Frustration of a market on a knife edge!

Rimo2021

MrSafeGaz wrote: »

Well 10 years ago house prices were on average about 3 times the average income. I can safely say that if that were still the case then I would buy a house instantly. However, since house prices are 5.5-6 times the average income now, I am inclined to save up a sizable deposit to dampen the effect of that ratio a little.

You need to take interest rates into account to make a decent comparison (as well as other variables)

Just comparing the ratio of HP:income doesn't tell you much about affordability..

sarah_elton

mrstinchcombe wrote: »

Problem is I'm living with the folks still, thinking I can't sponge off them forever.

Why sponge? Pay your share of the household bills and you're not sponging (unless they're particularly desperate to downsize).

neas

yea this was all my point was... living with family but boasting how good it is... cause you don't have to pay bills/aka sponging... Is wrong. Deep down you know you are burdening your family with extra outgoings... and not compensating even a small amount to them.

Its expensive to raise a child... its taking the mick staying with them when you can afford to apy tour way.

LittleMissAspie

Wow, I am astounded at the level of bitterness and nastiness coming from people on this thread.

Which is more mature and responsible?
a) live at home to save for a deposit
b) get a 6x salary mortgage which overstretches you and end up broke and reposessed

lethal0r

LittleMissAspie wrote: »

Wow, I am astounded at the level of bitterness and nastiness coming from people on this thread.

me too. whats all this harping on about self respect??

neas

Which is more mature and responsible?
a) live at home to save for a deposit
b) get a 6x salary mortgage which overstretches you and end up broke and reposessed
c) Rent.

a and c are just the same level of 'maturity'... c gives you more independance, which some would think helps make you more mature but thats another discussion.

Why is it that everyone who whinges for staying at home forgets about house sharing.. because they know its an option its just they are either afraid to share with other people, like the living at home life too much or really are scrimping like mad :P.

And everyone knows theres a stigma surrounding the 'living in parents basement' phenemenon

WTF?_2

LittleMissAspie wrote: »

Wow, I am astounded at the level of bitterness and nastiness coming from people on this thread.

Which is more mature and responsible?
a) live at home to save for a deposit
b) get a 6x salary mortgage which overstretches you and end up broke and reposessed

It's one thing staying at home because you can't afford a place of your own. (Although if you have any sort of a decent job you ought to be able to find some way to rent, possibly as a house share with friends.)

It's quite another to be staying at home and splurging out your salary on luxuries because Mum and Dad pay all the bills.


Unfortunately, it's the second option that seems to be the more commonplace these days. Not only that but some offspring seem to look to their parents as ATM machines well into their thirties or even forties. I just don't know how they can hold their heads high, really.

T._x

I can appreciate it may seem a strange concept to those who are not in similar circumstance or didn’t have the same option. My brother is 25 and although works abroad half the year he still officially stays at home with the folks too, as do quite a few of our friends and young folk living in the town. There is no stigma here. Asked my mother this morning if me staying with them was eating into their retirement fund. She said no, and even if it was that would never worry her or my father. In response to being called a sponger, in her words is ‘just cheek’.

I’ve been out drinking every Friday and Saturday this year and am in no rush to settle for regular DVD/TV weekends. Couldn’t knock anyone who is, as no doubt when I meet the right man I’ll change my mind. I’m single not celibate but having my own place would change nothing in this regard. Moving out wouldn’t turn me into a tramp.

Really there hasn’t been one argument that has convinced me renting someone else’s house in the interim is a good idea. I have quite a bit of money saved for a deposit, more than the average I imagine. The only thing about living with my folks that embarrasses me is it’s not more, so in many ways glad I stumbled across this site. Very inspirational.

pavlovs_dog

neas wrote: »

And everyone knows theres a stigma surrounding the 'living in parents basement' phenemenon

if there is, i certainly havent experienced it. of my friends in their 20s, the most common housing situations are as follows:

1) living with parents.
2) student digs/house share
3) renting privately

i would say only 10%, if that, are renting privately. if there's such a stigma, why are so many of us still with mum and dad?

i know that several of them are in the same boat as us - parents either cant help finance a step onto the property ladder, are not prepared to, or children arent prepared to accept that help, so living at home cheaply is seen as a happy medium.

as for those at home who contribute to the household running costs, i would say its 50/50. you (plural, not aimed at anyone in particular) cannot keep making this sweeping generalisation that *no one* who lives "in their parents basement" is making a financial contribution, because that isnt the case. granted, not everyone contributes, and some contribute more than others, but there is a contribution of some shape or description from a lot of people. you only need to look at the sheer volume of threads in the family board and DT discussing what is an appropriate contribution from offspring who are earning but still living at home to see the inaccuracy of this generalisation.

i do feel that those parents who allow their adult children to live at home without so much as a penny's contribution to the running costs of the house are doing more harm than good in the long term if that child is not saving like a demon. however if that child is indeed saving like it is going out of fashion, then i am yet to see any argument that convinces me that them putting a roof over their child's head is any better/worse than them stumping up a deposit as a one off lump sum/ paying the legal fees involved in buying a house etc.

mrstinchcombe

Woah!

I never once said I don't pay anything towards my living with the folks, although there are loads of posts that suggest otherwise.

I pay quite a bit but despite this I still chose the phrase "sponging", maybe this is what confused. Just setting the record straight anyway.

I didn't mean to totally rule out a house share either but as I said I don't exactly work 9-5 (2 x earlies, 2 x lates, 2 x nights, 4 x days off) so living in a house share which is quoted on here as

neas wrote: »

House parties, Barbecues with the housemates, going out together that sorta thing... kinda like being a student for a while.

Then maybe this wouldn't do my career very well rocking into work after having no sleep!