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Home ownership among young people rises

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Home ownership among young people rises

edited 30 November -1 at 1:00AM in Debate House Prices & the Economy
20 replies 864 views
NoelCNoelC Forumite
46 posts
Part of the Furniture 10 Posts
edited 30 November -1 at 1:00AM in Debate House Prices & the Economy
«1

Replies

  • csgohan4csgohan4 Forumite
    7.4K posts
    1,000 Posts Fifth Anniversary Photogenic Home Insurance Hacker!
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    great the young are fuelling the developers over priced houses and the government coffers
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"
  • kazzamungakazzamunga Forumite
    135 posts
    100 Posts First Anniversary
    Yeah, how does this help the young people?
  • ryankirkpatrick2ryankirkpatrick2 Forumite
    22 posts
    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...
  • NoelCNoelC Forumite
    46 posts
    Part of the Furniture 10 Posts
    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.
  • triathlontriathlon Forumite
    969 posts
    500 Posts Second Anniversary
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    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
  • stehoukstehouk Forumite
    386 posts
    100 Posts Second Anniversary
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    I predict the bubble's going to burst next year....or is the year after.....
  • varforvarfor Forumite
    30 posts
    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?
    2019 MFW #118: £9474/£4000
    2020 MFW #112: £450/£5400
  • kazzamungakazzamunga Forumite
    135 posts
    100 Posts First Anniversary
    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).
  • MalthusianMalthusian Forumite
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    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.
  • lisyloolisyloo Forumite
    26.3K posts
    Part of the Furniture 10,000 Posts
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    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.
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