Home ownership among young people rises

NoelC

Finally some good news for first time buyers:
https://www.theguardian.com/business/2020/jan/23/home-ownership-young-people-rises-decade-help-to-buy

csgohan4

great the young are fuelling the developers over priced houses and the government coffers

kazzamunga

Yeah, how does this help the young people?

ryankirkpatrick2

First time buyers will be stuck in a house that will drop in value when the help to buy scheme closes next year. The bubble is about to burst...

NoelC

ryankirkpatrick2 wrote: »

First time buyers will be stuck in a house that will drop in value when the help to buy scheme closes next year. The bubble is about to burst...

Doom mongers on here and Housepricecrash have been predicting the bubble will burst "next year" for over a decade now.



The good news is that affordability is improving as wages rise while mortgage interest rates continue to fall.



Have a look over on HPC to see how many people have been burned waiting for the elusive crash that never comes.

triathlon

NoelC wrote: »

Doom mongers on here and Housepricecrash have been predicting the bubble will burst "next year" for over a decade now.



The good news is that affordability is improving as wages rise while mortgage interest rates continue to fall.

The good news is that affordability is improving as wages rise while mortgage interest rates continue to fall.

Try two decades, all starting from the old Professor Oswald days back in the late 1990's.. This is really happening, things are starting to pick up with from what I am hearing, so much so I am thinking of getting myself a 5 bedroomed HMO near a Uni town.

I am am still a little bearish compared to many of my friends, not on a scale of the website nobody dares mention, but I am coming around to the fact that post Boris election things are speeding up.

Some people never never never learn, one failed prediction after another

stehouk

I predict the bubble's going to burst next year....or is the year after.....

varfor

I'm torn about it really. I want to see young people buying a home (if they want to) but I don't think it should be achieved using these props. A crash will be a disaster for these people.

Fairly modest family houses are selling for 10x local average salary where I live (and it's not a great place for work). How is that affordable?

kazzamunga

You know what would make it more affordable? Actual salary growth. I don't think salaries in my industry (construction) have grown in the whole time I've been working (12 years).

Malthusian

varfor wrote: »

I'm torn about it really. I want to see young people buying a home (if they want to) but I don't think it should be achieved using these props. A crash will be a disaster for these people.

No it won't. If they only just bought a house then chances are a house price crash will have absolutely no effect on them, as they will stay exactly whey they are and carry on paying the mortgage.

Fairly modest family houses are selling for 10x local average salary where I live (and it's not a great place for work). How is that affordable?

Clearly it is affordable or they wouldn't be selling.

People on a single average salary don't buy the average "family" (i.e. large) house in a remote yet expensive area so it has nothing to do with the price of fish.

lisyloo

Malthusian wrote: »

No it won't. If they only just bought a house then chances are a house price crash will have absolutely no effect on them, as they will stay exactly whey they are and carry on paying the mortgage..

This is ok for the majority.
For people whose job relocates it can be an issue, similarly for people who want to grow their family.
I did know of a couple with 4 children in a 1 bed flat who couldn’t move.