What chance does a twenty something year old have in the South? Anyone else in a similar boat?

thickasabrick

I think a 3 x multiplier is not a normal distribution.
"Young people are three times as likely to own property if their parents are homeowners".


"Less than 1 in 10 without property-owning parents own property."


Headline from this article on MoneyWise quoting research from the Resolution Foundation
https://www.moneywise.co.uk/news/2018-12-04/young-people-are-three-times-likely-to-own-property-if-their-parents-are-homeowners

I enjoy fairytales as much as the next person but clearly there aren't enough princes or princesses to go round.

GreatApe wrote: »

The young have never had it so good. But of course there is a normal distribution and the tail end of hardship will paint a grim picture

The young get £200 billion annually gifted to them that is more or less 1 million homes for free each and every year. At which other point in history did the young get a million homes gifted to them annually?

The easiest option, especial for women, is if you are poor and have poor parents then partner up with someone in a better situation than you. This does not mean sell yourself it means be wise in your choices. I mean starting a business or getting better paid work is a good idea but partnering up with someone already well off is the easiest of all things to do.

swindiff

All I can take from this thread is that it sounds like HPC's mummy didn't love him

MobileSaver

thickasabrick wrote: »

Headline from this article on MoneyWise quoting research from the Resolution Foundation
https://www.moneywise.co.uk/news/2018-12-04/young-people-are-three-times-likely-to-own-property-if-their-parents-are-homeowners

We’ve always known that who your parents are affects what education you get and job you do. But increasingly the effect is continuing later into life by determining whether you are able to own a home of your own.

Did we really need a think tank of "experts" to be able to reach this conclusion?!?!

Although I would love to know how they were able to conclude it was ability rather than choice that determined home ownership? For example I would suspect the unfortunate offspring of the HPC clowns have been brainwashed from a very early ago not to buy property regardless of their ability to.

snowqueen555

I live in the south and in a difficult situation also. I have saved up a "decent" deposit, but my salary is very low so can't afford anything. If I don't find a new job that gives me a chance to progress down here, I really think I will relocate up north to somewhere like Liverpool/Manchester where I could get a 2 bed house on my own, even on a low salary. I'd be able to get a dog and a cat, and possibly a lodger.

I believe 60% of the working population earn below £20k, so most people pool together as a couple and buy, or get help. Even then, I want a mortgage and bills to not take up the majority of my pay packet. Up north it is then.

I would also say, this isn't a 20's something problem, but a problem for people in their 30's and 40's as well.

happyandcontented

There are plenty of affordable nice starter houses up north and believe it or not, it is not as grim as it is often painted. There are some lovely places in the north which are easily commutable to the cities where the jobs are.

ukcarper

snowqueen555 wrote: »

I live in the south and in a difficult situation also. I have saved up a "decent" deposit, but my salary is very low so can't afford anything. If I don't find a new job that gives me a chance to progress down here, I really think I will relocate up north to somewhere like Liverpool/Manchester where I could get a 2 bed house on my own, even on a low salary. I'd be able to get a dog and a cat, and possibly a lodger.

I believe 60% of the working population earn below £20k, so most people pool together as a couple and buy, or get help. Even then, I want a mortgage and bills to not take up the majority of my pay packet. Up north it is then.

I would also say, this isn't a 20's something problem, but a problem for people in their 30's and 40's as well.

It's actually 40% that earn less than £20k.

As you say often you hear that saving deposit is the barrier to buying a property but as you say in areas where prices are high it's earnings.

I used to work in a national company with a national pay scale and people outside London and South East were much better off even though there was a small London weighing.

snowqueen555

ukcarper wrote: »

It's actually 40% that earn less than £20k.

As you say often you hear that saving deposit is the barrier to buying a property but as you say in areas where prices are high it's earnings.

I used to work in a national company with a national pay scale and people outside London and South East were much better off even though there was a small London weighing.

If you're going on official statistics, the HRMC statistics only count those who pay income tax, so in 2016 (the most recent figures), they only start counting from £10800, meaning there are a lot of people earning less, just not counted, and lets be honest, a lot of people earn less than that.

That is why the statistics are skewed, though maybe if it was a statistic for full time workers, it might be a better representation of the data, but as well know, millions work part time or in the gig economy.

https://www.gov.uk/government/statistics/percentile-points-from-1-to-99-for-total-income-before-and-after-tax

ukcarper

snowqueen555 wrote: »

If you're going on official statistics, the HRMC statistics only count those who pay income tax, so in 2016 (the most recent figures), they only start counting from £10800, meaning there are a lot of people earning less, just not counted, and lets be honest, a lot of people earn less than that.

That is why the statistics are skewed, though maybe if it was a statistic for full time workers, it might be a better representation of the data, but as well know, millions work part time or in the gig economy.

https://www.gov.uk/government/statistics/percentile-points-from-1-to-99-for-total-income-before-and-after-tax

I'm going on ONS statistics and it's all workers including part time.

snowqueen555

ukcarper wrote: »

I'm going on ONS statistics and it's all workers including part time.

I'l have to have a look

ukcarper

snowqueen555 wrote: »

I'l have to have a look

No it's definitely single it's from ASHE (Annual Survey of hours and earnings) 2017 provisional

https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours/datasets/placeofresidencebylocalauthorityashetable8