Where have all the 20 something’s gone?

Koldweather1

Cakeguts wrote: »

Now this business about having less than your parents. How can you possibly know that? You would have to look 30 years into the future to find out. What your generation are trying to do is to have the lifestyle straight away that has taken your parents 30 years of working to achieve. You don't start off at the top you start at the bottom like they did. When they were your age they didn't have what they have now.

It is completely unrealistic to think you can live the lifestyle of someone who has worked for 30 years to get it.

I think its FAIR to say that a 25 year old in 1995 could afford what a 25 year old couldnot now, at least in the SE.

For example, I looked at a house in Guildford, I purposefully looked there because it is an area that has had utterly rampant HPI.

In 1995 the average wages were in the £20k ballpark in the SE. The house I looked at just for comparison sake was 95K in 1995. Maybe a stretch for a single person even back then, but it was just about do-able on your own based on the average salary atthe time.

Fast forward to 2017, and that same house sold for 825k...average SE salary now 31K. Now I do acknowledge that Guildford is an extreme example, but that is replecated everywhere. That exact same person, at the exact same age COULD NOT afford that house, indeed even a joint salary wouldn't even touch the sides.

I think that is the point you are missing cakeguts, people are directly comparing themselves to the previous generations AT THE SAME AGE!

I think once your on the ladder and have a mortgage, it is EASIER than the past, simply due to the low IR we have been experiencing, even a decent uptick is still well below long term norm. BUT the problem is many can't even get a mortgage due to the salarys not having kept pace. No amount of beans on toast is rectifying that situation!

economic

The property market in the UK including London is functioning perfectly fine. The prices do make sense to me. They are expensive in London but there is a reason for that - its a nice city to live in.

What has happened and is happening now is that many millenials are being given cash from baby boomer parents to help purchase a house. this is great for those in that position for which there are many. With low rates these children can pay off a mortgage quicker then their parents could.

Basically there is nothing concerning about the market. If children cant not afford it with their parents help there is a reason for this - their parents didn't work/save enough and/or the children are not saving/working hard enough. They simply do not deserve it - a perfectly fine free market working as is intended.

economic

moneyistooshorttomention wrote: »

:rotfl::rotfl::rotfl:If I thought your last comment was illogical - saying that someone can help the IQ they are/or aren't born with positively takes the biscuit.

Some of us are born lucky enough to have good IQ level:D - but what one gets for an IQ level is sheer accident of birth and the exact same parents can have one intelligent child and one child as thick as two short planks - yes...a situation that some of us are very familiar with.

As for the thought of living with parents for as long as 10 years - say 21 (allowing for the huge proportion of population going to university of one description or another these days) to 31 years of age:rotfl:. I feel sorry for both the kidults concerned and their poor parents (who should have had the house to themselves for some years by the time their "children" hit 31).

Boy - are you piling up some bad karma for yourself somewhere along the line to find out personally just how illogical/uncompassionate your comments are.

Well it is the persons fault for having low IQ, its their genes. you could then say its their parents fault and their parents fault and go on forever. So its the genes fault which is ultimately what creates the person. Like a genetic disease or illness - its no ones fault but the person's (aka persons genes are faulty).

Of course the person couldn't do anything about it, but it doesn't mean there is no fault anywhere. Genes = the person.

As for the rest of your post - just garbage. My parents bought their home in their late 20s after having lived with my grandparents. They never rented. Buying a house is not a right - it needs to be earned and sacrifices need to be made.

If parents don't like their children living with them till 31, its simply bad parenting - and i wouldn't be surprised if the children came out terrible and complaining like morons that they cant afford a home. You just gotto laugh at that kind of thing! hahaha

Oh and there is no such thing as Karma - to think it does is just stupid and foolish and cruel. If you think like that then you also think people deserve their misfortunes. Very stupid and cruel of you to think like that.

economic

When i look around i see the successful people are the ones who dont complain and just get on with things. They make sacrifices and they put effort. Sure a lot of it is luck and genetics. But complaining endlessly is not something they do. Those who cant afford and complain about it need to grow up and look at themselves for the reason they cant afford is staring back at them in the mirror.

SG27

economic wrote: »

Plus the money wasted on these things would otherwise have earnt interest compounded which over a few years would all add up to quite a bit.

Property has clearly become more expensive relative to earnings but there are many good reasons for it many which people don’t even think about. Eg the average house has gotten bigger as over the decades people spent money on extensions. Also home appliances have gotten better and higher quality and there is more of them. Just these two things mean the average house is of higher quality and needs to be reflected in the price.

Houses are the smallest they have been since 1970s. You obviously havent seen a new build these days in the last decade or so.

And the house doesnt come with appliances, you have buy them separately and out them in yourself. Not sure how things worked in your day? Plus appliances are very very cheap as a percentage of a house price. Just toted up my entire kitchen amd its about £4500 including boiler!

hammy1988

Me and my partner bought our first house when I was 22 and he was 26. We had a 10% deposit only, bought a 116k ex council cheap as chips house (in north devon it was literally the cheapest we could get), sold five years later for a good profit due to our renovations. Now in a new build worth 220k (or paid 220k..)

He was on 27k a year on our FTB, myself only part time on minimum wage.

It can be done.

I can't help but think a lot of these FTB are looking for a nice shiny new house that's very expensive in a posh area. When in actual reality, you need to be prepared to get your hands dirty and try and make some money on the property ladder by buying cheap at first and working your way up.

Most these days seem to swan into 300k new builds and think thats all the hard work sorted.

My opinion only.

Edit: We had no family help at all, our parents still live in council housing. Our FTB was a three bed semi. We now have a 3 bed detached.

moneyistooshorttomention

economic wrote: »

Well it is the persons fault for having low IQ, its their genes. you could then say its their parents fault and their parents fault and go on forever. So its the genes fault which is ultimately what creates the person. Like a genetic disease or illness - its no ones fault but the person's (aka persons genes are faulty).

Of course the person couldn't do anything about it, but it doesn't mean there is no fault anywhere. Genes = the person.

As for the rest of your post - just garbage. My parents bought their home in their late 20s after having lived with my grandparents. They never rented. Buying a house is not a right - it needs to be earned and sacrifices need to be made.

If parents don't like their children living with them till 31, its simply bad parenting - and i wouldn't be surprised if the children came out terrible and complaining like morons that they cant afford a home. You just gotto laugh at that kind of thing! hahaha

Oh and there is no such thing as Karma - to think it does is just stupid and foolish and cruel. If you think like that then you also think people deserve their misfortunes. Very stupid and cruel of you to think like that.

Wow!

Beginning to sound like you'd have felt rather at home in 1930s Germany....

Cakeguts

Jaywood89 wrote: »

Cakeguts




What I meant was the same opportunities at the same age.

When my mother had me both her and my dad were on around 15 to 18k each with 2 modest car (not financed) and got a 100% mortgage on a 3 bed semi in the outskirts of Birmingham. We went on 1 holiday a year abroad and ate out occasionally, That isn!!!8217;t possible today.


One thing I meant to say earlier was that to expect younger people today to forgo all modern day amenities to secure a home is a very big ask. One that may seem small to those less dependant on it. So I can definitely sympathise with people coming up behin even me who are MORE reliant of those things.

So what is the equivalent salary today of the jobs that your mum and dad did then to the ones that your mum and dad had when they bought their 3 bed house?

There is an enormous difference between can't manage without a mobile phone, expensive foreign holidays, eating out, takeaways, sky television, credit cards, cars on finance, new gadgets etc and don't want to.

There are people in the UK who don't have the money for all these things and they manage perfectly well.

It is a lifestyle choice. If you want to buy a house you have to manage without all these extra things in order to get the house. If you don't want to manage without them then you don't get the house.

Your parents were well paid when they bought that house in Birmingham but even they did not have a new car so someone who is less well paid thinks that they can have the car and the house is not realistic.

The country doesn't owe anyone a living. Plenty of people do buy houses now so those that don't are either living beyond their means or trying to buy in a place where they can't afford to buy.

SG27

hammy1988 wrote: »

Me and my partner bought our first house when I was 22 and he was 26. We had a 10% deposit only, bought a 116k ex council cheap as chips house (in north devon it was literally the cheapest we could get), sold five years later for a good profit due to our renovations. Now in a new build worth 220k (or paid 220k..)

He was on 27k a year on our FTB, myself only part time on minimum wage.

It can be done.

I can't help but think a lot of these FTB are looking for a nice shiny new house that's very expensive in a posh area. When in actual reality, you need to be prepared to get your hands dirty and try and make some money on the property ladder by buying cheap at first and working your way up.

Most these days seem to swan into 300k new builds and think thats all the hard work sorted.

My opinion only.

Try the same wages but the same house is £300k+ like near me!! Now that cant be done. Unless you've saved £180k deposit :rofl:

SG27

It does make me laugh when all this 50+ year olds thought they had it hard when they bought houses for 3 or 4 times their single income and think the reason youngsters cant afford a third of million pounds for 2 bed house is because they spend £20 a month on a phone contract and £50 a month on meals out.