Thursday, January 10, 2013

Generation Rent

Generation Rent: ITV "Tonight"

Generation Rent is transforming the British housing landscape, and the latest figures confirm an increasingly bleak future for people who are trapped in rented homes by high prices and unattainable mortgages. The charity Shelter has revealed that the average London tenant is now paying 59% of their earnings on nothing more than paying their rent. Beth King and her family are trapped in Generation Rent. Their dream of buying a home is impossible, even though they have a family income of about £80,000 a year.

Posted by jack c @ 08:55 PM (2279 views)
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7 thoughts on “Generation Rent

  • Hmmmm the longer this goes on one can’t help thinking that the whole idea of houses being bought solely for renting is morally bankrupt!

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  • I found it pretty ridiculous that a couple on £80K combined salary could not afford their own home.
    Even with outgoings of £1500/month rent on a 2 bed house that must leave £2,500 plus to play with. Even in the south and with 2 kids thats no small ammount of money.
    There are people far worse off, they might be getting screwed like a lot of others but at least they looked like they could afford to live in a nice area (albeit renting) and keep their kids fed and warm.
    As for the BTL ‘persons’ on there, a couple who won the lottery and had £500k to blow essentially risk free not needing to look at margins etc, and a couple in there early 50’s with some savings, their justification for being part of the housing debarcle ‘we are providing a service’ like it was some kind of charitable pursuit rather than being parasites on society.
    Both couples seemed pretty feckless to be honest and fell hook line and sinker for the fawning of the new build sales agents…. they wont be laughing when they open the front door of the new build purchase and the door handle goes through the plasterboard behind at the slightest push.

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  • laughable ITV crap….

    basically your £1500 could support a £600,000 mortgage (interest only….), or enter the market as house prices are at their lowest or if neither of those are suitable

    just win £850,000 on the lottery

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  • Enfantterrible says:

    It was a rather ludicrous that the couple earning 40k each could not afford to buy their own home. Some people are good at earning money, but on the flipside, don’t have a clue about budgeting and how to make their situation work for themselves and their future goal of home ownership.

    What is happening to their disposable income? Can’t some of it be saved for a deposit?

    If they really want to get on the property ladder, then surely they could rent something cheaper and do some home budgeting, and over time will have enough money to put towards a deposit. Nothing happens without making a few sacrifices along the way.

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  • greenshootsandleaves says:

    Would ya believe it? Not so long ago just about anyone could get a mortgage at the drop of a hat. Now even people on a good income are turned away simply because they can’t scrape together 30 grand for a deposit! Talk about a fickle market! Still, some people are doing all right, eh? Another case of ‘Dem dat has, gets’, you might say. Well, I’m sure you’re dying to learn how and why this has come about but I’m afraid I can’t help you there. I’m as mystified as you are. For all we know, it may simply be one of those things that, … well, … just happen now and then.

    Next week: Is your cat psychic? We uncover evidence of the uncanny powers seemingly possessed by some pets.

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  • i reckon that couple can save 30K per year, over 10 years that’s 300K … then they can buy a house with cash .. and live debt free .. then give up their jobs …

    why do they want a 600K house ?

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  • $80K is no where near enough to live in a city like London. We are on over $130K and we wouldn’t move there because we don’t think it would be sufficient to live well. The key is to find two well paid jobs in (or near) smaller cities and you’ll do very well indeed.

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