Cant get on property ladder

euronorris

Whilst I agree that hard work and sacrifice is required for the majority of people to get on the property ladder, there will always be people in this life for whom owning a property is an impossibility. Those who do essential, but low paid jobs in expensive areas such as London will never be able to afford it, no matter how many cutbacks they make. They may not possess the academic ability to improve their education, and therefore job prospects, or indeed, they may not even be able to afford the tuition. And even if they could, there isn't an infinite amount of well paid jobs out there to move onto, and the poorly paid ones still need to be done.


Alas, for some, home ownership is a pipe dream. Just like 'hardworking' millionaires who like to tell everyone else that if they just 'worked hard' like them, then they too could be a millionaire. Completely ignoring the very real fact that, in order for anyone to be a millionaire, others have to be poor!

lessonlearned

Indeed, for some people owning their own property will be a pipe dream, especially in the more higher priced areas of the country. But I can't see house prices dropping significantly, there is just too much demand.

The problem isn't that renting is just "dead money" (sometimes it isn't actually) it is that renting through the private sector is so insecure. We need to change the model and offer more secure or longer tenancies such as those offered by housing associations and local councils.

This is why shared ownership offers a half way house. Leasing at least offers a better deal for a more secure tenancy.

RebeccaAnn

Renting is so expensive. The house we own has a monthly mortgage payment of £310 a month. It could be rented out for £700 a month. So you are on a low income and you are fine to pay £500+ a month on rent but your bank says you cannot afford a mortgage that would cost you less a month.

pickledonionspaceraider

pattypan4 wrote: »

we lived with parents and saved like crazy, rode bikes everywhere, no phone not much drinking etc. Fact of life then too, had to save hard to get the deposit, once we had the deposit then we got married. Husband had 2 jobs, I had a weekend job. Sheer hard work and no handouts from anyone and nothing expected


Two friends could do it, half and half for a 2 bed flat, at least it would get them on the ladder

Thing is, people are actually doing more than this now, and it still isn't enough.

Working part time as you were, this is no longer an option for most people and many younger people actually work two jobs each. Or as it is known these days a 'side hustle'

Can you imagine the sheer exhaustion of working like that, and having virtually no outside life - just to have other people tell them that hard work is all that is needed. when hard work simply isn't enough these days ..

There are other things that come into play these days such as sheer luck, victim of circumstance, rich parents, inheritance, better opportunities, better schools, better parental encouragement, the area you were born, access to services, illness, disability, class.

pickledonionspaceraider

pattypan4 wrote: »

The moaners on here, the ones who complain that they cannot get a deposit together, who have time to sit by the computer. Why are you not working instead of computer watching? There are plenty of opportunities to make money, buy cheap and sell higher, work 2 jobs, one in the evening. I studied hard and so did my then ffiance while working full time, I worked every holiday and the money did not go on clothes or fancy holidays, nowt wrong with camping. Get real and stop expecting it to be handed to you on a plate. Life is what you make it. I had a fab time, all those parties in each others houses, never forgotten


Play with fancy monetory figures all you like, it will not make money fly into your pocket. Like I said, you need to be single-minded like some of the admirable `youngsters` above

It is fairly obvious that people have come on here looking for advice, and appear to be getting a bashing from folk that concrete in their beliefs that because it worked out for them on part time wages 40 years ago, why would it not now?

No body has said they are expecting it to be handed to them on a plate, you are projecting. Not a single person has said that

Have you read the posts from younger people, how hard they are working and it still isn't enough?

'buy cheap, sell higher' I am not sure what you are referring to there. What are thinking people should be purchasing?
It would be great if you could impart your knowledge of the stockmarket with us

lessonlearned

RebeccaAnn wrote: »

Renting is so expensive. The house we own has a monthly mortgage payment of £310 a month. It could be rented out for £700 a month. So you are on a low income and you are fine to pay £500+ a month on rent but your bank says you cannot afford a mortgage that would cost you less a month.

This is what is so crazy and so frustrating for so many people. Smaller deposits would certainly help.

When I was selling houses I saw nothing wrong with 100 per cent mortgages, nor self certificated mortgages, as long as due diligence was taken.

I think the banks overreacted when the market crashed back at the beginning of the last recession and slammed on the brakes too hard.

ska_lover

I am by no means young, but we struggled to buy until approx five years ago due to various circumstances

Absolute nightmare it was. Both working to the point of exhaustion where we began to ask ourselves if it was worth it?

I think people looking to buy nowadays have a really tough time.

culpepper

The OP would need a guarantor even if they did have a large deposit.
We had almost 50% of the house prices we were looking at saved up and still needed to ask someone to be ours.
Where I worked in the early 80s one of the directors would help people by standing as guarantor .
We were lucky as a sister in law was quite happy to do so for us.

pattypan4

lol, car boot bargains to ebay

lindens

Sadly the only chance is to massively cut back and not have much of a life - no going out/eating out, cut back present-buying, cheap / no cars. That is the sacrifice you have to make