How to own a home by the age of 25

Out,_Vile_Jelly

ringo_24601 wrote: »

I lived there for 2 years as a student, just off Smithdown road. Only got mugged the once but it was my own silly fault for walking home drunk at 2am. The house itself was fine. I know one of the neighbouring houses was burgled, but they'd left the back door unlocked.

There're quite a few houses going pretty cheaply there. Pretty much in a house identical to this -

http://www.rightmove.co.uk/property-for-sale/property-47372572.html

£147k for a 4 bed.. insane!

Look, a £45k house is always going to need to be done up. But come on, it's the price of a house deposit in other places in the country.

I was a student in Liverpool too, and spent two fun years living off Smithdown Road (the nicer end). Never felt unsafe as a female walking alone, and I'm from semi-rural middle class Dorset. The housing stock round there is scruffy but solid, and certainly reasonably priced for locals.

Interestingly, I was up there recently and was surprised by how many student flat blocks are now going up nearer the city centre. This is a reflection of how desperate universities are to attract high-fee paying foreign students, especially Chinese, who expect modern en-suite rooms and aren't interested in a traditional scuzzy house-share off Smithy. So I think the student rental market is likely to be affected in future, probably in other cities with big universities too. Modern halls of residence with en-suite rooms are extremely profitable long-term for universities, as they can be let for conferences during the long holidays.

NOVAMET21

worried_jim wrote: »

They were on radio 4 as well and a young lady in Liverpool was saying that houses are too expensive. I nearly spat my tea out! Liverpool! You can get a nice house for £40k, that's just £4K for a 10% deposit. Snowflakes.

What 40K expensive? I would be mortgage free by now with cash coming out of my ears lol

NOVAMET21

Jack_Johnson_the_acorn wrote: »

I'm sorry but you can't get a house that a sane person would want to live in for less than £100k in Liverpool or surrounding areas. The house could be nice but you would never feel safe.

Very true indeed.

the_flying_pig

it's obviously not impossible to own a house at 25, just much more difficult than it was, say, twenty years ago.


say 5-10% of 25 yr olds born in the 90s currently own, whereas for 25 yr olds born in the 60s the figure was more like 25-30%... if we assume that on average people stay in full time education for say 2-3 years longer than they did back then, I suppose we should be comparing current 25 yr olds with 1960s-born 22-23yr olds... so like-for-like the homeownership rate has more or less halved. it's got loads harder, crudely about twice as hard, but it's far from impossible, there are still thousands of people doing it, so it's trivially easy to find plenty of examples who've done it. there'd just have been twice as many such examples kicking around 20 yrs ago. it goes without saying that amongst these people, high incomes [own and parental], & living low-priced areas will tend to be over-represented.

westernpromise

Out,_Vile_Jelly wrote: »

Interestingly, I was up there recently and was surprised by how many student flat blocks are now going up nearer the city centre. This is a reflection of how desperate universities are to attract high-fee paying foreign students, especially Chinese, who expect modern en-suite rooms and aren't interested in a traditional scuzzy house-share off Smithy.

Interesting observation. So if one were thinking of creating HMOs for students, one should target either towns that host third-rate universities where the Chinese will not go, or towns in which no such development is likely (eg Cambridge)?

AFF8879

westernpromise wrote: »

Interesting observation. So if one were thinking of creating HMOs for students, one should target either towns that host third-rate universities where the Chinese will not go, or towns in which no such development is likely (eg Cambridge)?

I think you get a mix of backgrounds / requirements at most universities, also proximity to large hospitals is a great place for HMOs - it's something I'd like to do in the future when I have the capital to invest, nurses / junior doctors deserve to live in a place with a high standard of finish and are more likely to take care of the place than rowdy students IMO.

Dird

ringo_24601 wrote: »

You could happily rent that out to students too

I find it hard to believe students would relocate to study at any of the 3 Liverpool unis and live somewhere that means 20 mins public transport everyday or 30+ minutes walk each way. If you're going to live away from home you're going to want to be within easy walking distance

steampowered

Quite apart from house price rises, it seems that young people (particularly men) are getting paid less than their parents, after adjusting for inflation.

Simply put, it is more difficult to buy a house if you are getting paid less, paying more in rent and house prices are much higher than they used to be.

michaels

But this is because low skilled manual traditional 'male' work has been lost to globalisation meaning young men without qualifications (and don't forget men underperform women in education) now end up in low paid services jobs. Ie the same thing that brought trump victory. Where these people previously bought houses this might make a difference...but were they house buyers anyway?

Jon_B_2

It was a ridiculous article.

Try writing that article in the south of the UK.