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It is different this time

Brainwashed Youngster Is Losing Sleep Over Home Ownership!

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http://forums.moneysavingexpert.com/showthread.html?t=549617

Any Ideas How Can I Increase My Income? I want to buy somewhere to live - but just can't afford it. I want to buy a house/flat because the longer I leave it, the more expensive property becomes. It has got to a point where I feel that I will never be able to afford my own property - I'm even losing sleep over it. And I know I'm not the only person!

I am 22 years old.I earn £15k a year before tax in my full time job

I think MSE property forums are, usually, funny but this one is no fun. 22 years old 'brainwashed & obsessed' with home ownership and losing sleep over it! How bad can it get before something is done about it?

Did I say he is on £15K? Unbelievable!

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http://forums.moneysavingexpert.com/showthread.html?t=549617

I think MSE property forums are, usually, funny but this one is no fun. 22 years old 'brainwashed & obsessed' with home ownership and losing sleep over it! How bad can it get before something is done about it?

Did I say he is on £15K? Unbelievable!

If he just gets laid he'll probably forget about houses for a while. What a sad boy he is.

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http://forums.moneysavingexpert.com/showthread.html?t=549617

I think MSE property forums are, usually, funny but this one is no fun. 22 years old 'brainwashed & obsessed' with home ownership and losing sleep over it! How bad can it get before something is done about it?

Did I say he is on £15K? Unbelievable!

15K will buy you................... ****** ALL.

You could try doing double the number of hours a week at work and it will then buy you: ****** ALL.

.... unless you want to like down duke street.

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If he just gets laid he'll probably forget about houses for a while. What a sad boy he is.

Interesting that you assumed it was a male. I did too. I wonder what that says about us?

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Very true. I think people have lost track of how much £100k actually is!

Absolutely in a world of leveraged buying the concept of how much 100K really is has gone out the window,it is a hell of a lot of money.Also the concept of what a house actually is has also got distorted,just a pile of bricks worth very little in any other country other than UK and Ireland.The US is imploding with greater earning power ,despite their houses being half the amount and twice the size.

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100k is a lot of money to some. But not to others. Roll on the divided Britain.

Unfortunately there is a strong link between human capital and success. Those that are left behind, uneducated, or just lack social skills, are going to fall further and further away. If you've got nothing to offer, and you cant even compete in the unskilled labour markets (eg compete with abroad) then life is indeed going to be tough.

Teacher wasnt joking when he explained the importance of working hard at school. Trouble is, if you only work that out at 22, its all a bit too late.

Its sad, I for one believe that society doesnt have to be made up of winners and losers. Our economies are such that we can all be winners. But you need to be productive.

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Absolutely in a world of leveraged buying the concept of how much 100K really is has gone out the window,it is a hell of a lot of money.Also the concept of what a house actually is has also got distorted,just a pile of bricks worth very little in any other country other than UK and Ireland.The US is imploding with greater earning power ,despite their houses being half the amount and twice the size.

When working out the value of something, Ive always turned it into hours/days/weeks/years at work needed to pay for it, and thats after tax, NI, and living costs. £100K is considered nothing these days but work out how long to save it and theres the answer as to how valuable £100K is. eg someone on £15K living at home, take home = 12K Living expenses 5K doing other things like holidays, cars etc 3K saving = £4K then 25years is the answer. (and if its on a loan or a mortgage then add the interest on too) suspect the £100K as a mortgage without end, ie interest only would then be working forever and still not pay it off.

Edited by steve99

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Guest An Bearin Bui
http://forums.moneysavingexpert.com/showthread.html?t=549617

I think MSE property forums are, usually, funny but this one is no fun. 22 years old 'brainwashed & obsessed' with home ownership and losing sleep over it! How bad can it get before something is done about it?

Did I say he is on £15K? Unbelievable!

That's a sad state of affairs when a 22-year old has nothing more on his/her mind than buying a house. I don't think I even knew what a mortgage was at that age. This is a great anecdote to show up HPI for the speculative bubble it is, detached from all economic fundamentals - buyers are just getting into a panicked "now or never" mentality that drives up prices. :angry:

One point though - I wouldn't necessarily assume he did badly at school. Quite a lot of graduates earn around 15k, especially outside London which is pretty ridiculous as people that age will have debts to pay due to fees. Wages haven't really increased for graduates since the mid-90s, coinciding funnily enough with the arrival of lots of sham universities and sham degrees on the scene.

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100k is a lot of money to some. But not to others. Roll on the divided Britain.

Unfortunately there is a strong link between human capital and success. Those that are left behind, uneducated, or just lack social skills, are going to fall further and further away. If you've got nothing to offer, and you cant even compete in the unskilled labour markets (eg compete with abroad) then life is indeed going to be tough.

This is rubbish. You can barely afford to live if you choose to go into something like nursing, teaching, childcare or any number of other socially useful professions. If you go into selling mortgage products to folk who can never afford to pay them back, or selling dodgy derivatives, you'll be a winner. Or drug dealing. That'll make you "successful" if all you define success by is wealth, and those who aren't wealthy are just considered "Losers".

What a shitty little county Britain is turning into.

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That's a sad state of affairs when a 22-year old has nothing more on his/her mind than buying a house. I don't think I even knew what a mortgage was at that age. This is a great anecdote to show up HPI for the speculative bubble it is, detached from all economic fundamentals - buyers are just getting into a panicked "now or never" mentality that drives up prices. :angry:

One point though - I wouldn't necessarily assume he did badly at school. Quite a lot of graduates earn around 15k, especially outside London which is pretty ridiculous as people that age will have debts to pay due to fees. Wages haven't really increased for graduates since the mid-90s, coinciding funnily enough with the arrival of lots of sham universities and sham degrees on the scene.

I dont think its sad!! When your a fully grown up 22 year old its only naturally right to want to up sticks and fly the nest!! You can either go to Uni, put it off and be in the same position when your 24 with a nice £15,000 debt, or you can start on minimum wage and fight your way to the top.

I decided to fight my way to the top and not bother with Uni, i think Uni is great as far as being carefree is concerned. However, if you dont know what you want to do with your life then you certainly shouldnt go to university. I work in the city on £18,000, i turn 23 next month and still live at home, i dont want to be their and neither do my parents, but what can i do?? Luckily i'am in a good job and my money will go up so i can see light at the end of the tunnel now but a lot of my friends are fcuked. Its a fecking disgrace that young people who want to make a go of it on their own are not allowed to no matter how hard they work. Everyone knows that if you want to buy a place on your own, you have to be on at least £28k - £30k, and with a decent deposit.

My friend, she works for Norwich Union, she is on £29,000 and has just brought half a house share, she gets one bedroom, kitchen, bathroom and lounge for £150,000. What a ******ing mess

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This is rubbish. You can barely afford to live if you choose to go into something like nursing, teaching, childcare or any number of other socially useful professions. If you go into selling mortgage products to folk who can never afford to pay them back, or selling dodgy derivatives, you'll be a winner. Or drug dealing. That'll make you "successful" if all you define success by is wealth, and those who aren't wealthy are just considered "Losers".

What a shitty little county Britain is turning into.

I agree, there seems to be an opinion that if one is not a money grabbing b*stard you do not deserve to be able to afford somewhere to live.

Britain is a turning against the people who are important and turning away from the young.

In response to the OP at what age should one start worrying about being unable to afford housing?

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Unfortunately there is a strong link between human capital and success. Those that are left behind, uneducated, or just lack social skills, are going to fall further and further away. If you've got nothing to offer, and you cant even compete in the unskilled labour markets (eg compete with abroad) then life is indeed going to be tough.

Teacher wasnt joking when he explained the importance of working hard at school. Trouble is, if you only work that out at 22, its all a bit too late.

One point though - I wouldn't necessarily assume he did badly at school. Quite a lot of graduates earn around 15k, especially outside London which is pretty ridiculous as people that age will have debts to pay due to fees. Wages haven't really increased for graduates since the mid-90s, coinciding funnily enough with the arrival of lots of sham universities and sham degrees on the scene.

I think somewhere in the thread it mentioned that he was on some sort of graduate trainee scheme, which would presumably lead to higher earnings later on. If that's the case, then as graduates go he's one of the luckier ones.

Bear in mind that a lot of HPCers are on gigantic London City salaries, and that this distorts their perception of what kinds of job actually pay £15K. They think that you must be stacking shelves at Morrisons or flipping burgers at McDonalds if you're only on that kind of money. In fact, it's a typical graduate starting wage in many parts of the country, and I'm talking "proper" graduates, not people with degrees in Surfing Studies or whatever. So these are people who did well at school, and worked hard, and all the rest of it. Everything that Teacher tells you to do in fact.

The reality is: work hard at school, get a good degree, and you'll still find yourself competing with 10 other people for a £13k job, or with 100 other people for a £20k one. Unless you're the absolute cream of the crop, just having a decent degree isn't going to get you a mega salary overnight. (And as this story proves, just because you earn big money doesn't mean you're not a vicious, evil, worthless thug, so spare me the sick-making guff about "human capital".)

Let's have none of this rubbish about how this lad is one of life's losers who should have studied for his GCSEs, instead of sitting around with his mates smoking weed or whatever. Frankly, from where I'm standing the weed option looks a whole lot more attractive...

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HEY- this guy is getting the normal fear of the bubble mentality, and its whats been driving up prices through people desparate "not to miss out"

He must be one of millions who have the same trouble, and this attitude is rife in the UK - it used to be called " keeping up with the Joneses"

Its very sad, but equally sad will be the stress of those who have recently succombed and "kept up with the Joneses" negaitve equity and bankruptcy awaits many of them.

I know which fear I would rather live with

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This is rubbish. You can barely afford to live if you choose to go into something like nursing, teaching, childcare or any number of other socially useful professions. If you go into selling mortgage products to folk who can never afford to pay them back, or selling dodgy derivatives, you'll be a winner. Or drug dealing. That'll make you "successful" if all you define success by is wealth, and those who aren't wealthy are just considered "Losers".

What a shitty little county Britain is turning into.

This is the major problem with modern Britain too in my view. The thing is you have to be at the cutting age of capitalism making a fortune to be treated any way decently by this tidy little system Labour have us labouring under. There is an entire generation coming through, presently mid twenties who are completely shafted by HPI, student fees, the taxation system and the free labour market.

There is much for this generation to be pissed off about in my view.

These are people who want those old fashioned decent family home, decent work conditions, safe towns and villages and fair taxation.

Fair enough this system encourages entrepreneurship but it life boils down to a competition. Everything once considered superior about Britain to the US in terms of some sort of social justice is at risk in my view.

How will the people here look on access to education, housing, healthcare etc by the time the now mid twenties with their grand old student loans hit mid thirties and really need the family homes and what have you?

Perhaps the thing is we are not aware of how we stand in europe to make the correct decisions about how we are assisted by our government. The eu is here whether we like it or not, our media rarely tell us about the nuts and bolts of economies/education systems/welfare systems that should be compared to ours and informing political debate here.

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When working out the value of something, Ive always turned it into hours/days/weeks/years at work needed to pay for it, and thats after tax, NI, and living costs. £100K is considered nothing these days but work out how long to save it and theres the answer as to how valuable £100K is.

Quite right. But then people now assume that if they can borrow enough money to get something, then they can afford it.

And frankly, under the super-lax conditions of the last five or six years even an unemployed dole-scrounging chav could find ways to borrow 100k from some moronic lender.

The distinctions between 'money in the bank' 'money you could borrow' and 'amount of money my house value has increased by' are now indistinguishable to the typical punter.

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