Guardian at it again! Millenials... you can't afford a house because you drink Coffee & eat Avocado Toast

[iamnumerate]

29 minutes ago, wsn03 said:

Sorry to interrupt, I can tell you what I do:

Crackerbread is a half decent alternative to bread.  Waitrose do some very good takeaway sushis - meat and fish. Salads with a tin of fish and some olives work.

On the move - wraps, all day long.

Sandwiches are just engrained in our heads as the only way to eat lunch, but they're really not necessary. My French friends think we're idiots. They do eat sandwiches, but that is just one type of meal, they just mix everything up. They also say our bread is not good.

The secret to the French staying slim on such high fat diets is lack of chemicals - so avoid processed foods!!! Then you can eat what you like and still be slim.

 

Interesting.

[iamnumerate]

35 minutes ago, wsn03 said:

Friend's brother bought a HTB house against my advice. Proper sink estate it has turned into. The biggest thing he failed to see - "you might get it at a discount, but the person you try to sell it to wont, so you're actually going to have to drop it quite a lot to get shut in 5 years time when you need to move".

That was 8 years ago. He's still stuck there. Doesn't speak to me at all since I gave him the advice (should have told him what he wanted to hear) so I don't know if he tried to sell or not.

But surely the price can't have dropped in that time.  I am not saying you cannot lose on property but he should not have done.

[wsn03]

4 minutes ago, iamnumerate said:

But surely the price can't have dropped in that time.  I am not saying you cannot lose on property but he should not have done.

His Dads house was almost twice the house, same area, £130000.

His overpriced new hole was 220,000 i think, with the scheme.

Without the scheme they were happy to negotiate downwards...i think up to 30k...that was without pushing.

Real value in that market 2nd hand...110k max. So with doubling of property say since, 220k. Oops...hes made nothing. One of the few who failed to make any gains at all

Good luck selling, the people in his neighbourhood don't earn enough for that kind of mortgage 

[fluteroop]

9 minutes ago, iamnumerate said:

But surely the price can't have dropped in that time.  I am not saying you cannot lose on property but he should not have done.

The price paid originally was probably 150%, like my friends shared equity home. 140k I believe. When local average about 90-100. Lol

[crashmonitor]

9 minutes ago, iamnumerate said:

But surely the price can't have dropped in that time.  I am not saying you cannot lose on property but he should not have done.

Bit of a double whammy with new build, there is a substantial initial depreciation because it is no longer new and secondly you have to discount the initial incentives' package. You might need 20% general HPI to break even.

[iamnumerate]

3 minutes ago, wsn03 said:

His Dads house was almost twice the house, same area, £130000.

His overpriced new hole was 220,000 i think, with the scheme.

Without the scheme they were happy to negotiate downwards...i think up to 30k...that was without pushing.

Real value in that market 2nd hand...110k max. So with doubling of property say since, 220k. Oops...hes made nothing. One of the few who failed to make any gains at all

Good luck selling, the people in his neighbourhood don't earn enough for that kind of mortgage 

Why would anyone buy a place that costs half something twice the size?  That way you cannot win unless there is hyperinflation.

[wsn03]

12 minutes ago, iamnumerate said:

Why would anyone buy a place that costs half something twice the size?  That way you cannot win unless there is hyperinflation.

Him..."I want something new, i cant be bothered to do work on a house"

My finance man: "its a bad deal but he doesnt want to listen, waste of time talking to him"

2 months later he was moving in, had stopped communicating with me by then.

[winkie]

Quote

Guardian at it again! Millenials... you can't afford a house because you drink Coffee & eat Avocado Toast

....if you spend waste money like that you don't deserve a house.......some people need educating.

[iamnumerate]

8 minutes ago, wsn03 said:

Him..."I want something new, i cant be bothered to do work on a house"

My finance man: "its a bad deal but he doesnt want to listen, waste of time talking to him"

2 months later he was moving in, had stopped communicating with me by then.

Well either he is very rich so can't afford to lose it or very crazy.

[wsn03]

13 minutes ago, iamnumerate said:

Well either he is very rich so can't afford to lose it or very crazy.

He earns sod all. He cant be arsed to do the maths on the deal to see how bad it was.

Like most his age his Facebook image gets far more input than his finances.

Edited January 29, 2018 by wsn03

[Funn3r]

6 minutes ago, iamnumerate said:

Well either he is very rich so can't afford to lose it or very crazy.

It's human nature, avoiding a perceived load of hassle right now or a half-understood theoretical detriment miles in the future. Completely agree a bad idea of course, for reasons already stated. 

He could have a chance though (unlikely) - like I did! Bought off-plan new build with every conceivable and inconceivable FTB fiddle and STILL sold in one day at a profit two years later. I was a savvy bizman unbelievably lucky. This only worked for me because it was loadsamoney 1980s and those days are not coming back any time soon. 

[stop_the_craziness]

3 hours ago, thewig said:

Lewie knows which side his bread is buttered. Keep congratulating the plebs for saving 50p at asda, teach em how to write the odd letter to their elec company to save a tenner a year "it all adds up" etc 

then encourage em how to go ballz deep on DEBTslavery like every good aspirational middle class citizen should

 

Absolutely.  I used to describe myself as "good with money" because I followed all this MSE weekly email nonsense, but as it turns out that's done me **** all good in a society where the housing game is rigged to hell.  I can be as "good with money" as I like, but if the biggest money game there is turns out to be fixed then it doesn't matter anyway.  That's what this forum has taught me and it makes me sad and glad in equal measure that I found it.

[Dorkins]

3 hours ago, crashmonitor said:

Cafes were cheap in your grandmother's day. A point of reference is the 1949 film Interrupted Journey...Dora Bryan asks Richard Todd "Choc or Rock" and serves two rock cakes and two coffees for one and tuppence (5.8 newpence)...or two quid in today's money. This is a mainline railway station cafe.

Pret a Manger today same order, bank loan job?

Two coffees and two cakes in a station cafe, ten quid easily.

[winkie]

7 minutes ago, Dorkins said:

Two coffees and two cakes in a station cafe, ten quid easily.

......the rent innit.

[PopGun]

8 hours ago, ccc said:

I've never had avocado toast. Am I missing out ?

Neither have I. I doubt we’re missing out

[MARTINX9]

She earns £35k - and would get a mortgage of say £140k. So the £350k one bed she wants to buy would mean she requires a deposit of £210,000.

A coffee costs say £3 a day or around £1,100 a year. 

So on my calculations if she stops buying a coffee each day then in around 190 years she will have saved up enough deposit to buy that flat. Simples!

[Arpeggio]

1 hour ago, PopGun said:

Neither have I. I doubt we’re missing out

I have it all the time, usually with a £5 Latte Frappuccino Mocha ordered from my iPad.

[UnconventionalWisdom]

2 hours ago, MARTINX9 said:

She earns £35k - and would get a mortgage of say £140k. So the £350k one bed she wants to buy would mean she requires a deposit of £210,000.

A coffee costs say £3 a day or around £1,100 a year. 

So on my calculations if she stops buying a coffee each day then in around 190 years she will have saved up enough deposit to buy that flat. Simples!

I wish the mainstream media would present the situation like this. 

I stopped reading the guardian because of the guardian labs section where they produce "articles" normalising the lowering living standards of today's youth. This is meant to be a left-wing Liberal paper. In reality its just another means for TPTB to influence people's opinions. 

Edited January 29, 2018 by UnconventionalWisdom

[Fence]

Seriously, avocado toast sounds very yummy.  Ideal for lunch.  Is it really only for the "young" or can we all join in and got any good recipes?  I shall eat it as a mark of inter-generational solidarity against our soulless wannabe masters!  

[MARTINX9]

1 hour ago, UnconventionalWisdom said:

I wish the mainstream media would present the situation like this. 

I stopped reading the guardian because of the guardian labs section where they produce "articles" normalising the lowering living standards of today's youth. This is meant to be a left-wing Liberal paper. In reality its just another means for TPTB to influence people's opinions. 

Today's young people are possibly amongst the most brain washed ever - constantly supporting things that are contrary to their interests. The Guardian being one of them!

No wonder the powers that be were so keen for 50 per cent to go to university for their programming.

[longgone]

4 hours ago, MARTINX9 said:

So on my calculations if she stops buying a coffee each day then in around 190 years she will have saved up enough deposit to buy that flat. Simples!

i cant see the problem really, silly millennials want everything on a a plate. 

[Left2014]

4 hours ago, MARTINX9 said:

She earns £35k - and would get a mortgage of say £140k. So the £350k one bed she wants to buy would mean she requires a deposit of £210,000.

A coffee costs say £3 a day or around £1,100 a year. 

So on my calculations if she stops buying a coffee each day then in around 190 years she will have saved up enough deposit to buy that flat. Simples!

Also, coffee shops are an important part of the economy these days. So, if everyone stopped buying their coffee then some people would lose their jobs, and they'd be even less likely to be able to buy a home. Saying that we should stop focusing on any part of the economy so that we can all focus on keeping house prices high is misaligned thinking. We should all stop focusing on keeping house prices high  and make sure the money goes to more productive parts of the economy.

[Ash4781]

12 hours ago, MARTINX9 said:

She earns £35k - and would get a mortgage of say £140k. So the £350k one bed she wants to buy would mean she requires a deposit of £210,000.

A coffee costs say £3 a day or around £1,100 a year. 

So on my calculations if she stops buying a coffee each day then in around 190 years she will have saved up enough deposit to buy that flat. Simples!

Also I wonder how many of the flats in the area are now ex council ?  How many of the neighbours claim in work benefits ?

“..South London, I say, in an ex-council flat I share with one flatmate; we each pay £765 a month in rent and heating.

“What would a one-bedroom flat cost to buy there?”

Approximately £350,000, I say. “

 

[winkie]

9 hours ago, Fence said:

Seriously, avocado toast sounds very yummy.  Ideal for lunch.  Is it really only for the "young" or can we all join in and got any good recipes?  I shall eat it as a mark of inter-generational solidarity against our soulless wannabe masters!  

Love avocado but would never put it on toast......there are things you spread on toast, avocado is not one of them......

[Pop321]

Avacado? From Yorkshire on my last trip to London I went into a trendy sandwich bar and asked 'can I have something without humus, avocado or lentils please...a pork pie with gravy maybe'. Tongue in cheek of course a the young chap serving laughed until he cried. It was nice that a generational gap and a geographical one could be bridged with a mutual understanding of how different a funny we all are. 

Feels as though there is a 'divide and conquer' to all this. Those boomers never had many things we take for granted today...check out the housing conditions of the early 70's. Phones, coffees and even a modest night out represent an excess many then never knew. HOWEVER...the boomers then fail to see the things they took for granted (affordable home ownership, pensions, job security, free university) are now unattainable luxuries...and saving a few grand a year will not make up for that. So hope and incentive are removed  

If someone knows they can scimp for a few years and then have a 25% deposit on a proper home...then there is incentive to do so. Currently little or no incentive for that 5% deposit for a 'one bedder in Dagenham'. 

Boomers now sat on £800k homes and £15k household incomes....and young sat on £40k student debt but bigger incomes (albeit spent on rent).  

As neither a boomer or a millienum I observe in the middle. Very fortunate as a child who enjoyed the freedom of the late 70's and bought and sold my homes in the right side of some of the largest short term house price rises and drops ever during the late 80's and early 90's...very lucky. 

S24, stamp duty for BTL etc are a great direction. We just need to remove all props (HTB,stamp duty reliefs, IO mortgages etc) and let the market find its natural long term position of about 4 times income. 

London will plummet soon....if it isn't already. Articles like this just illustrate there is some generational catch up needed to ensure empathy. The rest of the Uk will follow. 

I get the London thing....but not sure why anyone (other than the natives) would actually want to live there? Earn more to spend more....nope Preston and the Daily Mash look better.?  But still HPC required up here too.