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DonnieDarker

If The Average Age Of A Ftb Is 35 Or 36...

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Interesting question but this is the danger of taking 'averages' and making bald statements about them.

The average FTB is 35 or 36 because noone in their 20s has enough money to be able to buy.

I'm sure a lot of people aged 35 and 36 did buy 5 years ago. But today's 29 year olds dont have enough money or the enthusiasm for the house market.

AND...I suppose you could make the reasonable assumption that the reason the average age is 35 is closely tied to when people decide to have children and therefore feel it is a neccesity to buy regardless of affordability and economics.

Edited by DonnieDarker

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If FTBers are 35 on average why didn't they buy 5-6 years ago?

Take 1000 first time buyers in 2006. How many:-

1) Could not afford to buy in 2000?

2) Were too young to buy in 2000?

3) Had other spending priorities in 2000?

4) Were informed by friends that the 2001 crash was on the way?

5) Enjoyed renting did not want to own.

6) Could not afford a semi with a garden, decided to save for a few years. Oops.

Most would claim to be in 1 or 5. Few would admit 3.

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I'm 31 and the reason I didn't buy eight years back when I could have picked up a really nice two-bed mews house for £45K was because I was on less than £9K having only been in work a couple of years. By the time I'd paid my board and my getting to work expenses there was very little left – certainly not enough to raise a deposit on a house and my parents have never had enough money to be able to help. If life has taught me one thing it's that you need plenty of money to get anything in this world.

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Take 1000 first time buyers in 2006. How many:-

1) Could not afford to buy in 2000?

2) Were too young to buy in 2000?

3) Had other spending priorities in 2000?

4) Were informed by friends that the 2001 crash was on the way?

5) Enjoyed renting did not want to own.

6) Could not afford a semi with a garden, decided to save for a few years. Oops.

Most would claim to be in 1 or 5. Few would admit 3.

Karen, this does not make sense.

1 ) Could not afford to buy in 2000? On average 29YOs could afford it, but this group can afford 6 years later? Wage inflation has not kept with HPI.

2) Were too young to buy in 2000? Aged 29? Not too young is it.

3) Had other spending priorities in 2000? Fair enough.

4) Were informed by friends that the 2001 crash was on the way? 2001 crash? Are you joking?

5) Enjoyed renting did not want to own. Fair enough, but why would they want to buy now?

6) Could not afford a semi with a garden, decided to save for a few years. Oops. If that were the case, could they afford a semi now? Probably not.

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If FTBers are 35 on average why didn't they buy 5-6 years ago?

You'll hear me blabber on from time to time on here about wanting what you cant have, the same happens in reverse.

If it is easily possible to buy a place then the presure to buy is no longer there. Im 27 now and i could of bought for or 6 years ago i suppose but i thought that i had all the time in the world, i thought i could buy in my own time when i was good and ready, when i had actually lived a little.

Alot of people even the folks on here wont buy in a dip because there will not be any particular reason to, sounds odd but atleast i know what i mean :lol:

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If it is easily possible to buy a place then the presure to buy is no longer there. Im 27 now and i could of bought for or 6 years ago i suppose but i thought that i had all the time in the world, i thought i could buy in my own time when i was good and ready, when i had actually lived a little.

Same here, although I'm 31.

If I knew what I know now, though, I'd have bought a place.

It's interesting to see friends in their early 20s rushing to buy a place now. Five or ten years ago, most people of that age seemed happy to rent unless they were married.

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I suppose you could make the reasonable assumption that the reason the average age is 35 is closely tied to when people decide to have children and therefore feel it is a neccesity to buy regardless of affordability and economics.

I'd guess that's the most likely... the older people are hit by the 'nesting' instinct, the later they'll want to be tied down by buying a house.

A few years ago my landlady did offer to sell me her house as she was moving up north, but aside from the fact that I couldn't have got a legitimate mortgage to cover it at that time, the increase in price in that area would barely have covered the interest, maintenance and taxes since. She got 200k in 2001, the next-door neighbour got 250k in 2005... so I'd guess a profit of maybe 5-10k after all the costs were taken out.

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I could have bought a place. The repayments would have left me just enough to get to work. Hevean help me if anything went wrong. I think that not leaving any margin in your pay is a bad bad mistake.

The houses I looked at have trebled in price since then. I can assure you that my pay has not, even if it had I'd still be looking at not having any margin left for repairs, interest rate rises, illness etc etc.

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Well, in my case I was expecting to be out of Britain by 2004, but then the Canadian government changed their immigration rules and disqualified me for a while. Nice as it would have been to have had another 50-100k in cash to take with me if I'd mortgaged myself for some cheap house in 2000, it would have meant living in much crappier areas and left me with a brick and mortar millstone to shift like the other ex-pats. If I'd been expecting to stay here I probably would have bought a place back then.

Edited by MarkG

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For the past 6 years I have been saving for a deposit, climbing the work ladder, thinking 'the next jump up the work ladder will afford me a place for sure'. Probably the only reason I dragged myself up from my original cushy but low paid job. Unfortunatley despite getting a pay increase from £9k to £25k, the housing market has kept a faster pace. I don't ususally tell people what I earn as its non of their business, but since you guys don't know me personally, I don't mind. But the few that do (family, who have probed and probed until I told them) say that my wages have kept track of houses and in a way they have, but it doesn't make them any more affordable or any more justified, I have worked my ar$e off for the pay increases and now have quite a demanding job in comparison to the easy life job I had before. I will not be getting any more pay increases, I am at the glass ceiling, so noone can come back and say that buying now will become more affordable in the future.

I have sold myself out on the housing market, working my ar¢e off for a dream that was never to happen. As I've said before, I would have been better off getting myself on the council housing list at 16. That looks like that was my chance, won't have another for probably 10 years.

Thanks for listening :lol::unsure:

Edited because of my dyslexic fingers!

Edited by No Muggy Bear

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If the average age of the ftb is 35. The oldest age, with a few exceptions, a person can live independently is 85. That means the entire housing stock of over 20 million homes must completely change hands every 50 years. If it is not changing hands now because of the lack of ftbs who will be the new owners of the housing stock?

Edited by Padiham

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Well, in my case I was expecting to be out of Britain by 2004, but then the Canadian government changed their immigration rules and disqualified me for a while. Nice as it would have been to have had another 50-100k in cash to take with me if I'd mortgaged myself for some cheap house in 2000, it would have meant living in much crappier areas and left me with a brick and mortar millstone to shift like the other ex-pats. If I'd been expecting to stay here I probably would have bought a place back then.

What's your skill area? Australia is for the first time in decades actively recruiting UK immigrants. (No 10 quid airfares these days, though. :( )

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I'm 35 & SOLD in 2001, partly cos I thought a crash might be on the way as my flat had quadrupled (with help from some alterations from me) in 7 years. I also never thought I'd find it a stretch to get back on the ladder. :(

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Australia is for the first time in decades actively recruiting UK immigrants.

Oh, I qualify for Australia and New Zealand too, I just don't have any real desire to live there :). Unfortunately, whereas my Canadian visa application was supposed to get processed in the next couple of months, now it looks like their backlog is so big that they won't get to it until next year!

Edited by MarkG

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Interestingly I bought for the first time at the age of....

35 in 1987.

I was the oldest person at that time I knew who hadn't bought and prices were rising at an alarming rate. It was a case of "if I don't buy now I never will". Prices continued to rise until 1991 when they collapsed by 30% and I could have bought the same (similar) property in 1996 for the same. They didn't start to climb off the bottom until the following year.

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Take 1000 first time buyers in 2006. How many:-

1) Could not afford to buy in 2000?

2) Were too young to buy in 2000?

3) Had other spending priorities in 2000?

4) Were informed by friends that the 2001 crash was on the way?

5) Enjoyed renting did not want to own.

6) Could not afford a semi with a garden, decided to save for a few years. Oops.

Most would claim to be in 1 or 5. Few would admit 3.

Thanks for that Karen.

Having turned 35 this week, I am in a perfect position to answer this.

Wanted to buy 1998, but living in Salisbury didn't earn enough for a flat. There never has been many well paid jobs in Salisbury, just lots of retirement money.

Gave up in 2000 and moved to Swindon because it was cheaper (certainly not nicer). Settled in and applied for mortgage with Portman "sorry can only lend you x amount" even though I was paying more on my rent than I would have had to with the mortgage they were prepared to lend. Gave up until 2004, when suddenly, as if by magic, I can afford a small house due to multiples working in my favour. However the same houses now x amount more expensive. Whilst looking 1 felt that we were at a peak (June 2004) so I held off.

I should have lied about my income like the rest of them.

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  • 301 Brexit, House prices and Summer 2020

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      • down 5% +
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