Harder now for 1st time buyers?

ukcarper

littlegreenfrog wrote: »

All my previous landlords have been.

That doesn't prove anything from what I can see the average of a landlord is between 48 and 53 depending on source as boomers are now 50 and 70 it would seem a large number are not boomers.

littlegreenfrog_2

What difference does it really make whether they're 48 or 70?

The point is they were able to buy property when it was very cheap and have sat back and watched their property grow in value without having to put in any spade work. They do not need people like me to subsidise their pension. What about our pensions? What are we going to live on when we retire? It's intergenerational theft on an enormous scale.

At least I pay my rent to my mum who doesn't have a BTL and doesn't have a big pension because she worked part-time when we were small.

ukcarper

littlegreenfrog wrote: »

What difference does it really make whether they're 48 or 70?

The point is they were able to buy property when it was very cheap and have sat back and watched their property grow in value without having to put in any spade work. They do not need people like me to subsidise their pension. What about our pensions? What are we going to live on when we retire? It's intergenerational theft on an enormous scale.

At least I pay my rent to my mum who doesn't have a BTL and doesn't have a big pension because she worked part-time when we were small.

If the average is 48 that means 50% are younger so what has it got to do with pensions.
You need to get the chip off your shoulder OK my house has increased in value but it's only on paper and if it hadn't increased so much it would make no difference to me and the majority of other boomers who are just living in thier homes.

ukcarper

littlegreenfrog wrote: »

Erm, I'm doing all of those things. But the point of this thread is to discuss whether it is harder now for FTBs. And clearly the answer is yes. Something should be done to redress the balance a bit.

What do you suggest should be done, I don't see any real solution other than reducing demand by either building more or reducing population in effected areas.

always_sunny

littlegreenfrog wrote: »

What about our pensions? What are we going to live on when we retire? It's intergenerational theft on an enormous scale.

At least I pay my rent to my mum who doesn't have a BTL and doesn't have a big pension because she worked part-time when we were small.

Don't you have the well-paid successful job? Surely it comes with a good pension scheme!

Let me guess, your mum who doesn't have a big pension (so not working) is living close to the areas you're looking to buy? Why doesn't she downsize so your generation could buy?

All these people ageing, living longer than the previous generations hogging the property market - oh my, especially if generations don't want to live vertically and in smaller properties!

ognum

littlegreenfrog wrote: »

What difference does it really make whether they're 48 or 70?

The point is they were able to buy property when it was very cheap and have sat back and watched their property grow in value without having to put in any spade work. They do not need people like me to subsidise their pension. What about our pensions? What are we going to live on when we retire? It's intergenerational theft on an enormous scale.

At least I pay my rent to my mum who doesn't have a BTL and doesn't have a big pension because she worked part-time when we were small.

How old is you mum?

looknohands

littlegreenfrog wrote: »

Society should incentivise people to work hard and get on in life. Right now the people reaping all the benefits of the current system are the baby boomers who invested in BTL and are now taking it easy on the backs of the younger generations.

The thing to remember is this is largely around London. I live in the East I'm 30, my 2 bedroom house cost £170k, and our total household income is 80k a year. All of my friends who live here earn good money and own their own homes, we all worked hard to get on in life as you say, nobody is taking it easy on my back... (at least last time i checked they weren't)

I feel this a bit ignorant to assume it's nationwide problem and it's caused by older generations.

The solution for London? Shifting areas of our economy from London could work, think of Germany, Frankfurt finance, Berlin government and then the Ruhr has a huge amount of economic value. London has created it's own problem by having everything, and drawing so many people to live there and housing can't keep up.

The funny thing also is you will moan about house prices being too high as FTB, but as soon as you have a property you wont want the house prices to plummet...

littlegreenfrog_2

ukcarper wrote: »

If the average is 48 that means 50% are younger so what has it got to do with pensions.
You need to get the chip off your shoulder OK my house has increased in value but it's only on paper and if it hadn't increased so much it would make no difference to me and the majority of other boomers who are just living in thier homes.

It has everything to do with pensions. People either haven't saved enough into their pensions or they think they won't be worth much when they come to retire so they are investing in BTL instead to provide them with a retirement income. The problem is this is pushing up prices for owner occupiers (especially FTBs) who now can't afford their own homes and probably can't afford to save for a pension either. Most people I know are not paying into a pension because they're prioritising saving for a deposit, which means they will lose most of the benefit of compounding that you get when you start saving into a pension at 21.

always_sunny wrote: »

Don't you have the well-paid successful job? Surely it comes with a good pension scheme!

Let me guess, your mum who doesn't have a big pension (so not working) is living close to the areas you're looking to buy? Why doesn't she downsize so your generation could buy?

All these people ageing, living longer than the previous generations hogging the property market - oh my, especially if generations don't want to live vertically and in smaller properties!

My job has a good pension scheme but I still don't want to be renting when I retire. And just because I'm currently in a job with a good pension scheme doesn't mean that will always be the case. Best not to rely too much on things which may never materialise.

My mum and dad don't have a big house. Their house is about the size most people looking to "downsize" would move to. I suppose they could move to a flat, but why on earth should they? We already have two generations (four adults) living under one roof and it is pretty crowded, to be honest. My parents are looking forward to having their own space back. We can't really stay too much longer, and we certainly need our own places before we start families of our own.

ognum wrote: »

How old is you mum?

60.

littlegreenfrog_2

looknohands wrote: »

The thing to remember is this is largely around London. I live in the East I'm 30, my 2 bedroom house cost £170k, and our total household income is 80k a year. All of my friends who live here earn good money and own their own homes, we all worked hard to get on in life as you say, nobody is taking it easy on my back... (at least last time i checked they weren't)

I feel this a bit ignorant to assume it's nationwide problem and it's caused by older generations.

The solution for London? Shifting areas of our economy from London could work, think of Germany, Frankfurt finance, Berlin government and then the Ruhr has a huge amount of economic value. London has created it's own problem by having everything, and drawing so many people to live there and housing can't keep up.

The funny thing also is you will moan about house prices being too high as FTB, but as soon as you have a property you wont want the house prices to plummet...

I agree that moving jobs out of London would help. If I could do my job somewhere else, I would.

And you're right about that last part, but this is why house price inflation has created a lose-lose situation for younger people. People who are completely priced out need prices to fall if they are ever going to buy. But people who have scraped together every penny to get on the property ladder need prices to at least stay at their current level otherwise they will be in negative equity. Whatever happens, ordinary hardworking people will lose out and people who are already wealthy will be just fine.

always_sunny

littlegreenfrog wrote: »

It has everything to do with pensions. People either haven't saved enough into their pensions or they think they won't be worth much when they come to retire so they are investing in BTL instead to provide them with a retirement income. The problem is this is pushing up prices for owner occupiers (especially FTBs) who now can't afford their own homes and probably can't afford to save for a pension either. Most people I know are not paying into a pension because they're prioritising saving for a deposit, which means they will lose most of the benefit of compounding that you get when you start saving into a pension at 21.

My job has a good pension scheme but I still don't want to be renting when I retire. And just because I'm currently in a job with a good pension scheme doesn't mean that will always be the case. Best not to rely too much on things which may never materialise.

My mum and dad don't have a big house. Their house is about the size most people looking to "downsize" would move to. I suppose they could move to a flat, but why on earth should they? We already have two generations (four adults) living under one roof and it is pretty crowded, to be honest. My parents are looking forward to having their own space back. We can't really stay too much longer, and we certainly need our own places before we start families of our own.

60.

You seem to have an excuse after another, your mum and dad have a big enough house if you can move back! Just imagine, a young family could easily live there. Why on earth should they?
So that people moaning like you can get a house apparently!

You have stated you don't want to, fine, but with your salary and deposit could you buy a property in other areas that would allow you to commute?