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Locked Out Of First Home Till 43 - Notw

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http://www.newsoftheworld.co.uk/news/923655/Locked-out-of-first-home-till-43.html

MILLIONS of young people across the country will not get the keys to a home of their own until they are AGED 43, warns a grim report.

Research by the National Housing Federation reveals an entire GENERATION is being squeezed out of the housing market as banks demand bigger deposits than ever from first-time buyers.

The situation is worst for Londoners, where the average 21-year-old will have to wait until they are 52 to afford a mortgage.

In the South West, most won't be able to buy a property before they're 48, and in the South East they'll be 45.

The picture is slightly better in areas where prices are lower. Single youngsters in the North East, North West and the East Midlands should be able to get on the property ladder when they reach 35.

David Orr, the NHF's chief executive, said: "Home ownership is increasingly becoming a pipe-dream rather than a reality for millions without wealthy parents to support them."

Twenty-five years ago first-time buyers needed a £1,321 deposit on a typical £26,422 house. Now they need £35,614 deposit - far in excess of average annual incomes - and the average house costs £142,457.

Still we can't afford to have a house price crash and make homes affordable we must keep prices up at all costs. Pretty soon you'll have to wait until reach retirement to be able to buy at which point you won't be able to retire.

Although it's better if your a couple, you can afford to take the debt on earlier.

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It will all come crashing down around us, because it HAS to.

Anti-gravity economics is and always will be impossible to maintain.

Just be patient; and don't dare you be stupid enough to be saving for your future solely in cash!

You've been warned.

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That's nonsense if you ask me. By 35 you should not only have saved a deposit but paid off the damn mortgage if you spend wisely.

I don't come from a wealthy background, not at all, I'm 22 - been working for less than a year and I have saved £10,000.

How? By not pissing it up the wall on booze, I don't have the latest ipod shite, I don't go on weekend holidays, I walk everywhere and sold my car, I cook my own food instead of ordering takeaway every night, I invest what I have already saved.

Yes prices are far too high, but the pendulum swings both ways. Youth today are reckless and irresponsible with their money. They have a see-want-buy attitude, they don't consider anything further than the next payday/benefits day.

And the solution for youngsters in London?

Leave london! Do the math! Are you really being paid more every month to cover the higher cost of living? If anything I'd just commute via train every day from an hour away. No way would I live in London. There are some very nice countryside towns out there within 45 minutes train journey with 3 bed semis for 180k.

Oh - and once the partner agrees to it I'm leaving the country. Not sure where to yet, everywhere else seems just as fubar'd.

Edited by fadeaway

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And the solution for youngsters in London?

Leave london! Do the math! Are you really being paid more every month to cover the higher cost of living? If anything I'd just commute via train every day from an hour away. No way would I live in London. There are some very nice countryside towns out there within 45 minutes train journey with 3 bed semis for 180k.

I note how some of my London "friends" on Facebook seem to be pissing their lives away in London. Status updates could paraphrased as "skint but going out anyway." Maybe its the housing situation that results in people adopting a perpetual student hedonistic lifestyle well into their late 30's. Can't get our own place, lets just get pissed instead.

Edited by Sir John Steed

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That's nonsense if you ask me. By 35 you should not only have saved a deposit but paid off the damn mortgage if you spend wisely.

I don't come from a wealthy background, not at all, I'm 22 - been working for less than a year and I have saved £10,000.

How? By not pissing it up the wall on booze, I don't have the latest ipod shite, I don't go on weekend holidays, I walk everywhere and sold my car, I cook my own food instead of ordering takeaway every night, I invest what I have already saved.

Yes prices are far too high, but the pendulum swings both ways. Youth today are reckless and irresponsible with their money. They have a see-want-buy attitude, they don't consider anything further than the next payday/benefits day.

And the solution for youngsters in London?

Leave london! Do the math! Are you really being paid more every month to cover the higher cost of living? If anything I'd just commute via train every day from an hour away. No way would I live in London. There are some very nice countryside towns out there within 45 minutes train journey with 3 bed semis for 180k.

Oh - and once the partner agrees to it I'm leaving the country. Not sure where to yet, everywhere else seems just as fubar'd.

you clearly earn MUCH more than even the average wage earner...and that includes people who are "long in the tooth".

You also dont mention rent. rent takes up a good part of other peoples wages too.

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That's nonsense if you ask me. By 35 you should not only have saved a deposit but paid off the damn mortgage if you spend wisely.

I don't come from a wealthy background, not at all, I'm 22 - been working for less than a year and I have saved £10,000.

Oh - and once the partner agrees to it I'm leaving the country. Not sure where to yet, everywhere else seems just as fubar'd.

I managed that, the problem is you lead one hell of a miserable life.... if life is joyless then what is the point essentially?

Added to the fact your deposit money is being eroded by about 15% inflation YoY. Enough to get anybody down.

It would be interesting to see just how long you can tolerate this sort of life style... I tolerated it for about 3 years and simply went nuts.

Edited by ken_ichikawa

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That's nonsense if you ask me. By 35 you should not only have saved a deposit but paid off the damn mortgage if you spend wisely.

I don't come from a wealthy background, not at all, I'm 22 - been working for less than a year and I have saved £10,000.

How? By not pissing it up the wall on booze, I don't have the latest ipod shite, I don't go on weekend holidays, I walk everywhere and sold my car, I cook my own food instead of ordering takeaway every night, I invest what I have already saved.

Yes prices are far too high, but the pendulum swings both ways. Youth today are reckless and irresponsible with their money. They have a see-want-buy attitude, they don't consider anything further than the next payday/benefits day.

And the solution for youngsters in London?

Leave london! Do the math! Are you really being paid more every month to cover the higher cost of living? If anything I'd just commute via train every day from an hour away. No way would I live in London. There are some very nice countryside towns out there within 45 minutes train journey with 3 bed semis for 180k.

Oh - and once the partner agrees to it I'm leaving the country. Not sure where to yet, everywhere else seems just as fubar'd.

Do you rent or live with your parents?

When I saved a deposit for the 1st house I lived at home with my parents and saved around £5k, now if I'd have been renting I doubt I'd have managed to save barely £1k with all the additional bills like insurance, council tax, water, gas, electric. I didn't go out too often or have any holidays.

Plus if all people your age do that the economy will take a huge hit, meaning more people will lose there jobs.

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http://www.newsoftheworld.co.uk/news/923655/Locked-out-of-first-home-till-43.html

Still we can't afford to have a house price crash and make homes affordable we must keep prices up at all costs. Pretty soon you'll have to wait until reach retirement to be able to buy at which point you won't be able to retire.

Although it's better if your a couple, you can afford to take the debt on earlier.

Age 52 to get a mortgage? Will banks lend for 25 years when you have only 13 working years left and only a typical deposit? You need to have a deposit before age 45 or else you will never have one.

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Age 52 to get a mortgage? Will banks lend for 25 years when you have only 13 working years left and only a typical deposit? You need to have a deposit before age 45 or else you will never have one.

Remember the retirement is going to go up and they are going to stop you from being forced to retire.

Work until dead. Then you can retire.

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snip

Plus if all people your age do that the economy will take a huge hit, meaning more people will lose there jobs.

I think the poster is a terrist....spending is the citizens duty...thats why Merv is having a tough time....flooding banks with money wont work if this terrist plot becomes widespread.

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Your sad and you have no life! Do you think youngsters 10 or 20 years ago had to do what your doing to save for a deposit? Of course not, they went out every weekend and pissed it up the wall, they went on holidays and bought all the must have gadgets like rubiks cubes, VCR players and Walkmans. Then when they decide it's time to buy a house they saved for a year or two and bought one on a single salary.

Why should we have to stop living during the only time in our lives we have no responsibilities and have the chance to have a bit of fun while we are young?

By the way I'm sad an have no life too but I'm a few years older.

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Youth today are reckless and irresponsible with their money. They have a see-want-buy attitude, they don't consider anything further than the next payday/benefits day.

Youth of today have been brought up on consumerism it's ok to have it now and pay for it later after all thats what everyone else seems to be doing , they know no differant , having credit and loans is cool don'tcha know :rolleyes:

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Your sad and you have no life! Do you think youngsters 10 or 20 years ago had to do what your doing to save for a deposit? Of course not, they went out every weekend and pissed it up the wall, they went on holidays and bought all the must have gadgets like rubiks cubes, VCR players and Walkmans. Then when they decide it's time to buy a house they saved for a year or two and bought one on a single salary.

Why should we have to stop living during the only time in our lives we have no responsibilities and have the chance to have a bit of fun while we are young?

By the way I'm sad an have no life too but I'm a few years older.

if you go back further than 20 years most people rented .people seem to assume today that they have to buy & if they do not they are some sort of looser.

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That's nonsense if you ask me. By 35 you should not only have saved a deposit but paid off the damn mortgage if you spend wisely.

I don't come from a wealthy background, not at all, I'm 22 - been working for less than a year and I have saved £10,000.

... which is why a £35k deposit today is not-so-far-off equivalent to a £1.3k one 25 years ago[1]. £10k a year salary at your age existed, but only in a couple of city consultancies (Boston Consulting, Bain & Co), and even that would've left more like £6k after tax. Ordinary "high-paid" professions - accountants and solicitors - paid about £5.1-5.2k new-grad salary, and the BBC was offering under £5k in central London!

[1] Hmmm .... actually I mean 27 years ago ... might make a difference there ...

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That's nonsense if you ask me. By 35 you should not only have saved a deposit but paid off the damn mortgage if you spend wisely.

I don't come from a wealthy background, not at all, I'm 22 - been working for less than a year and I have saved £10,000.

How? By not pissing it up the wall on booze, I don't have the latest ipod shite, I don't go on weekend holidays, I walk everywhere and sold my car, I cook my own food instead of ordering takeaway every night, I invest what I have already saved.

First: I do strongly agree with your view on people who waste their money have no right to complain about house prices.

Second: How on earth do you save what must be about 1k/month when you are (like any normal person) only earning about 1.4k/month in the first place? My wife has a masters degree and 15 years experience and world recognition for her work designing books (ones that sell well across the world) ... and she was bringing home about ... well significantly less than 1.4k/month (post paye).

The stealth taxes alone would have meant she would have had to live on well, basically nothing in order to save the types of money you suggest can be saved!

Which planet are you on? Are you suggesting that she was 'pissing her money up the wall' because she wasn't saving 1k/month? Completely ridiculous. And frankly: quite insulting.

You are right about wisdom with spending the resources you receive ... but you are lacking in anything approaching a real understanding of what is really going on out there. If you think the majority of folks can save anything approaching what you are suggesting is possible you need a wake up call.

Aidanapword

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That's nonsense if you ask me. By 35 you should not only have saved a deposit but paid off the damn mortgage if you spend wisely.

I don't come from a wealthy background, not at all, I'm 22 - been working for less than a year and I have saved £10,000.

How? By not pissing it up the wall on booze, I don't have the latest ipod shite, I don't go on weekend holidays, I walk everywhere and sold my car, I cook my own food instead of ordering takeaway every night, I invest what I have already saved.

Yes prices are far too high, but the pendulum swings both ways. Youth today are reckless and irresponsible with their money. They have a see-want-buy attitude, they don't consider anything further than the next payday/benefits day.

And the solution for youngsters in London?

Leave london! Do the math! Are you really being paid more every month to cover the higher cost of living? If anything I'd just commute via train every day from an hour away. No way would I live in London. There are some very nice countryside towns out there within 45 minutes train journey with 3 bed semis for 180k.

Oh - and once the partner agrees to it I'm leaving the country. Not sure where to yet, everywhere else seems just as fubar'd.

You are 22 and you are lecturing us about how different the youth of today are. :rolleyes:

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Your sad and you have no life! Do you think youngsters 10 or 20 years ago had to do what your doing to save for a deposit? Of course not, they went out every weekend and pissed it up the wall, they went on holidays and bought all the must have gadgets like rubiks cubes, VCR players and Walkmans. Then when they decide it's time to buy a house they saved for a year or two and bought one on a single salary.

Why should we have to stop living during the only time in our lives we have no responsibilities and have the chance to have a bit of fun while we are young?

By the way I'm sad an have no life too but I'm a few years older.

Erm ... twentysomethings in the 1980s had a lot less than today. Fact.

(yes some of them were rich, just like today. I knew someone who had a car - bought by his parents, of course! But VCRs???? The youngster who has an iphone today might have had the luxuries of a transistor radio and a digital watch back then)

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Erm ... twentysomethings in the 1980s had a lot less than today. Fact.

(yes some of them were rich, just like today. I knew someone who had a car - bought by his parents, of course! But VCRs???? The youngster who has an iphone today might have had the luxuries of a transistor radio and a digital watch back then)

So what's your point?

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if you go back further than 20 years most people rented .people seem to assume today that they have to buy & if they do not they are some sort of looser.

Most people still rent , either direct to the landlord or to the bank via a mortgage the rules have been changend but the game is stll the same .

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You are 22 and you are lecturing us about how different the youth of today are. :rolleyes:

One suspects there may be one or two pork pies on on offer here.

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If you go back 20 years I think you will find that the average 20 something did NOT have a big line of credit. They also came out of college/uni with relatively small debt. Debt cards had only just begun to surface.

If you go back 30 years, access to credit to the average consumer was very limited indeed.

If you go back 40 years, credit cards did not exist for the average punter.

There used to be covenants; and you HAD to save.

So, what is the boy with £10,000 point?

People are inundated with massive, billions of £'s, worth marketing and constant, engineered 'peer' pressure to 'have now'. There is very little one can do if you grow up in a house addicted to credit and spend any time within mainstream western culture.

Maybe you should start raving about the evils of Edward Bernais and the subsequent generations of kunts who have jumped on the bandwagon, raping the economy for every last drop of blood.

Your will is not really yours, your choices aren't yours; except for a lucky few, and the genuinely insane.

Outside of food, water, and basic shelter, you CAN live.

Meh, fvck it.

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Guest BetterOffOnBenefits

The article is nonsense.

If the average age of the FTB is steadily increasing then that is surely going to affect the market (ie slow it right down).

Instead of telling us how FTB's will spend 20 years saving for a deposit, why don't we ever see headlines like "Grim News, Average time to sell a house, now 20 years"

Once again the media reports the market as though the sellers are controlling it all.

They aren't.

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First: I do strongly agree with your view on people who waste their money have no right to complain about house prices.

Second: How on earth do you save what must be about 1k/month when you are (like any normal person) only earning about 1.4k/month in the first place? My wife has a masters degree and 15 years experience and world recognition for her work designing books (ones that sell well across the world) ... and she was bringing home about ... well significantly less than 1.4k/month (post paye).

The stealth taxes alone would have meant she would have had to live on well, basically nothing in order to save the types of money you suggest can be saved!

Which planet are you on? Are you suggesting that she was 'pissing her money up the wall' because she wasn't saving 1k/month? Completely ridiculous. And frankly: quite insulting.

You are right about wisdom with spending the resources you receive ... but you are lacking in anything approaching a real understanding of what is really going on out there. If you think the majority of folks can save anything approaching what you are suggesting is possible you need a wake up call.

Aidanapword

..wouldn't say it'/s insulting..just think the poster to which you were responding to is still a narrow thinker and @ 22 that's no suprise...

To be putting away that amnt as the poster states a month...at that age... would define a person living and paying no rent or market rate rent anyway... i.e. living at home.. it seems or just waffle as some posts on this forum in general can sometimes be.

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I managed that, the problem is you lead one hell of a miserable life.... if life is joyless then what is the point essentially?

Added to the fact your deposit money is being eroded by about 15% inflation YoY. Enough to get anybody down.

It would be interesting to see just how long you can tolerate this sort of life style... I tolerated it for about 3 years and simply went nuts.

Good point. I am going crazy not having a pimped out desktop computer, though I know it's stupidly expensive. But there has to be a happy medium.. People waste far too much money I think. It's always the people with no money who 'appear' to have the most flashy stuff. The main reason I'm saving like mad now is so that when the crash comes and mortgages are hard to get, I won't have as much trouble since I have a decent deposit. The coming house price crash could happen once every 30 years or so, and I do not want to wait that long!

The big thing in addition to spending wisely is your ability to make money out of money, rather than let it sit there. I've turned about 10% profit on a large amount of my savings in the last few months alone by investing it wisely. I'm not even too bright on the subject but really anyone can do it, a few good books on that sort of thing are a wise investment. I recommend the Zulu Principle by Jim Slater as a starter.

Aidanapword : Sorry to offend you. I really don't mean to.

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  • 153 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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