talk about "could you afford your mortgage if interest rates were 7%?"; for renters that means "could you afford your rent if it were £1350 per month rather than £950 per month?".

For me buying a property isn't about home ownership; it's about locking in to one price that stays the same for five years. Interest rates WILL rise, and they'll probably rise in the next couple of years (if not the next few months), but at least we'll have more notice than a landlord saying "by the way your rent's going up from £900 to £1200 next month" (which is the position I'd currently be in if I weren't buying).

Even with buildings insurance, income protection, life assurance and critical illness (all of which we're about to start paying out for) the numbers work better for ownership than renting.

essjae

ringo_24601 wrote: »

So you got a 5.6x salary mortgage? That's rather generous of the bank

Yes, it was with the bank I had had a current account with since I was 18, so they had a better picture of my finances than other lenders would have.
I expect it was calculated on affordability rather than income multiples, since (as I previously mentioned) my outgoings were very low.

hop3y

I've just bought at 26 and my girlfriend is 22. We had no problems whatsoever and the mortgage is less than what we currently pay in rent on a self saved 15% deposit.

C_Mababejive

danielanthony wrote: »

The UK population went up by 400,000 people last year, the same as another city the size of Bristol. Where the f*ck are these people supposed to live?

I certainly don't support building over the countryside. We don't need to increase supply, we need to reduce demand.

I think we need to think outside the box.

Start building downwards. Theres enough room down there. Start excavating and building upside down apartment blocks. In future millennia we will then have a situation where the poor and the proletariat live underground whilst the affluent inhabit the surface..a bit like Logans Run..

C_Mababejive

LisbonLaura wrote: »

In the land of your birth (to at least one indigenous parent), you should imho be entitled to a roof over your head at cost.
You can see the forces acting against that. Most of them are not new, but btl & the encouragement of benefit seeking immigrants have become an excellent way to set peasant against peasant, & that has always been one of the best tools of those in control. It also of course keeps those vital property values riding high.
The culture is becoming sicker. My sympathies to those not driven by greed.

The biggest force acting against that noble concept is that we the people do not own the land and have little entitlement to inhabit it without being subject to taxation.

The Crown has ultimate domain over all lands of the UK , its foreshores and subsea lands out to the 12 mile limit.

On land exposed at drying height ,most is claimed by the few through historical favour, theft or plunder

CupOfChai

We're late twenties/early thirties. We've both got half-decent paying jobs, been saving for years and have excellent credit records. Getting a mortgage or saving a deposit aren't a problem at all (for us).

As it stands today, I think my boyfriend and I could barely afford between us to buy a house in the area where we live, more likely a small flat. We're not in London, although we're in commuting distance. Most of the houses around here we couldn't afford.

There are other areas of the country where we could afford to buy a house each. Between us, some properties exist that we could buy outright for cash just with what we've saved for a deposit here. So for us at least it's all about the ridiculous house prices in some places.

LisbonLaura

C_Mababejive wrote: »

The biggest force acting against that noble concept is that we the people do not own the land and have little entitlement to inhabit it without being subject to taxation.

The Crown has ultimate domain over all lands of the UK , its foreshores and subsea lands out to the 12 mile limit.

On land exposed at drying height ,most is claimed by the few through historical favour, theft or plunder

Exactly, (& poetically expressed imho).
The Enclosure/Inclosure (mass land theft) acts.
The works & actions of Thomas Paine.
Once that knowledge was erased from any school history/political teaching, the masses remained enslaved, & do not even realise it

I know a woman who was taught about Paine; & Kahlil Gibran ('The Prophet'), at school. Where did she go to school? Columbia. - the way she raised her daughters would give UK politicos a fit!

Sorry (most) Britons, but btl spivs (& C_Mababejive) apart, you are totally screwed.

Now it is time to attack me & defend the system that is screwing you.
Sadly, it is the usual way to go