BREXIT - Good news for all those youngsters!

lisyloo

Cakeguts wrote: »

Why aren't they any good at saving?

It's difficult to save when you are paying rent and student debts. Not everyone can stay with their parents, so some have to pay rent.

Cakeguts

lisyloo wrote: »

It's difficult to save when you are paying rent and student debts. Not everyone can stay with their parents, so some have to pay rent.

Difficult but not impossible.

VeryMan

If house prices drop 20% it would be because of 20% increase in unemployment and 20% decrease in salaries!

jojo9239

What about us youngsters who are trying to sell a home

THANK YOU SO MUCH

Dan83

I don't mind taking a big hit on my house, my next house will be cheaper too.

lisyloo

Cakeguts wrote: »

Difficult but not impossible.

I agree with you, but youngsters have never bought with huge amounts of equity.
10% would be normal.

I bought with none and before you ask whether I was any good at saving, yes I was, I came out of uni with no debts having lived frugally, but had no chance to actually save at uni, nevertheless I would rather have bought a house with a low (none in our case) deposit rather than waited and sabved up. That doesn't mean we couldn't save, just we'd prefer to be putting money into the mortgage from day 1 rather than renting.
Having no or low deposit doesn't imply you can't save, it might be an active choice in favour of buying (although today might not be the best time to rush into it).

brit1234

VeryMan wrote: »

If house prices drop 20% it would be because of 20% increase in unemployment and 20% decrease in salaries!

Where did you get that load of cobblers from?

So why after credit crunch did house prices rise over 20% with no rise in wages a tiny increase in employment maybe 1% (much of which zero hour contracts or part time)?

Prices rose due huge amounts of cheap credit, irresponsible lending (help to buy & 40 year mortgages) and foreign investors treating UK property as cash boxes.

Prices can easily fall 20% without what you said above being the cause.

Cakeguts

lisyloo wrote: »

I agree with you, but youngsters have never bought with huge amounts of equity.
10% would be normal.

I bought with none and before you ask whether I was any good at saving, yes I was, I came out of uni with no debts having lived frugally, but had no chance to actually save at uni, nevertheless I would rather have bought a house with a low (none in our case) deposit rather than waited and sabved up. That doesn't mean we couldn't save, just we'd prefer to be putting money into the mortgage from day 1 rather than renting.
Having no or low deposit doesn't imply you can't save, it might be an active choice in favour of buying (although today might not be the best time to rush into it).

The problem is that if you can't save the deposit by as you say living frugally you also can't afford to own a house. There appear to be a lot of 1st time buyers who haven't done any research at all into what owning a property means. If you don't keep your house in good repair it will lose value relative to the ones in the same area that are in good repair. In order to make repairs you have to be able to save. In a way saving for a deposit is good practice for what you are going to have to continue to do all the time you own a house. I think many 1st time buyers think that buying is like renting only cheaper. It only becomes cheaper than renting when you are at the end of the mortgage.

DRP

Cakeguts wrote: »

One of the the recurring themes that I have noticed is the lack of historical knowledge. The "oldies" who voted leave are being blamed because they have all got houses etc. Many of these houses were bought before the UK joined the EEC and many before the EEC became the EU. What this proves is that actually the UK did better before the EU and so the younger generation can expect to do better out of the EU rather than in it.

This historical evidence points to the fact that the younger generation should actually thank the "oldies" for votes based on knowledge and historical facts.

If thanks to the "oldies" house prices in London go down again then more young people will be able to afford to buy somewhere. I cannot see why people are not celebrating this it is what they say they have wanted for years.

It doens't prove anything - as demonstrated by the opinions (analysis) of respected economists.

Don't you think the wider world and economic structure might have changed a little in the intervening decades?

Miss_Samantha

Cakeguts wrote: »

Many of these houses were bought before the UK joined the EEC and many before the EEC became the EU. What this proves is that actually the UK did better before the EU and so the younger generation can expect to do better out of the EU rather than in it.

Up until the 60s-70s the majority of people, including the vast majority of people in the first half of the century could not afford to buy and were all tenants.

So following your logic I reckon that the young are now condemned to be tenants.

Moreover, historical evidence points to the fact that the country did much better when the Royal Navy roamed the seas, taking over countries as it went without having to waste money on the NHS.
Therefore, I propose that we scrap the NHS altogether and put all the money into the Royal Navy.
We're going to get this trade deal with China the old fashioned way.