"Generation rent" - did ppl really marry in their 20s and buy a house?

Peter333

CLAPTON wrote: »

maybe actually read what was written?

'flash cars' ?

I bet not one single person who is trying to save for a deposit for a house has a 'flash car' by this I am assuming you (and the person I responded to) means £15-£20K worth.

Suggesting that the reason people cannot save for a deposit is because they squander on flash cars and masses of luxury goods is utterly ludicrous.

[Deleted User]

It's probably worth a good £330k now

Prothet_of_Doom

Grandparents : One set were school teachers, and both graduates, and in the mid 1930's in their mid 20's got married and bought a house.
The other set? The job Granddad had CAME with a house, so they saved up 40 years to buy a house when they retired.


Parents: Dad got a Physics Degree, and got a deferred commission with a defence company and was immediately seconded to a project somewhere in Australia where the team fired gyroscopically controlled missiles and tracked them for accuracy. He got overseas nights away allowance, and LOTS of weekend overtime, and spent not one penny in 6 months. He had 2 years salary in the bank, and immediately asked my mum to marry him, and they put a massive deposit on a house. Mum wasn't even 21.


Me: Graduated in 1989, got married in 1990, aged 23, and my parents gave us the deposit on our first house. We obviously lost it in negative equity, buy hey ho. All our friends got married between 1990 and 1997 and all bought houses in their mid 20's.

Prothet_of_Doom

Oh, but our weddings were not lavish affairs.

ukcarper

Peter333 wrote: »

I bet not one single person who is trying to save for a deposit for a house has a 'flash car' by this I am assuming you (and the person I responded to) means £15-£20K worth.

Suggesting that the reason people cannot save for a deposit is because they squander on flash cars and masses of luxury goods is utterly ludicrous.

Perhaps they can't save deposit is because they are not living with their parents. That is what the majority of people did in the 70s.

CLAPTON

Peter333 wrote: »

I bet not one single person who is trying to save for a deposit for a house has a 'flash car' by this I am assuming you (and the person I responded to) means £15-£20K worth.

Suggesting that the reason people cannot save for a deposit is because they squander on flash cars and masses of luxury goods is utterly ludicrous.

do try and keep up with the discussion.

It is true that people who are saving hard for a mortgage don't buy 20k cars and change them every 2/3 years.

However, that was NOT the issue

the issue was people who do indeed spend on holidays, meals out, gadgets, cars etc are perceived to be also find it outrageous that they can't also buy a nice property in Westminster.

enthusiasticsaver

It was just as tough to buy a house in the eighties when we bought our first mid terrace 2 bed house in greater London in our mid twenties. It needed a lot of work, we had to save every penny for a year for the 10% deposit while living in a rented subsidised flat provided by my employer so no holidays, expensive nights out and a monthly treat was a four pack of lager and a takeaway and video. We then had to do the house up and manage with borrowed or second hand furniture for three years.


Our daughters now in their mid twenties have just bought their first houses last year, one with her husband and the other is single. They are all graduates so have quite good jobs but we were lucky enough to be able to help them with the deposits otherwise it would have taken them a lot longer.

[Deleted User]

my mum and dad married in their v early 20s in the early 1950s and bought a house(working class)
we married in 1981 at the ages of 20 and 22 and bought a house (also working class)
neither of my kids 26 and 30 have their own houses and no prospect of one,ones married the other living with their partner (all working class)

slopemaster

Thrugelmir wrote: »

What would life have been like if the Unions had been allowed to continue to dictate?

If the UK hadn't had Thatcherism, probably more like European countries such as Germany and France. So, some good and bad points, but not such a disaster.

slopemaster

Mention of 100% mortgages and negative equity reminds me of the last crash but one, before we bought. In about 1986 I was living in a shared house in London and 2 of my housemates were moving out to buy a place.

I remember Dave explaining to me how the best thing to do was to buy a house for more than you could afford, as house price inflation would mean the value went up quickly, whilst general inflation would erode the size of the massive payments.

Then house prices crashed and interest rates went up and lots of people were in the chit.