Will the next generation be able to buy their own house?

phillw

Malthusian wrote: »

Water in this country is supplied for free from taps

Really, why am I paying for it then? I'll cancel my direct debit.

AG47 wrote: »

People on low incomes will continue to rent and the government will have to carry on payin for it u TIL they can no longer afford to, then the crash will be forced on the market as the number of rent defaults will skyrocket and then repossessions will skyrocket as mortgages are defaulted on

You'll need an alternative plan if the government go bankrupt.

boomer69

AG47 wrote: »

The generation in school at the moment, will they be able to buy a house with a normal job and normal income?

A normal job let’s just say is min wage x 40 hrs or thereabouts.

A "normal job" isnt minimum wage, however, a couple, both on minimum wage, can certainly buy a property in many parts of the UK. In other areas, where property is more expensive, I would wonder why people would work for NMW in such an area ?

AG47 wrote: »

An average job in a supermarket is still not enough to buy an average house.

A shelf stacker is pretty much bottom of the pile in terms of earning, certainly in the lowest decile, quite why they would expect to afford a property in the fifth or sixth decile is a mystery.

Peter_Williams

boomer69 wrote: »

A "normal job" isnt minimum wage, however, a couple, both on minimum wage, can certainly buy a property in many parts of the UK. In other areas, where property is more expensive, I would wonder why people would work for NMW in such an area ?



A shelf stacker is pretty much bottom of the pile in terms of earning, certainly in the lowest decile, quite why they would expect to afford a property in the fifth or sixth decile is a mystery.

Well that's an interesting point.
If the low paid workers aren't buying the cheapest houses in an area, then who is?
If the answer is private landlords, then you've got a political issue brewing in a nation so keen on home ownership.

ukcarper

Peter_Williams wrote: »

Well that's an interesting point.
If the low paid workers aren't buying the cheapest houses in an area, then who is?
If the answer is private landlords, then you've got a political issue brewing in a nation so keen on home ownership.

People who can afford them, average price for terraced house is £184k so with a 10% you would need to borrow £166k, median full time earnings is £28.6, someone on minimum wage would earn £16k so as a couple they could possibly afford an average terraced house and definitely afford a below average.

bugslett

ukcarper wrote: »

People who can afford them, average price for terraced house is £184k so with a 10% you would need to borrow £166k, median full time earnings is £28.6, someone on minimum wage would earn £16k so as a couple they could possibly afford an average terraced house and definitely afford a below average.

Where I live a doer-upper 2 bed terrace 65k, nicely done out 85k. 15 minutes from Warrington and Liverpool, 20 mins Chester, 30 mins Manchester.

ukcarper

bugslett wrote: »

Where I live a doer-upper 2 bed terrace 65k, nicely done out 85k. 15 minutes from Warrington and Liverpool, 20 mins Chester, 30 mins Manchester.

I think affordability is not a national problem but is confined to certain areas, where I live cheapest 2 bed terrace is £250k.

westernpromise

bugslett wrote: »

15 minutes from Warrington and Liverpool, 20 mins Chester, 30 mins Manchester.

500 mins from civilisation

triathlon

ukcarper wrote: »

I think affordability is not a national problem but is confined to certain areas, where I live cheapest 2 bed terrace is £250k.

Move, take a risk, be creative, grow a back bone, just don't become a housepricecrash cultist and be blaming the world for your poor choices two decades later

ukcarper

triathlon wrote: »

Move, take a risk, be creative, grow a back bone, just don't become a housepricecrash cultist and be blaming the world for your poor choices two decades later

Not sure what you are going on about, I was just pointing the variation across country.

Cakeguts

boomer69 wrote: »

A "normal job" isnt minimum wage, however, a couple, both on minimum wage, can certainly buy a property in many parts of the UK. In other areas, where property is more expensive, I would wonder why people would work for NMW in such an area ?



A shelf stacker is pretty much bottom of the pile in terms of earning, certainly in the lowest decile, quite why they would expect to afford a property in the fifth or sixth decile is a mystery.

Because they have a degree in Performing Arts from a University that specialises in degrees in nothing. As they have a degree they think that they can afford what people who have done degrees in something useful can afford.