Can Millenials Buy A House?

Strebor123

dawyldthing wrote: »

I bought this when I was 26. To be fair I had a bit of help as inheritance early but still saved a heck of a lot. What I paid for this though some folks have cars worth more and I'm not joking. But it takes a lot of sacrifice.

The other thing is some one keeps mentioning flats for first time buyers. You forget the ground rent/ service tax or whatever it's called which is generally over a grand if not more every year, so it's like a second council tax which you don't have to pay in a house. You add up the selling things you'd need to do if you buy a flat then a house (selling with estate agent fees, buying and selling solicitor fees, second lot of searches for the house, removal costs, redecorating and the rest - you'd be lucky to have change out of a couple of grand) then you'd be better finding somewhere you like and can settle into first time round

The ground rent in the flat I own is £1 a year and the service charge is £50 a month, this all goes towards the repairs for the property. You still need to pay for repairs even when you have the freehold. I've never seen any part of the country where you can't get a flat that is part of a house conversion rather than a large block of flats. Quite often you will only have 1 or 2 other flat owners and you all just contribute to the repairs. It's only if you buy a flat with a large management company that you tend to get the excessive service charges.

Nicosy

HPC_Ghuol_Hunter wrote: »

I guess the answer to the OP thread is whether or not the millennial is a real man or not. It’s not impossible to buy if you have the get up and go positive attitude.

As a man, I've generally noticed that women are far better at making sensible long term financial decisions than "real men" :rotfl:

Malthusian

Cakeguts wrote: »

Yes but televisions, cars, holidays abroad have got cheaper over the years.

40 years ago average 22 year olds didn't buy holidays abroad full stop. No matter how cheap the holiday, not taking a holiday abroad is cheaper.

lisyloo

I am 50 and I remeber what things were like when I was growing up. No phones, second hand clothes, the annual holiday was UK based in a tent or caravan. Few takeaways (occasssional fish & chips) , hardly ever went to a resaturant.

There is a big difference in what people spend money on.
Whilst it's easy to make jokes about avocado toast I think it would be much harder to live frugally now, not impossile but could be socially isolating. For example if everyone else is having an Indian takeaway then you'll be socially isolated if you don't join in.

westernpromise

Nicosy wrote: »

As a man, I've generally noticed that women are far better at making sensible long term financial decisions than "real men" :rotfl:

Really? I've always noticed the exact opposite. Anecdata, eh?

Youthgonewild

Whats the definition of a Millennial? Does a 32 year old (ie. me) fall into that category? I bought my house at 29.

I think these kind of threads are like comparing apples to oranges. Every generation has its struggles and its high points. My parents will recall 15% interest rates. Mine has peaked at 2.79%.

Today we have zero-hours contracts etc. time are completely different then they were a generation ago.

IME these kind of threads never end well.....

Malthusian

lisyloo wrote: »

For example if everyone else is having an Indian takeaway then you'll be socially isolated if you don't join in.

Invite everyone round and cook them curry. Ask them to bring drinks and you'll probably make a profit on the cost of their ingredients. Guaranteed social popularity. No cost. Problem solved. There is nothing socially isolating about not buying rubbish.

Youthgonewild wrote: »

Whats the definition of a Millennial? Does a 32 year old (ie. me) fall into that category?

You do indeed. Millennial means you left school around the turn of the millennium, and are too young to be Generation X.

Today we have zero-hours contracts etc. time are completely different then they were a generation ago.

Zero hours contracts have been around since the year dot. In every place, throughout history, labourers have turned up at docks and farms and building sites hoping there'd be work. If there wasn't they went home and the wife boiled another boot. The workers in Gospel of Matthew chapter 20 are on zero-hour contracts. Completely different my foot.

ZHCs only became a "thing" when middle-class people started getting them.

SkyeKnight

John-K wrote: »

Much of that is down to the age people leave education at. 90% of school leavers started work by the age of eighteen back then, and a fair few started at sixteen. Nowadays half of them do a four year degree course so are set back four or six years.

I suspect the vast majority of the 20% who are buying houses are graduates - there's not many places like the OP where you can get a job on £19k with just GCSEs and find a house for only £100k (in fact, no where that I've noticed).

John-K_3

SkyeKnight wrote: »

I suspect the vast majority of the 20% who are buying houses are graduates - there's not many places like the OP where you can get a job on £19k with just GCSEs and find a house for only £100k (in fact, no where that I've noticed).

Anyone who is of sound mind and body can earn well above nopineteen thousand pounds a year. The mystery is why so few do.

Why do people just turn up to their minimum wage job, do the minimum, go home, and moan about it? There are twenty-one year-olds turning up on the boat from Europe with broken English who earn more than that yet we have native speakers, with fifteen years of free state education behind them who simply cannot be bothered to gain the skills to do anything more than stacking shelves.

It is a choice, and yes, if you make that choice you will struggle.

This is not unjust or unfair.

GreatApe

John-K wrote: »

Anyone who is of sound mind and body can earn well above nopineteen thousand pounds a year. The mystery is why so few do.

Why do people just turn up to their minimum wage job, do the minimum, go home, and moan about it? There are twenty-one year-olds turning up on the boat from Europe with broken English who earn more than that yet we have native speakers, with fifteen years of free state education behind them who simply cannot be bothered to gain the skills to do anything more than stacking shelves.

It is a choice, and yes, if you make that choice you will struggle.

This is not unjust or unfair.

Not everyone is of sound mind and body
And you can be of 'sound mind' yet be slow
15% of the population have an IQ below 85 while not mentally deficient they are unlikely to get very far in education or work after that.

The problem is people group roughly with IQ
Higher IQ people dont have many low IQ friends
So not everyone is capable but that's ok in a rich developed nation like the UK as you can hold a min wage job and get your income topped up by tax credits and benefits so you live a decent enough life. Just stay away from drink drugs and gambling and you will do ok