Money Frugality Posted February 20, 2022 Share Posted February 20, 2022 (edited) https://www.thesun.co.uk/money/17702762/first-home-wigan-young-sacrifice/amp/ https://www.mirror.co.uk/news/uk-news/woman-who-bought-first-home-26275049.amp I actually agree with her. Edited February 20, 2022 by Money Frugality Quote Link to comment Share on other sites More sharing options...
hurlerontheditch Posted February 20, 2022 Share Posted February 20, 2022 wigan... Quote Link to comment Share on other sites More sharing options...
shlomo Posted February 20, 2022 Share Posted February 20, 2022 18 minutes ago, hurlerontheditch said: wigan... the country is not the same, some parts are just a lot cheaper Quote Link to comment Share on other sites More sharing options...
Sprite Posted February 20, 2022 Share Posted February 20, 2022 These type of articles really rub me up the wrong way. Of course buying a house in Wigan for £82,500 and then living with parents and not paying exactly market rate rent helps. I don't pay for Netflix, gym and don't drink coffee but still struggled to get a meaningful deposit together until the pandemic hit and moved out of London, living rent free and on a full salary. Jus the comments below show how meaningless the headline is: Georgina said: "Giving up things like Netflix and coffee won’t give you the money for a house but it does help to save all that extra bit of cash you can. Both Georgina and fiancé Freddy lived with their parents while saving up for their first house - something which Kirstie advised - but not everybody is in a position to do. Quote Link to comment Share on other sites More sharing options...
Greater Fool Posted February 20, 2022 Share Posted February 20, 2022 "She" didn't buy "her" first house, the couple did. But the newspapers don't let the truth get in the way of a good headline. Quote Link to comment Share on other sites More sharing options...
Money Frugality Posted February 20, 2022 Author Share Posted February 20, 2022 (edited) 1 hour ago, Sprrite said: and moved out of London You made sacrifices and got a deposit.. Universally we agree HP aren’t realistic but its life; adapt to the climate. In reality why are we still defending the inadequacies and lack of prioritisation of a generation and subsequent gen z.. Edited February 20, 2022 by Money Frugality Quote Link to comment Share on other sites More sharing options...
sammersmith Posted February 20, 2022 Share Posted February 20, 2022 Quote She put down a five per cent deposit on an £82,500 three-bed terraced home in Wigan with fiancé Freddy Quinn, 27. Perhaps the title should be: Couple in their 20's manage to save £4,125 between them. Not exactly supersavers. Quote Link to comment Share on other sites More sharing options...
shlomo Posted February 20, 2022 Share Posted February 20, 2022 1 hour ago, Sprrite said: These type of articles really rub me up the wrong way. Of course buying a house in Wigan for £82,500 and then living with parents and not paying exactly market rate rent helps. I don't pay for Netflix, gym and don't drink coffee but still struggled to get a meaningful deposit together until the pandemic hit and moved out of London, living rent free and on a full salary. Jus the comments below show how meaningless the headline is: Georgina said: "Giving up things like Netflix and coffee won’t give you the money for a house but it does help to save all that extra bit of cash you can. Both Georgina and fiancé Freddy lived with their parents while saving up for their first house - something which Kirstie advised - but not everybody is in a position to do. How much are you better off per month living with your parents Quote Link to comment Share on other sites More sharing options...
Money Frugality Posted February 20, 2022 Author Share Posted February 20, 2022 (edited) 7 minutes ago, sammersmith said: Perhaps the title should be: Couple in their 20's manage to save £4,125 between them. Not exactly supersavers. Yes let’s celebrate spend all your money as opposed to at least putting in the effort to elicit change for your circumstances be it investing, selling fancy cookies etc. They succeeded by refurbing and flipping the house for profit which is more to be said than sitting around whining. You’ll end up depressed Edited February 20, 2022 by Money Frugality Quote Link to comment Share on other sites More sharing options...
Debt Slaves Posted February 20, 2022 Share Posted February 20, 2022 "I am on my second house that I have bought but I wouldn’t be in this position if I lived in the south." Hmm, atleast she knows that cutting out the coffees, the Netflix and gym membership wouldn't have helped THEM in the south. I dont think prices will be increasing 30k in 3 years if someone bought this year. Quote Link to comment Share on other sites More sharing options...
Lucky Larry Posted February 20, 2022 Share Posted February 20, 2022 You buy a house when you make your final mortgage payment not your first until then you are tenants of the bank Quote Link to comment Share on other sites More sharing options...
“Nasty Piece of work” Posted February 20, 2022 Share Posted February 20, 2022 Absolutely a non-story, aimed at printing tosh, and getting a “pretty” face on the page. They’re not majoring on only 22 years of mortgage to go. Quote Link to comment Share on other sites More sharing options...
Blobsy Posted February 20, 2022 Share Posted February 20, 2022 There are still affordable areas in the UK, as long as you’re happy living amongst knuckledraggers. Quote Link to comment Share on other sites More sharing options...
winkie Posted February 20, 2022 Share Posted February 20, 2022 Wasn't that unusual for a very short period in time for a couple to purchase a property with a mortgage and no other help even at 20 or 21...... Quote Link to comment Share on other sites More sharing options...
nothernsoul Posted February 20, 2022 Share Posted February 20, 2022 In itself, nothing wrong with what this person has done. The issue is when it is printed in a newspaper as a moral lesson to those without housing wealth. It is interesting we see stories about the so called spend thrift "gym membership, Netflix etc" young people stories. However, we never see the story with the complacent older person( I know a couple personally) who feel entitled to property paying for their lifestyle, saving them from their own financial mistakes in life, allowing early retirement etc. Then alongside the story an article, about the tens of billions of taxpayers/printed money that has been pumped into the housing market to enable this, and ultra low rates that has led to inflation and robbing young people of a future. I don't have Netflix or gym membership myself, but in the scheme of things actually quite frugal pastimes on a cost per hour. A lot cheaper than the pub. Gyms also provide jobs and benefit the economy, unlike ramping up the price of property assets to stupid levels. Quote Link to comment Share on other sites More sharing options...
coypondboy Posted February 20, 2022 Share Posted February 20, 2022 I bought my first place a 4 bed detached house with ex-wife when I was 23 but only because it was 1.2 jt income (60k mortgage on £64k purchase price). If I tried to buy it at today's value (400K with a 4k deposit) would need a £396k mortgage. Assuming inflation pay rises it would still be 7 x jt income even with fixed rate mortgage at 1% and the repayments would be higher as we fixed at 12.5% for 2 yrs in 1992. Quote Link to comment Share on other sites More sharing options...
Speed1987 Posted February 20, 2022 Share Posted February 20, 2022 Never a truer statement spoken. "If you want something that much you would do what you could to get it." She's right and it's obviously not gym memberships and Netflix which is preventing house buying, by the young. Rather their absolute inability, to delay gratification and live with their means. This behaviour is demonstrated all over this site. With the whinging about London house prices, when there are plenty of places a couple could buy on minimum wage, in Manchester and Birmingham. But no that's not good enough for me. The exact same attitude, which leads to these individuals leasing BMWs etc... look I've made it, take a pic for the gram. Surely anyone with half a brain cell, would opt to live somewhere less desirable at the opportunity of increased wealth and then potential to move up the ladder. She's a great of example of what can be done, well done her. Quote Link to comment Share on other sites More sharing options...
msi Posted February 20, 2022 Share Posted February 20, 2022 https://news.sky.com/story/why-its-more-difficult-for-young-people-to-buy-a-house-now-than-it-was-fifty-years-ago-12537254 Quote Link to comment Share on other sites More sharing options...
Pop321 Posted February 20, 2022 Share Posted February 20, 2022 1 hour ago, nothernsoul said: In itself, nothing wrong with what this person has done. The issue is when it is printed in a newspaper as a moral lesson to those without housing wealth. It is interesting we see stories about the so called spend thrift "gym membership, Netflix etc" young people stories. However, we never see the story with the complacent older person( I know a couple personally) who feel entitled to property paying for their lifestyle, saving them from their own financial mistakes in life, allowing early retirement etc. Then alongside the story an article, about the tens of billions of taxpayers/printed money that has been pumped into the housing market to enable this, and ultra low rates that has led to inflation and robbing young people of a future. I don't have Netflix or gym membership myself, but in the scheme of things actually quite frugal pastimes on a cost per hour. A lot cheaper than the pub. Gyms also provide jobs and benefit the economy, unlike ramping up the price of property assets to stupid levels. Bit too balanced an observation for this thread. Either we need to kill the lazy millennials or the greedy boomers. If the papers printed balanced reports they wouldn’t get the hits and advertising. It’s all about divide and conquer….make sure no one knows what’s really happening. Ie bank printy, printy, low rates, props and the rich getting richer. Once people start moaning about fuel and inflation….best start a ‘conflict’ which will suit almost everyone except the bottom 99% 😉 Quote Link to comment Share on other sites More sharing options...
Insane Posted February 20, 2022 Share Posted February 20, 2022 2 hours ago, winkie said: Wasn't that unusual for a very short period in time for a couple to purchase a property with a mortgage and no other help even at 20 or 21.... I bought my first place on my own at 22. It was a new build flat in a cheap area of East London. I earned good money but had to work permanent nights for the premium rates. At the time I had many colleagues in their mid to late 20's who had bought their first place in their early 20's had traded up and were now supporting a non or part time working wife and two children. My how times have changed. Quote Link to comment Share on other sites More sharing options...
Insane Posted February 20, 2022 Share Posted February 20, 2022 1 hour ago, Speed1987 said: This behaviour is demonstrated all over this site. With the whinging about London house prices, when there are plenty of places a couple could buy on minimum wage, in Manchester and Birmingham. But no that's not good enough for me. If a high number of young people in London and the south east found jobs in Manchester and Birmingham then migrated up to those cities the price of property there would increase dramatically. In fact I have seen posts on here describing how expensive Manchester has become. Quote Link to comment Share on other sites More sharing options...
Sprite Posted February 20, 2022 Share Posted February 20, 2022 3 hours ago, shlomo said: How much are you better off per month living with your parents I won't give a figure when I was out of London as I'd be revealing my salary Let's put it this way, when I was living with my sister during the pandemic, I was saving on average 95% PCM and I was still getting my bonus. If my parents were in London and I was doing my job as normal as in going to the office, I think I could save at least 75% of my salary and this is with me behaving as normal. Quote Link to comment Share on other sites More sharing options...
Insane Posted February 20, 2022 Share Posted February 20, 2022 1 hour ago, nothernsoul said: It is interesting we see stories about the so called spend thrift "gym membership, Netflix etc" young people stories. However, we never see the story with the complacent older person( I know a couple personally) who feel entitled to property paying for their lifestyle, saving them from their own financial mistakes in life, allowing early retirement etc. Some older people get it others don't. I know an 80 year old recently widowed lady who was mortgage free in her mid 30's. They did have a few hard times when her husband a Docker was on strike and she had to go out to work with two young children. Granted they never had credit on anything they saved up and then purchased. They did not waste money. She also inherited half a decent house in her mid 50's. However I have spoken to her on so many occasions and tried to explain that her generation had the opportunity to buy a house at 2x her husbands income that was then paid off by the Fairy God Mother of Inflation , hence they were mortgage free so young. But she will not see it. Her current place is worth about £700,000 and she receives just under £2,000 a month in pension income. The last straw was when she said all old peoples care bills should be paid by the Tax Payer as in 1948 we were promised cradle to grave health care. She would not accept that things have changed since 1948. Yet at the same time the workers should accept the rise in NI due to covid. When I explained the current government had promised no income or NI rises she retorted that that was before covid. So people should expect promises to be broken when she is not affected but they should be kept if she is affected. She even said " leave little old poor ladies like her alone ". Quote Link to comment Share on other sites More sharing options...
Pmax2020 Posted February 20, 2022 Share Posted February 20, 2022 (edited) Fair enough to the couple but what happens in a couple of years time when they want to start a family? How much will they have to pay for a nice neighbourhood and bigger place with a garden for the kids? 200k? 300k? I live in an incredibly average part of Scotland and these bigger family homes can easily be £250-350k. In terms of geography, a few posters will know where I stand on this one. I’d love to live in Queensferry, or perhaps St Andrews. Parts of Edinburgh and the surrounding Lothian's are amazing too. Problem is I can’t afford what I want there so I look elsewhere. I think people have to accept that a 30-45 minute drive to family and/or your job may be the only way to get the house you need. Edited February 20, 2022 by Pmax2020 Quote Link to comment Share on other sites More sharing options...
winkie Posted February 20, 2022 Share Posted February 20, 2022 We lived with our parents, aunts and uncles around and grandparents....walked to school got the bus to work, got paid London weighting the bus fare was ~10p or there about..... Quote Link to comment Share on other sites More sharing options...
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