Myth: Generation rent is worse off than home-owning parents.

ukcarper

lisyloo wrote: »

I don't need sympathy but I think it's a normal human reaction - from the vast majority of people I meet - not just friends and family, but say strangers on the bus.
If I told a stranger on the bus I'd been stung by a wasp they'd be sympatheric not say "it's a consequence of having a garden" (which BTW I already know).

I will be looking for a job outside London, but I expect to find many, many, many more jobs available in London and it's surrounds.

I didn't think you were looking for sympathy and you seem quite happy with the choice you have made. I would also be sympathetic fo the person stung by the wasp, the difference being that if people have made the choice to commute they must feel that is what is best for them. I would feel sympathy for people who would like to own but can't even if they are prepared to compromise.

Nada666

PasturesNew wrote: »

And the point I am trying to make is that there's insufficient money to be able to save up for a deposit after you've paid the rent (don't get me started on short-term tenancies, insecurity and HUGE agent fees/moving costs when you're out on a whim)

Any deposit you MIGHT be able to save would soon be gobbled up after 2-3 moves have been thrust upon you.

What are you talking about?

For most of Britain rent (including maintenance (paid by landlord) and council tax) will be less than £450. Even on a minimum wage you could choose to save £4,000 per year for a deposit. For people on a normal salary you can save £10,000 a year and more. It's a matter of choice.

Moving costs are zero for those flitting whilst saving (as you are choosing to save for a deposit you choose to live out of a suitcase - or at least out of what can fit in a car).

Mistermeaner

Generali wrote: »

I can't decide whether to say one can but hope or say that you are being rather mean.

As a result I am doing both!

Let's see what Martin thinks of my vacillating approach to this. Martin?

:money:

Ah yeah, he agrees. Good lad.

I wish no harm on anyone - it's a fact that if you can plan your death it makes financial planning so much easier.

lisyloo

the difference being that if people have made the choice to commute they must feel that is what is best for them

My point is that sometimes best is very rough and deserves sympathy.
So lets imagine your choice is to leave war torn syria and risk your life on a boat.

If you don't accept that point, then I'm not going to spend any more time on it.

ukcarper

lisyloo wrote: »

My point is that sometimes best is very rough and deserves sympathy.
So lets imagine your choice is to leave war torn syria and risk your life on a boat.

If you don't accept that point, then I'm not going to spend any more time on it.

That's a bit extreme the choice you seem to be talking about is about living in less than ideal conditions but perfectly OK or in better conditions but a longer journey to work. I like many people I know made the later choice and even though it's not ideal I am very happy with my choice and appreciate the fact that I was in a position to make that choice.

GunJack

Nada666 wrote: »

What are you talking about?

For most of Britain rent (including maintenance (paid by landlord) and council tax) will be less than £450. Even on a minimum wage you could choose to save £4,000 per year for a deposit. For people on a normal salary you can save £10,000 a year and more. It's a matter of choice.

Moving costs are zero for those flitting whilst saving (as you are choosing to save for a deposit you choose to live out of a suitcase - or at least out of what can fit in a car).

Which decade/planet are you stuck in/on??? Rent £450pcm? Min wage and save £4k? Normal salary and save £10k a year?

So, you need to be a monk/nun and earn £30-odd k a year to come close to that....

Electrum

Masomnia wrote: »

Haven't read the article but I think the point they're trying to make is that because people have given up on home ownership they don't bother to save for a deposit. Maybe some truth in it I don't know.

Yes lots of truth in it.

"Little has changed jobswise since: the Office for National Statistics recently announced that though wages have risen slightly, they are still below pre-crash levels.

What has risen, however, is house prices and rents. So students are paying more for accommodation at university, coming out in more debt into a lower-paid job, and then realising that house prices are so eye-watering that you’re more likely to own a unicorn than a home of your own before your 50th birthday."

The next generation has given up on even dreaming of owning unless property comes back down to affordable levels.

geoham

As someone who has rented ever since moving out of my parent's house, and am waiting on the completion of my first house purchase I'd like to give my opinion on this.


To me, the biggest downside to renting is the instability of it. There seems to be far too many amateur landlords and borderline shady letting agents, and families who rent are the ones to suffer.


The first house I rented, the landlord decided they sell after renting for 18 months. We moved elsewhere, and the house was repossessed in under a year after the landlord stopped paying the mortgage. Turns out they had several properties repossessed by various lenders in a few weeks - none of which had a buy-to-let mortgage according to our letting agent at the time.


In this case, a bank representative appeared at our door about six weeks prior to repossession asking about the landlord, how long we'd lived there etc. Not to mention countless letters arriving for him. We raised this with letting agent, and believed them when they said there was a mix-up - it was nothing to worry about.


My most recent place - I've been lucky and have lived there for six years. The landlord have indicated they want to sell and have offered it to us - at a price I believe to be about 5k above market value. We have decided instead to buy a larger property for less money.
More than anything - I'm looking forward to knowing that as long as I pay my mortgage, that I'll never be asked to leave again. (I'm making sure I'm well insured, just in case something does happen!)