Low salary can't afford to buy anywhere

AdrianC

moneysavinghero said:

Still plenty of the old prefab homes standing and being lived in.

No, there's very few.

2014 - "they were only built to last ten years..." "Britain's largest remaining estate under threat"
https://www.independent.co.uk/property/house-and-home/property/prefabs-in-peril-britain-s-largest-remaining-estate-of-the-postwar-homes-is-under-threat-9175004.html

Looks like quite a few have been demolished since 2018.
https://goo.gl/maps/QNtJGrywnPgnopH19

Even of the non-prefab, most of the quickly-thrown-up post war properties were classified as "defective" by legislation passed in 1985, 36 years ago.

Edi81

Something tells me the OP isn’t coming back....

BikingBud

StandingInTheSun said:

It's about time there was a government scheme to build new homes all over the country specifically for first time buyers.

Perhaps something like canning HS2 and investing the cash in something that would benefit many more.
If only!

moneysavinghero

Still plenty of the prefabs going strong around here:

https://www.google.com/maps/@53.0061901,-3.0419059,3a,58.2y,264.94h,86.44t/data=!3m6!1e1!3m4!1sAbnwAbl4nVd47ydmkS1T_Q!2e0!7i13312!8i6656

StandingInTheSun

MobileSaver said:

BikingBud said:

Cakeguts said:

If you want to buy somewhere you will need to move to an area where your job with its low salary buys more.  That won't be in the South East. 

Some regular posters will have them all moving to northern cities where buying property is "easy" as long as you're not discerning and are happy to live in sub standard accommodation!

There's an old adage, "beggars can't be choosers." If you are on a low wage then of course you can't be too discerning, how could it be any different?

What is your alternative? Perhaps you think everyone on a low wage should be offered a brand spanking new new-build in one of the most expensive cities in the world with a 50% discount paid for by the taxpayer?

The problem is often not that FTBs can't afford the property - particularly now with 5% deposits and various schemes to bolster deposits - it's that they simply cannot compete in a buyer's market in which they are being outbid by those already on the housing ladder and with far more disposable income.

Build new homes and charge whatever price you like for them (within reason) but make it the case that they can ONLY be bought by FTBs. There is no point in all these help to buy schemes and Lifetime ISAs if they are unusable.

BikingBud

MobileSaver said:

BikingBud said:

Cakeguts said:

If you want to buy somewhere you will need to move to an area where your job with its low salary buys more.  That won't be in the South East. 

Some regular posters will have them all moving to northern cities where buying property is "easy" as long as you're not discerning and are happy to live in sub standard accommodation!

There's an old adage, "beggars can't be choosers." If you are on a low wage then of course you can't be too discerning, how could it be any different?

What is your alternative? Perhaps you think everyone on a low wage should be offered a brand spanking new new-build in one of the most expensive cities in the world with a 50% discount paid for by the taxpayer?

You continue to deny that the local communities and economies rely upon people on low wages. If those on low wages cannot live in an area then how do you expect the community to survive. Who will provide childcare so mummsy and daddsy can both go to work in their big, important and high paid jobs and keep houses in the city and the little country getaway if there is no local accommodation for nursery staff? Or many other roles come to that.

You also seek to force words into my mouth, I never mentioned anything about brand spanking new builds!

But the reality is that the whole accommodation provision is skewed to support those that have, landlords who have been fortunate and managed to leverage from excessive HPI and people already well established and with equity in place from previous homes. The average person trying to get a basic foothold and buy a house has far less opportunity than many of the people on here crowing about "it wer tough in my day, kids' nowadays don't know ther born!" 

Keep smiling whiles the sun continues to shine on your ivory tower.

AdrianC

StandingInTheSun said:

The problem is often not that FTBs can't afford the property - particularly now with 5% deposits and various schemes to bolster deposits - it's that they simply cannot compete in a buyer's market in which they are being outbid by those already on the housing ladder and with far more disposable income.

Umm, you mean somebody else is willing to pay more than they can?

How is that different to "they can't afford"?

StandingInTheSun

AdrianC said:

StandingInTheSun said:

The problem is often not that FTBs can't afford the property - particularly now with 5% deposits and various schemes to bolster deposits - it's that they simply cannot compete in a buyer's market in which they are being outbid by those already on the housing ladder and with far more disposable income.

Umm, you mean somebody else is willing to pay more than they can?

How is that different to "they can't afford"?

Because due to the current race for space houses are going for far more than they're actually worth. Unless FTBs want to risk negative equity, they can't compete with that.

The problem is so easily solved. Just build, build, build. There's lots of land all over the country. FTBs aren't asking for fancy houses - just build simple two up, two down houses to get people on the ladder. Nobody is asking the taxpayer to subsidise these houses. Just save them for FTBs and charge what they're worth.

The alternative is pretty terrifying - a huge number of millenials and Gen Z stuck in a rental trap for the rest of their lives.

AdrianC

StandingInTheSun said:

AdrianC said:

StandingInTheSun said:

The problem is often not that FTBs can't afford the property - particularly now with 5% deposits and various schemes to bolster deposits - it's that they simply cannot compete in a buyer's market in which they are being outbid by those already on the housing ladder and with far more disposable income.

Umm, you mean somebody else is willing to pay more than they can?

How is that different to "they can't afford"?

Because due to the current race for space houses are going for far more than they're actually worth.

Who defines what they're "worth" except a willing buyer and a willing seller in an open-market transaction?

moneysavinghero

FTBs aren't asking for fancy houses - just build simple two up, two down houses to get people on the ladder. Nobody is asking the taxpayer to subsidise these house

From a lot of the posts we get on this forum, FTB's are asking for fancy houses and they are asking the tax payer to subsidise them.