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tomandlu

More Young People Are Living With Their Parents Than Ever Before

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You sound like you are in the same position as me I have been saving since 2000 to buy and house and watched in disbelief at the rampant HPI.

I have managed to save 130K, yet in the SE town I live in this would only buy a crappy flat. I am not going to let years of scrimping to save to only buy me something that offers zero value for money.

To be honest, I sometimes think that I should take to money and go and live in a cheap Asian country. I spent a year in SE Asia and India in 2009. The sort of money that people like us have saved can give you a very decent life in Cambodia/Vietnam/India etc.

I give it a couple of years and I reckon Ill be out there, life is too short to be put on hold, a decade of waiting has worn me out.

I should add that I have no kids or any real ties in the UK, oh and I was 40 last year, so maybe Im just starting out on the classic mid life crisis!

you story reads like mine , although 200k in savings :D a year or two ago you could get a semi for 250k now everything is 350k plus

there is just no incentive any more , you either where lucky and bough years ago or got very lucky and bought in the right place at the right time around 2008 or be like me and be fecked anyway now prices are just plain crazy

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You sound like you are in the same position as me I have been saving since 2000 to buy and house and watched in disbelief at the rampant HPI.

I have managed to save 130K, yet in the SE town I live in this would only buy a crappy flat. I am not going to let years of scrimping to save to only buy me something that offers zero value for money.

To be honest, I sometimes think that I should take to money and go and live in a cheap Asian country. I spent a year in SE Asia and India in 2009. The sort of money that people like us have saved can give you a very decent life in Cambodia/Vietnam/India etc.

I give it a couple of years and I reckon Ill be out there, life is too short to be put on hold, a decade of waiting has worn me out.

I should add that I have no kids or any real ties in the UK, oh and I was 40 last year, so maybe Im just starting out on the classic mid life crisis!

I hear you, though I am no longer feeling very worn out or miserable about it. Indeed, I feel liberated by it. Just think how much better off you are than someone trapped by a mortgage - you are in the reverse position. I was feeling that about 5 years ago - but I changed my life around based on my position. I work part time, I enjoy a multitude of hobbies, am constantly learning, am thinking about business ops etc and don't deny myself anything or any form of fun because realistically now it makes very little difference to the bottom line....

...so with that in mind, the move to a cheaper country thing has its appeal - if you have no ties. Me, I still enjoy living here - I have family, friends etc and can probably withstand anything that is thrown at me, thanks to the manouvers made earlier in life. And I have the full flexibility to change that as required because everything is liquid. If the situation was to change re : ties, then I've learnt 5 other European languages and could easily be competent in 3 major asian ones, so it's no hassle to go :) Use the time you have how you wish - don't worry about anything because we are the lucky ones.

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you story reads like mine , although 200k in savings :D a year or two ago you could get a semi for 250k now everything is 350k plus

there is just no incentive any more , you either where lucky and bough years ago or got very lucky and bought in the right place at the right time around 2008 or be like me and be fecked anyway now prices are just plain crazy

You're not fecked, you're laughing :). Stop focusing on houses!

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You're not fecked, you're laughing :). Stop focusing on houses!

really how`s that :blink:

if these overpriced things don`t crash soon i think i am going to explode :angry:

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Yep, you just need to be careful/lucky with housemates. It generally helps if one of the housemates is already a friend or maybe a relative or 'friend of a friend'.

I did have some annoying experiences with total skinflints when I was a student - people refusing to pay 50p towards coal for the central heating and causing the place to be an icebox overnight, people sneakily using the landline phone (no mobiles back then) and not paying their share of the bill, getting stuff raided from fridges and cupboards for example - but so long as people are reasonable then you can live pretty cheaply. And most adults actually are reasonable.

As you say, helps if demographics in the house are similar.

My living costs (rent + bill) were 50/week - this was 91.

My wages were an extra 10k compared to a job I could get back home, which would give me no experience.

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really how`s that :blink:

if these overpriced things don`t crash soon i think i am going to explode :angry:

erm...

you story reads like mine , although 200k in savings :D a year or two ago you could get a semi for 250k now everything is 350k plus

there is just no incentive any more , you either where lucky and bough years ago or got very lucky and bought in the right place at the right time around 2008 or be like me and be fecked anyway now prices are just plain crazy

Only on this site could we see someone who has 200k in savings think they are f*cked! Enjoy the fruits of your labour mate. Stop gnashing over people bidding up prices at the margin. They will find drops happen very, very quickly eventually, because, prices are set at the margin..

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erm...

Enjoy the fruits of your labour mate.

:lol: yeah the fruit from my labour is 1.5% a year reduced from 6.5% in 2007 i`m really enjoying it ;)

Edited by longgone

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:lol: yeah the fruit from my labour is 1.5% a year reduced from 6.5% in 2007 i`m really enjoying it ;)

Don't get mad, get even. Put yourself in a position where you're playing them at their game. How about paying no tax for a year? Dump your whole salary above the personal allowance in a pension, and top up your living expenses from your savings. If you have salary sacrifice at work, even better. You pay no NI either.

Also, you should be able to net more than 1.5% with a bit of jiggery pokery. For one thing, if you're paying 40% tax on the interest, *definitely* dump into your pension to reduce your tax rate.

Of course, if you earn 50k+, you might have a problem. Why not cut that right down if at all possible and enjoy the free time.

I know its hard, but try and look to the positive. You can't be stupid if you've saved that much, so look at other options.

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Don't get mad, get even. Put yourself in a position where you're playing them at their game. How about paying no tax for a year? Dump your whole salary above the personal allowance in a pension, and top up your living expenses from your savings. If you have salary sacrifice at work, even better. You pay no NI either.

Also, you should be able to net more than 1.5% with a bit of jiggery pokery. For one thing, if you're paying 40% tax on the interest, *definitely* dump into your pension to reduce your tax rate.

Of course, if you earn 50k+, you might have a problem. Why not cut that right down if at all possible and enjoy the free time.

I know its hard, but try and look to the positive. You can't be stupid if you've saved that much, so look at other options.

unemployed so makes no difference to me , all i do is claim my tax back which the bank nicks before i do.

for the record i am getting 1.98%

just signed on so might get some of it back which was stolen off me to help people in debt

Edited by longgone

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erm...

Only on this site could we see someone who has 200k in savings think they are f*cked! Enjoy the fruits of your labour mate. Stop gnashing over people bidding up prices at the margin. They will find drops happen very, very quickly eventually, because, prices are set at the margin..

Yep, that is what this site does I think. :lol: To be fair the fact that you could barely get a decent flat for that, say in London, is a bit disheartening, but that kind of money is if not a complete escape package a strong foothold in doing more of what you want in life?

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unemployed so makes no difference to me , all i do is claim my tax back which the bank nicks before i do.

for the record i am getting 1.98%

just signed on so might get some of it back which was stolen off me to help people in debt

Fair enough, if you're unemployed there's less options you can explore with income obviously. Look, I don't know anything about your situation, but if you're unemployed and sitting on 200k, then sitting on your backside accepting the 1.98% doesn't seem (to me) to the best thing you could explore to do with the capital. Perhaps use it for something, whether that's researching and finding listed businesses that are reasonable investments or working out something for yourself. It's an assumption, but if you have a reasonable amount of time on your hands then the capital can be employed better than on deposit.

Just saying there's more to life than grumbling about house prices when you have options.

As for signing on and getting some back, well you'll have six months of that (contributions based job seekers) as far as I know and then because of your savings, you're on your own. Maybe that might be the kick start you need.

Edited by Frugal Git

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Yep, that is what this site does I think. :lol: To be fair the fact that you could barely get a decent flat for that, say in London, is a bit disheartening, but that kind of money is if not a complete escape package a strong foothold in doing more of what you want in life?

Don't see at as disheartening, see it as laughable ;)

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Fair enough, if you're unemployed there's less options you can explore with income obviously. Look, I don't know anything about your situation, but if you're unemployed and sitting on 200k, then sitting on your backside accepting the 1.98% doesn't seem (to me) to the best thing you could explore to do with the capital. Perhaps use it for something, whether that's researching and finding listed businesses that are reasonable investments or working out something for yourself. It's an assumption, but if you have a reasonable amount of time on your hands then the capital can be employed better than on deposit.

Just saying there's more to life than grumbling about house prices when you have options.

As for signing on and getting some back, well you'll have six months of that (contributions based job seekers) as far as I know and then because of your savings, you're on your own. Maybe that might be the kick start you need.

well this all started from 2006 when i was made redundant after 6 years with the company , my base was ok and i use to top it up with being on call and overtime etc so my yearly salary was always around 40k and one year nearly 50k , not bad considering i was 22 at the time earning 40k with no degree and no debts to speak off , bought a brand new car in 2001 for cash life was good.

6 years down the line, get let go and could not get a job for 2.5 years had 35 interviews i just could not get it together :(

managed to get a job which i keep hold of for 3 months which at which point i handed my notice in i was getting paid 20k less than what i was earning and could not handle it.

so started looking again and found another job after 4 months my head was clearer now stayed 2.5 years there then got relocated 30 miles away from where i was working with no payrise and the job was downgraded too. so i handed my notice in again and have been off for 2.5 years again , basically in and out of depression

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well this all started from 2006 when i was made redundant after 6 years with the company , my base was ok and i use to top it up with being on call and overtime etc so my yearly salary was always around 40k and one year nearly 50k , not bad considering i was 22 at the time earning 40k with no degree and no debts to speak off , bought a brand new car in 2001 for cash life was good.

6 years down the line, get let go and could not get a job for 2.5 years had 35 interviews i just could not get it together :(

managed to get a job which i keep hold of for 3 months which at which point i handed my notice in i was getting paid 20k less than what i was earning and could not handle it.

so started looking again and found another job after 4 months my head was clearer now stayed 2.5 years there then got relocated 30 miles away from where i was working with no payrise and the job was downgraded too. so i handed my notice in again and have been off for 2.5 years again , basically in and out of depression

I wish you the best of luck. Talk to someone other than the job centre perhaps - visit your GP and see if there's something they can do, because depression is not good.

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I wish you the best of luck. Talk to someone other than the job centre perhaps - visit your GP and see if there's something they can do, because depression is not good.

nah i have learnt to deal with it spent most of life like that anyway , often wonder if having a stash of cash makes you less inclined to find work and appreciate it though ,

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nah i have learnt to deal with it spent most of life like that anyway , often wonder if having a stash of cash makes you less inclined to find work and appreciate it though ,

Well, I am no therapist, but I would say that your posts come across as if you are beginning to resent the money now because it hasn't bought you a house like you expected it would. That is reasonable - I felt similarly for a while....

...but I implore you....take a step back, and appreciate the *brilliant* position you have worked to find yourself in. Perhaps go out and spend some of it tomorrow on something you've always wanted (other than a house!). Or go somewhere you've always wanted. I am not one for retail therapy, but it sounds like you might enjoy some at the mo.

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Well, I am no therapist, but I would say that your posts come across as if you are beginning to resent the money now because it hasn't bought you a house like you expected it would. That is reasonable - I felt similarly for a while....

...but I implore you....take a step back, and appreciate the *brilliant* position you have worked to find yourself in. Perhaps go out and spend some of it tomorrow on something you've always wanted (other than a house!). Or go somewhere you've always wanted. I am not one for retail therapy, but it sounds like you might enjoy some at the mo.

no i resent myself for not buying 5 years ago that`s all really . if you look back over time there was no point saving really should have joined the debt club. time you spend saving the rising price wipes out any savings made.

i loath spending money on things i don`t need , was never one for shopping. yeah holiday might be good

Edited by longgone

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no i resent myself for not buying 5 years ago that`s all really . if you look back over time there was no point saving really should have joined the debt club. time you spend saving the rising price wipes out any savings made.

i loath spending money on things i don`t need , was never one for shopping.

Hmm. This is not meant pedantically - more an analysis like a therapist would do. You talk about buying a new car for cash in 2001 and life being good, and how you left a job because it didn't pay as much as it used to, and then that you were never one for shopping and spending on things you don't need. Buying a new car is not something that someone who appreciates frugality would ever do IMHO. Maybe things have changed for you personally - this market manipulation has made a lot of us very, very upset about what has gone on, but I do think you sound like you need to talk to someone about what you're going through. I mean this all kindly, and wish you the best.

Edit to say society has a lot to answer for - we are all a product of this debt fuelled madness. No doubt someone will be along in a bit to call me a lefty.

Edited by Frugal Git

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Hmm. This is not meant pedantically - more an analysis like a therapist would do. You talk about buying a new car for cash in 2001 and life being good, and how you left a job because it didn't pay as much as it used to, and then that you were never one for shopping and spending on things you don't need. Buying a new car is not something that someone who appreciates frugality would ever do IMHO. Maybe things have changed for you personally - this market manipulation has made a lot of us very, very upset about what has gone on, but I do think you sound like you need to talk to someone about what you're going through. I mean this all kindly, and wish you the best.

Edit to say society has a lot to answer for - we are all a product of this debt fuelled madness. No doubt someone will be along in a bit to call me a lefty.

well i was 22 at the time so you can let me off for that :lol: , and the statement "life was good" i use very loosely more like like was easier

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You obviously don't like your parents much. :blink:

Apart from the embarrassment; alot of people have parents that are passive-aggressive emotionally abusive arseholes, and living with them can be very bad for their mental health.

The last few years of living with my parents was utter hell; and when I left home at 26 I knew I'd never move back in with them. Thankfully I earn just enough to be independent, but many don't have that choice.

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Apart from the embarrassment; alot of people have parents that are passive-aggressive emotionally abusive arseholes, and living with them can be very bad for their mental health.

The last few years of living with my parents was utter hell; and when I left home at 26 I knew I'd never move back in with them. Thankfully I earn just enough to be independent, but many don't have that choice.

+1

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Apart from the embarrassment; alot of people have parents that are passive-aggressive emotionally abusive arseholes, and living with them can be very bad for their mental health.

The last few years of living with my parents was utter hell; and when I left home at 26 I knew I'd never move back in with them. Thankfully I earn just enough to be independent, but many don't have that choice.

It's so sad that your relationship with your parents was so bad. Some parents are not like that, though. Some people get on with their parents.

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Really? Even if the rent is cheap and the house is safe, comfortable and well located, like many of the deals I have had in recent years. We can`t expect them to let us live for in their property for nothing can we? Rent is just a cost IMO, in my case a pretty cheap cost, especially since I don`t have to repair/replace anything.

I'm happy to pay for a LL's holiday - I just don't want to pay his mortgage. To clarify, IMHO BTL mortgages should never have been allowed.

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Apart from the embarrassment; alot of people have parents that are passive-aggressive emotionally abusive arseholes, and living with them can be very bad for their mental health.

The last few years of living with my parents was utter hell; and when I left home at 26 I knew I'd never move back in with them. Thankfully I earn just enough to be independent, but many don't have that choice.

Some marriages are like that as well!

Most people I know who are living with their parents are doing so in a sort of semi-detached way, ie, they have an attic room or an annexe, converted garage etc and so it's not quite the same as Timothy in 'Sorry'. Another possibility could be living in a kit-cabin or caravan/campervan on parental land (under the radar to avoid council busy-bodies) I realise this isn't possible for everyone, but I think it's going to become more and more common.

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  • 396 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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