Tuesday, February 6, 2007

Youngsters get saving to buy a home

Youngsters get saving to buy a home

Black Country children as young as 14 are being encouraged to start saving pocket money for their first home. Instead of squandering their average £8 weekly allowance, children are being urged to start building a nest egg for the future.Dudley Council will be touring schools to encourage young people to save money each week to help them get a foot on the property ladder. “Buying a home is the best way forward for security. When you buy a car it tends to go down in value but when you buy a house you may well be able to make a profit on it.”

Posted by njp @ 07:47 PM (501 views)
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23 thoughts on “Youngsters get saving to buy a home

  • If it’s not bad enough that the council is expecting children to start worrying about buying a home when they’re 14, they’re keen to propagate the myth that HPI is something that somehow benefits homeowners because they can “make a profit on it”.

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  • japanese uncle says:

    Kids cannot spend their pocket money for their favorite things, but “property”. What a society!

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  • Probably another New Labour brian wave, good old Tony and Grodon what a mess they have made of this once great country……………

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  • Another new labour idea no doubt, good old Tony and Gordon, what a mess they have made of our great country…………….

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  • Dudley Council could well face a mis-selling scandal that may cost them dear in the future unless they make it clear that house prices can go down as well as up when “advising” these poor black country kids.

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  • You couldn’t make this one up, could you!

    I have seen it all now, the housing guilt trip being foisted onto youngsters, the only time when you generally had nothing to worry about other than going to school. I suppose they should also put some into a Pension scheme, or how about putting it into a high interest account or an ISA for when the little darlings got to ‘uni’.

    This must be the final proof, if anything is needed that the whole house of property speculation cards is about to come down when kids are ‘advised’ to start saving now or they will never have a roof of their own over their heads.

    UNBELIEVABLE!

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  • An admission that the standard of living in the United Kingdom has slipped to the point where normal average wages will not allow you to buy the most basic of human needs – a home.

    the final quote also says it all

    “Buying a home is the best way forward for security. When you buy a car it tends to go down in value but when you buy a house you may well be able to make a profit on it.”

    In other words why start a business? Why try to earn a living in a normal way? Your house is not a home for a family, it’s a giant cash machine instead! . A United Kingdom council is touring schools to encourage children to save money to buy a house – a sad reflection on the pathetic state of the nation.

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  • This place is now, officially . . . .COMPLETELY RIDICULOUS!!!!!!

    How f***ing dare these Nazi Councils we are now forced (at gun point if you take it to the extreme) to pay for spend our money telling us how to live and at the same time push the HPI conspiracy to the heights of lunacy we now witness.

    THE UK IS FCUKED!!!

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  • it may be sad but this seems to be the new reality whther we like it or not.

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  • Keep putting those pennies away kids, because by the time you are 80 you should have enough for a deposit!

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  • I am left “typeless”.

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  • autopilotengage says:

    Now i am dreaming, how many more times can i pinch myself. C’mon banks, there’s an untapped market here; BTL junior, get your first BTL property, don’t worry, we’ll give you 5000x your annual pocket money.

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  • I like the assumption that housing will still be expensive by the time these kids get old. Its a ridiculous idea that kids will actually save.

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  • george monsoon says:

    Sovietuk has pointed out the obvious.

    A house is a HOME from which we all base our life. After food comes shelter on the list of essential needs.
    This world is madness and anyone who disagrees with me should feel free to come and visit me so that I can give them a reality check with a 6 hour wait in casualty to reset their nose.

    I have worked out that affordability in my area is so out of whack that taking into account my wage, my basic bills, My partner becoming pregnant and not being able to work, Houses need to halve in price, to bring them in line with affordability in 1996

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  • I’m not taking this seriously, this article is surely a Sunday Sport special in the realm of “Double decker bus found in South Pole”.

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  • tyrellcorporation says:

    I used to buy the odd model tank interspersed with handfuls of Fruit Salad and Black Jacks – far more fun that thinking about mortgages and pensions…

    Childhood is being eroded further by Government, Banks and big business… pretty sad really.

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  • No the best Sunday Sport article I saw was “Fart sinks ship”

    That was funny, this is just sick.

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  • Why wait surely in this Climate a Salary of £8 per week is adequate for one of the many Mortages on offer… 50x Salary Mortgage what do you think.

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  • The Capitalist says:

    Surely these councils must conduct a “Risk Assessment” before embarking on such a foolhardy mission…

    Remember kids “Your home will be repossesed if you do not keep up on your mortgage payments”.

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  • George – father to be – congratulations.

    And don’t worry – with this kind of lunacy, prices could well halve.

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  • Talk about robbing the children of their childhood, what idiots, no wonder the quality of education is going down hill as well, with councils intervening the curriculum.

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  • dohousescrashinthewoods says:

    Speaking of prices halving, I was reading an interesting one – I forget which article – about “status” items becoming more desirable (not less) as the price increases.
    The implication, presumably, is that “being on that socially commendabe first rung”, or a “rich BTL magnate”, is considered a real status symbol.
    Therefore, the more prices go up, the more attractive housing becomes.
    This leads to a race for the peak, until someone says “oi! No clotes on the emperor’ mate!” and sentiment turns on a dime.
    It’s like a fashion brand that suddenly become passe and is relegated to the pound shops overnight.
    “A thing is not desired because it is beautiful, it is beautiful because it is desired”

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  • autopilotengage says:

    it won’t be long before we’re seeing warnings like this:

    “your home may be at risk if you do not make payments on a loan secured against it. if interest rates go up and you have negative equity, your toys may also be at risk.”

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