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Is home owning for young people just a pipe dream?
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I would like to add that these "success stories" are not about buying a house, they are about taking on an enormous amount of debt.
No congratulations are in order, you have bought nothing.
Until you're mortgage free, all you have is debt secured against a property you now have to maintain. And if you've just bought, as shiny faced beaming naive early 20 somethings, your struggle has only just begun.
Rates are going to rise, the bank of england chairman only yesterday stated there would be a 2% rise in the base rate within the next 3 years.
You might be setting yourselves up for one hell of a time.
Things ARE certainly different today versus the previous generation… today a house "purchase" looks more like a bear trap than some safe route to happiness.
Merry Christmas!
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If I was looking at buying my first house now or after a few years saving a deposit, I'd expect to have to buy with friends or leave my area. Saving harder wouldn't help because over the last year, the price of a small flat has gone up by more than my entire annual salary.
Buying in pairs is what my single London friends are doing now to be able to buy a 2-bedroom flat in Croydon.Saving for deposit: Finished! :j
House buying: Finished!
Next task: Lots and lots of DIY0
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