How can people be so greedy?

neas

Im sorry if this sounds a little bitter but...

(Newbie to this site)

Im 24, a recent graduate I have student loans of 10k, a 22k graduate salary and my fiancee earns 15k a year... these are all gross.

I've been renting since i got my job and saving like mad for a deposit... but it amazes how greedy people can be when it comes to house prices.

The way i see things as a 24 year old my father's generation have essentially Outpriced me out of the housing market all together..... for many years to come. The people i've rented off all have 10+ houses... bought around 1990-1997 and whinge about capitals gain taxes and how much money they will 'loose' when they want to sell. While the younger generation get sat with student loans and impossible mortgages on 1 property... that will proably leave them bankrupt.

a 2 bedroom house in the worst area of my local area starts at 130k... with a 20k deposit my partner and I would have to pay 700 pound or so a month plus bills/car funds etc... how does this leave much room for savings for pensions and children?

What society would do this to their children?

And im not the worst off... My salary is average!.

A woman at work has been trying to sell her 2 bedroom small cottage for 160k for over 6 months... When i explained to her the financials behind my situation she realised that first time buyers are hard pressed to even put an offer on her property but has been sat there for 6 months trying to sell it... stalwartly... yet she complains that she just wants to move.

The simple fact for me is I just cant afford it... im not stupid, im not going to sign up to 750 monthly mortgage when if the interest rates went up 1-2% me and my partner would be screwed to pay it off. Also add to the fact if I had a child... It would just lead to misery.

Buying a house for me at the moment is too high risk... I am continuing to try and raise a higher deposit and literally saving like im poor... I dont go out, I buy tesco value crap, and Im trying to get special offers etc, the energy and water in the house has been highly tuned to save as much as possible... even still the nightmare task that is for a first time buyer actually getting on the property market still seems an impossible task .

It just depresses me somewhat... my parents bought a 2 bedroom as soon as they were married at 20... here i am 24, with 10k student debt from the goverment and renting away with no immediate solution. At this rate i'd guess i'd have enough deposit within 2 more years...

I think it just sucks in general that because of my 'generation' I am worse off in trying to get on the housing market than my parents were. How am I supposed to start a family? I will just have to rent forever.

Sorry for rant... I needed to get it off my chest..

mr.broderick

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wymondham

you rant away! - basically if you can afford it you buy, if you can't you bide your time until you can, getting yourself into a better position. Don't get too worked up about it - as you mention, you're not about to land yourself with an enormous mortgage ... think yourself lucky .. some people are and will bitterly regret it....

In two years time you'll get a much better place for much less money ... keep this in mind!!!!

wymondham

mr.broderick wrote: »

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why is this spam?

gazza975526570

mr.broderick wrote: »

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Drinking? :beer:

Andy_Hamilton

My parents paid £18K for there 3 bedroom council house in 1987 ish.
My brother bought his 2 bed starter home (20years olds) in 1999ish for £43K
My sister bought her 2 bed flat (20 years old) in 2002 for £60K
I bought my new build 3 bedroom house (6 months now) for £82.5K (NOT SHARED OWNERSHIP BEFORE YOU ASK)
I would love my parents mortgage of £170 per month and I wished I had pulled my finger out sooner and bought a house. In 2002 I was looking at 6 bed houses for less than what I paid last year.

Life's easier up north... but's it colder!

MrsE_2

Its not about the sellers greed, they have to sell at that price to buy the next.
But I really do feel for young people starting out, theres no council places & to buy is just silly prices.

dan1979

and when you do get a property you'll still be poor and eating value rubbish!

Although I don't want to defend the buy to letters who've snapped up the properties a lot of people invested in property to provide for their pension after the Government shafted them.

Having worked for a very big BTL lender there were a lot of people we saw time and time again getting loads of properties, from Premiership footballers to regular folk on average salaries. I'd often see families helping their kids get them or people snapping up four or five in the space of a week.

I think that anyone with more than two properties should have been taxed to the hilt on the third and any subsequent ones to avoid the situation we have now (not that the BTL'ers are the main reason for housing problems but they have contributed).

neas

mr.broderick wrote: »

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friendly around here arent we?

<Insert any expletetive you want here> Reported...

carolt

Totally sympathise, but just to add - you can have kids in rented accommodation - I have 3; you don't have to put your life on hold, just because of what house prices may do. Enjoy your life - you sound financially sensible.

Don't worry - prices are already coming down and have MUCH further to fall!

As others have said, you'd have much more cause to worry if you'd lied to buy your colleagues over-priced starter home or similar....

neas

dan1979 wrote: »

and when you do get a property you'll still be poor and eating value rubbish!

Although I don't want to defend the buy to letters who've snapped up the properties a lot of people invested in property to provide for their pension after the Government shafted them.

Having worked for a very big BTL lender there were a lot of people we saw time and time again getting loads of properties, from Premiership footballers to regular folk on average salaries. I'd often see families helping their kids get them or people snapping up four or five in the space of a week.

I think that anyone with more than two properties should have been taxed to the hilt on the third and any subsequent ones to avoid the situation we have now (not that the BTL'ers are the main reason for housing problems but they have contributed).

i can see why people did it...

But to reinforce their pensions they've shafted their children for years to come lol. Just seems a little... selfish for that generation.

Ofc Everyone looks after themselves I guess.