Debate House Prices


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Percentage of 25-34 y/ds owning their own house 2004 - 2014

24

Comments

  • danothy
    danothy Posts: 2,200 Forumite
    Part of the Furniture Combo Breaker
    hpifever wrote: »
    Guess who's going to buy these houses in the future?

    Which houses exactly? Because I am in that age bracket and looking to buy.
    If you think of it as 'us' verses 'them', then it's probably your side that are the villains.
  • shaggydoo
    shaggydoo Posts: 8,435 Forumite
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    The issue is a housing shortage and mortgage rationing.

    Is it?

    Maybe young people prefer to rent - like the Germans. It makes them more mobile. Rented property is better quality than it was in the past.

    I'm not saying that I'm right, just pointing out that no-one really knows why young people are renting. Causation and all that....
    What do we do when we fall? We get up, dust ourselves off and start walking in the right direction again. Perhaps when we fall, it is easy to forget there are people along the way who help us stand and walk with us as we get back on track.
  • stator
    stator Posts: 7,441 Forumite
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    shaggydoo wrote: »
    Maybe young people prefer to rent - like the Germans. It makes them more mobile. Rented property is better quality than it was in the past.
    .
    No it's not. Since going to Uni and renting privately for 15 years I've never had a good landlord. They're all slumlords.

    I also resent the idea that young people waste all their money on cars. This is not the case. Many young people don't even have cars. I've never had a car under 10 years old.

    The main problem young people face are the extortionate rents charged by the greedy have a go buy to let landlords and the massive increase in house prices caused by them
    Changing the world, one sarcastic comment at a time.
  • chewmylegoff
    chewmylegoff Posts: 11,466 Forumite
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    stator wrote: »
    No it's not. Since going to Uni and renting privately for 15 years I've never had a good landlord. They're all slumlords.

    I also resent the idea that young people waste all their money on cars. This is not the case. Many young people don't even have cars. I've never had a car under 10 years old.

    The main problem young people face are the extortionate rents charged by the greedy have a go buy to let landlords and the massive increase in house prices caused by them

    I rented privately from 1998 to 2014 and never had what I would call a bad landlord let alone a "slumlord". I didn't rent property in any slums though so maybe that's where I went wrong.
  • cells
    cells Posts: 5,246 Forumite
    stator wrote: »
    No it's not. Since going to Uni and renting privately for 15 years I've never had a good landlord. They're all slumlords.

    I also resent the idea that young people waste all their money on cars. This is not the case. Many young people don't even have cars. I've never had a car under 10 years old.

    The main problem young people face are the extortionate rents charged by the greedy have a go buy to let landlords and the massive increase in house prices caused by them


    If prices go down say 10% what percentage of renters can afford to become buyers?

    And if prices do down 10% again how many more percent can?


    Also sometimes price is irrelevant I know two people who could afford to buy at 2x income where theu are but theu still haven't in both cases as they at some point in the short to medium future want to move elsewhere. Should they be forced to nuy to save themselves from slumlords?
  • Jason74
    Jason74 Posts: 650 Forumite
    The issue is a housing shortage and mortgage rationing.

    The first causes higher prices, the second prevents FTB's being able to access the funding required to enter the market, and ultimately prevents enough houses being built.



    You first assertion is certainly true. We're simply not building enough houses, and that makes life far harder for those trying to get on the ladder.


    But I think any talk of "mortgage rationing" in this environment is a long way wide of the mark. Credit worthy borrowers with a decent deposit can access finance at income multiples that are eye watering by historic standards (although that has eased off recently), and 95% mortgages at historically low rates and high multiples are available to creditworthy borrowers.


    Of course, ftb numbers remain fairly low by historic standards, but that's a result of high prices (largely down to your first point of course, although the "British attitude" to property doesn't help here either), not lack of mortgage finance.
  • Nikkster
    Nikkster Posts: 6,391 Forumite
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    I wonder what the distribution of ages within the 25-34 y.o. bracket looks like comparing 2004 and 2014... e.g. if there were relatively more over-30s in 2004, then that might go some way to explain the differences. I've had a quick look and couldn't find anything to help me answer my question.

    Also had more of those 25-34 years old in 2014 been to uni? Undertaken postgraduate qualifications? Struggled to find full-time employment? Anything else that might mean they're less able to be in a position to buy?
  • Blacklight
    Blacklight Posts: 1,565 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    23% increase in rentals due to EU migrants in ten years. More reason to vote UKIP.
  • HAMISH_MCTAVISH
    HAMISH_MCTAVISH Posts: 28,592 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Nikkster wrote: »
    I wonder what the distribution of ages within the 25-34 y.o. bracket looks like comparing 2004 and 2014... e.g. if there were relatively more over-30s in 2004, then that might go some way to explain the differences. I've had a quick look and couldn't find anything to help me answer my question.

    Here you go....

    http://www.ons.gov.uk/ons/interactive/england-and-wales-population-pyramid---dvc2/index.html
    “The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.

    Belief in myths allows the comfort of opinion without the discomfort of thought.”

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  • ruggedtoast
    ruggedtoast Posts: 9,819 Forumite
    shaggydoo wrote: »
    Young people aren't interested in cars. Its only old men that are obsessed with cars these days.

    To paraphrase someone from another forum. Its amazing how many older people who own two cars and a 150 ton house full of consumer items, will then look at a young person who owns a bicycle a phone a laptop and some cotton clothing, and call them materialistic.
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