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The Average Age Of A First Time Buyer Is 37

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http://www.independent.co.uk/money/mortgages/julian-knight-dont-let-the-lenders-have-another-go-at-the-mortgage-punchbowl-2127264.html

The average age of a first-time buyer is now 37. Think about that for a minute – 37 – an age by which a generation ago the norm would have been to have had your own home for well over a decade, and, probably, to have even finished having a family.

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http://www.independent.co.uk/money/mortgages/julian-knight-dont-let-the-lenders-have-another-go-at-the-mortgage-punchbowl-2127264.html

The average age of a first-time buyer is now 37. Think about that for a minute – 37 – an age by which a generation ago the norm would have been to have had your own home for well over a decade, and, probably, to have even finished having a family.

Old news. And it's excluding those with help from BoMD.

You need to think about it too. Someone who is now 37 was in his/her mid-20s when house prices were at a historic low. Many weren't rich enough to buy then either. And that average hides a lot of variation: someday I'll be one of those people dragging it upwards, having been comprehensively priced out in the 1980s, and out of the country for my generation's buying opportunity in the '90s.

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http://www.independent.co.uk/money/mortgages/julian-knight-dont-let-the-lenders-have-another-go-at-the-mortgage-punchbowl-2127264.html

The average age of a first-time buyer is now 37. Think about that for a minute – 37 – an age by which a generation ago the norm would have been to have had your own home for well over a decade, and, probably, to have even finished having a family.

The Council of Mortgage Lenders (CML) issued a dire warning last week that 45 per cent of current home loans wouldn't pass muster under the FSA rules. Recently I met with the head of lending at one of the UK's biggest mortgage providers and he too banged the anti-FSA drum, suggesting that instead of restricting product areas and income multiples it ought to oversee lender balance sheets and restrict capital should the lender start "doing a Northern Rock", giving out silly loans with not much to back them

.....this is not their main restriction.....the number one on the list was lending without looking at income....would suggest the people interviewed and the writer himself are all VIs trying to hoodwink us into thinking they are acting on behalf of the customer ....I don't think so....... :rolleyes:

Edited by South Lorne

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http://www.independent.co.uk/money/mortgages/julian-knight-dont-let-the-lenders-have-another-go-at-the-mortgage-punchbowl-2127264.html

The average age of a first-time buyer is now 37. Think about that for a minute – 37 – an age by which a generation ago the norm would have been to have had your own home for well over a decade, and, probably, to have even finished having a family.

And two generations ago? Maybe you should stop comparing today to 30-40 years ago and compare it with the rest of history. My generation were fortunate in that we were born into a world that realised that the factors that had given rise to two world wars should be consigned to history. Your generation have been born into a world where recreating those very factors were an inevitable consequence of the reactionary forces that stamped on the face of change that threatened the established order.

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In 1900 only 11% of the population were owner occupiers. I don't think we'll revert to that particular mean, but owner occupancy rates are falling, and I'd guess they won't stabilise until we're in the 50-60% range that's common on the continent.

So something approaching half the population will be renters, and will probably stay renting for their entire lives.

Seems to me we'll soon be at that point where there'll be a material number of votes to be won from introducing some slightly more tenant friendly legislation.

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In 1900 only 11% of the population were owner occupiers. I don't think we'll revert to that particular mean, but owner occupancy rates are falling, and I'd guess they won't stabilise until we're in the 50-60% range that's common on the continent.

So something approaching half the population will be renters, and will probably stay renting for their entire lives.

Seems to me we'll soon be at that point where there'll be a material number of votes to be won from introducing some slightly more tenant friendly legislation.

....a bit out of date but at 2006 near the height of the bubble this is a good measure down point for the rates in Europe and North America OO / Rental :

Households by tenure

Country % OO % Rented% Other

UK 70 30 /

Belguim 66 29 2

Canada 66 34 0

Denmark 52 46 /

Finland 63 33 4

France 56 40 5

Germany 42 58 /

Ireland 80 20 /

Italy 71 20 9

Netherlands 50 49 /

Spain 82 11 7

Switzerland 34 62 2

US 68 32 /

Figures from the Bulletin of Housing Statistics for Europe and North America 2006, UN Economic Commission for Europe

http://www.ourproperty.co.uk/guides/to_buy_or_not_to_buy.html

Edited by South Lorne

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According to Osborne one shouldn't expect to be able to rent a one-bedroom flat until your 35, nevermind buy one.

...you could share ...preferably one on the night shift the other day..... :rolleyes:

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As someone around this age, I'd say that 37 is correct. I've been lucky and have owned since 26, so got a bit of the HPI of the last decade, but in practice it hasn't helped as the next property up was more expensive - though its still better than being someone starting out now. It's a totally crazy and messed up world.

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According to Osborne one shouldn't expect to be able to rent a one-bedroom flat until your 35, nevermind buy one.

presumably unemployed people sould be able to buy houses on their benefits from the age of 18?

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According to Osborne one shouldn't expect to be able to rent a one-bedroom flat until your 35, nevermind buy one.

I'm 35 soon & have never had a place of my own .. not even a one bedroom flat .. i'll probably never have a family either now because of it

Sometimes i wonder 'why should i bother at all'

It 's clear they want you to run the Rat Race first nowadays before you ever get a place to live .

Oh well the dogs home will probably eventually benefit well from me :huh:

Edited by Secret Squirrel

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Renting on the continent is common because they have fair rents and secure tenancies. My European friends are appalled at the rent market in UK.

But in 'poundland' Britain you wouldn't want any more of those interfering policies adopted by those funny europeans with their straight bananas , metres and kilograms, or would you?

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Does anyone else see a strong correlation between the rates of owner occupation and how economically fcked countries are?

Yes.

Spain

Ireland

UK

America

... don't know about the situation in Italy.

People were sold a pup. Debt was not wealth, it was a disaster waiting to happen.

Isn't it complete economic failure that it is now such an age - relatively 'past it' - when housing is 'affordable'?

There should actually be a balance between buying and renting, however, excessing in the former feed into the latter.

A generation born at the wrong time have been completely shafted. The young have been mullered.

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presumably unemployed people sould be able to buy houses on their benefits from the age of 18?

Huh? Osborne said he was raising the age threshold for Housing Benefit shared room rate to reflect the housing expectations of people of a similar age NOT on benefits.

'Spending Review statement':

http://www.hm-treasury.gov.uk/spend_sr2010_speech.htm

We will increase the age threshold for the shared room rate in housing benefit from 25 to 35, so that housing benefit rules reflect the housing expectations of people of a similar age not on benefits.

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Huh? Osborne said he was raising the age threshold for Housing Benefit shared room rate to reflect the housing expectations of people of a similar age NOT on benefits.

'Spending Review statement':

http://www.hm-treasu...2010_speech.htm

yeah, but it's cause and effect - he didn't CAUSE the situation where under 35s in work can't afford to rent their own flat

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  • 138 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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