Youngsters cannot afford to buy a home?

Nada666

I wish someone would explain why anyone on a reasonable salary cannot save a deposit over three to five years.

If you're on a minimum wage or zero hours you're out - but anyone in a profession or even with a starting salary of 15 to 17K has no excuse. And there are plenty of people starting on more than 20K who also seem to plead they need help. The whingeing simply does not add up.

jjlandlord

princeofpounds wrote: »

Buying houses at 10pc interest rates is a pain, but make three years of repayments and (crudely) your mortgage burden shrinks by a third.

Try doing the same at 3pc interest rates and you'll be waiting ten years.

The interest rate is irrelevant, it's the inflation rate that matters.

jaylee3

Nada666 wrote: »

I wish someone would explain why anyone on a reasonable salary cannot save a deposit over three to five years.

If you're on a minimum wage or zero hours you're out - but anyone in a profession or even with a starting salary of 15 to 17K has no excuse. And there are plenty of people starting on more than 20K who also seem to plead they need help. The whingeing simply does not add up.

Ooooookay



The original post is so laughable, and full of generalisations, and inaccuracies, that I am not going to grace it with a response. I can only assume the OP has posted this for a Sunday afternoon giggle.

Newlyboughthouse

jaylee3 wrote: »

Ooooookay



The original post is so laughable, and full of generalisations, and inaccuracies that I am not going to grace it with a response. I can only assume the OP has posted this for a Sunday afternoon giggle.

Why? Again - I did it just fine. Hellooooo! Real life example of why the OP has a point, right here!!!

fairy_lights

Nada666 wrote: »

I wish someone would explain why anyone on a reasonable salary cannot save a deposit over three to five years.

If you're on a minimum wage or zero hours you're out - but anyone in a profession or even with a starting salary of 15 to 17K has no excuse. And there are plenty of people starting on more than 20K who also seem to plead they need help. The whingeing simply does not add up.

But in some parts of the country rent is so high that is uses up the lions share of your wages, and then you've got council tax, utilities, transport costs to and from work to pay as well as food and other essentials.
After all that you might have enough to save a little bit every month but then what if your washing machine gives up the ghost, or your car fails it's MOT and you have to use up those savings?
And even if you do manage to save enough to buy a property, there's no guarantee you'll be able to get a mortgage or won't have been priced out of the market by the time you get the money together.
I don't blame people for choosing to spend their money on holidays and ipads instead of saving for a deposit, when home ownership feels like such an impossible dream.

System

Nada666 wrote: »

I wish someone would explain why anyone on a reasonable salary cannot save a deposit over three to five years.

If you're on a minimum wage or zero hours you're out - but anyone in a profession or even with a starting salary of 15 to 17K has no excuse. And there are plenty of people starting on more than 20K who also seem to plead they need help. The whingeing simply does not add up.

Because some young people will spend huge amounts like this -

Iphone - £500 per year
Clothes - £1500 per year
Ibiza holiday - £1500 per year
Alcohol/partying - £1000 per year


Thats almost £5000 pounds, over 3 years, theres your (or lack of) house deposit.

Sacrifice = short term failure = long term success

penguingirl

Nada666 wrote: »

I wish someone would explain why anyone on a reasonable salary cannot save a deposit over three to five years.

If you're on a minimum wage or zero hours you're out - but anyone in a profession or even with a starting salary of 15 to 17K has no excuse. And there are plenty of people starting on more than 20K who also seem to plead they need help. The whingeing simply does not add up.

My brother and his girlfriend live in London and each earn approx 20k. Their rent is about 1200 a month for a one bed flat. They pay a bit of a premium as they have to live quite close to her work as she works 24 hour shifts for an emergency service and sometimes finishes work at 3am/starts at 5am so public transport is difficult at those times. This rent works out at about half their take home pay. By the time they pay for travel, food, bills etc they only have a couple of hundred pounds left. Their choice is to either spend it on 'fun' stuff or save it, knowing they will never save enough for a deposit.

I know London is the exception, but with more than 10 million people living in the London area there is a significant minority of people in a similar situation. Also there are a lot more graduate jobs there than anywhere else.

Personally I've chosen to live in the North, but my partner and I are very aware we're unusual amongst our age group in buying our second-rate house. We both have good jobs, no debts (other than student loans) and are able to manage our finances. Many of my peers have little job security/low hour contracts and high loans (often from funding postgraduate degrees), plus many struggle to understand financial products. Plus if you are single I think it is very difficult without the help of parents.

jaylee3

berbastrike wrote: »

Because some young people will spend huge amounts like this -

Iphone - £500 per year
Clothes - £1500 per year
Ibiza holiday - £1500 per year
Alcohol/partying - £1000 per year

Thats almost £5000 pounds, over 3 years, theres your (or lack of) house deposit.

Sacrifice = short term failure = long term success

Hey ANOTHER member of the 'laughable sweeping generalisations' club. :T

You are causing many laughs on here!

Worryingly, I believe you are serious.

Oh dear.

Pixie5740

jaylee3 wrote: »

Hey ANOTHER member of the 'laughable sweeping generalisations' club. :T

You are causing many laughs on here!

Worryingly, I believe you are serious.

Oh dear.

berbastrike allegedly earns £80k a year and lives at home with his/her parents paying £30 a month keep. That's not a typo, he/she really does just pay £30 a month and thinks it would be immoral for his/her parents to ask for more so I would take anything this poster says about the real world with a massive shovel full of salt. Everyone would be able to save thousands a year if their living expenses were only £360 a year.

kinger101

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