Houses are affordable for first time buyers

Caitlinelle22

Exactly as has been said above some people have been born in expensive places, all family/friends/work etc are based there so it’s perfectly reasonable that’s where they want to live. Not everyone wants a 1-2 hour commute?

And it’s not just London that’s expensive, I live in Bristol you wouldn’t get something for 125K and under.

Zero_Sum

The country is too london/Southerncentric when it comes to jobs & business.
This in turn creates a big divide in house prices. I live in the North East & houses are really cheap so for me it's great. Until theres a serious drive to realign investment & jobs geographically from the government nowt will change.

Whats annoying us up here to a certain extent is that when there weren't any jobs Norman Tebitt told us to get on our bike & find them (ie move down south) now that housing is an issue, the shoe is well & truly on the other foot
.

Simby

Two elements

the deposit

Yes it’s hard to save, but I see people in my office saying how hard it is to save, then going on holiday to Italy probably spend a grand on that, then buying lots of new clothes etc.. ( packages arriving in work) ask what they did at the weekend went to the pub out for dinner to a concert ... to get my deposit we ate at home, no holidays no new clothes , np takeaway coffee, packed lunch, no sweets . entertainment walks etc.. no spending for two years beyond commute , basic food, rent etc.. one luxury was netflix

We did this for two years in 2014/15 saved the deposit bought the house...

Mortgage

Within London it does seem ridiculous.. we faced similar so bought 60 miles outside of the city centre ( what we could afford) then did a big commute...

Out side on a two income household it seems very doable.


It is possible just not easy. But it never had been easy nor should it be. If it was easy prices would rise again until it stopped being easy.

JayRitchie

JGB1955 wrote: »

Back on the 1970s, very few people could afford to buya house on their own. Our first house cost 11, 850. Our mortgage was 2.5 times my husband's salary + 1 times mine. Things are a bit easier now!

How do you figure that out? You were only borrowing 3.5 x a single income. Interest rates were high but so were inflationary pay rises. People had a couple of tough years then it was easy sailing. This is where the concept of a property ladder came from.

custardy

JayRitchie wrote: »

How do you figure that out? You were only borrowing 3.5 x a single income. Interest rates were high but so were inflationary pay rises. People had a couple of tough years then it was easy sailing. This is where the concept of a property ladder came from.

Exactly. Using the OPs figires the £125k house is 5x their salary.
So that 70's house cost 18K+ vs the £11+K it cost JGB1955
I struggle to see how its 'easier now' borrowing an extra 1.5 times plus the extra % in deposit.

lisyloo

I don’t think its easier Or harder now, but I do thing the sacrifice is greater in relative terms.
When I was young in the 70s we had 1 car, 1 TV, wore hand me down clothes and didn’t eat out. Our holiday was once a year in a caravan or tent to Tenby.

That was normal back then.
I think what is required now is the same I.e. no holidays, eating out, spending, but it’s much further from the norm.

It seems normal to go out, eat out and have takeaways these days and pay technology - phones, tv etc. So it’s harder for people psychologically to cut back.

diggingdude

I love these posts by angry old people trying to get a response from angry young people. No different to when young people suggest old people should lose their bus pass and their free tv licence. I'm assuming it gives them someone to talk to as they don't have anyone in real life?

Simby

No I was an FTB only 5 years ago... now I own my own house outright.

I am not angry, bought my first property by saving 80 percent of my income for several years.

But I am genuinely curious as to how anyone can go on holiday, go out to the cinema, buy clothes electronics , new cars etc.. and then complain they cannot save.

You really only need rent, basic Aldi food , elec gas, pay as you go phone basic Tesco or similar clothing commute costs...

The extras people have like sports clubs , eating out, concerts, take away, foreign holidays, days out to attractions , expensive car etc.. are just that extras it’s a choice live frugally save deposit, spend every penny fail to save and then moan houses are too expensive.

diggingdude

Or it could be argued that they are living their lives whilst life is passing you by? Many people can be a long time old, some would suggest go do the things you want to do whilst you physically can.

lisyloo

diggingdude wrote: »

I love these posts by angry old people trying to get a response from angry young people. No different to when young people suggest old people should lose their bus pass and their free tv licence. I'm assuming it gives them someone to talk to as they don't have anyone in real life?

I’m not angry in the least even though my state pension age has gone Up 7 years. My glass isn’t big enough and is also refillable.
I like to learn from successful people and also challenge my own beliefs.
I also take note of what unsuccessful people are doing.
I’ve noted successful people have a plan to get to where they want to go even if it’s not immediate.
It took me 15 years to get my dream job.

So I’d say make a plan and earn it and if you can’t find a way at all then accept that and make a different plan.