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Topfishing

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  1. It is this so-called "financial twaddle" that you appear to advocate that has benefited the UK whether you like it or not. It's funny how everyone is shouting about the negatives that the financial industry can bring about when there is a downturn. You want us to move back to a manufacturing-based economy? I sure as hell don't. A healthy correction in house prices and certain other areas of the financial environment is welcome. Speculation has got out of control, that is unquestionable. But, your statement is naive I'm afraid to say.
  2. Sorry to say it, but I don't think you could possibly buy at a worse time!
  3. This is possibly the most naive and moronic statement I have seen about graduates, education and debt. The financial burden that a graduate suffers after completing higher education without financial assistance from family or scholarships is totally unfair. Starting out in life with £30K worth of debt around your neck is obsene. How can anyone justify an education system which leaves young people in such a dire financial state to simply become educated? One of the biggest injustices to this country in the last decade (alongside the housing market mania and lax immigration) has been the abolishment of university grants in my opinion. This is the backbone of supporting and creating an educated society, and the core to sustaining a prosperous country. Or maybe I've got it wrong, perhaps the aim is simply to promote the UK as a country where it's fine just to "get by" in a dead-end job, become a "chav", have no aspirations and "doss" so that your sole existence is to spend your low wages on getting drunk every weekend to forget about life and maybe have a few babies, give them a pathetic start in life and leech the system for government benefits. The prospect of coming out after 3,4,5+ years of University with £20K-30K+ debt is enough to put anyone off, so I totally understand why young people may think twice about this route nowadays. As a graduate myself, my views on whether or not it is viable for school-leavers to go to University has changed somewhat, mainly due to the fact that the current situation makes it seem such a financial headache, and with the graduate job market as saturated as it is in many sectors, finding a suitable job after graduating is not easy either! Obviously University isn't right for everyone, and there are alternative routes to creating a decent career. I am simply saying that creating such a barrier to further education is a very bad thing. By the way I haven't quite finished my rant yet! :angry: Saying graduates have a huge earning potential doesn't match with your assumption about starting salaries either. If "some graduates are earning 14K for a first job" with the hope of earning £20K after five years, they've clearly wasted their time at University because that is a shockingly low pay rate these days!! Unless you follow up with a decent post-graduate qualification like a Masters or similar industry-specific certificate, you no longer stand out from the crowd. But hey, what's another £20K debt slapped on top for that accomplishment. What's more, In addition, your reasoning that a couple (each with £30K debt) can pay back £60K between them over five years and start on the housing market) is just madness. I take it you are assuming that these graduates live rent free somewhere with no utility bills, cars or any other financial responsibilities. Not everyone can (or wants) to live at home with parents for years after they have lived independently and began their life as an adult at University. Privilege is nothing to do with it either! You need a reality check!
  4. I thought today's quip by Ashley Seager in today's Guardian was refreshingly reassuring...
  5. Unfortunately the person in the above post ends up being quite patronising in their assumptions. I don't think anyone in this thread has suggested that '20-somethings' have an expect it all for nothing, "expects everything to be done for them" attitude at all. I think you will find that most of us are just trying hard to generate enough money to live comfortably and afford to live in their own place, and enjoy life at the same time! You are right in that people like you are the problem that the housing market is in the state it is in today, jumping on the dream of neverending rising house value and pushing them up even further. However when we do get a correction, it will be people like us (who have been patient to wait in an overbought market), who will be your problem I think.
  6. It's interesting to see others in a similar situation/dilemma... I too am 26 years old (there's a trend developing here) and my fiancee is 23. We earn £28K and £18K respectively (both uni graduates, and whilst I do not have any debt, my fiancee has around £15K debt from uni and a post-grad law course which is a drain on savings). We have been "watching" the housing market for over a year now and have put away £23K cash savings between us so far (and continue to TRY to save £1000 per month) whilst friends have been jumping on left right and centre with interest-only mortgages without a penny going towards the repayment part. Last year's big surge in prices against expectations, has made us quite demoralised and after viewing several houses late summer last year we have given up entertaining the thought of buying a house until they are better value. We were previously looking at houses around the £140k-£160k mark but are just so put off by the "amount of house you get for your money" that we have resigned ourselves to the fact that we will keep waiting in the hope that there will be signs of a faltering market this year. In the meantime, we live in a top floor, rented, 2 bedroom flat for £505pcm within walking distance to the city centre where we both work, so it is quite a good position to be in whilst saving for the distant house purchase. We have got to the point where we feel that we just can't justify paying such a huge amount of money on a house which we aren't incredibly excited about as it seems like a huge struggle to pay off a mortgage for not a lot really. Clearly, there are a number of couples in the mid-20s with reasonable salaries and savings ready to purchase but not seeing the value of doing so. I just hope all of us patiently waiting for a correction to more realistic and affordable levels (for what essentially is a basic human necessity - to live somewhere) get what we deserve!!
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