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Realistbear

Young 'struggling To Buy Own Home'

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http://uk.news.yahoo.com/14012006/344/youn...y-own-home.html

A quarter of young married couples want to buy their own home but claim they cannot afford to do so, new research has shown.
One in four couples who are currently living in rented accommodation say they cannot get on to the property ladder, with just 13% claiming to be in a position to buy somewhere, according to Alliance & Leicester.
A further 55% of married couples said they had no thoughts about buying their own place at the moment. The situation is even worse for singles, with 26% saying they want to get on to the housing ladder but cannot afford to, while just 6% think they could now buy a property.
Just one in five young single people owns their own home, with 40% living in rented accommodation and 37% still living at home with their parents.

BUT! The VIs have a solution to help the young solve the high house price dilema:

Stephen Leonard, director of mortgages at Alliance & Leicester, said: "Living at home with parents provides many with a great opportunity to save towards a deposit on their first home.

Yes fellow HPC'ers we can all live at home with Mum and Dad!

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Stephen Leonard, director of mortgages at Alliance & Leicester, said: "Living at home with parents provides many with a great opportunity to save towards a deposit on their first home.

Yes fellow HPC'ers we can all live at home with Mum and Dad!

Save for a deposit?

That's just complete madness. Next they'll be telling people to borrow three and a half times their salary.

You have to get a stack of 0% credit cards, stick it down as a deposit on the new build, and watch as you instantly join the wealthy landed proper citizens of this country.

Saving for a deposit is just sooo last millenium.

I'm sorry, but without more people throwing more money at this pyramid scam, just how on earth are they going to keep it going?

Edited by BandWagon

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Yes fellow HPC'ers we can all live at home with Mum and Dad!

sorry_3.jpg

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I would love to live at home with my mum. Problem is my mum lives 100 miles away from where I work, in a town with no jobs.

So its a bit difficult riasing a deposit when you are paying £600 pcm rent. And £150 pcm student loan. And poll tax. And running a car. And I should really be putting some money in a pension aswell but i cannot afford to.

Having children might be nice but thats not an option until we buy a house. And our biological clocks are ticking. I personally would not want my child to have a higher risk of downs syndrome or other complications just because Gordon Brown has overcooked the economy. And don't even get me started on the NHS.

Anyway we have sat on the side lines of the property market for over three years now waiting for a crash. In which time we have actually managed to save a £70k deposit.

Recently we had thought that the tide was turning in our favour so we ventured out to our local estate agents and booked a few viewings. We even put in an offer.

The place was on sale for £255k and had been on the market for ages. The vendor appeared to want a quick sale and as FTB's we thought that an offer of £238K (93%) would be too good to refuse. Our offer was rejected. They refused to accept anything less than £245k (96%) so we walked away.

Also one of our neighbours bought their flat for £190k in June 05 (nethouseprices.com) and changed the bathroom. It's just gone on the market for £225k (Jan 06). (One hell of an expensive bathroom!!!) My partner hastily booked a viewing. She was overuled and the viewing was subsequently cancelled. The EA asked me why and he got it with both barrels.

Still he seemed quite unperturbed and confident that it would sell at that price. Not to me anyway!!!! As the saying goes "a fool and their money are easily separated".

Seems like that the market in our area is still trying to fire on all cylinders. Unfortunately there are still a few people out there who are prepared to shovel money in at the bottom of the pyramid. I suspect that buyers have come out of the woodwork recently having been convinced that the crash has been averted. I also think that the EA's have been buoyed by the large number of mortgage approvals in December and apparent improvement in the market in the run up to Xmas.

I will continue to keep an eye on our local market and see how long some of the properties are taking to shift and whether people are dropping their asking prices. I might even put the odd offer in just to test their response. I supsect that the stupidity of buyers will prevail. For my part all I can do is remain resolute in the face of silliness. If you ain't part of the solution you are part of the problem. I have wated three I am sure that i can wait another three.

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Stephen Leonard, director of mortgages at Alliance & Leicester, said: "Living at home with parents provides many with a great opportunity to save towards a deposit on their first home.

what does think guy think they are doing at the moment ?

these VIs come out with some total shite.

have wated three I am sure that i can wait another three.

same here. in fact, ive waited so longnow i wont / cant cave in.

i may as well see it through to the very bitter end. 2,3 or 6 years.

whatever it takes.

Edited by right_freds_dead

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http://uk.news.yahoo.com/14012006/344/youn...y-own-home.html

A quarter of young married couples want to buy their own home but claim they cannot afford to do so, new research has shown.
One in four couples who are currently living in rented accommodation say they cannot get on to the property ladder, with just 13% claiming to be in a position to buy somewhere, according to Alliance & Leicester.
A further 55% of married couples said they had no thoughts about buying their own place at the moment. The situation is even worse for singles, with 26% saying they want to get on to the housing ladder but cannot afford to, while just 6% think they could now buy a property.
Just one in five young single people owns their own home, with 40% living in rented accommodation and 37% still living at home with their parents.

BUT! The VIs have a solution to help the young solve the high house price dilema:

Stephen Leonard, director of mortgages at Alliance & Leicester, said: "Living at home with parents provides many with a great opportunity to save towards a deposit on their first home.

Yes fellow HPC'ers we can all live at home with Mum and Dad!

hmmn,,,

It would work..

If alll the yound stayed at their parents and saved to buy..

no one's buying..

then prices come down.

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same here. in fact, ive waited so longnow i wont / cant cave in.

i may as well see it through to the very bitter end. 2,3 or 6 years.

whatever it takes.

It's horrible how the doubt gnaws away at you.........

And the despearation.........

Drip drip drip....

Light at the end of the tunnel??????

Drip drip drip.....

Nope it just a bloody big train about to run you over!!!!!

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same here. in fact, ive waited so longnow i wont / cant cave in.

i may as well see it through to the very bitter end. 2,3 or 6 years.

whatever it takes.

It's horrible how the doubt gnaws away at you.........

And the despearation.........

Drip drip drip....

Light at the end of the tunnel??????

Drip drip drip.....

Nope it just a bloody big train about to run you over!!!!!

at the risk of sounding flippant - its not actually *that* important you know? There are other, at least equally as important things in life.

If I never buy a house, so be it. It will not prevent me from having kids or anything like that.

It's no wonder the market has stopped working properly when people forget that they are quite entitled not to participate.

now that FTBs are starting to become resigned and lose interest, they are finding that suddenly VIs and vendors are very keen to seduce them back - its rather like a woman playing hard to get but as soon as you lose interest she suddenly becomes very keen. Be patient, they'll be gaggin' for you within a couple of years!

Edited by Fancypants

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M20

PLEASE dont let the house issue stop you from having kids. My sister has just bought her first house at the age of 38.

She has three lovely kids, the oldest is 9 and all were brought up in nice rented houses.

In fact, with the new kitchen conservatory they have added, it is only now that they are actually in some financial difficulty. Their last rented house was actually quite lovely.

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:):):)

There are lots of different people out there, and I wouldn't want to be responsible for telling anyone else how to live.

However, the advice to the newly grown up to live at home for a bit and save some cash is hardly a bad idea if your parents can stand you. In fact it is what almost everyone used to do.

The house-price boom and the growth in university students (=aspirational middle class attitudes) has had the curious effect of people moving out of their parents' house sooner than they used to, so as to "get on the ladder".

You used to see 19-year-olds buying a house. In our parents' generation, they would have bought at 25 or 28 when they wanted to start a family, and maybe not even then.

For the ones who got the timing right, it was a good move financially. For many it has meant crippling debt, or a level of responsibility that they did not want - folk with a mortgage to pay cannot go jacking in the job on a whim.

I see nothing wrong with people saving hard when they are young, and spending a few years in less than perfect accommodation.

The problem is that now lots of people are stuck in these circumstances and CANNOT buy a house when they NEED one in order to start a family. I have nothing against renting but it is quite difficult to rent a family house in many parts of the country.

:):)

:)

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[...]

Anyway we have sat on the side lines of the property market for over three years now waiting for a crash. In which time we have actually managed to save a £70k deposit.

[...]

I will continue to keep an eye on our local market and see how long some of the properties are taking to shift and whether people are dropping their asking prices. I might even put the odd offer in just to test their response. I supsect that the stupidity of buyers will prevail. For my part all I can do is remain resolute in the face of silliness. If you ain't part of the solution you are part of the problem. I have wated three I am sure that i can wait another three.

Well done for saving the 70k. Stay focused and alert. Things are going your way.

And welcome to the loony bin!

frugalista

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sorry_3.jpg

This image is a bit out of place nowadays (IIRC this character choose to live with his mother) although VI's are still exploiting it for their own ends

I still remember some of my collegues banding the term 'KIPPER ' around some time ago - they were not aware that they were being used

Very clever, subtle stuff...

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http://uk.news.yahoo.com/14012006/344/youn...y-own-home.html

A quarter of young married couples want to buy their own home but claim they cannot afford to do so, new research has shown.
Stephen Leonard, director of mortgages at Alliance & Leicester, said: "Living at home with parents provides many with a great opportunity to save towards a deposit on their first home.
Yes fellow HPC'ers we can all live at home with Mum and Dad!
Yeah, that'll be fine. Me and the Mrs will uproot from the big smoke, move with my folks in the middle of sodding nowhere, buy two cars, do the 10-12k jobs which are the only things you can pick up easily in that area and, er, save a load of money. Sounds great.
What's more, people seem to talk in the VI world as if 10% or even 5% is a deposit. What difference does that make when houses are so expensive? We have a 'deposit' for places we couldn't hope to afford. If you really need a home for, say, 80-100k what difference does it make if you have 10k to put down on a crummy property that's 200k?
VI idiots make me spit blood, they really do.

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at the risk of sounding flippant - its not actually *that* important you know? There are other, at least equally as important things in life.

I partly agree.

Yes there are more important things in life. It is quite easy to get fixated on buying a house. Unfortunately when you have bee renting as long as I have it's difficult not to. I keep telling myself that I have to resist the urge to buy. So far so good.

Only today i have decided to book a holiday that i had previously decided to sacrifice.

As for having children i would not even conceive (pardon the pun) of bringing a child into this world without some stability. Notwithstanding the lack of affordable family homes to rent in our area you never quite know when the landlord is going to sell up. I would not feel settled.

In any case it is not really a major ambition of mine to have children. Never say never. It was more of an example of how divisive and damaging this market is. It is really does have the potential to damage peoples lives. Like couples staying together purely to buy a house - when they in fact hate each others guts and should have been divorced years ago. Adults looking at their elderly parents in their twilight years and seeing ££££'s and counting the days until they can get their hand on their cash. That cannot be right.

I thought New Labour came to power on an agenda of social justice. I don't see much social justice.

It is turning me into a misanthrope. http://en.wikipedia.org/wiki/Misanthropy

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I partly agree.

Yes there are more important things in life. It is quite easy to get fixated on buying a house. Unfortunately when you have bee renting as long as I have it's difficult not to. I keep telling myself that I have to resist the urge to buy. So far so good.

It is turning me into a misanthrope. http://en.wikipedia.org/wiki/Misanthropy

I understand misanthropy only too well mate!

Sorry if I came across as condescending in any way. I too am frustrated and even a touch embittered by the state of things at the moment - hence my growing attachment to this place!

Sometimes I need to remind myself that *actually* its not that important. And anyway, just because I've made my mind up that I want something doesn't mean that I can have it - sulking about such things would make me as bad as the people we seek to condemn on here.

Just a little annoyed that, at the age of 29, I decided it was time to grow up at last, and found that actually the incentives to do so were disappearing...

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I understand misanthropy only too well mate!

Sorry if I came across as condescending in any way.

No problems - fully agree - you are entirely correct.

There are more important things. Though I might struggle to write terribly long list. Best see Maslow's list of hierarchical needs - http://en.wikipedia.org/wiki/Maslow%27s_hierarchy_of_needs

I remain confident that one day I will be able to buy at the right price. Problem is if that is when i am fourty my mortgage won't be paid off until I am 65.

It is however an unwanted distraction. I would rather get the house buying thing over and done with so that I can concentrate on more productive activities.

PS - I am one of the lucky ones. I am 32 and have a partner and an okay job. I have younger colleagues at work who earn less and are single and don't have deposit at all and are still paying off student loans.

Imagine how they must feel. Or perhaps they are too busy binge drinking and hammering their credit cards to care

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I remain confident that one day I will be able to buy at the right price. Problem is if that is when i am fourty my mortgage won't be paid off until I am 65.

Why? Every year that we put off buying, we intend saving the difference between rent and mortgage interest (and possibly capital repayments). This will allow for a greater deposit, which will hopefully mean we can have a mortgage term over 15 years or so.

I cannot bear the thought of compound interest over 25 years.

Edited by Buffer Bear

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sorry_3.jpg

I fear we are going to be a nation of Timothys.

Forced upon a lot of us by the complete incompetence and inadequate of a failed Government, which is about as much use as a chicolate fireguard or paper swiming trunks ( oh sorry the last two items are of much more use)

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I thought New Labour came to power on an agenda of social justice. I don't see much social justice.

Hi M20,

I agree with you completely. Try writing to your MP (if they're Labour) or the government about the housing crisis and the lack of 'social justice' in this country. I have, and it really rattles them. They don't really have much of a comeback on it. They will bang on about Prescott building thousands of homes in the anus of Britian (otherwise known as the Thames estuary) though.

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With the LibDems publicly announcing that they are moving to the left of Labour that leaves the Tories in the center (pro NHS and comprehensive schools) and Labour on the right with their "miracle economy" based on ever increasing house prices, shutting out the FTBs, imprisoning pensioners for not paying their poll tax and almost getting away with allowing people unlimited investment options through SIPPs. Oh--and not to mention Labour's rampant privitisation of everything in sight including customs and excise, the post office. . .

Edited by Realistbear

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  • 339 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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