Will the plan work to turn generation rent into buy?
Discussion
Groat said:
In reality it's 16 miles or 20 minutes in a car/bus/train.
But I thought everyone worked from home or did something online especially since the collapse of the highstreets and offices shut coz covid?
Glasgow's dumps have recently had a price jump but you're not far away and there's loads at £50-£80k which really doesn't require either much deposit or much income to buy.
So there really is no problem for millenials in Glasgow or virtually anywhere else other than a few hotspots.
Fair enough on distance by car, but it's an hour from Kilmarnock on the bus and there's no train unless you walk for 40 minutes to Auchinleck!But I thought everyone worked from home or did something online especially since the collapse of the highstreets and offices shut coz covid?
Glasgow's dumps have recently had a price jump but you're not far away and there's loads at £50-£80k which really doesn't require either much deposit or much income to buy.
So there really is no problem for millenials in Glasgow or virtually anywhere else other than a few hotspots.
Edited by Groat on Tuesday 6th April 00:40
1-beds are affordable, but how long can you realistically plan to live in one before needing a bit more space? There's fixed costs around buying a house that you can't avoid, don't you need to be sure you're staying there for at least the mid-long term; else it's not economical? In most areas they don't appreciate in value quite like 2+ bedroom properties do either.
Groat said:
BOO HOO!! WAH! WAH! It's not NIIIIICE enough!! It's not got enough AMEEEEEENITIES!!! It's not in a city centre HOTSPOT!!!
It's EX_COUNCIL!!!!!! It needs a FORTUNE SPENT to make it into 1 Hyde PAAAAARK!!! It doesn't come with a JOOOOOOOB at the wages I demand and I'd have to work from HOOOOOOME or do something ONLINE so I'm just going to SCWEAM and SCWEAM and SCWEAM until somebody sorts it ouuuuut for meeeee!!! BOO HOO!! WAH!! WAH!!
f
k off and learn to cut your cloth according to your measure....
Wow. You really went off the deep end there didn’t you? It's EX_COUNCIL!!!!!! It needs a FORTUNE SPENT to make it into 1 Hyde PAAAAARK!!! It doesn't come with a JOOOOOOOB at the wages I demand and I'd have to work from HOOOOOOME or do something ONLINE so I'm just going to SCWEAM and SCWEAM and SCWEAM until somebody sorts it ouuuuut for meeeee!!! BOO HOO!! WAH!! WAH!!
f
k off and learn to cut your cloth according to your measure....I own a perfectly nice house thanks. What a weirdo.
Imagine being such a triggered snowflake that you get set off like that.
Edited by anonymous-user on Tuesday 6th April 01:07
MrMan001 said:
Fair enough on distance by car, but it's an hour from Kilmarnock on the bus and there's no train unless you walk for 40 minutes to Auchinleck!
1-beds are affordable, but how long can you realistically plan to live in one before needing a bit more space? There's fixed costs around buying a house that you can't avoid, don't you need to be sure you're staying there for at least the mid-long term; else it's not economical? In most areas they don't appreciate in value quite like 2+ bedroom properties do either.
Like many boomers my first ‘car’ was a motorbike. 1-beds are affordable, but how long can you realistically plan to live in one before needing a bit more space? There's fixed costs around buying a house that you can't avoid, don't you need to be sure you're staying there for at least the mid-long term; else it's not economical? In most areas they don't appreciate in value quite like 2+ bedroom properties do either.
And then a banger. Do they all REALLY have to have a Golf R or a Fiesta ST nowadays?
And you realistically stay in that low price one bed until you can AFFORD more space or more rooms or whatever.
Gooose said:
Loads of people are moaning about how hard it is to buy but around me you can buy a two bed terrace for 80k, I mean come on, why can’t someone save up for that?
Rent a room rather than a house, move back in with parents, work more, don’t have car finance, don’t have a phone loan for a god dam iPhone 20 or whatever, don’t have pets, don’t buy stupid amounts of clothes, upskill yourself for better job prospects, don’t live in big city’s, the list goes on.
The sacrifices the older generation made for their life is incomparible to younger people these days.
I’m selling my house I rented out due to the housing market but the younger tenants I had just couldn’t make sound financial judgements.
£80K for a house!! Rent a room rather than a house, move back in with parents, work more, don’t have car finance, don’t have a phone loan for a god dam iPhone 20 or whatever, don’t have pets, don’t buy stupid amounts of clothes, upskill yourself for better job prospects, don’t live in big city’s, the list goes on.
The sacrifices the older generation made for their life is incomparible to younger people these days.
I’m selling my house I rented out due to the housing market but the younger tenants I had just couldn’t make sound financial judgements.
Where in the UK was that? Where I live you'd probably have to pay that for a double garage.
I accepted an offer of £280K for my 2 bedroom end-of-terrace in Berkshire last week that is still 30 miles or so from London!
Similar houses to mine rent for £1,100 a month so how are people supposed to pay that and also save towards a deposit?
No wonder people living in certain parts of the UK think anyone with a £500K house is some sort of multi-millionaire - but in the outer London Boroughs that might just get you a 3 bed Semi!
Reality check for Northerners!
Although it does seem a bit pointless buying when you could just rent and spend money like it's going out of fashion - at least you could prior to CV-19.
My mother owned a retirement flat and because she owned it there was no State help so she spent over £28K on private carers between 2013 and 2019.
Then she had to move into a residential home which cost over £40K in 14 months, but luckily we managed to sell her flat before she got too far in arrears.
But money is irrelevant when I only saw her twice after the lockdown in March 2020 (August and September) before she died in November 2020 at 98 having missed her birthday, my birthday, my sister's birthday and most importantly her great grand-daughters's 4th birthday.
Allowing 2 visitors at care homes would have been great, but for my Mum it's way too late.
But I really can't see generation "Rent" buying - it seems to be all about instant gratification these days with no regard to the long-term.
Edited by Mr Tidy on Tuesday 6th April 05:11
Second Best said:
Jesus, is the divorce that imminent? You seem to be very bitter towards younger people, assumedly because they probably have better assets and quality of life than you. It's quite often that my generation is seen to be the immature and unreasonable one, but it appears that a self-proclaimed "boomer" is throwing the toys out of the proverbial pram for no real reason.
PH used to be a decent place to have a chat regardless of age or status, if it's now full of this type of melt then perhaps we're best letting forums die out whilst we use more modern social media platforms.
Groat’s actually done very well from running a slum housing empire, so it’s not jealousy. However, he never seems to get that not everyone can do the same - or wants to. For example saying the school is good when the area in the stats is shown not to be etc etc. He’s a typical boomer that has done well, likely partly through the house price rises, and ignores the massive benefits that have happened through the life’s of boomers which benefitted them now, and gets triggered if this is mentioned. PH used to be a decent place to have a chat regardless of age or status, if it's now full of this type of melt then perhaps we're best letting forums die out whilst we use more modern social media platforms.
It’s amazing they accuse them of being complaining snowflakes, yet if you look at many websites/Facebook etc it’s the boomers who complain about the millennials (and often the generation after - who are now not millennials). Not to mention if it is so bad then who is to blame - the bad generation, or the ones that raised them?
Biggy Stardust said:
This sort of thing isn't based on facts & figures, though. It's typically jealousy wrapped in a caring socialist-type surround.
So much better to take what someone has worked for & give it to someone who hasn't worked for it.
For some people, but as we’ve discussed before many work just as hard for far less reward. I earn far more than the national average, and yet know many of those earning far less than me will work far harder. Work does not equal reward a lot of the time. Even people in the same industry as me will have very different outlooks depending when they graduated. So much better to take what someone has worked for & give it to someone who hasn't worked for it.
ARHarh said:
you can buy a 2 bed terraced house round here for £110k and the last time I tried to find a job it took 2 applications and I landed a £35k job. I have no qualifications but I did have a lot of experience. Don't tell me it can't be done.
Two bed terraced houses round here start at 19k.To me, there isn't a shortage or properties for sale. There's just a shortage of properties that people want to live in.
Take two bed terraced houses as an example. No one wants to live in them.
ThatGuyWhoDoesStuff said:
Except the boomers didn't do that.
What do you propose will happen when the hundreds of thousands of people struggling to get on the property ladder all turn up for the open day in that flat?
It's a common theme in these discussions - some idiot opens rightmove and searches by 'lowest price first,' then posts a sthole in the middle of nowhere which needs £50,000 spending to make it livable, with no jobs other than sheep sheering.
YepWhat do you propose will happen when the hundreds of thousands of people struggling to get on the property ladder all turn up for the open day in that flat?
It's a common theme in these discussions - some idiot opens rightmove and searches by 'lowest price first,' then posts a s
thole in the middle of nowhere which needs £50,000 spending to make it livable, with no jobs other than sheep sheering. My parents aren't necessarily typical but their first home they owned was a decent sized three bed terraced in an OK street. Bought for a few thousand in the late seventies. Probably worth 3/4 million now if they had held on to it.
When these threads come up we always have those who have benefitted from the property bubble telling the young to stop complaining and buy some place in a sh*t hole. Either that or telling them if they stopped wasting a couple of hundred pounds a month on "luxuries" they would be able to afford housing that was originally built for the working class and now costs upwards of 1/2 million.
We have a property bubble and one that has been deliberately inflated by politicians of all parties for years. Every time a crisis comes along they pump more hot air into it. As a result the young cannot afford to buy the type of properties their parents could, even at record low interest rates.
Deflating the bubble would likely cause a financial collapse so we are were we are. All they can realistically hope to do is try and hold prices stable and let earnings catch up.
JagLover said:
ThatGuyWhoDoesStuff said:
Except the boomers didn't do that.
What do you propose will happen when the hundreds of thousands of people struggling to get on the property ladder all turn up for the open day in that flat?
It's a common theme in these discussions - some idiot opens rightmove and searches by 'lowest price first,' then posts a sthole in the middle of nowhere which needs £50,000 spending to make it livable, with no jobs other than sheep sheering.
YepWhat do you propose will happen when the hundreds of thousands of people struggling to get on the property ladder all turn up for the open day in that flat?
It's a common theme in these discussions - some idiot opens rightmove and searches by 'lowest price first,' then posts a s
thole in the middle of nowhere which needs £50,000 spending to make it livable, with no jobs other than sheep sheering. My parents aren't necessarily typical but their first home they owned was a decent sized three bed terraced in an OK street. Bought for a few thousand in the late seventies. Probably worth 3/4 million now if they had held on to it.
When these threads come up we always have those who have benefitted from the property bubble telling the young to stop complaining and buy some place in a sh*t hole. Either that or telling them if they stopped wasting a couple of hundred pounds a month on "luxuries" they would be able to afford housing that was originally built for the working class and now costs upwards of 1/2 million.
We have a property bubble and one that has been deliberately inflated by politicians of all parties for years. Every time a crisis comes along they pump more hot air into it. As a result the young cannot afford to buy the type of properties their parents could, even at record low interest rates.
Deflating the bubble would likely cause a financial collapse so we are were we are. All they can realistically hope to do is try and hold prices stable and let earnings catch up.
State help to buy seems like a good idea, but should the state not buy the property back when first buyer sells so they can then resell to another 1st time buyer in each case equity ia shared.
Also people might have to live with less. 20 years ago, 40 years ago there were simply less things to consume, and pcp was not avalible so we had older (arguably less safe) cars etc.
I did have a look on right move and found this. https://www.rightmove.co.uk/properties/79217412#/ as a student I lived in this area in Sheffield I liked it and would have happily lived there post uni though my work means I am london based. So houses are affordable but not always where you work. An its there where the state should help. I don't think the state will, uni fees, higher taxes as you earn more, attack on freelancers (which is a growing way of working in modern world), corp tax rises (which will be passed on to consumers), public transport costs which rise each year when wages do not.
It does not look positive for young people
JuanCarlosFandango said:
True, but then quite a lot of what could be called poor planning is encouraged. Run up £50k of debts at university, go and do a gap year or two. So people are in their mid 20s by the time they're considering houses.
Also depending where your parents live and what you do, local opportunities may be extremely limited or non existent so you're into the rent trap before you start.
It’s not a “trap” if you rent a room in a shared house somewhere cheap.Also depending where your parents live and what you do, local opportunities may be extremely limited or non existent so you're into the rent trap before you start.
MrMan001 said:
Fair enough on distance by car, but it's an hour from Kilmarnock on the bus and there's no train unless you walk for 40 minutes to Auchinleck!
1-beds are affordable, but how long can you realistically plan to live in one before needing a bit more space?
My wife and I were in a room in a shared house for a year, then a one bedroom flat for five.1-beds are affordable, but how long can you realistically plan to live in one before needing a bit more space?
The number of excuses being trotted out here as to why no-one can compromise is quite eye-opening, and more than a little disappointing.
Mr Tidy said:
£80K for a house!!
Where in the UK was that? Where I live you'd probably have to pay that for a double garage.
I accepted an offer of £280K for my 2 bedroom end-of-terrace in Berkshire last week that is still 30 miles or so from London!
Similar houses to mine rent for £1,100 a month so how are people supposed to pay that and also save towards a deposit?
No wonder people living in certain parts of the UK think anyone with a £500K house is some sort of multi-millionaire - but in the outer London Boroughs that might just get you a 3 bed Semi!
Reality check for Northerners!
I’m a Northerner. I’m not sure what point you’re making with your £280k house though. I don’t think you could recreate any of the garages of my neighbours in Newcastle for that much let alone buy their house.Where in the UK was that? Where I live you'd probably have to pay that for a double garage.
I accepted an offer of £280K for my 2 bedroom end-of-terrace in Berkshire last week that is still 30 miles or so from London!
Similar houses to mine rent for £1,100 a month so how are people supposed to pay that and also save towards a deposit?
No wonder people living in certain parts of the UK think anyone with a £500K house is some sort of multi-millionaire - but in the outer London Boroughs that might just get you a 3 bed Semi!
Reality check for Northerners!
Edited by Mr Tidy on Tuesday 6th April 05:11
JagLover said:
Yep
My parents aren't necessarily typical but their first home they owned was a decent sized three bed terraced in an OK street. Bought for a few thousand in the late seventies. Probably worth 3/4 million now if they had held on to it.
When these threads come up we always have those who have benefitted from the property bubble telling the young to stop complaining and buy some place in a sh*t hole. Either that or telling them if they stopped wasting a couple of hundred pounds a month on "luxuries" they would be able to afford housing that was originally built for the working class and now costs upwards of 1/2 million.
We have a property bubble and one that has been deliberately inflated by politicians of all parties for years. Every time a crisis comes along they pump more hot air into it. As a result the young cannot afford to buy the type of properties their parents could, even at record low interest rates.
Deflating the bubble would likely cause a financial collapse so we are were we are. All they can realistically hope to do is try and hold prices stable and let earnings catch up.
This isn't a new - or particularly undesirable - phenomenon. Places that offer good quality jobs grow. As they grow, what were "working class" homes on the outskirts of settlements tend to go through a usually brief period as forgotten communities before becoming desirable inner suburbs and the "working class" move further out, accessing either local jobs or jobs in the central activity zone of the settlement, accessed by improved public transport links. The better the public transport links, the more likely (usually) that people will still migrate into the settlement centre - hence London is a tri-centric city, whereas Paris, with its much worse suburban public transport network is more poly-centric.My parents aren't necessarily typical but their first home they owned was a decent sized three bed terraced in an OK street. Bought for a few thousand in the late seventies. Probably worth 3/4 million now if they had held on to it.
When these threads come up we always have those who have benefitted from the property bubble telling the young to stop complaining and buy some place in a sh*t hole. Either that or telling them if they stopped wasting a couple of hundred pounds a month on "luxuries" they would be able to afford housing that was originally built for the working class and now costs upwards of 1/2 million.
We have a property bubble and one that has been deliberately inflated by politicians of all parties for years. Every time a crisis comes along they pump more hot air into it. As a result the young cannot afford to buy the type of properties their parents could, even at record low interest rates.
Deflating the bubble would likely cause a financial collapse so we are were we are. All they can realistically hope to do is try and hold prices stable and let earnings catch up.
Taking my own family as a microcosm of this, in the early 30s my Grandparents bought their first London home in Chelsea, because they couldn't afford Belgravia where my great grandparents lived. In the early 60s, my parents bought in Holland Park because they couldn't afford Chelsea or Kensington. In the mid eighties, my brother bought in Fulham because he couldn't afford Holland Park/Notting Hill and, in the early 90s, I bought in Clapham because I couldn't afford Fulham.
Assuming London's continued growth trajectory, I doubt my daughters will be able to buy their first flats in Clapham and will probably be looking at somewhere like Tooting/Crystal Palace
Groat said:
BOO HOO!! WAH! WAH! It's not NIIIIICE enough!! It's not got enough AMEEEEEENITIES!!! It's not in a city centre HOTSPOT!!!
It's EX_COUNCIL!!!!!! It needs a FORTUNE SPENT to make it into 1 Hyde PAAAAARK!!! It doesn't come with a JOOOOOOOB at the wages I demand and I'd have to work from HOOOOOOME or do something ONLINE so I'm just going to SCWEAM and SCWEAM and SCWEAM until somebody sorts it ouuuuut for meeeee!!! BOO HOO!! WAH!! WAH!!
fk off and learn to cut your cloth according to your measure....
U OK hun? xxxIt's EX_COUNCIL!!!!!! It needs a FORTUNE SPENT to make it into 1 Hyde PAAAAARK!!! It doesn't come with a JOOOOOOOB at the wages I demand and I'd have to work from HOOOOOOME or do something ONLINE so I'm just going to SCWEAM and SCWEAM and SCWEAM until somebody sorts it ouuuuut for meeeee!!! BOO HOO!! WAH!! WAH!!
f
k off and learn to cut your cloth according to your measure....Jesus...go have a cup of tea or something.
Mr Tidy said:
Gooose said:
Loads of people are moaning about how hard it is to buy but around me you can buy a two bed terrace for 80k, I mean come on, why can’t someone save up for that?
Rent a room rather than a house, move back in with parents, work more, don’t have car finance, don’t have a phone loan for a god dam iPhone 20 or whatever, don’t have pets, don’t buy stupid amounts of clothes, upskill yourself for better job prospects, don’t live in big city’s, the list goes on.
The sacrifices the older generation made for their life is incomparible to younger people these days.
I’m selling my house I rented out due to the housing market but the younger tenants I had just couldn’t make sound financial judgements.
£80K for a house!! Rent a room rather than a house, move back in with parents, work more, don’t have car finance, don’t have a phone loan for a god dam iPhone 20 or whatever, don’t have pets, don’t buy stupid amounts of clothes, upskill yourself for better job prospects, don’t live in big city’s, the list goes on.
The sacrifices the older generation made for their life is incomparible to younger people these days.
I’m selling my house I rented out due to the housing market but the younger tenants I had just couldn’t make sound financial judgements.
Where in the UK was that? Where I live you'd probably have to pay that for a double garage.
I accepted an offer of £280K for my 2 bedroom end-of-terrace in Berkshire last week that is still 30 miles or so from London!
Similar houses to mine rent for £1,100 a month so how are people supposed to pay that and also save towards a deposit?
No wonder people living in certain parts of the UK think anyone with a £500K house is some sort of multi-millionaire - but in the outer London Boroughs that might just get you a 3 bed Semi!
Reality check for Northerners!
Although it does seem a bit pointless buying when you could just rent and spend money like it's going out of fashion - at least you could prior to CV-19.
My mother owned a retirement flat and because she owned it there was no State help so she spent over £28K on private carers between 2013 and 2019.
Then she had to move into a residential home which cost over £40K in 14 months, but luckily we managed to sell her flat before she got too far in arrears.
But money is irrelevant when I only saw her twice after the lockdown in March 2020 (August and September) before she died in November 2020 at 98 having missed her birthday, my birthday, my sister's birthday and most importantly her great grand-daughters's 4th birthday.
Allowing 2 visitors at care homes would have been great, but for my Mum it's way too late.
But I really can't see generation "Rent" buying - it seems to be all about instant gratification these days with no regard to the long-term.
Edited by Mr Tidy on Tuesday 6th April 05:11
These were on the open market through high street agents, other than one of the flats which was an auction.
Prices have gone mad in recent years though.
Dr Doofenshmirtz said:
Groat said:
BOO HOO!! WAH! WAH! It's not NIIIIICE enough!! It's not got enough AMEEEEEENITIES!!! It's not in a city centre HOTSPOT!!!
It's EX_COUNCIL!!!!!! It needs a FORTUNE SPENT to make it into 1 Hyde PAAAAARK!!! It doesn't come with a JOOOOOOOB at the wages I demand and I'd have to work from HOOOOOOME or do something ONLINE so I'm just going to SCWEAM and SCWEAM and SCWEAM until somebody sorts it ouuuuut for meeeee!!! BOO HOO!! WAH!! WAH!!
fk off and learn to cut your cloth according to your measure....
U OK hun? xxxIt's EX_COUNCIL!!!!!! It needs a FORTUNE SPENT to make it into 1 Hyde PAAAAARK!!! It doesn't come with a JOOOOOOOB at the wages I demand and I'd have to work from HOOOOOOME or do something ONLINE so I'm just going to SCWEAM and SCWEAM and SCWEAM until somebody sorts it ouuuuut for meeeee!!! BOO HOO!! WAH!! WAH!!
f
k off and learn to cut your cloth according to your measure....Jesus...go have a cup of tea or something.
The Kilmarnock flat is also an auction isn't it? So it would be a bit of a gamble to bid on that assuming you could get a mortgage arranged in time. That means even if it goes for the guide price you would need £24k plus probably £3k in fees etc in cash. A quick look on payscale.com gives an average salary in Kilmarnock of £22k, and I dare say plenty of younger people earn less than that and don't have much job security. So that's probably 1.5 years take home pay in ready cash. Nearly 5 years of saving a third of your low income.
The other consideration is that if you are earning regularly you're probably better off taking on a mortgage and buying somewhere better. The hurdle isn't necessarily the overall price but the up front cash required at a time of life when it is hard come by.
It isn't impossible and of course it takes will and discipline that many people in their early 20s lack, as people of that age always did. But it is hard going and I don’t think it is being soft to recognise that.
The other consideration is that if you are earning regularly you're probably better off taking on a mortgage and buying somewhere better. The hurdle isn't necessarily the overall price but the up front cash required at a time of life when it is hard come by.
It isn't impossible and of course it takes will and discipline that many people in their early 20s lack, as people of that age always did. But it is hard going and I don’t think it is being soft to recognise that.
Northernboy said:
austinsmirk said:
I’m not sure the younger generation drive around in sheds, have cheap holidays, save up for stuff as perhaps we once did.
Society is a bit more instant now perhaps ?
But I can’t see the tipping point changing now, prices are way beyond a lot of people’s means. I certainly know for me buying a house in the90’s was just simple sense: why rent when a mortgage is cheaper ?
That isn’t happening now.
There’s always a push-back when this point is made, but I do think it has some validity.Society is a bit more instant now perhaps ?
But I can’t see the tipping point changing now, prices are way beyond a lot of people’s means. I certainly know for me buying a house in the90’s was just simple sense: why rent when a mortgage is cheaper ?
That isn’t happening now.
I used to take sandwiches to work, a “night out” would actually be going to the supermarket and bringing a few cans home, and a holiday would mean just staying at home and not going in to work.
It does seem more common now to get takeaway food, drink in pubs, buy brand-name clothes etc.
When added up, it does put quite a dent in the rate of savings.
I am a good plumber, electrician and a dab hand with kitchen fitting.
The first two I am qualified to do, the kitchen fitting I learnt the hard way on my first property.
I have rewired several of my houses, and put central heating into a similar number.
I have replaced dozens of windows, and built two conservatories.
I can not now rewire a house unless I pay £600 to be accredited as part P compliant, same for the plumbing and gas work, despite being fully qualified.
It now seems that my conservatory will need a FENSA accredited firm to do the work.
All these tasks are in the home I own and have paid for.
Perhaps the government should butt out.
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