Today's Bear food

p1212

Jack_Johnson_the_acorn wrote: »

Wow talk about bitterness.....

I'm 30, bought 5 yrs ago in the NW. interest rate was 5% initially paid around £130k. No help from mum and dad, just saved hard for 2 years for the deposit.

Am I over leveraged? Do I hate "young people"? Do I deserve to see a HPC?

Property is very reasonable IMO. But if you want to live in one of the most prosperous and lively capitals in the world then you best get saving.

And what this proves, who wants to buy there? If you go to namibia, you could buy even cheaper, what is the point?

Now let me tell you in my area the yearly price inflation was 100K, your whole house wouldn't qualify as a deposit.

ukcarper

p1212 wrote: »

Really? Every boomer who's bought in London for peanuts is very close to being a millionaire, as the average house costs almost a million in London.

You say don't spend time on forums, well the problem is not really the forum posts, the problem is that houses are going up in my area at 100K per year. Let's calculate how much money you would need to save up that much, 100K per year savings, that's more than 8 grand per month + you live somewhere, eat something, let's say net 10 grand per month.

That is 210K per year salary just to keep up with the inflation.

That is the problem, not the forum posts.

Average house prices is not close to £1 million and what about us boomers who couldn't afford to buy in London. Back in the seventies in relation to earnings prices were a lot higher than the nineties and you could borrow less.

lisyloo

It isn't easy to get your first property

It has mostly never been easy for most people.
My parents (married 1964) had to live with their parents after they got married. It's not that long ago that women couldn't own property etc. This is all forgotten.

There are a few periods recently when you could get a 125% mortgage that people might remember, but mostly it have never been easy.

The main difference I see for the young today is that they won't get a guaranteed good job with guaranteed career pay rises, which I got as a grad in the 90's.

In many places in the UK property is pretty cheap.
So a couple could buy a starter flat in Derby for £100K which is perfectly do-able for 2 ordinary wages.

London is a different story, but there are still flats in Luton circa £100K.
It's not the nicest place to live, but again if you want to live in the one of the best places in the world when you're starting out then you need to make one or two sacrifices.

As I said those I've observed who've been successful (including chuck), have got on with it and not sat about moaning.

Jack_Johnson_the_acorn

p1212 wrote: »

And what this proves, who wants to buy there? If you go to namibia, you could buy even cheaper, what is the point?

Now let me tell you in my area the yearly price inflation was 100K, your whole house wouldn't qualify as a deposit.

I'm pretty sure my house worth north of £160k now would be enough for a deposit in 99.9% places in the UK. (But that's being pedantic)

Maybe you don't earn enough to buy a house in London..... have you considered that?

Cheshire isn't quite Namibia, maybe you should consider moving to Namibia though, judging from your posts, English isn't your native language anyway.

I love where I live, It seems like you can't afford buy and you are jealously venting at those who can.

wotsthat

p1212 wrote: »

And what this proves, who wants to buy there? If you go to namibia, you could buy even cheaper, what is the point?

Now let me tell you in my area the yearly price inflation was 100K, your whole house wouldn't qualify as a deposit.

Are you really getting this angry because you can't afford a £1m house?

lisyloo

Every boomer who's bought in London

Some of those boomers are dead, some got cancer, some are crippled. I wouldn't necessarily call those people lucky.
Yes a % of people got lucky through absolutely NO merit whatsoever.
SO WHAT?

the problem is that houses are going up in my area at 100K per year. That is the problem, not the forum posts.

I don't know your situation so I'm not passing comment personally, but many of those who spend hours on forums didn't buy and missed out.
If they had been focussed and bought when it was affordable then they might be multi-millionaires now (like chuck), but they didn't - why? either they were too busy doing something else (sometimes moaning) or didn't want to buy (got it wrong) whereas the successful (like chuck) got on with it.
What I have described is not pure luck.
It's being focussed and successfully.
Those who take control will be successful and the losers will moan.
So "forum posts" as an metaphor for not taking action IS the problem.

HAMISH_MCTAVISH

Jack_Johnson_the_acorn wrote: »

judging from your posts, English isn't your native language anyway.

I'm glad someone else noticed that.

Anyway....

90%+ of the UK population lives outside central London.

Loads of people who work in central London live outside it in much more affordable areas.

Such is life in the real world...

HAMISH_MCTAVISH

p1212 wrote: »

now let me tell you in my area the yearly price inflation was 100K.

If you can't afford to live there then it really isn't "your" area.

You should probably try moving a few miles down the road to a cheaper area that you can afford.

chucknorris

p1212 wrote: »

lol at the boomer who got his properties at the absolute lowest price/earnings ratio and now so proud of himself gaining millions with decades of debt expansion and government + central bank support. Well it would be a miracle not to be a millionaire with that.

Unfortunately not everyone is as lucky as you've been, todays prices a "bit" higher in london than in newcastle... It's pure luck, being born 20 years earlier than others...

But weren't your parents born at least 20 years before you, can't they lend you a decent deposit, or maybe they don't trust you, or perhaps they are not as bright as everyone else (where in your own words it takes a miracle to avoid being a millionaire).

AFF8879

Don't forget also that many property-rich people especially in London are actually cash poor. Not everyone wants to sell up and buy a castle on a remote Scottish island, especially if their entire life has been in London.