Can Millenials Buy A House?

Arklight

We were discussing this topic at a recent homeowners dinner party and concluded that we would prefer to only sell our houses to other, older homeowners.

So millennials may not be able to buy a house.

caronoel

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:

Having followed HPC for a number of years, I have noticed the misogynists over there tend to blame the missus for encoruaging them to grow a pair and buy

Zero_Sum

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).

I live in the north east & theres loads of decent houses under £100k
You might struggle to get an entry level job at £19k with only GCSE's but plenty of opportunities to get apprentership & be on that after a few years. Nissan for example pays quite well without needing qualifications.

In fact id go as far as saying you can buy a house on min wage in some of the ex colliery villages.

Zero_Sum

AdrianC wrote: »

Woah, hold on a minute...


Ground rent and service charge are very different things.

Remember that in a flat, you only own the inside of your walls. Every other flat owner owns the inside of their walls. So who pays to maintain the outside of the walls, the common areas, the roof, the gutters, the drains?

If you own a house, you pay ALL of those yourself - they just aren't split out into a separate bill. You spend a Saturday up a ladder sorting that gutter out. You just pay the bill for the electricity for the outside light with the rest of the electricity. You paint the outside of the front door yourself every few years.

In a flat, somebody's doing all of that on your behalf, and splitting the bill between you and all the other flat owners.


If you rent the flat, the landlord's paying it for you.

But as another has said, they pay £50 pcm for service charge.
Upkeep & repairs cost nowhere near than on a house in the main.

caronoel

Back to the OP's question....

Mrs caronoel was born in 1982, and is about 10 years younger than me. She bought her first flat in London in 2008, as a trainee lawyer and without parental assistance.

Most of her friends were horrified that she was taking in such huge debt.

Roll the clock on a decade, and she is married to me with a couple of kids, and is sitting on a property asset that has doubled in value giving a very healthy yield.

Millenials can do it, but need to grow a spine

AdrianC

Zero_Sum wrote: »

But as another has said, they pay £50 pcm for service charge.
Upkeep & repairs cost nowhere near than on a house in the main.

You spend <£600/yr averaged out long-term on maintaining your house...?


Blimey.

ukcarper

AdrianC wrote: »

You spend <£600/yr averaged out long-term on maintaining your house...?


Blimey.

On the things a service charge would cover I don't think I do.

Zero_Sum

AdrianC wrote: »

You spend <£600/yr averaged out long-term on maintaining your house...?


Blimey.

Bought it 5 years ago, cant think of a single penny ive spent so far which wouldve been covered under a service charge.

capital0ne

AdrianC wrote: »

You spend <£600/yr averaged out long-term on maintaining your house...?
Blimey.

What on earth do you spend maintaining your house? What does that £600+ cover?

SkyeKnight

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.

The point was earning £19k straight out of school in an area where you can buy a house for £100k.

You could get that salary where I live, but the very cheapest houses are at least £250k.

Or you can go plenty of places where houses cost £100k, but then there are very few jobs. It's the combination of well paid jobs and cheap housing that puzzles me.