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

LarryNectar

oh god millenials please stop whining ... there is very likely a large huse price fall comomh in London so you will all be fine as long as you keep your good jobs. In the meantime PLESE STOP WHINING

ProDave

I researched this recently.

In 1986 I bought a 1 bedroom house in South Oxfordshire. It was literally the cheapest house on the market at that time. I got an 85% mortgage and scraped the rest together by selling lots of things including selling a decent car and buying a rusty old banger.

The mortgage cost me £500 per month, HALF my take home pay. I could barely afford to feed myself for the first 2 years, no luxuries at all.

People tell us how easy it was "back then"

So out of interest I looked up the current price of that house. It is now worth £160K. If you bought it now with an 85% mortgage you would be paying about £700 per month on the mortgage.

WOW only £700 per month. That is now a Tiny fraction of your salary, mot HALF of it as I had to pay.

Of course I did not want the cheapest 1 bedroom house on a lousy housing estate. I bought it because it was all I could afford. People today seem to want to miss that out and expect a 3 bed semi as their first house, and expect their pay tv, internes, mobile phones and still have a decent car while they are at it.

So reset your ambitions, scrimp and save, buy what you can afford and move up later to what you want.

snowqueen555

LarryNectar wrote: »

oh god millenials please stop whining ... there is very likely a large huse price fall comomh in London so you will all be fine as long as you keep your good jobs. In the meantime PLESE STOP WHINING

The only person I see whining is you. Everyone else is just having a discussion.