Is Anybody There?

[Guest]

I remember starting a thread when my first child was imminent, and wondering where things were heading. She's now 2, and I have a son due in 4 weeks exactly.

Has anything changed? I guess the rate of inflation has slowly dropped, but prices are still increasing and wages are pretty much static. House prices have continued to stagnate.

I (we) still can't afford to buy somewhere. I'm on approx the average wage, which mortgage wise gets me 65% of the asking prices for average 3 bed homes round here (BN13). We certainly don't have a 35% deposit, and I wouldn't pay the £180k asking price anyway.

So where to now? Is the next big drop imminent? Will we still be renting in 2 years time?

[@contradevian]

Thought this thread was about Doris Stokes

"Is there anybody there?"

[swissy_fit]

I remember starting a thread when my first child was imminent, and wondering where things were heading. She's now 2, and I have a son due in 4 weeks exactly.

Has anything changed? I guess the rate of inflation has slowly dropped, but prices are still increasing and wages are pretty much static. House prices have continued to stagnate.

I (we) still can't afford to buy somewhere. I'm on approx the average wage, which mortgage wise gets me 65% of the asking prices for average 3 bed homes round here (BN13). We certainly don't have a 35% deposit, and I wouldn't pay the £180k asking price anyway.

So where to now? Is the next big drop imminent? Will we still be renting in 2 years time?

You are betrayed, like many.

No, and Yes, probably.

[Venger]

So where to now? Is the next big drop imminent?

I think so. Having new members recently join HPC trying to mix and confuse things, such as qujunkie signing up with his "I'm not so negative on house prices" comments, and 'London Is Cheap' thread is perhaps a good sign.

Will know HPC is really on when begin hearing more of the 'Be careful what you wish for' posts, that usually come from owners wanting to protect their HPI.

[Wurzel Of Highbridge]

I remember starting a thread when my first child was imminent, and wondering where things were heading. She's now 2, and I have a son due in 4 weeks exactly.

Has anything changed? I guess the rate of inflation has slowly dropped, but prices are still increasing and wages are pretty much static. House prices have continued to stagnate.

I (we) still can't afford to buy somewhere. I'm on approx the average wage, which mortgage wise gets me 65% of the asking prices for average 3 bed homes round here (BN13). We certainly don't have a 35% deposit, and I wouldn't pay the £180k asking price anyway.

So where to now? Is the next big drop imminent? Will we still be renting in 2 years time?

Historically were couples on minimum wage equivalent and two kids ever able to afford to buy their own home? From experience families falling into this category would have worked in factories and be given a nice council house for life.

Not any more - the government and bankers have fcuked you! You could still make it here in Ireland of you were prepared to live in a less desirable area 45 mins commute from a job. In fact you would be able to choose from hundred of houses.

Again, it's all down to the government. Osbrown and Cammoron could make a huge announcement tomorrow that they are going to build thousands of new nice council homes and estates on green belt instead of paying housing benefits.

They wont - they don't give a toss about you and I.

[Maynardgravy]

We are waiting for the carnage of HTB and the son of HTB to play out. The ladders are up against the trench walls and the football is about to be kicked into the no-man's land of ridiculously high house prices.

Everyone that I talk to finds this latest policy indefensible and laughable. I think in that respect the penny has dropped.

In two years prices will be well on the way to correcting big time or TPTB will have permanently crippled the system, in which case it is goodbye UK for me. I think it will be the former.

[TwoWolves]

You are far from alone.

My daughter is now 4 while we await the HPC and I'm in the top 5% earners.

The family next to us is renting too, in exactly the same position with 5 children!

So many gen-X/Y waiting for reality to set in - all we want is a home for our family to call our own.

[Guest]

Historically were couples on minimum wage equivalent and two kids ever able to afford to buy their own home?

I agree.... but as someone on an average wage (rather than minimum) I'm sick to the teeth that all we can afford is a tatty 2 bed mid terrace, rather than a 3 bed semi (for instance). People still talk about getting your foot on the f*****g ladder, but I'm 36, I don't want to sell up and move again in 5 years. I'm not a single 21 yr old buying a 1 bed starter home... I'm heading for middle age, have 2 kids and would quite like to plant some nice fruit trees and do some DIY.

[Cardigan]

Get the deposit from your parents.

I worked, scrimped and saved for 45 years. I planned a retirement expecting that by the time I got there the state pensions would be means tested and I wouldn't get it (plan for the worst and hope for the best). I gave both our children the deposit for a house. They now have their own children (we have grandchildren).

My brother spent everything as soon as it hit bank. He bought both his children and new car on their 18th birthday. He's now retired with a small pensions and no savings. His children are both now in there 30's and living in his house. They can't afford to get married let alone buy their own house.

Look at how your parents lived their lives and why they haven't got the money to help you out now. I am sure that there are many parents who tried their best and for all kind of reasons just couldn't for it but I am also sure that there are many who hoped for the best and planned for the best.

[19 year mortgage 8itch]

Get the deposit from your parents.

I worked, scrimped and saved for 45 years. I planned a retirement expecting that by the time I got there the state pensions would be means tested and I wouldn't get it (plan for the worst and hope for the best). I gave both our children the deposit for a house. They now have their own children (we have grandchildren).

My brother spent everything as soon as it hit bank. He bought both his children and new car on their 18th birthday. He's now retired with a small pensions and no savings. His children are both now in there 30's and living in his house. They can't afford to get married let alone buy their own house.

Look at how your parents lived their lives and why they haven't got the money to help you out now. I am sure that there are many parents who tried their best and for all kind of reasons just couldn't for it but I am also sure that there are many who hoped for the best and planned for the best.

I'm alright Jack, pull the ladder up.

[Fully Detached]

Get the deposit from your parents.

I worked, scrimped and saved for 45 years. I planned a retirement expecting that by the time I got there the state pensions would be means tested and I wouldn't get it (plan for the worst and hope for the best). I gave both our children the deposit for a house. They now have their own children (we have grandchildren).

My brother spent everything as soon as it hit bank. He bought both his children and new car on their 18th birthday. He's now retired with a small pensions and no savings. His children are both now in there 30's and living in his house. They can't afford to get married let alone buy their own house.

Look at how your parents lived their lives and why they haven't got the money to help you out now. I am sure that there are many parents who tried their best and for all kind of reasons just couldn't for it but I am also sure that there are many who hoped for the best and planned for the best.

So the millions who can't afford to buy using their own income need to look at why their parents didn't save enough to give them a deposit? That explains so much, thank you. There I was thinking the cost of houses might have had something to do with it.

[TwoWolves]

Get the deposit from your parents.

I worked, scrimped and saved for 45 years. I planned a retirement expecting that by the time I got there the state pensions would be means tested and I wouldn't get it (plan for the worst and hope for the best). I gave both our children the deposit for a house. They now have their own children (we have grandchildren).

My brother spent everything as soon as it hit bank. He bought both his children and new car on their 18th birthday. He's now retired with a small pensions and no savings. His children are both now in there 30's and living in his house. They can't afford to get married let alone buy their own house.

Look at how your parents lived their lives and why they haven't got the money to help you out now. I am sure that there are many parents who tried their best and for all kind of reasons just couldn't for it but I am also sure that there are many who hoped for the best and planned for the best.

I earn similar amounts to my Father (allowing for inflation).

The house I grew up in cost three times his annual income.

It is now on the market (he sold in the '80s) for twelve times mine.

[Maynardgravy]

Get the deposit from your parents.

I worked, scrimped and saved for 45 years. I planned a retirement expecting that by the time I got there the state pensions would be means tested and I wouldn't get it (plan for the worst and hope for the best). I gave both our children the deposit for a house. They now have their own children (we have grandchildren).

My brother spent everything as soon as it hit bank. He bought both his children and new car on their 18th birthday. He's now retired with a small pensions and no savings. His children are both now in there 30's and living in his house. They can't afford to get married let alone buy their own house.

Look at how your parents lived their lives and why they haven't got the money to help you out now. I am sure that there are many parents who tried their best and for all kind of reasons just couldn't for it but I am also sure that there are many who hoped for the best and planned for the best.

Brilliant advice,

I'm off round to see my dad now, who worked all his life for the post office, to see if he can take all the equity out of his three-bedroom Birmingham semi.

Oh wait, there are four of us and there still wouldn't be enough for a deposit on a shed where I live.

For your information I have 'scrimped and saved' a huge deposit of more than an entire house should actually cost - maybe I could give your kids saving lessons. Some of us just won't pay your pension.

[MattW]

Again, it's all down to the government. Osbrown and Cammoron could make a huge announcement tomorrow that they are going to build thousands of new nice council homes and estates on green belt instead of paying housing benefits.

A promise like this could seal the Tory's success in the 2015 General Election. I'd even vote for them if they promised this (and probably regret it come 2017!). Increasing council housing supply isn't a popular move with the Tory Electorate but it might persuade other voters to vote Blue like my parents did in the 1980s when Right To Buy came in (the only way they could afford to buy a house )

[renting til I die]

Get the deposit from your parents.

I worked, scrimped and saved for 45 years. I planned a retirement expecting that by the time I got there the state pensions would be means tested and I wouldn't get it (plan for the worst and hope for the best). I gave both our children the deposit for a house. They now have their own children (we have grandchildren).

My brother spent everything as soon as it hit bank. He bought both his children and new car on their 18th birthday. He's now retired with a small pensions and no savings. His children are both now in there 30's and living in his house. They can't afford to get married let alone buy their own house.

Look at how your parents lived their lives and why they haven't got the money to help you out now. I am sure that there are many parents who tried their best and for all kind of reasons just couldn't for it but I am also sure that there are many who hoped for the best and planned for the best.

I just got back from my dad's after asking for his help.... He told me "F*** off, you are 37 and have enough of your own money. I never had any help to buy my first house, go out and find your own house!"

Was that the reaction you were thinking I would get?

[Cardigan]

Problem: You need to deposit for a house.

Solution: 1. You save the money

2. You get the state to alter the fundament structure of a market economy to somehow magic you not needing a deposit.

3. You work together with those closest to you (your family) to pool your resources and help each other.

4. There is no 4

For some reason our society has somehow replaced family with the state, we are now a group of individuals who believe that he state should provide for all our needs. That is not how is was pre 1948 and it is not how it is many other societies.

[slacker]

4. There is no 4

4 is opting out of the ponzi scheme - it's only the first in and first out that get any benefit from them - the rest get screwed paying them out

[MississippiJohnHurt]

I remember starting a thread when my first child was imminent, and wondering where things were heading. She's now 2, and I have a son due in 4 weeks exactly.

Has anything changed? I guess the rate of inflation has slowly dropped, but prices are still increasing and wages are pretty much static. House prices have continued to stagnate.

I (we) still can't afford to buy somewhere. I'm on approx the average wage, which mortgage wise gets me 65% of the asking prices for average 3 bed homes round here (BN13). We certainly don't have a 35% deposit, and I wouldn't pay the £180k asking price anyway.

So where to now? Is the next big drop imminent? Will we still be renting in 2 years time?

We've been mugged off in the short/medium term.

Those buying will be mugged off in the medium/long-term.

Boomers (aka the greatest financial geniuses the world has ever known) are laughing. Except the surprisingly high percentage who are still highly leveraged.

Still...at least there's no house price bubble, and the government are doing something about the "market failure" that is crippled banks being unwilling to further risk their balance sheet on high risk loans made against historically high asset valuations. That was a terrible market failure, I just can't understand how it came about. Very foresightful of Osborne to see it and in the process to show how much he cares about us all.

Somewhere a clock is ticking. But f*ck knows whether it's one minute to midnight or six thirty PM. I have given up caring really

[Fully Detached]

2. You get the state to alter the fundament structure of a market economy to somehow magic you not needing a deposit.

lol.

[Blod]

Problem: You need to deposit for a house.

Solution: 1. You save the money

2. You get the state to alter the fundament structure of a market economy to somehow magic you not needing a deposit.

3. You work together with those closest to you (your family) to pool your resources and help each other.

4. There is no 4

For some reason our society has somehow replaced family with the state, we are now a group of individuals who believe that he state should provide for all our needs. That is not how is was pre 1948 and it is not how it is many other societies.

Looks like you haven't noticed that for the last thirty or so years housing costs have been moving away from the norm of the previous five or six decades.

Even today people calmly talk while housing cost inflation outstrip wage inflation by nearly two percent a year, that is unsustainable.

The pensions industry have lost the confidence of present generation and as a result some are led to believe that "investing" in housing will provide for their retirement. The majority are unable to do so due to our high housing costs low wages economy.

Unless things change in the near future the next generation will be forced to take radical action to make housing affordable again, and sadly that will badly impact those that believed housing was a safe investment for their retirement.

[wonderpup]

I remember starting a thread when my first child was imminent, and wondering where things were heading. She's now 2, and I have a son due in 4 weeks exactly.

Has anything changed? I guess the rate of inflation has slowly dropped, but prices are still increasing and wages are pretty much static. House prices have continued to stagnate.

I (we) still can't afford to buy somewhere. I'm on approx the average wage, which mortgage wise gets me 65% of the asking prices for average 3 bed homes round here (BN13). We certainly don't have a 35% deposit, and I wouldn't pay the £180k asking price anyway.

So where to now? Is the next big drop imminent? Will we still be renting in 2 years time?

You could elect to join Osbourne's army of debt Zombie's when they launch 'Help to buy 2' next year. The rules are simple- you take on massive debt using his scheme- he wins the next election on the back of the resulting boom in house prices and you spend the rest of your mortal life paying off the debt- or more likely- get roasted alive when interest rates rise at some future date and lose your shirt.

Sounds bad I know- but a lifetime of debt slavery for you is just a price worth paying to win Osbourne's election- apparently.