Harder now for 1st time buyers?

ognum

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.

So you mum and dad are in the generation that you claim have ruined it for you, yet you say they live in a small house etc etc. So it's not the, that's the problem. You need to realise that it's not most people of their generation either.

I own BTL properties, if I could put my money in a bank account and earn a decent interest rate I would but I can't.

Those people who have benefited from cheap mortgages for the last few years have benefited on the backs of savers who need to get some return on investments.

littlegreenfrog_2

always_sunny wrote: »

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?

I do commute, and that is still the plan. And I will be able to do this, hopefully quite soon.

I'm not making excuses, I'm just commenting on how hard it is for first time buyers these days, which is the point of this thread, is it not? And as I have pointed out (repeatedly), I have a good salary, I've been lucky enough to be able to move home while I save a deposit, I'm prepared to commute - all of those things and my budget is still really limited. So what hope is there for people less fortunate than me?

Person_one

littlegreenfrog wrote: »

And as I have pointed out (repeatedly), I have a good salary

Well, you're not wrong there! :rotfl:

littlegreenfrog_2

ognum wrote: »

So you mum and dad are in the generation that you claim have ruined it for you, yet you say they live in a small house etc etc. So it's not the, that's the problem. You need to realise that it's not most people of their generation either.

No, it's the people who have jumped on to the BTL bandwagon.

ognum wrote: »

I own BTL properties, if I could put my money in a bank account and earn a decent interest rate I would but I can't.

Where did I put that tiny violin? I can't earn a decent interest rate on my savings either, and as time goes by I need a bigger and bigger deposit just to keep up with increasing prices. Sorry to say it, but you are part of the problem.

ognum wrote: »

Those people who have benefited from cheap mortgages for the last few years have benefited on the backs of savers who need to get some return on investments.

So yeah... people like you benefiting on the backs of people like me then, right?

ognum

littlegreenfrog wrote: »

No, it's the people who have jumped on to the BTL bandwagon.




Where did I put that tiny violin? I can't earn a decent interest rate on my savings either, and as time goes by I need a bigger and bigger deposit just to keep up with increasing prices. Sorry to say it, but you are part of the problem.




So yeah... people like you benefiting on the backs of people like me then, right?

So what are the people like me who now don't have a good salary like you supposed to live on?

littlegreenfrog_2

Really? Are you kidding me?

You could always sell your BTLs and buy that house in Port Talbot. Then you could live on a reduced income and wouldn't have to rely on other people paying you rent out of their hard-earned salaries to fund your lifestyle.

:huh:

ognum

littlegreenfrog wrote: »

Really? Are you kidding me?

You could always sell your BTLs and buy that house in Port Talbot. Then you could live on a reduced income and wouldn't have to rely on other people paying you rent out of their hard-earned salaries to fund your lifestyle.

:huh:

Really are you kidding, so I have worked and you suggest your parents shouldn't have to downsize but I should?

ukcarper

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


60.

That is not happening in the numbers you think it's a small minority who are doing that, you are just looking for people to blame.

littlegreenfrog_2

ognum wrote: »

Really are you kidding, so I have worked and you suggest your parents shouldn't have to downsize but I should?

If you have worked then why are you unable to support yourself except by collecting rent from people who are working?

My parents only have one property, it's quite small, it was a bit cramped when we were growing up and even more so now. It's actually a pretty appropriate size for two retired people, and hopefully by the time they are both retired my brother and I will be gone and they can have some peace, which they deserve. They're not living in some kind of mansion and funding their retirement by charging rent to people who can't afford to buy their own place. (Except me and my brother, but we only pay what it costs to keep us.) They are not part of the problem.

marksoton

littlegreenfrog wrote: »

If you have worked then why are you unable to support yourself except by collecting rent from people who are working?

You're ignoring the fact that there will always be a rental market. Someone has to own those properties.