TheCountOfNowhere Posted July 29, 2014 Share Posted July 29, 2014 (edited) http://news.sky.com/story/1309194/house-prices-force-adults-to-live-with-parents "House Prices Force Adults To Live With Parents" "Housing charity Shelter has published census data showing almost two million workers aged 20-34 in England alone - a quarter of the total - are living with parents or grandparents." "Rather than pumping more money into schemes like Help to Buy, we need bolder action that will meet the demand for affordable homes and not inflate prices further." Look at the graph on the right, they uses may's land registry data that looks better than Junes...wait till Octobers !!! In a statement, Housing Minister Brandon Lewis said measures including the Help to Buy scheme were addressing the issue. "We’re determined to ensure anyone who works hard and wants to get on the property ladder has the help they need to do so," he said. ...(I read as ) : to keep our own house prices up and the bankers balance sheets solvent. Also, it's not a ladder...it's a pyramid. The headline might better be set as Tory Policies force adults to live with parent, IMHO. Edited July 29, 2014 by TheCountOfNowhere Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted July 29, 2014 Share Posted July 29, 2014 (edited) And all the government would have to do is an emergency fix to the planning system to allow people to buid their own homes like they do in the rest of Europe. It would cost the government nothing, in fact the tax receipts would benefit from the building boom that followed. I have my suspicion that higher forces HRH won't allow building, because i'm sure Cameron and his mates 'would love a bit of it'. Edited July 29, 2014 by Wurzel Of Highbridge Quote Link to comment Share on other sites More sharing options...
PricedOutNative Posted July 29, 2014 Share Posted July 29, 2014 Intergenerational living is the future in the UK, like it presently is in most poorer countries round the world. Quote Link to comment Share on other sites More sharing options...
RentaBear Posted July 29, 2014 Share Posted July 29, 2014 (edited) Intergenerational living is the future in the UK, like it presently is in most poorer countries round the world. There is of course another solution that would also get rid of a lot of NIMBY's - anyone up for #EatTheOldies ? Edited July 29, 2014 by RentaBear Quote Link to comment Share on other sites More sharing options...
mrhappy Posted July 29, 2014 Share Posted July 29, 2014 3 families like this on my road. One of the kids has even got married and moved their husband in. As nobody uses their garages for cars anymore its generally 1 car on the drive then partners, kids and kids partners cars all on the road.. 4 or 5 point turns to get out of your drive on a morning. Quote Link to comment Share on other sites More sharing options...
RentaBear Posted July 29, 2014 Share Posted July 29, 2014 While I do agree that we need to build lots of good value housing so that people have a choice as to whether or not they live multigenerationally, I do also find it quite comical that we brits seem to prefer to be looked after in our old age by total strangers - there are going to be a lot of UKIP OAPs who'll have to suck up to foreign born workers if they want wiping! Quote Link to comment Share on other sites More sharing options...
Wurzel Of Highbridge Posted July 29, 2014 Share Posted July 29, 2014 Theres plenty of land in this country, no need for people to be crammed in together unless they want to. Quote Link to comment Share on other sites More sharing options...
Eddie_George Posted July 29, 2014 Share Posted July 29, 2014 There is of course another solution that would also get rid of a lot of NIMBY's - anyone up for #EatTheOldies ? Yuck, too tough and gristly. Quote Link to comment Share on other sites More sharing options...
EUBanana Posted July 29, 2014 Share Posted July 29, 2014 Sickening. And self inflicted by our government at that. It's pretty much simply evil, in fact. Quote Link to comment Share on other sites More sharing options...
Timak Posted July 29, 2014 Share Posted July 29, 2014 It's just not true that property is unaffordable. Youngsters nowadays just don't try, they would rather buy trainers for their ipads than put in the work to buy a property. For example if they studied hard, doing a 3 year degree course and a PHd then they could get a job like this http://www.jobs.cam.ac.uk/job/4422/ Which would be enough to buy this on only 6 times the pay for the job http://www.rightmove.co.uk/property-for-sale/property-29853681.html Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted July 29, 2014 Author Share Posted July 29, 2014 It's just not true that property is unaffordable. Youngsters nowadays just don't try, they would rather buy trainers for their ipads than put in the work to buy a property. For example if they studied hard, doing a 3 year degree course and a PHd then they could get a job like this http://www.jobs.cam.ac.uk/job/4422/ Which would be enough to buy this on only 6 times the pay for the job http://www.rightmove.co.uk/property-for-sale/property-29853681.html For a moment there i thought you were serious. It's the British equivalent of the American Dream,"the British Nightmare." Quote Link to comment Share on other sites More sharing options...
Bland Unsight Posted July 29, 2014 Share Posted July 29, 2014 (edited) BTL pricing. 75% LTV interest only on £165k at 5% is about £6,200 pa. If you can rent that for £650 pcm you've got your 125% rental cover on the mortgage. If you have the spare £40k for the deposit, it's a done deal. Personally I don't think that a mug investor is going to make any money on BTL anymore. The money was always in the capital appreciation and that was always powered by falling interest rates and lax lending practices. Setting this non-trivial matter aside, you can't understand bottom end prices without considering the 'financing structure' of BTL, though 'financing structure' is probably going too far - 'how the leveraged punt on property that is BTL works' is more apposite. A move against BTL will show that the government are more interested in providing you with housing you can afford than they are in defending the banks and padding the wallets of assorted vested interests. Until you see that, it's all talk and the only thing that is actually going to come to your aid is a change in sentiment. The hole in the BTL 'model' is that it's just a punt on a bubbly asset. It unwinds when prices fall. One other ray of sunshine is that the source of BTL deposits is bubble equity and they are not manufacturing that at the rate they once were - quite the opposite in lots parts of the country. Edited July 29, 2014 by bland unsight Quote Link to comment Share on other sites More sharing options...
btl_hater Posted July 29, 2014 Share Posted July 29, 2014 It's just not true that property is unaffordable. Youngsters nowadays just don't try, they would rather buy trainers for their ipads than put in the work to buy a property. For example if they studied hard, doing a 3 year degree course and a PHd then they could get a job like this http://www.jobs.cam.ac.uk/job/4422/ Which would be enough to buy this on only 6 times the pay for the job http://www.rightmove.co.uk/property-for-sale/property-29853681.html "Striving" definitely pays in the UK! Quote Link to comment Share on other sites More sharing options...
Eddie_George Posted July 29, 2014 Share Posted July 29, 2014 It's just not true that property is unaffordable. Youngsters nowadays just don't try, they would rather buy trainers for their ipads than put in the work to buy a property. For example if they studied hard, doing a 3 year degree course and a PHd then they could get a job like this http://www.jobs.cam.ac.uk/job/4422/ Which would be enough to buy this on only 6 times the pay for the job http://www.rightmove.co.uk/property-for-sale/property-29853681.html And... Fixed-term: The funds for this post are available for 1 year in the first instance. Quote Link to comment Share on other sites More sharing options...
Mrs Bear Posted July 29, 2014 Share Posted July 29, 2014 , I do also find it quite comical that we brits seem to prefer to be looked after in our old age by total strangers - ) There is no 'prefer' about it. The vast majority of people only end up in care homes (or with carers coming in) because family simply cannot cope any more with the amount of care needed. Dementia can be particularly exhausting to cope with at home, as anyone who has done it will know. Quote Link to comment Share on other sites More sharing options...
PricedOutNative Posted July 29, 2014 Share Posted July 29, 2014 It's just not true that property is unaffordable. Youngsters nowadays just don't try, they would rather buy trainers for their ipads than put in the work to buy a property. For example if they studied hard, doing a 3 year degree course and a PHd then they could get a job like this http://www.jobs.cam.ac.uk/job/4422/ Which would be enough to buy this on only 6 times the pay for the job http://www.rightmove.co.uk/property-for-sale/property-29853681.html That's a great example! I wish a mainstream media outlet would run with something like that! Quote Link to comment Share on other sites More sharing options...
Mrs Bear Posted July 29, 2014 Share Posted July 29, 2014 [quote name="bland unsight" post="1102557357" timestamp="1406629441" Personally I don't think that a mug investor is going to make any money on BTL anymore. The money was always in the capital appreciation and that was always powered by falling interest rates and lax lending practices. . Depends where you"re talking about. I will confess to often watching HUTH while ironing and I have seen many cases of very high yields on cheap houses up north and in Scotland. I have seen pre tax yields quoted as high as 14%. These rates are of course based on housing benefit rates and the LLs usually know to a T what rent they can expect. Quote Link to comment Share on other sites More sharing options...
EUBanana Posted July 29, 2014 Share Posted July 29, 2014 Which would be enough to buy this on only 6 times the pay for the job http://www.rightmove.co.uk/property-for-sale/property-29853681.html My time living on Mill Road was one of the best times of my life admittedly. Is Fagito's dodgy burger joint still there? Quote Link to comment Share on other sites More sharing options...
Greg Bowman Posted July 29, 2014 Share Posted July 29, 2014 Intergenerational living is the future in the UK, like it presently is in most poorer countries round the world. We have always lived as a family like that, albeit out of choice and not permanently but the 'nuclear' family where every little family is an independent island seems a bit weird to me and not very effective economically or socially. The British dislike of it says more about their ability to forge strong families than house prices (single Mums, highest divorce rate in Europe eta al) Quote Link to comment Share on other sites More sharing options...
Bland Unsight Posted July 29, 2014 Share Posted July 29, 2014 My time living on Mill Road was one of the best times of my life admittedly. Is Fagito's dodgy burger joint still there? Fatgits! Been a while since I thought of that place. Quote Link to comment Share on other sites More sharing options...
Timak Posted July 29, 2014 Share Posted July 29, 2014 My time living on Mill Road was one of the best times of my life admittedly. Is Fagito's dodgy burger joint still there? It is indeed though to my great shame I've never eaten there. Bet when you lived there you never imagined houses like this would be selling for more than £400k http://www.rightmove.co.uk/property-for-sale/property-31519818.html Quote Link to comment Share on other sites More sharing options...
MrPin Posted July 29, 2014 Share Posted July 29, 2014 "Striving" definitely pays in the UK! I have quite a small modern house, but at least I can have an erection in it without opening the bathroom window! Quote Link to comment Share on other sites More sharing options...
chronyx Posted July 29, 2014 Share Posted July 29, 2014 I have quite a small modern house, but at least I can have an erection in it without opening the bathroom window! So why do you always open the window anyway? Exhibitionist. Quote Link to comment Share on other sites More sharing options...
wotnocrash Posted July 29, 2014 Share Posted July 29, 2014 It is indeed though to my great shame I've never eaten there. Bet when you lived there you never imagined houses like this would be selling for more than £400k http://www.rightmove.co.uk/property-for-sale/property-31519818.html I lived round mill road 92-98, best years of my life and ate at fagitos on a regular basis after a night out. Nearly bought a house down there in 98 when they were about 100k! Quote Link to comment Share on other sites More sharing options...
cybernoid Posted July 29, 2014 Share Posted July 29, 2014 There is no 'prefer' about it. The vast majority of people only end up in care homes (or with carers coming in) because family simply cannot cope any more with the amount of care needed. They're a bit too busy working for the lifestyle the old enjoyed Quote Link to comment Share on other sites More sharing options...
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