Average house price now 8.7 times average income
Discussion
VanDriver99 said:
I am in my mid 60s so I am sorted ...most of my Generation will be in the same boat.
However....our Kids/Grandkids ...what on Earth are they going to do??
The last time that equation fitted was in or around the 1850s
SSSShhheeeessssssHHHHHH
If you’re not gifting cash to them they’re probably forked. Seriously the only young people I know doing better than sHowever....our Kids/Grandkids ...what on Earth are they going to do??
The last time that equation fitted was in or around the 1850s
SSSShhheeeessssssHHHHHH
t have had a handout. If you can’t manage that best not force a life of poverty/work on some poor sod.
They wait for their Boomer Grandparents to shuffle off.
We don't have kids. All nieces and nephews have managed to get on the housing ladder, so great nieces and nephews might get lucky. Unless we end up in a care home.
To b fair, it is still possible to buy a house as long as you are not in the south east.
ETA. Also, not everyone will be a home owner. My sister is 68 and never owned her own home being a single parent.
We don't have kids. All nieces and nephews have managed to get on the housing ladder, so great nieces and nephews might get lucky. Unless we end up in a care home.
To b fair, it is still possible to buy a house as long as you are not in the south east.
ETA. Also, not everyone will be a home owner. My sister is 68 and never owned her own home being a single parent.
Edited by Slow.Patrol on Friday 15th March 19:09
Move out of area. 3 bed semi, big garden big garage, off street parking for 3 cars , 2 out buildings village location £220k Norfolk Suffolk boarder. In Kent that gets you a studio flat in an overpopulated area stinking of cannabis with nonstop traffic jams. Wages will be similar in trades / teaching and the quality of life much much better.
I missed the ‘big jump’ between the late 1990s & mid 2000’s. We bought our first house in 2010 & it actually lost a bit of money when we moved again in 2014.
We did do well over the last 10 years but that’s being eroded now.
The key thing is that we bought as a couple, as did most people our age. I think if you divide the multiple of house price vs salary by half you see the real picture.
I have 3 guys who I work with, all single on £32k a year or thereabouts who are buying now. They are between 25 & 30 and are in Glasgow, Mid Wales & Newcastle upon Tyne.
It is possible to buy as a single person but requires more discipline.
We did do well over the last 10 years but that’s being eroded now.
The key thing is that we bought as a couple, as did most people our age. I think if you divide the multiple of house price vs salary by half you see the real picture.
I have 3 guys who I work with, all single on £32k a year or thereabouts who are buying now. They are between 25 & 30 and are in Glasgow, Mid Wales & Newcastle upon Tyne.
It is possible to buy as a single person but requires more discipline.
x5tuu said:
Depends where you live.
There’s plenty of sub £100k properties in the NE that are more than reasonable for starter homes and to get a foot on the ladder.
IME many FTBs want something that would traditionally be a 3rd or 4th house straight off the bat though (ie “the forever home”)
This, the critical bit is "house" everyone these days, wants turn key perfection. Not a rough place that needs work and buy furniture later. I'm currently selling my mothers bungalow, nice edge of village location Norfolk/Cambs location for 185K, BUT it needs work. Various youngsters have looked and quote "It needs too much work.There’s plenty of sub £100k properties in the NE that are more than reasonable for starter homes and to get a foot on the ladder.
IME many FTBs want something that would traditionally be a 3rd or 4th house straight off the bat though (ie “the forever home”)
x5tuu said:
Depends where you live.
There’s plenty of sub £100k properties in the NE that are more than reasonable for starter homes and to get a foot on the ladder.
IME many FTBs want something that would traditionally be a 3rd or 4th house straight off the bat though (ie “the forever home”)
Average age first time buyer - 34There’s plenty of sub £100k properties in the NE that are more than reasonable for starter homes and to get a foot on the ladder.
IME many FTBs want something that would traditionally be a 3rd or 4th house straight off the bat though (ie “the forever home”)
Average age first time mother - 30.9
Is it obvious yet?
And it's only going to get worse. Massive wealth transfer to the ultra rich during COVID and now they can buy up all the assets. No where near building enough to slow it.
I'm 36 and glad I bought my first house 10 years ago last week.
That's just the Daily Mails funders telling you that the kids are their own enemy. Not the rich buying everything.
Young people today are more educated than at any point in history. And by and large are sensible.
I'm 36 and glad I bought my first house 10 years ago last week.
DB4DM said:
Too much work
Which they don't have the skills to do
And £10 a day on fancy coffee is non-negotiable
So predictable. "houses are now as expensive to the ordinary folks as they were in the early Victorian era". "nah m8 it's the Costa's". Which they don't have the skills to do
And £10 a day on fancy coffee is non-negotiable
That's just the Daily Mails funders telling you that the kids are their own enemy. Not the rich buying everything.
Young people today are more educated than at any point in history. And by and large are sensible.
Edited by GroundEffect on Friday 15th March 22:22
This is why I get grumpy with my boss and inlaws when they start moaning about so many young people having coffees and the latest phone.
They both go on about having to pay 25% interest on their mortgage when they bought their first house, but fail to mention a house cost 3 years wages
They both go on about having to pay 25% interest on their mortgage when they bought their first house, but fail to mention a house cost 3 years wages
DB4DM said:
Too much work
Which they don't have the skills to do
And £10 a day on fancy coffee is non-negotiable
Don't have the skills to do...Which they don't have the skills to do
And £10 a day on fancy coffee is non-negotiable
... I wonder who was responsible for teaching them those skills?
Frankly, the truth is "needs too much work, and we'll be mortgaged to the hilt trying to buy this place."
The extra thousands required (in tools and materials alone) simply aren't there - every penny will be going on the house.
Evanivitch said:
Average age first time buyer - 34
Average age first time mother - 30.9
Is it obvious yet?
Agreed. For women in particular are keen to get started before it gets more difficult.Average age first time mother - 30.9
Is it obvious yet?
Imagine having a couple of kids in your mid 30s and having to renovate an entire house, they don’t have the time, money or skills. Living in a building site for a decade isn’t going to work.
Edited by Puzzles on Saturday 16th March 00:12
Needs too much work = too expensive for the asking price and the renovation costs would mean spending more than the place would be worth.
Two FT incomes are now required to cover the mortgage too.
As a poster above highlighted, the average age of a FTB is now 30. By this time many are at points in their lives (i.e kids) where they need what would have previously been rung 2 of the now defunct ladder.
I do however agree that many people have lost any idea of how to live frugally. Part of that comes from the constant pushing of financing for seemingly every minor purchase. Part of that may well be cultural attitudes of the younger generations but where did they learn it from, and who changed the financial regulations on this stuff to enable them?
Two FT incomes are now required to cover the mortgage too.
As a poster above highlighted, the average age of a FTB is now 30. By this time many are at points in their lives (i.e kids) where they need what would have previously been rung 2 of the now defunct ladder.
I do however agree that many people have lost any idea of how to live frugally. Part of that comes from the constant pushing of financing for seemingly every minor purchase. Part of that may well be cultural attitudes of the younger generations but where did they learn it from, and who changed the financial regulations on this stuff to enable them?
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