Young people increasingly giving up on buying property

mayonnaise

lisyloo wrote: »

I agree, but lots of young people don't have much money left after paying rent.
Let's not get diverted into "they shouldn't have an iphone" - there is a serious issue here.

You're right, it's not just iphones. For example, our youth spends half a billion a month on live events.
http://www.pressat.co.uk/releases/uk-study-reveals-millennials-want-experiences-not-possessions-1f90ece0f2f8747abe7bf057dbcc443d/

59% of the men questioned even said that enjoying experiences was more important to them than ever buying a home.

After enjoing all those wonderful experiences, they'll probably log on here claiming the boomers stole their future. :rotfl:

TheBlueHorse

people on benefits shouldn't be buying houses

IveSeenTheLight

Before the wife and I got married, I insisted we lived together (rented property) and bought a flat together.

We lived off one wage, whilst the other saved for the deposit and carried on paying down the mortgage.

We've kept that mantra up throughout life, meaning we were able to continue living off one wage when the kids came along.

It can be done, if you budget accordingly.

MFW_ASAP

stator wrote: »

The rich comment is referring to Joeskeppi who claims he saved £330 per week.
But I don't accept that if you were on benefits you could save £33 per week. HB + JSA wouldn't cover the livings costs for me, and no I don't have Sky or ciggies or any other bad habbits.

People on benefits shouldn't be buying houses, they should be investing in their own education/training in order to get a job, then they can start saving for their own house.

pheonix254

mayonnaise wrote: »

You're right, it's not just iphones. For example, our youth spends half a billion a month on live events.
http://www.pressat.co.uk/releases/uk-study-reveals-millennials-want-experiences-not-possessions-1f90ece0f2f8747abe7bf057dbcc443d/
After enjoing all those wonderful experiences, they'll probably log on here claiming the boomers stole their future. :rotfl:

So, 419,000,0000 spent by the 16,000,000 people in the UK aged 18-34 is around £25 per person per month.

I'm sure even the boomers spent that much on LPs.

If you've got £5 a month left over to spend on a choice of buying a bottle of wine or saving for a car, what are you going to do? That's not far off what I feel about the difference between buying a ticket to see a band or saving for a house. One is simply out of reach - so what is the point of saving for it? If I was on benefits, then fair enough, but I'm not. I'm an engineer, on a very well paid job, but completely priced out of the market.

The reason I only have a fiver left is because I'm giving YOU the £500 worth of cash I'd otherwise have to pay for your BTL mortgage through my rent. I can't build my own house at cost because the boomer's councils hold the planning permission. Boomers win every time, they hold all the cards, and have enshrined into law that we should pay their "hard earned" pensions, despite the fact that they have already spent them, many times over, and the ponzi scheme relies on future generations being used as collateral, and who cares about the damage.

So yeah, you're damn right I'm blaming the boomers. I probably would have done the same in their place, but doesn't mean I can't blame them for actually doing it.

stator

MFW_ASAP wrote: »

People on benefits shouldn't be buying houses, they should be investing in their own education/training in order to get a job, then they can start saving for their own house.

I don't think anyone was suggesting you could

IveSeenTheLight

pheonix254 wrote: »

The reason I only have a fiver left is because I'm giving YOU the £500 worth of cash I'd otherwise have to pay for your BTL mortgage through my rent.

Have you exhausted all ways of saving money: -
Living with parents
Sharing rent
Economically planning your food / cooking.
Using the car less
etc
etc
etc

Try visiting some other boards on this website for even more ideas. Some even find it a fun challenge to see how thriftily they can live.

You'll be surprised how much you can save

I've just had a though, my work has showers. I wonder how much I could save in a year showering at work as opposed to home.

All these little things help, give it a go, you might be surprised

MNM2903

From someone who is currently saving for a deposit to buy it feels like an impossible task when renting. Me and my GF were renting and trying to save, shes a midwife and im in sales and i would have probably took us 5 years to save a 10% deposit on 100k house. We have had to move back to my parernts and live in a conservatory and were currently saving 1200 per month. Its not easy but its the only way we could do anything about it. Our generation and im 29 have been shafted when it comes to buying property unless you got on the ladder at a young age.

CLAPTON

mullen8627 wrote: »

From someone who is currently saving for a deposit to buy it feels like an impossible task when renting. Me and my GF were renting and trying to save, shes a midwife and im in sales and i would have probably took us 5 years to save a 10% deposit on 100k house. We have had to move back to my parernts and live in a conservatory and were currently saving 1200 per month. Its not easy but its the only way we could do anything about it. Our generation and im 29 have been shafted when it comes to buying property unless you got on the ladder at a young age.

why is it so awful living with parents?
how long did you pay rent before moving back home?
why didn't you move back home earlier?

whilst I don't know your joint income why are you only saving 1,200 pm?

MNM2903

were only saving £1200 per month? thats alot of money to save. We save our own money a side from that which may or may not be used when we come to go for the mortgage aswell.

Its not awful i said it was hard, winter its freezing and summer its like a furnace ha.

We rented for a year before moving back with my parents purely because we wanted to live together first before commiting to a mortgage.