How will the next generation buy?

getmore4less

MovingForwards said:

I don't see why some people expect to be able to buy where they live / work. Of course in a perfect world everyone would have a nice income, be able to afford the property they want but it doesn't work like that.

Bit of a catch 22 .

The reason some places are now very cheap is because those houses were built because there was work work there.

The work has gone now no one wants to live there.

There are some exceptions because the areas are nice  or close enough to commute to some work.

A lot of places did not exist till some someone dug a mine or built a factory.

strawb_shortcake

FWIW, my mortgage advisor was stunned that I don’t have a car loan.  The money that I have spent on them (buying and maintaining) could have been put towards a deposit had I gone for the PCP version.

When I first enquired at my bank about a mortgage I was asked 3 or 4 times what unsecured debt I had, then I had a lesson in unsecured debt just in case I didn't understand the question. When they finally believed I had no debt they said it was pretty rare to find anyone without any sort of debt 

ACG

I tend to find people will innovate. 
The obvious one is more homes will be built - but that in itself is complex as people moan there are no houses, but the same people (or probably more like their parents) will complain as soon as someone even thinks about building a new house near their home. Everyone acknowledges more homes are needed, but nobody wants them near them. 
You might find friends buying a house and converting it to 2 flats. 
The route I took was to buy a dump and do it up - I lived in the house for 3 years whilst doing it up and sold it for a good profit. That allowed me to move to where I wanted to live. 
Bank of mum and dad will step up - although arguably this is what is helping to inflate house prices. 

Joeisaware539

When we got our first house, we saved and saved didn’t really have a social life no debt etc. Went on U.K.  holidays. This was many years back. All my friends at that time took the Micky out of my beat up car at that point...

I have come to the conclusion that my children. I will be having to put allot down for them to enable them to buy due to the difficulties etc. The prices in “nice areas” and what you get in return really are ridiculous. We live in Ashby De La Zouch, and 3 bed semis here range to £250K to £300K. It’s outrageous. 

Just a average 3 bedroom semi detached. It puts it outside the range of every day folk. Police officers, NHS workers. I find it really disturbing how prices are soaring. 

Our position may be a little different to others (own company and partner in another) so I acknowledge this isn’t the normal pattern for most.

I do think there needs to be w levelling in the U.K for prices on houses. 

Alter_ego

Joeisaware539 said:

3 bed semis here range to £250K to £300K. It’s outrageous. 

You'd be lucky to get a 2 bed terraced for that around here!

Joeisaware539

Alter_ego said:

Joeisaware539 said:

3 bed semis here range to £250K to £300K. It’s outrageous. 

You'd be lucky to get a 2 bed terraced for that around here!

It’s just ridiculous isn’t it.. that’s in Leicestershire. Not down South etc. 

MovingForwards

getmore4less said:

MovingForwards said:

I don't see why some people expect to be able to buy where they live / work. Of course in a perfect world everyone would have a nice income, be able to afford the property they want but it doesn't work like that.

Bit of a catch 22 .

The reason some places are now very cheap is because those houses were built because there was work work there.

The work has gone now no one wants to live there.

There are some exceptions because the areas are nice  or close enough to commute to some work.

A lot of places did not exist till some someone dug a mine or built a factory.

I understand that, but it still comes back to not expecting to afford somewhere where the job or family is.

Accepting a commute will be part of daily life, could be the difference between a studio / one bed flat or a 2 / 3 bed flat / house and still work out cheaper when commute costs are added in. 

I posted up not long after my purchase went through that my commute costs until retirement with my mortgage costs, still made a huge saving compared to buying an almost like for like property in the city I did used to rent in. 

robinsonad86

MovingForwards said:

getmore4less said:

MovingForwards said:

I don't see why some people expect to be able to buy where they live / work. Of course in a perfect world everyone would have a nice income, be able to afford the property they want but it doesn't work like that.

Bit of a catch 22 .

The reason some places are now very cheap is because those houses were built because there was work work there.

The work has gone now no one wants to live there.

There are some exceptions because the areas are nice  or close enough to commute to some work.

A lot of places did not exist till some someone dug a mine or built a factory.

I understand that, but it still comes back to not expecting to afford somewhere where the job or family is.

Accepting a commute will be part of daily life, could be the difference between a studio / one bed flat or a 2 / 3 bed flat / house and still work out cheaper when commute costs are added in. 

I posted up not long after my purchase went through that my commute costs until retirement with my mortgage costs, still made a huge saving compared to buying an almost like for like property in the city I did used to rent in. 

How far is reasonable? 30 minute commute? 2 hours? How far away from
family and the place you grew up is worth the upheaval?

I live in the Midlands and already seeing the prospect of HS2 and a 40 min commute into London driving up house price as people from the South look for more bang for their buck. Not a problem with that using your logic as people from my town can just move further North but being an island it’s only a finite amount of time before people can’t go any further North, East or West

MovingForwards

robinsonad86 said:

MovingForwards said:

getmore4less said:

MovingForwards said:

I don't see why some people expect to be able to buy where they live / work. Of course in a perfect world everyone would have a nice income, be able to afford the property they want but it doesn't work like that.

Bit of a catch 22 .

The reason some places are now very cheap is because those houses were built because there was work work there.

The work has gone now no one wants to live there.

There are some exceptions because the areas are nice  or close enough to commute to some work.

A lot of places did not exist till some someone dug a mine or built a factory.

I understand that, but it still comes back to not expecting to afford somewhere where the job or family is.

Accepting a commute will be part of daily life, could be the difference between a studio / one bed flat or a 2 / 3 bed flat / house and still work out cheaper when commute costs are added in. 

I posted up not long after my purchase went through that my commute costs until retirement with my mortgage costs, still made a huge saving compared to buying an almost like for like property in the city I did used to rent in. 

How far is reasonable? 30 minute commute? 2 hours? How far away from
family and the place you grew up is worth the upheaval?

I live in the Midlands and already seeing the prospect of HS2 and a 40 min commute into London driving up house price as people from the South look for more bang for their buck. Not a problem with that using your logic as people from my town can just move further North but being an island it’s only a finite amount of time before people can’t go any further North, East or West

That's personal choice, if someone wants to buy.

I moved away from my family / near where I grew up nearly 5 years ago, for me it wasn't a big deal, same as when I first left the family house. For me it was worth the upheaval. 

A few years before that, I moved away for a job. Before that job I was living out of a suitcase in various hotels for months.

Some of the Midlands has been expensive for quite a while, other parts rediculously priced for decades. Several managers in my one job used to live there, but commute to London. Again though, move a bit further out and prices are more reasonable.

Kiwistrawb1990

We are in our 20s and with help from parents and our own savings have managed to buy a large 3 bed new build that was just over 300k.
We used Help to Buy and have already saved a massive chunk to pay that back and overpay the mortgage.
We've also just both had new cars on finance but we have no credit card debt or any other debt at all. 
I got into debt when I was a student that ended in an old default and I've definitely learnt a lesson I'll pass onto my children. I'm pregnant currently and we plan to open a savings from birth so we can cover their deposit.
We are extremely fortunate and I thank the stars for that every single day. I grew up in a single parent family with not a lot of money so I'm so thankful for all I have.

Everyone's priorities are different and goals are different. Not everyone even wants to own a house these days as renting is easier, cheaper and for the generation who love to travel and move around, much more attractive.