Frustration of a market on a knife edge!

neverdespairgirl

If you are earning OK, why aren't you paying your parents something? Then you keep self-respect and can also save.

mr.broderick

mrstinchcombe wrote: »

I feel like I'm taking crazy pills!

I'm in an annoying situation and just venting my frustration. I'm 25 now, did the whole uni thing and now I'm in a job thats as recession proof as any other. Problem is I'm living with the folks still, thinking I can't sponge off them forever and because things are going well at work ideally its time for me to move out as a FTB.

Unfortunately for reasons everyone knows about now would appear a silly time to be buying a first home (which would be a 1 bed pokey flat in a crap area of Bristol), but thats no consolation cos I want to move out!

Anyone else in a similar situation?

Anyone asking this question cannot afford to buy a house. I guess you have no deposit? The 1st house i bought when i was 22 was 36k i put 10k down which i saved 4k off and my nan give me the other 6k which i paid back 100 quid a month interest free.I never once thought about if the house would go up or down, i suppose we've come along way in 10 years.

MrSafeGaz

bristol_pilot wrote: »

IMO 25 is too old to be living with parents but not too old for a houseshare. It would not be a 'student' style houseshare, much better than that is available. Loads of people in Bristol and elsewhere share in their late 20s or early 30s. I have sharers in the flate above me and they are mid-30s. Whether you rent or buy, living with parents will always be cheaper...but not cool at all for a graduate aged over 25.

It's opinions like this that make it quite clear that your generation have little idea of what people in my generation now have to go through to be able to own a house. The average income is so small compared to the average house price that our options are very limited. We can buy a hole somewhere and be financially crippled for years to come. We can rent/house share and prolong the buying of a house but sacrifice the deposit. Or, we can take the cheaper option, save up a deposit and then be in a stronger position to buy in a couple of years.

The age of a responsible FTB has shifted towards the early thirties due to the rise in house prices. 'Not being cool' is trumped by being financially stable I am afraid.

mrstinchcombe

Gorgeous_George wrote: »

Somewhere along the line, self-respect plays a part.

Sponge off your parents who don't want you in their house or pay your own way. It's your choice.

I moved out at 16.

Renting is paying for somewhere to build your own nest. Yes, you can be better off by squatting at home.

GG

Self respect plays no part, to say living with your parents means you have no self respect is absurd.

I do agree that I am sponging a little, but my parents are happy to have me staying there and now seems an awful time to buy.

Im sorry your parents kicked you out at 16 but you do seem to have done ok out of it, I guess this must have been at a time where it was easier to buy.

mrstinchcombe

mr.broderick wrote: »

Anyone asking this question cannot afford to buy a house. I guess you have no deposit? The 1st house i bought when i was 22 was 36k i put 10k down which i saved 4k off and my nan give me the other 6k which i paid back 100 quid a month interest free.I never once thought about if the house would go up or down, i suppose we've come along way in 10 years.

I do have a decent enough deposit and I know I could get a pokey place at a stretch. That doesn't mean going out and getting a place now is a good idea tho!

mr.broderick

mrstinchcombe wrote: »

Self respect plays no part, to say living with your parents means you have no self respect is absurd.

I do agree that I am sponging a little, but my parents are happy to have me staying there and now seems an awful time to buy.

Im sorry your parents kicked you out at 16 but you do seem to have done ok out of it, I guess this must have been at a time where it was easier to buy.[/quote]

This is where young 20 something's have been brainwashed in to thinking it was easier to buy a house 10-20 years ago..it was harder..I had to beg my bank manager to lend me the money face to face and that was only mid 90's.

mr.broderick

mrstinchcombe wrote: »

I do have a decent enough deposit and I know I could get a pokey place at a stretch. That doesn't mean going out and getting a place now is a good idea tho!

Didn't say it was...What do you want people to say here exactly ?

MrSafeGaz

mr.broderick wrote: »

This is where young 20 something's have been brainwashed in to thinking it was easier to buy a house 10-20 years ago..it was harder..I had to beg my bank manager to lend me the money face to face and that was only mid 90's.

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.

Brainwashed? I don't think so. A grasp of simple mathematics and the ability to do a little historical research is more than enough to back up any claim that buying a house is more difficult in the current climate.

mr.broderick

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.

Brainwashed? I don't think so. A grasp of simple mathematics and the ability to do a little historical research is more than enough to back up any claim that buying a house is more difficult in the current climate.

I'll bow to your experience of buying houses, i've bought 6.. you?

mrstinchcombe

My apologies mr.broderick.

I am aware that there have been times where it has been almost as difficult and unaffordable to but as it is now, but there have also been times where it has been comparatively easy!