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Are Your Parents Homeowners Or Not?

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Is there anybody here whose parents are not homeowners? I'm intrigued to see whether the people who post on this forum come from homeowning families or from a renting background, either council or private?

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Is there anybody here whose parents are not homeowners? I'm intrigued to see whether the people who post on this forum come from homeowning families or from a renting background, either council or private?

My parents own their home outright. If I wanted to buy it off them I'd need my wage to double, despite the fact that my Dad was younger than I am now when he bought it!

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Again, my parents own their own home with no mortgage, also commercial property with no mortgage and a btl with no mortgage.!

Hence we are poles apart as we are renting!! as cannot afford to move up the ladder and they cannot understand why we are..

Lou

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Guest Winners and Losers

Own property with no mortgage. I think this has been done on here before though?

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My parents have rented ever since they left their parents, the idea was that they would rent until they could afford to buy but that never came about. I'm still living with the olds and we have no plans to leave leave just yet, we're quite happy with renting.

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My parents own their house outright.

I earn twice what they ever did but I would still need to really stretch myself to buy anything similar, and they bought ten years younger than I am now.

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Own their home outright. Would cost me about 15 times my own wage now. They bought when my Mum was 5 years older than me, and not a wage earner. Single income. Needless to say they want me to buy as soon as possible.

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Own their home outright. Would cost me about 15 times my own wage now. They bought when my Mum was 5 years older than me, and not a wage earner. Single income. Needless to say they want me to buy as soon as possible.

My father's first house cost £5k in the early 70's, the same ones' are selling for about £160k today (x6.4 average earnings). It's fair to say that my dad was earning more than £800 a year using today's multiples!

The old "we all struggled to begin with" line is utter-utter bull$hit, fortunately my old man see's this.

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Live in a council house with my mum, many moons ago though i used to live in a nice house with over an acre of land as a garden, with a wood at the bottom of it and a brook with fish in, All the neighbours and my dad used to grow thier own verg and make thier own wine, we actually used to help eachother out too!

What a play ground, what a time that was.

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My mum has about 1/5 to pay on her house. Its a semi-ex-council house. It would cost me around 5x my salary to buy it and I earn above the national average!

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My dad built his first house, paid off the mortgage, had it stolen from him by his ex wife. Bought 4 hectares of land and built a huge house on it. Payed that mortgage too, all on a far lower salary than me. ( he was in the navy and then had a small printing business). The house is now 15 * my (above average) salary.

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My working class parents first had a flat, then a small terrace, then did a deal with my great grandmother where they swapped houses and paid her the difference.

This meant that my sister and I grew up in a poky detached bungalow with a huge garden. It was a wonderful place.

Now my parents own it outright, but it has deteriorated a lot. They are going a bit barmy and My Dad has started and failed to finish loads of DIY projects on the house, so it looks only half-finished. In retaliation my mother stopped doing housework about a decade ago, so it's horrible to visit.

My sister and I might inherit the place one day, if it doesn't get sold to pay for a care home. If we do I strongly suspect we will sell it to a developer, or someone who wants to knock down the house and build a mansion (like every other plot in the road now).

Funnily enough, the house I live in is worth 3 times what my parents' is worth, but I'm in a terrace in London.

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Parents divorced

Father owns large detatched house which he kept when he kicked US out - disowned his own kids

Lived with mother who struggled to build a career and still rents

So, no windfall for me....

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Parents have stepped off and on the housing ladder over the last few years. Currently they are renting a nice 2-bed house with views of Poole Quay.

After me and my sister left home they downsized so they could have a smaller mortgage and work for themselves. Before this in the early 80's we downsized from a detached house to a bungalow so my Dad could form a business with some work colleagues. My Dad left a few years back but the business is still going strong!!

My take on it is that they haven't particuarly aspired to material things, they have done what they wanted to do and not followed the neighbours. Not been greedy by trying to keep hold of bigger house. The size and grandeur of a house doesn't matter as long as it big enough for a family.

Final thought - you can do more with your life and your family by being sensible about homes and the mortgage you take on!! If it means waiting to buy then so be it!!

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My folks own their own house. They bought it when they were about my age.

It was valued a couple of years back, at approximately x50 my wage :o

Just apply for the mortgage!! I'm sure they will find a way round it :)

TB

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My parents also own their own house mortage-free, and couldn't afford to buy it today. I couldn't afford to buy it today either, even though I'm on twice the national average wage and my father was a factory worker.

In fact, hardly anyone in the town where they live could afford to buy it on a 3.5x salary mortgage... so God knows who is buying houses there for that price.

Edited by MarkG

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  • 301 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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