Yes and the current government are playing a blinder at keeping that delusion going.
House Prices
- Start date
-
- Tags
- House Prices Threads
- Status
New to Tattle Life? Click "Order Thread by Most Liked Posts" button below to get an idea of what the site is about:
We’re a couple of weirdos who are downsizing from a 3 bed house in the north to a flat in London zone 3 which is costing us almost double the house did. It seems like a very good time to buy in London though - we’ve made a big profit on our house and the people we’re buying from have only made 6k in the 10 or so years they’ve lived in. It seems like the north is starting to catch up with southern prices now? Not really sure why?
Also can’t really believe anyone thinks it’s not massively privileged to be able to save, we both have high paying professions and it’s still not ‘all our own hard work.’ We didn’t have financial help in the form of a lump sum, but I was able to move home for a while and pay a third of what I would’ve done if I’d been renting. That is privilege. Other people’s families can’t always afford to have them move home. You’re also privileged if you live in a cheap to rent in area, people shouldn’t have to move far away from their family etc to live somewhere cheap enough that they can save. Cannot really believe anyone thinks it’s reasonable or somehow superior to have had no holidays or any luxuries at all for years to be able to buy a HOME. Hasn’t the pandemic alone proven how important breaks are for your mental health anyway? Pretty grim reading tbh.
Also can’t really believe anyone thinks it’s not massively privileged to be able to save, we both have high paying professions and it’s still not ‘all our own hard work.’ We didn’t have financial help in the form of a lump sum, but I was able to move home for a while and pay a third of what I would’ve done if I’d been renting. That is privilege. Other people’s families can’t always afford to have them move home. You’re also privileged if you live in a cheap to rent in area, people shouldn’t have to move far away from their family etc to live somewhere cheap enough that they can save. Cannot really believe anyone thinks it’s reasonable or somehow superior to have had no holidays or any luxuries at all for years to be able to buy a HOME. Hasn’t the pandemic alone proven how important breaks are for your mental health anyway? Pretty grim reading tbh.
Yep! Imagine punching down at people who are being punished more than you by a system also punishing you. Imagine looking at ppl who can’t afford to feed their kids 3 meals a day and thinking that a college course can sort that?
@Yel said it perfectly but we shouldn’t have to live like the Victorians to access a decent, safe, property. If they’d only introduce rental protections like in Germany & other EU countries the majority of us wouldn’t even want to buy tbh. I hate the burden of having a WIP house tbh.
Sadly there was a history of giving people large mortgages with next to no deposit who couldn't afford them, hence the crash. Banks don't give out mortgages to help people, its all to make money and if you default it is worse for them so its easier not to grant it, along with the next legislation which means they can't.
No I know, but it can’t carry on like this. Give it another 20 years and only the very rich will be able to get a mortgage if things stay as they are and with a lack of social housing stocks there simply won’t be homes accessible for a large proportion of people to live in.
What's annoying is that I'm spending £750 on my rent and bills currently (earn about £2000 take home so it's less than 50% of my wage), with expenses like phone bill, car running costs and food I think I save about £500-£900 a month depending if its a quiet month or not but still that's not enough for the mortgage companies.40k?? You just need to work harder according to some here!
I’m joking obviously. It’s amazing to save up that amount of money. What is a joke is that people have this much in savings and it’s still not enough to buy a home. Single people find it particularly hard as it’s all geared towards 2 people earning a wage.
I don’t see a way how we can possibly save up enough. No one is entitled to own a home, but is it mad to think that it shouldn’t be this hard? Probably be in our 60’s by the time we save enough. Dread to think how hard it will be for future generations when it’s like this now
Friend bought a flat in London recently, they are on £60k and still needed to put down a 40% deposit and get help from a grandparents inheritance in order to do it. The market is broken. I also can't understand how landlords keep jacking up the rent when wages aren't growing that fast either.
We will see the effect of this in about a decade as the lack of young people (because it's harder to have children) hits the employment market
I have the exact same salary, savings and rent as you (I earn 2k and save between 500-800€ per month) yet I can't buy a single house on the market right now because the entry level house starts at 150k. I moved twice in hope to find a cheaper neighbourhood but by the time I spend 12 months in a place the prices go up by 50k. It's mental!
My parents said that they could give me 8k which would put me at 20k of down-payment but even that isn't enough.
Out of my entire family only 3 have a house and they bought them in their late 30s.
My biggest fear is not being able to buy in my youth which means that my entire pension will go towards my rent when I'll reach the age of 70. Or worst being homeless.
I have a friend who once told me it was really easy to save for her deposit and she was just putting £1000 away a month. That was more than my monthly take home pay at the time and felt like a massive slap in the face. I was talking about my struggle to save and she was just telling me it was easy to put away £1000 a month? I think sometimes people forget that not everyone makes the same amount of money, and not everyone has the same financial situation or responsibilities. What is easy for one person is not easy for another.
I was putting £200 away a month in comparison.
I was putting £200 away a month in comparison.
Imagine being able to save that. Only somebody living with parents and no bills or on a decent wage could do that.
Are you talking about the early nineties crash? That one was more to do with interest rates going through the roof.
Your BIL was lucky. My parents got one and were left owing the bank much more because of this. Fortunately they had inheritance money they could use to make up the difference.
There is essentially nothing else a lot of people can do now other than couple up with a partner or wait for a pay rise or a big hit of inheritance. I'm worried that even if I do get a chunk of inheritance (my grandmother recently passed away) that it's still not going to do it. It's annoying as it seems something completely out of your control.
It's a straight up theft of wealth between generations. The younger generations are paying off their future for the present of those who can afford to own multiple properties. Landlords are for the most part absolute parasites who just want to sit on property and get an easy income.
There are grave consequences looming in the future but of course our governments can't look beyond the next 2-3 years. I hope the older generations don't expect us to wipe their arses for a pittance in the future though because that certainly will not be happening with the current and future housing market state + lower brith rates in the UK.
It’s not just that the government can’t see further into the future. It’s also that they don’t care. They’re all benefitting hugely from the broken system, so why would they want it to end?
People “bragging” about having £400k houses by pulling themselves up by the bootstraps are entirely missing the point. It is a system designed to work for the rich and against the poor, at their expense (and don’t now get at me having a “chip on my shoulder” because my house is literally worth almost twice yours
)It’s that middle class exceptionalism, the idea that anyone that doesn’t like the system (that they’re struggling to get by in - having to live at home for years in your 20s to save for a flat? How can you defend that system?) must be a jealous urchin typing from a Dickensian work house. You can be comfortable and not agree with how the majority of this country are being forced to live by selfish vile big biz and a Tory government.It’s not just that the government can’t see further into the future. It’s also that they don’t care. They’re all benefitting hugely from the broken system, so why would they want it to end?
People “bragging” about having £400k houses by pulling themselves up by the bootstraps are entirely missing the point. It is a system designed to work for the rich and against the poor, at their expense (and don’t now get at me having a “chip on my shoulder” because my house is literally worth almost twice yours
We all have a lot more in common with the poorest in society than the billionaire / landed classes, unless you’ve got a family office you shouldn’t be silly enough to hold these opinions.
100% this. I also don’t understand the mentality of ‘well I had to suffer to get my home, so should you.’ Surely that experience would make anyone with a shred of empathy want things to be different for other people?
For example all this talk of ‘just do another college course it’s not that hard.’ I actually did a part time degree while I was finishing another full time time degree. It was bloody hard work and not at all something I would ever wish on someone who has to work draining 12 hour shifts, or someone who has little kids to look after in the evenings, just so that they can afford to buy a home. Being able to pay for or spare the time for further education IS a privilege. I really pity people who think they’ve worked so much harder than everyone else just because they’ve done alright for themselves. I guarantee you that most of the time those on minimum wage have far worse working conditions and more draining jobs than those of us fortunate to have busy, well paid/respected jobs.
My friend has just purchased a house in Manchester for £120k and that’s during a massive boom in prices. Originally, they thought buying was impossible as they didn’t want to compromise on their lifestyle - they enjoy city breaks and eating out/living life. Since the lockdown hit they’ve been able to save a lot from working from home and genuinely not being able to leave. Within a year they’ve achieved their deposit. So for them the lockdown has benefited them but, for other friends the house they were purchasing went up by £60k. All in the same city - it’s mad.
I really think a lot of people in this country think of themselves as some kind of major success story when ultimately they’ve simply benefitted from privilege, luck and timing. I know I have.
Lots of people were able to ride a wave to better financial circumstances, but the tide has now turned, and to ignore it is to insult a huge percentage of the country, and especially young millennials/Gen Z.
Some of the boomer generation came from working class families and managed to save up and buy a house - they didn’t earn a lot but they could afford a lot more because things were cheaper and tax rates were far lower. In the mid-60s it was just over 2% (if you had a family you were given bigger tax breaks) and nowadays it’s around 23%.
Many now own houses that are worth several times what they cost when they were built or purchased. A deposit in the late 50s/early 60s was around a fifth of an annual salary, nowadays it can be more than twice an annual salary.
I don’t doubt that they worked hard to save a deposit and to keep paying the bills, and went through periods of financial uncertainty but objectively it was easier to save and buy than it is today.
Not everyone is frivolous with their money and to suggest that people could work harder, get a second job, cut back on any/all luxuries is a very simplistic view when there are many other factors in play.
I do also understand in some cases that people complain about not being able to afford a deposit when they’re choosing to spend money on having a particular lifestyle instead.
Many now own houses that are worth several times what they cost when they were built or purchased. A deposit in the late 50s/early 60s was around a fifth of an annual salary, nowadays it can be more than twice an annual salary.
I don’t doubt that they worked hard to save a deposit and to keep paying the bills, and went through periods of financial uncertainty but objectively it was easier to save and buy than it is today.
Not everyone is frivolous with their money and to suggest that people could work harder, get a second job, cut back on any/all luxuries is a very simplistic view when there are many other factors in play.
I do also understand in some cases that people complain about not being able to afford a deposit when they’re choosing to spend money on having a particular lifestyle instead.
My parents nearly lost their house in the early 90s when the interest rates went through the roof. They went from paying £200 a month to nearly £1000 a month. Its hard across all ages. I had to move from the town I grew up in as I couldn't afford to buy there. Plenty of people move further away.
- Status