Location, location always.
Renting for the first time in my life and it is grim. Not the place itself but the feeling of uselessness that there's no point making it any nicer. I've fixed their shower, fixed a poorly installed drainpipe, fixed numerous simple things but just know they're gonna inspect it at the end and try to deduct daft money for there being a scuff on the emulsion somewhere.
Just between houses, hopefully out in 3 months. Bought first one in my early 20s soon as I had a job. Parents never helped other than stayed with them rent free up to that point. New place was riddled with dry rot but fixed it all up for a tiny profit though not if you consider the repair costs. Guy that bought it died shortly after.
Always look for a unique house. It will always appeal to somebody. Buying stock scheite on an estate your price will be decided by others' prices no matter how well you keep or improve yours.
Feels much harder to get on the ladder these days though looking back I worked like a trojan multiple jobs at a time, saved since I was a teen, invested in education, and yes, went without lots of things many take for granted. Not beer right enough! Married my missus when she was still at uni and went without even more things. Found a way.
Worked my way up the property ladder and now working my way down it. The stealth taxes on property are a disgrace. Country is fecked.
comment by Busby (U19985)
posted 57 seconds ago
"how is the average 25 year old supposed to find a £50k deposit??"
Between two people, it isn't unreasonable. Most 25 year olds out of uni are asking for £30k plus, if living at home that is doable in a couple of years.
People want things without sacrifice these days.
----------------------------------------------------------------------
It's still unreasonable.
You still have to pay tax, NI, you should be helping your parents with bills, food etc.
The unreasonableness of it all is built by design. They want us all to rent all our lives.
Own nothing and be happy.
Bought my first house in 1990, no help from anyone, just mortgaged up to the hilt.
The market crashed even further and I spent 10 years in negative equity.
Met the girl I eventually married and we moved to our own place in 2001 and paid the mortgage off 5 years ago.
I would never rent - it's a mugs game, you're basically paying off the landlords mortgage for him.
comment by Ji Sung Park's Cousin (U2958)
posted 4 seconds ago
comment by Busby (U19985)
posted 57 seconds ago
"how is the average 25 year old supposed to find a £50k deposit??"
Between two people, it isn't unreasonable. Most 25 year olds out of uni are asking for £30k plus, if living at home that is doable in a couple of years.
People want things without sacrifice these days.
----------------------------------------------------------------------
It's still unreasonable.
You still have to pay tax, NI, you should be helping your parents with bills, food etc.
The unreasonableness of it all is built by design. They want us all to rent all our lives.
Own nothing and be happy.
----------------------------------------------------------------------
Yeah, Lloyds have indicated they’d like to become a landlord for the nation already.
The latency of the BoE raising interest rates and the government refusing to act on inflation by raising any taxes (predominantly VAT) is going to hurt us for the next 5-10 years, instead of what could’ve been a lot less painful.
The decision depends on where and when. If you're in a country with rent controls and rigorous protections for renters, then renting may be cheaper and provide a good balance of flexibility and security. In the UK under most circumstances you're better off buying if you can afford the deposit. However, that calculation may be under doubt if high interest rates persist in the medium term. Then again, I guess landlords will want to pass on those costs to renters.
comment by Pierre Reedy (U1734)
posted 35 minutes ago
comment by Bobby Dazzler (U1449)
posted 15 minutes ago
comment by Robb (Steve) Smith (U22716)
posted 3 seconds ago
comment by Bobby Dazzler (U1449)
posted 1 minute ago
Bought my first house at 20, I know it suits some people but I could never entertain the idea of renting
----------------------------------------------------------------------
No judgment but did you have help from your parents? Or did you buy a place at a time when the wages from a trolley pusher could get you a 4 bedroom detached house?
----------------------------------------------------------------------
No help from parents as neither of us came from money, and as I said, interest rates were around the 15% mark at the time, so we went without what a lot of young people today would take for granted just to pay the bills
----------------------------------------------------------------------
How did you actually afford a house when you were 20? I very much doubt it is just because you went without a £10 a month netflix subscription.
----------------------------------------------------------------------
What’s hard to understand, you pool your wages together and get a mortgage for what the bank will give you, millions of people did it
Surely you've got to have a massive pension to rent forever?
comment by Busby (U19985)
posted 1 minute ago
comment by Ji Sung Park's Cousin (U2958)
posted 4 seconds ago
comment by Busby (U19985)
posted 57 seconds ago
"how is the average 25 year old supposed to find a £50k deposit??"
Between two people, it isn't unreasonable. Most 25 year olds out of uni are asking for £30k plus, if living at home that is doable in a couple of years.
People want things without sacrifice these days.
----------------------------------------------------------------------
It's still unreasonable.
You still have to pay tax, NI, you should be helping your parents with bills, food etc.
The unreasonableness of it all is built by design. They want us all to rent all our lives.
Own nothing and be happy.
----------------------------------------------------------------------
Yeah, Lloyds have indicated they’d like to become a landlord for the nation already.
The latency of the BoE raising interest rates and the government refusing to act on inflation by raising any taxes (predominantly VAT) is going to hurt us for the next 5-10 years, instead of what could’ve been a lot less painful.
----------------------------------------------------------------------
are you seriously promoting a VAT rise as a solution ? An indiscriminate increase in the price of everything
comment by Taki Minamino (U20650)
posted 47 minutes ago
comment by Bobby Dazzler (U1449)
posted 6 minutes ago
comment by Robb (Steve) Smith (U22716)
posted 3 seconds ago
comment by Bobby Dazzler (U1449)
posted 1 minute ago
Bought my first house at 20, I know it suits some people but I could never entertain the idea of renting
----------------------------------------------------------------------
No judgment but did you have help from your parents? Or did you buy a place at a time when the wages from a trolley pusher could get you a 4 bedroom detached house?
----------------------------------------------------------------------
No help from parents as neither of us came from money, and as I said, interest rates were around the 15% mark at the time, so we went without what a lot of young people today would take for granted just to pay the bills
----------------------------------------------------------------------
wages to house price ratio?
----------------------------------------------------------------------
This! Netflix subscriptions don't bridge the difference between affordability of accommodation 40-50 years ago and today. Cost of accommodation (rent or mortgage as proportion of annual income is way way higher than it used to be, whatever the interest rates).
comment by Bobby Dazzler (U1449)
posted 52 seconds ago
comment by Pierre Reedy (U1734)
posted 35 minutes ago
comment by Bobby Dazzler (U1449)
posted 15 minutes ago
comment by Robb (Steve) Smith (U22716)
posted 3 seconds ago
comment by Bobby Dazzler (U1449)
posted 1 minute ago
Bought my first house at 20, I know it suits some people but I could never entertain the idea of renting
----------------------------------------------------------------------
No judgment but did you have help from your parents? Or did you buy a place at a time when the wages from a trolley pusher could get you a 4 bedroom detached house?
----------------------------------------------------------------------
No help from parents as neither of us came from money, and as I said, interest rates were around the 15% mark at the time, so we went without what a lot of young people today would take for granted just to pay the bills
----------------------------------------------------------------------
How did you actually afford a house when you were 20? I very much doubt it is just because you went without a £10 a month netflix subscription.
----------------------------------------------------------------------
What’s hard to understand, you pool your wages together and get a mortgage for what the bank will give you, millions of people did it
----------------------------------------------------------------------
Yes they did and it's become progressively more difficult to do so. In the past people had student fees paid for them, higher salaries comparatively speaking, lower interest rates on mortgage, retired parents who were able to pay off low mortgages earlier capable of looking after their grandchildren, rather than still having to work.
I did both, but prefer owning. Not for financial reasons, but because it felt more like home.
comment by There'sOne7-0Reds (U1721)
posted 14 seconds ago
comment by Bobby Dazzler (U1449)
posted 52 seconds ago
comment by Pierre Reedy (U1734)
posted 35 minutes ago
comment by Bobby Dazzler (U1449)
posted 15 minutes ago
comment by Robb (Steve) Smith (U22716)
posted 3 seconds ago
comment by Bobby Dazzler (U1449)
posted 1 minute ago
Bought my first house at 20, I know it suits some people but I could never entertain the idea of renting
----------------------------------------------------------------------
No judgment but did you have help from your parents? Or did you buy a place at a time when the wages from a trolley pusher could get you a 4 bedroom detached house?
----------------------------------------------------------------------
No help from parents as neither of us came from money, and as I said, interest rates were around the 15% mark at the time, so we went without what a lot of young people today would take for granted just to pay the bills
----------------------------------------------------------------------
How did you actually afford a house when you were 20? I very much doubt it is just because you went without a £10 a month netflix subscription.
----------------------------------------------------------------------
What’s hard to understand, you pool your wages together and get a mortgage for what the bank will give you, millions of people did it
----------------------------------------------------------------------
Yes they did and it's become progressively more difficult to do so. In the past people had student fees paid for them, higher salaries comparatively speaking, lower interest rates on mortgage, retired parents who were able to pay off low mortgages earlier capable of looking after their grandchildren, rather than still having to work.
----------------------------------------------------------------------
I don’t doubt that, but I was answering his question on how I could afford to buy at 20, we had to buy a terraced street house because that’s all we could afford, and like keep it greasy said, spent the next 10 uyears without making a penny on it, then moved up to a bigger house in 2001 and luckily for us the market exploded and it virtually tripled in value, like everyone else we were at the mercy of the housing market
I think you should own your property, I bought a ground floor flat in West London three years ago for £235k and it was a bargain at that price. Easy transport to the M25, A40 and tube station.
My mortgage is much more cheaper monthly than if I wanted to rent, although god knows how true that statement will hold when my fixed rate expires in 22 months time.
comment by Chris H (U15205)
posted 21 minutes ago
comment by Two Balls, One Saka (U19684)
posted 11 minutes ago
The housing market and rental market are so fecked here in Australia. It's proof if ever it was needed that insane housing bubbles are about poor governing rather than space or land availability.
At least the wages to rent ratio still isn't as bad as many parts of the UK but as we all no doubt know the UK isn't exactly a country worth comparing yours to nowadays anyway
----------------------------------------------------------------------
Shame its gone that way, a few of my friends still out there mentioned the rental crisis
When I was last there looking for rentals, it was unbelievably good. Salaries more than matched the 'expensive' rent, and me and the mrs with half-decent jobs could have our pick of the places on the Eastern suburbs of Sydney.
----------------------------------------------------------------------
It would be a massive struggle to rent somewhere decent on even a fairly decent single income which wasn't always the case. I guess though it feels worse here than maybe it really is because it's so much worse than only a few years ago, overall it's probably still not that bad if you know what I mean.
That said, we were lucky enough not to be involved in the sub $500 per week market, I spoke to an estate agent just generally about how hard we might find getting somewhere when first looking but the budget we were looking at wasn't too bad really, although it is bloody expensive!
That $400-500 bracket which is about as low as you'll now find anywhere in a city or worth living, is apparently an absolute nightmare with people queuing around the corner to view the place and all submitting desperate applications.
Our previous rental which we took back in 2019 we were shown around solo, applied (probably as the only applicants) and got it easily. That same place had two groups of 30 people go around it when we were leaving.
Bought our first house - a 3 bed terrace in 2007 just before the crash.
Although, we had no deposit, I applied for a personal loan which I used as the deposit some months later.
First few years were difficult because I was paying off both the loan and mortgage.
Fast forward to our third home move last year, I am really happy I took that risk then.
comment by Bobby Dazzler (U1449)
posted 5 minutes ago
comment by There'sOne7-0Reds (U1721)
posted 14 seconds ago
comment by Bobby Dazzler (U1449)
posted 52 seconds ago
comment by Pierre Reedy (U1734)
posted 35 minutes ago
comment by Bobby Dazzler (U1449)
posted 15 minutes ago
comment by Robb (Steve) Smith (U22716)
posted 3 seconds ago
comment by Bobby Dazzler (U1449)
posted 1 minute ago
Bought my first house at 20, I know it suits some people but I could never entertain the idea of renting
----------------------------------------------------------------------
No judgment but did you have help from your parents? Or did you buy a place at a time when the wages from a trolley pusher could get you a 4 bedroom detached house?
----------------------------------------------------------------------
No help from parents as neither of us came from money, and as I said, interest rates were around the 15% mark at the time, so we went without what a lot of young people today would take for granted just to pay the bills
----------------------------------------------------------------------
How did you actually afford a house when you were 20? I very much doubt it is just because you went without a £10 a month netflix subscription.
----------------------------------------------------------------------
What’s hard to understand, you pool your wages together and get a mortgage for what the bank will give you, millions of people did it
----------------------------------------------------------------------
Yes they did and it's become progressively more difficult to do so. In the past people had student fees paid for them, higher salaries comparatively speaking, lower interest rates on mortgage, retired parents who were able to pay off low mortgages earlier capable of looking after their grandchildren, rather than still having to work.
----------------------------------------------------------------------
I don’t doubt that, but I was answering his question on how I could afford to buy at 20, we had to buy a terraced street house because that’s all we could afford, and like keep it greasy said, spent the next 10 uyears without making a penny on it, then moved up to a bigger house in 2001 and luckily for us the market exploded and it virtually tripled in value, like everyone else we were at the mercy of the housing market
----------------------------------------------------------------------
The actual answer is that house prices were comparatively lower and wages comparatively higher. If a whole generation (boomers) is basing their view on the younger generation on misinterpretation of information then we need some sort of re-education programme as it influences politics and all kinds of social and economic aspects of life.
"had to buy a terraced house" at 20..
LOL
Poor boy
comment by Pierre Reedy (U1734)
posted 1 minute ago
comment by Bobby Dazzler (U1449)
posted 5 minutes ago
comment by There'sOne7-0Reds (U1721)
posted 14 seconds ago
comment by Bobby Dazzler (U1449)
posted 52 seconds ago
comment by Pierre Reedy (U1734)
posted 35 minutes ago
comment by Bobby Dazzler (U1449)
posted 15 minutes ago
comment by Robb (Steve) Smith (U22716)
posted 3 seconds ago
comment by Bobby Dazzler (U1449)
posted 1 minute ago
Bought my first house at 20, I know it suits some people but I could never entertain the idea of renting
----------------------------------------------------------------------
No judgment but did you have help from your parents? Or did you buy a place at a time when the wages from a trolley pusher could get you a 4 bedroom detached house?
----------------------------------------------------------------------
No help from parents as neither of us came from money, and as I said, interest rates were around the 15% mark at the time, so we went without what a lot of young people today would take for granted just to pay the bills
----------------------------------------------------------------------
How did you actually afford a house when you were 20? I very much doubt it is just because you went without a £10 a month netflix subscription.
----------------------------------------------------------------------
What’s hard to understand, you pool your wages together and get a mortgage for what the bank will give you, millions of people did it
----------------------------------------------------------------------
Yes they did and it's become progressively more difficult to do so. In the past people had student fees paid for them, higher salaries comparatively speaking, lower interest rates on mortgage, retired parents who were able to pay off low mortgages earlier capable of looking after their grandchildren, rather than still having to work.
----------------------------------------------------------------------
I don’t doubt that, but I was answering his question on how I could afford to buy at 20, we had to buy a terraced street house because that’s all we could afford, and like keep it greasy said, spent the next 10 uyears without making a penny on it, then moved up to a bigger house in 2001 and luckily for us the market exploded and it virtually tripled in value, like everyone else we were at the mercy of the housing market
----------------------------------------------------------------------
The actual answer is that house prices were comparatively lower and wages comparatively higher. If a whole generation (boomers) is basing their view on the younger generation on misinterpretation of information then we need some sort of re-education programme as it influences politics and all kinds of social and economic aspects of life.
----------------------------------------------------------------------
Why did you ask me how I could afford to buy a house a 20 then?
comment by Pierre Reedy (U1734)
posted 5 minutes ago
"had to buy a terraced house" at 20..
LOL
Poor boy
----------------------------------------------------------------------
Well I’d have liked a house with a garden, that was in a better state of repair in a nicer area but there you go, sue me
comment by Bobby Dazzler (U1449)
posted 1 minute ago
comment by Pierre Reedy (U1734)
posted 1 minute ago
comment by Bobby Dazzler (U1449)
posted 5 minutes ago
comment by There'sOne7-0Reds (U1721)
posted 14 seconds ago
comment by Bobby Dazzler (U1449)
posted 52 seconds ago
comment by Pierre Reedy (U1734)
posted 35 minutes ago
comment by Bobby Dazzler (U1449)
posted 15 minutes ago
comment by Robb (Steve) Smith (U22716)
posted 3 seconds ago
comment by Bobby Dazzler (U1449)
posted 1 minute ago
Bought my first house at 20, I know it suits some people but I could never entertain the idea of renting
----------------------------------------------------------------------
No judgment but did you have help from your parents? Or did you buy a place at a time when the wages from a trolley pusher could get you a 4 bedroom detached house?
----------------------------------------------------------------------
No help from parents as neither of us came from money, and as I said, interest rates were around the 15% mark at the time, so we went without what a lot of young people today would take for granted just to pay the bills
----------------------------------------------------------------------
How did you actually afford a house when you were 20? I very much doubt it is just because you went without a £10 a month netflix subscription.
----------------------------------------------------------------------
What’s hard to understand, you pool your wages together and get a mortgage for what the bank will give you, millions of people did it
----------------------------------------------------------------------
Yes they did and it's become progressively more difficult to do so. In the past people had student fees paid for them, higher salaries comparatively speaking, lower interest rates on mortgage, retired parents who were able to pay off low mortgages earlier capable of looking after their grandchildren, rather than still having to work.
----------------------------------------------------------------------
I don’t doubt that, but I was answering his question on how I could afford to buy at 20, we had to buy a terraced street house because that’s all we could afford, and like keep it greasy said, spent the next 10 uyears without making a penny on it, then moved up to a bigger house in 2001 and luckily for us the market exploded and it virtually tripled in value, like everyone else we were at the mercy of the housing market
----------------------------------------------------------------------
The actual answer is that house prices were comparatively lower and wages comparatively higher. If a whole generation (boomers) is basing their view on the younger generation on misinterpretation of information then we need some sort of re-education programme as it influences politics and all kinds of social and economic aspects of life.
----------------------------------------------------------------------
Why did you ask me how I could afford to buy a house a 20 then?
----------------------------------------------------------------------
Trying to get you to understand the reasons why you could afford a terraced house when you were 20 and 20 year olds now can't afford to rent a room in someone's flat. It is more effective if you come to the conclusion yourself as then you are actually learning instead of being told. A long way to go if this is still the boomer viewpoint.
Ffs, boomer this, boomer that, if you’re going to throw silly snipey little comments about, at least get your years right
Home ownership is all messed up in this country (and others). It should simply be about providing homes for everyone to afford and live safely, instead it's all about making money.
Luckily I own a place in London with my partner from 5k my family gave me 15 years ago, the mortgage is far cheaper than any rent we would have to pay (for now anyway, things are gonna get messy for most home owners and renters soon).
Was "lucky" enough to get made redundant at 22 from a job that did a very profitable share scheme that I was able to put a £43k deposit down on a £93k flat.
One of my major regrets in life will always be not buying a house 20 years earlier.
comment by Bobby Dazzler (U1449)
posted 7 minutes ago
Ffs, boomer this, boomer that, if you’re going to throw silly snipey little comments about, at least get your years right
----------------------------------------------------------------------
I honestly don’t know why people bother replying to Barry.
Sign in if you want to comment
Home Ownership
Page 2 of 6
6
posted on 4/7/23
Location, location always.
Renting for the first time in my life and it is grim. Not the place itself but the feeling of uselessness that there's no point making it any nicer. I've fixed their shower, fixed a poorly installed drainpipe, fixed numerous simple things but just know they're gonna inspect it at the end and try to deduct daft money for there being a scuff on the emulsion somewhere.
Just between houses, hopefully out in 3 months. Bought first one in my early 20s soon as I had a job. Parents never helped other than stayed with them rent free up to that point. New place was riddled with dry rot but fixed it all up for a tiny profit though not if you consider the repair costs. Guy that bought it died shortly after.
Always look for a unique house. It will always appeal to somebody. Buying stock scheite on an estate your price will be decided by others' prices no matter how well you keep or improve yours.
Feels much harder to get on the ladder these days though looking back I worked like a trojan multiple jobs at a time, saved since I was a teen, invested in education, and yes, went without lots of things many take for granted. Not beer right enough! Married my missus when she was still at uni and went without even more things. Found a way.
Worked my way up the property ladder and now working my way down it. The stealth taxes on property are a disgrace. Country is fecked.
posted on 4/7/23
comment by Busby (U19985)
posted 57 seconds ago
"how is the average 25 year old supposed to find a £50k deposit??"
Between two people, it isn't unreasonable. Most 25 year olds out of uni are asking for £30k plus, if living at home that is doable in a couple of years.
People want things without sacrifice these days.
----------------------------------------------------------------------
It's still unreasonable.
You still have to pay tax, NI, you should be helping your parents with bills, food etc.
The unreasonableness of it all is built by design. They want us all to rent all our lives.
Own nothing and be happy.
posted on 4/7/23
Bought my first house in 1990, no help from anyone, just mortgaged up to the hilt.
The market crashed even further and I spent 10 years in negative equity.
Met the girl I eventually married and we moved to our own place in 2001 and paid the mortgage off 5 years ago.
I would never rent - it's a mugs game, you're basically paying off the landlords mortgage for him.
posted on 4/7/23
comment by Ji Sung Park's Cousin (U2958)
posted 4 seconds ago
comment by Busby (U19985)
posted 57 seconds ago
"how is the average 25 year old supposed to find a £50k deposit??"
Between two people, it isn't unreasonable. Most 25 year olds out of uni are asking for £30k plus, if living at home that is doable in a couple of years.
People want things without sacrifice these days.
----------------------------------------------------------------------
It's still unreasonable.
You still have to pay tax, NI, you should be helping your parents with bills, food etc.
The unreasonableness of it all is built by design. They want us all to rent all our lives.
Own nothing and be happy.
----------------------------------------------------------------------
Yeah, Lloyds have indicated they’d like to become a landlord for the nation already.
The latency of the BoE raising interest rates and the government refusing to act on inflation by raising any taxes (predominantly VAT) is going to hurt us for the next 5-10 years, instead of what could’ve been a lot less painful.
posted on 4/7/23
The decision depends on where and when. If you're in a country with rent controls and rigorous protections for renters, then renting may be cheaper and provide a good balance of flexibility and security. In the UK under most circumstances you're better off buying if you can afford the deposit. However, that calculation may be under doubt if high interest rates persist in the medium term. Then again, I guess landlords will want to pass on those costs to renters.
posted on 4/7/23
comment by Pierre Reedy (U1734)
posted 35 minutes ago
comment by Bobby Dazzler (U1449)
posted 15 minutes ago
comment by Robb (Steve) Smith (U22716)
posted 3 seconds ago
comment by Bobby Dazzler (U1449)
posted 1 minute ago
Bought my first house at 20, I know it suits some people but I could never entertain the idea of renting
----------------------------------------------------------------------
No judgment but did you have help from your parents? Or did you buy a place at a time when the wages from a trolley pusher could get you a 4 bedroom detached house?
----------------------------------------------------------------------
No help from parents as neither of us came from money, and as I said, interest rates were around the 15% mark at the time, so we went without what a lot of young people today would take for granted just to pay the bills
----------------------------------------------------------------------
How did you actually afford a house when you were 20? I very much doubt it is just because you went without a £10 a month netflix subscription.
----------------------------------------------------------------------
What’s hard to understand, you pool your wages together and get a mortgage for what the bank will give you, millions of people did it
posted on 4/7/23
Surely you've got to have a massive pension to rent forever?
posted on 4/7/23
comment by Busby (U19985)
posted 1 minute ago
comment by Ji Sung Park's Cousin (U2958)
posted 4 seconds ago
comment by Busby (U19985)
posted 57 seconds ago
"how is the average 25 year old supposed to find a £50k deposit??"
Between two people, it isn't unreasonable. Most 25 year olds out of uni are asking for £30k plus, if living at home that is doable in a couple of years.
People want things without sacrifice these days.
----------------------------------------------------------------------
It's still unreasonable.
You still have to pay tax, NI, you should be helping your parents with bills, food etc.
The unreasonableness of it all is built by design. They want us all to rent all our lives.
Own nothing and be happy.
----------------------------------------------------------------------
Yeah, Lloyds have indicated they’d like to become a landlord for the nation already.
The latency of the BoE raising interest rates and the government refusing to act on inflation by raising any taxes (predominantly VAT) is going to hurt us for the next 5-10 years, instead of what could’ve been a lot less painful.
----------------------------------------------------------------------
are you seriously promoting a VAT rise as a solution ? An indiscriminate increase in the price of everything
posted on 4/7/23
comment by Taki Minamino (U20650)
posted 47 minutes ago
comment by Bobby Dazzler (U1449)
posted 6 minutes ago
comment by Robb (Steve) Smith (U22716)
posted 3 seconds ago
comment by Bobby Dazzler (U1449)
posted 1 minute ago
Bought my first house at 20, I know it suits some people but I could never entertain the idea of renting
----------------------------------------------------------------------
No judgment but did you have help from your parents? Or did you buy a place at a time when the wages from a trolley pusher could get you a 4 bedroom detached house?
----------------------------------------------------------------------
No help from parents as neither of us came from money, and as I said, interest rates were around the 15% mark at the time, so we went without what a lot of young people today would take for granted just to pay the bills
----------------------------------------------------------------------
wages to house price ratio?
----------------------------------------------------------------------
This! Netflix subscriptions don't bridge the difference between affordability of accommodation 40-50 years ago and today. Cost of accommodation (rent or mortgage as proportion of annual income is way way higher than it used to be, whatever the interest rates).
posted on 4/7/23
comment by Bobby Dazzler (U1449)
posted 52 seconds ago
comment by Pierre Reedy (U1734)
posted 35 minutes ago
comment by Bobby Dazzler (U1449)
posted 15 minutes ago
comment by Robb (Steve) Smith (U22716)
posted 3 seconds ago
comment by Bobby Dazzler (U1449)
posted 1 minute ago
Bought my first house at 20, I know it suits some people but I could never entertain the idea of renting
----------------------------------------------------------------------
No judgment but did you have help from your parents? Or did you buy a place at a time when the wages from a trolley pusher could get you a 4 bedroom detached house?
----------------------------------------------------------------------
No help from parents as neither of us came from money, and as I said, interest rates were around the 15% mark at the time, so we went without what a lot of young people today would take for granted just to pay the bills
----------------------------------------------------------------------
How did you actually afford a house when you were 20? I very much doubt it is just because you went without a £10 a month netflix subscription.
----------------------------------------------------------------------
What’s hard to understand, you pool your wages together and get a mortgage for what the bank will give you, millions of people did it
----------------------------------------------------------------------
Yes they did and it's become progressively more difficult to do so. In the past people had student fees paid for them, higher salaries comparatively speaking, lower interest rates on mortgage, retired parents who were able to pay off low mortgages earlier capable of looking after their grandchildren, rather than still having to work.
posted on 4/7/23
I did both, but prefer owning. Not for financial reasons, but because it felt more like home.
posted on 4/7/23
comment by There'sOne7-0Reds (U1721)
posted 14 seconds ago
comment by Bobby Dazzler (U1449)
posted 52 seconds ago
comment by Pierre Reedy (U1734)
posted 35 minutes ago
comment by Bobby Dazzler (U1449)
posted 15 minutes ago
comment by Robb (Steve) Smith (U22716)
posted 3 seconds ago
comment by Bobby Dazzler (U1449)
posted 1 minute ago
Bought my first house at 20, I know it suits some people but I could never entertain the idea of renting
----------------------------------------------------------------------
No judgment but did you have help from your parents? Or did you buy a place at a time when the wages from a trolley pusher could get you a 4 bedroom detached house?
----------------------------------------------------------------------
No help from parents as neither of us came from money, and as I said, interest rates were around the 15% mark at the time, so we went without what a lot of young people today would take for granted just to pay the bills
----------------------------------------------------------------------
How did you actually afford a house when you were 20? I very much doubt it is just because you went without a £10 a month netflix subscription.
----------------------------------------------------------------------
What’s hard to understand, you pool your wages together and get a mortgage for what the bank will give you, millions of people did it
----------------------------------------------------------------------
Yes they did and it's become progressively more difficult to do so. In the past people had student fees paid for them, higher salaries comparatively speaking, lower interest rates on mortgage, retired parents who were able to pay off low mortgages earlier capable of looking after their grandchildren, rather than still having to work.
----------------------------------------------------------------------
I don’t doubt that, but I was answering his question on how I could afford to buy at 20, we had to buy a terraced street house because that’s all we could afford, and like keep it greasy said, spent the next 10 uyears without making a penny on it, then moved up to a bigger house in 2001 and luckily for us the market exploded and it virtually tripled in value, like everyone else we were at the mercy of the housing market
posted on 4/7/23
I think you should own your property, I bought a ground floor flat in West London three years ago for £235k and it was a bargain at that price. Easy transport to the M25, A40 and tube station.
My mortgage is much more cheaper monthly than if I wanted to rent, although god knows how true that statement will hold when my fixed rate expires in 22 months time.
posted on 4/7/23
comment by Chris H (U15205)
posted 21 minutes ago
comment by Two Balls, One Saka (U19684)
posted 11 minutes ago
The housing market and rental market are so fecked here in Australia. It's proof if ever it was needed that insane housing bubbles are about poor governing rather than space or land availability.
At least the wages to rent ratio still isn't as bad as many parts of the UK but as we all no doubt know the UK isn't exactly a country worth comparing yours to nowadays anyway
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Shame its gone that way, a few of my friends still out there mentioned the rental crisis
When I was last there looking for rentals, it was unbelievably good. Salaries more than matched the 'expensive' rent, and me and the mrs with half-decent jobs could have our pick of the places on the Eastern suburbs of Sydney.
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It would be a massive struggle to rent somewhere decent on even a fairly decent single income which wasn't always the case. I guess though it feels worse here than maybe it really is because it's so much worse than only a few years ago, overall it's probably still not that bad if you know what I mean.
That said, we were lucky enough not to be involved in the sub $500 per week market, I spoke to an estate agent just generally about how hard we might find getting somewhere when first looking but the budget we were looking at wasn't too bad really, although it is bloody expensive!
That $400-500 bracket which is about as low as you'll now find anywhere in a city or worth living, is apparently an absolute nightmare with people queuing around the corner to view the place and all submitting desperate applications.
Our previous rental which we took back in 2019 we were shown around solo, applied (probably as the only applicants) and got it easily. That same place had two groups of 30 people go around it when we were leaving.
posted on 4/7/23
Bought our first house - a 3 bed terrace in 2007 just before the crash.
Although, we had no deposit, I applied for a personal loan which I used as the deposit some months later.
First few years were difficult because I was paying off both the loan and mortgage.
Fast forward to our third home move last year, I am really happy I took that risk then.
posted on 4/7/23
comment by Bobby Dazzler (U1449)
posted 5 minutes ago
comment by There'sOne7-0Reds (U1721)
posted 14 seconds ago
comment by Bobby Dazzler (U1449)
posted 52 seconds ago
comment by Pierre Reedy (U1734)
posted 35 minutes ago
comment by Bobby Dazzler (U1449)
posted 15 minutes ago
comment by Robb (Steve) Smith (U22716)
posted 3 seconds ago
comment by Bobby Dazzler (U1449)
posted 1 minute ago
Bought my first house at 20, I know it suits some people but I could never entertain the idea of renting
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No judgment but did you have help from your parents? Or did you buy a place at a time when the wages from a trolley pusher could get you a 4 bedroom detached house?
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No help from parents as neither of us came from money, and as I said, interest rates were around the 15% mark at the time, so we went without what a lot of young people today would take for granted just to pay the bills
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How did you actually afford a house when you were 20? I very much doubt it is just because you went without a £10 a month netflix subscription.
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What’s hard to understand, you pool your wages together and get a mortgage for what the bank will give you, millions of people did it
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Yes they did and it's become progressively more difficult to do so. In the past people had student fees paid for them, higher salaries comparatively speaking, lower interest rates on mortgage, retired parents who were able to pay off low mortgages earlier capable of looking after their grandchildren, rather than still having to work.
----------------------------------------------------------------------
I don’t doubt that, but I was answering his question on how I could afford to buy at 20, we had to buy a terraced street house because that’s all we could afford, and like keep it greasy said, spent the next 10 uyears without making a penny on it, then moved up to a bigger house in 2001 and luckily for us the market exploded and it virtually tripled in value, like everyone else we were at the mercy of the housing market
----------------------------------------------------------------------
The actual answer is that house prices were comparatively lower and wages comparatively higher. If a whole generation (boomers) is basing their view on the younger generation on misinterpretation of information then we need some sort of re-education programme as it influences politics and all kinds of social and economic aspects of life.
posted on 4/7/23
"had to buy a terraced house" at 20..
LOL
Poor boy
posted on 4/7/23
comment by Pierre Reedy (U1734)
posted 1 minute ago
comment by Bobby Dazzler (U1449)
posted 5 minutes ago
comment by There'sOne7-0Reds (U1721)
posted 14 seconds ago
comment by Bobby Dazzler (U1449)
posted 52 seconds ago
comment by Pierre Reedy (U1734)
posted 35 minutes ago
comment by Bobby Dazzler (U1449)
posted 15 minutes ago
comment by Robb (Steve) Smith (U22716)
posted 3 seconds ago
comment by Bobby Dazzler (U1449)
posted 1 minute ago
Bought my first house at 20, I know it suits some people but I could never entertain the idea of renting
----------------------------------------------------------------------
No judgment but did you have help from your parents? Or did you buy a place at a time when the wages from a trolley pusher could get you a 4 bedroom detached house?
----------------------------------------------------------------------
No help from parents as neither of us came from money, and as I said, interest rates were around the 15% mark at the time, so we went without what a lot of young people today would take for granted just to pay the bills
----------------------------------------------------------------------
How did you actually afford a house when you were 20? I very much doubt it is just because you went without a £10 a month netflix subscription.
----------------------------------------------------------------------
What’s hard to understand, you pool your wages together and get a mortgage for what the bank will give you, millions of people did it
----------------------------------------------------------------------
Yes they did and it's become progressively more difficult to do so. In the past people had student fees paid for them, higher salaries comparatively speaking, lower interest rates on mortgage, retired parents who were able to pay off low mortgages earlier capable of looking after their grandchildren, rather than still having to work.
----------------------------------------------------------------------
I don’t doubt that, but I was answering his question on how I could afford to buy at 20, we had to buy a terraced street house because that’s all we could afford, and like keep it greasy said, spent the next 10 uyears without making a penny on it, then moved up to a bigger house in 2001 and luckily for us the market exploded and it virtually tripled in value, like everyone else we were at the mercy of the housing market
----------------------------------------------------------------------
The actual answer is that house prices were comparatively lower and wages comparatively higher. If a whole generation (boomers) is basing their view on the younger generation on misinterpretation of information then we need some sort of re-education programme as it influences politics and all kinds of social and economic aspects of life.
----------------------------------------------------------------------
Why did you ask me how I could afford to buy a house a 20 then?
posted on 4/7/23
comment by Pierre Reedy (U1734)
posted 5 minutes ago
"had to buy a terraced house" at 20..
LOL
Poor boy
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Well I’d have liked a house with a garden, that was in a better state of repair in a nicer area but there you go, sue me
posted on 4/7/23
comment by Bobby Dazzler (U1449)
posted 1 minute ago
comment by Pierre Reedy (U1734)
posted 1 minute ago
comment by Bobby Dazzler (U1449)
posted 5 minutes ago
comment by There'sOne7-0Reds (U1721)
posted 14 seconds ago
comment by Bobby Dazzler (U1449)
posted 52 seconds ago
comment by Pierre Reedy (U1734)
posted 35 minutes ago
comment by Bobby Dazzler (U1449)
posted 15 minutes ago
comment by Robb (Steve) Smith (U22716)
posted 3 seconds ago
comment by Bobby Dazzler (U1449)
posted 1 minute ago
Bought my first house at 20, I know it suits some people but I could never entertain the idea of renting
----------------------------------------------------------------------
No judgment but did you have help from your parents? Or did you buy a place at a time when the wages from a trolley pusher could get you a 4 bedroom detached house?
----------------------------------------------------------------------
No help from parents as neither of us came from money, and as I said, interest rates were around the 15% mark at the time, so we went without what a lot of young people today would take for granted just to pay the bills
----------------------------------------------------------------------
How did you actually afford a house when you were 20? I very much doubt it is just because you went without a £10 a month netflix subscription.
----------------------------------------------------------------------
What’s hard to understand, you pool your wages together and get a mortgage for what the bank will give you, millions of people did it
----------------------------------------------------------------------
Yes they did and it's become progressively more difficult to do so. In the past people had student fees paid for them, higher salaries comparatively speaking, lower interest rates on mortgage, retired parents who were able to pay off low mortgages earlier capable of looking after their grandchildren, rather than still having to work.
----------------------------------------------------------------------
I don’t doubt that, but I was answering his question on how I could afford to buy at 20, we had to buy a terraced street house because that’s all we could afford, and like keep it greasy said, spent the next 10 uyears without making a penny on it, then moved up to a bigger house in 2001 and luckily for us the market exploded and it virtually tripled in value, like everyone else we were at the mercy of the housing market
----------------------------------------------------------------------
The actual answer is that house prices were comparatively lower and wages comparatively higher. If a whole generation (boomers) is basing their view on the younger generation on misinterpretation of information then we need some sort of re-education programme as it influences politics and all kinds of social and economic aspects of life.
----------------------------------------------------------------------
Why did you ask me how I could afford to buy a house a 20 then?
----------------------------------------------------------------------
Trying to get you to understand the reasons why you could afford a terraced house when you were 20 and 20 year olds now can't afford to rent a room in someone's flat. It is more effective if you come to the conclusion yourself as then you are actually learning instead of being told. A long way to go if this is still the boomer viewpoint.
posted on 4/7/23
Ffs, boomer this, boomer that, if you’re going to throw silly snipey little comments about, at least get your years right
posted on 4/7/23
Home ownership is all messed up in this country (and others). It should simply be about providing homes for everyone to afford and live safely, instead it's all about making money.
Luckily I own a place in London with my partner from 5k my family gave me 15 years ago, the mortgage is far cheaper than any rent we would have to pay (for now anyway, things are gonna get messy for most home owners and renters soon).
posted on 4/7/23
Was "lucky" enough to get made redundant at 22 from a job that did a very profitable share scheme that I was able to put a £43k deposit down on a £93k flat.
posted on 4/7/23
One of my major regrets in life will always be not buying a house 20 years earlier.
posted on 4/7/23
comment by Bobby Dazzler (U1449)
posted 7 minutes ago
Ffs, boomer this, boomer that, if you’re going to throw silly snipey little comments about, at least get your years right
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I honestly don’t know why people bother replying to Barry.
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