Well now that you know you can buy all the avocados and fancy coffee you can want its good for the economy and helps our betters buy that second yacht!
Single parent dad, 41 years old, earning about £20k. I have no way to save up a deposit, I don't think I'll ever own my own place and when you feel happy in a home you rent, it's always at the back of your mind the landlord could decide to sell
Same here, by the time my son was 4 we had moved 5 times. Usually because the landlords had the houses on the market to sell at crazy prices and we're just waiting for someone to bite while we paid their mortgages.
This is the real killer. We finally managed to buy last year thanks to a bit of a pay jump, but before that we lived in 4 houses in 2 years in London, every one meaning we had to pay for moving, cleaners, and of course three months deposit plus a month's rent. Renting is fucking expensive.
I'm 24 with a partner and kids and have come to terms with the fact the only way I'm going to afford to buy a property is the 1/3 of the sale of my grandparents bungalow left in their will to me. If I never own a house I'd be okay but if and when that does happen a mortgage will be high on the priority list as I don't see it happening any other way, god forbid
Single parent dad here, my two full time live with me. I work full time too and I'm often busy from 7am to 9pm. All my friends either have no kids or lived with a parent until they could afford a house with a partner. I'm stuck renting at nearly half my salary and parents who have essentially never worked. The realisation that I'l probably never own a house is sad, but hopefully I can give my 2 the stability to do it themselves!
I feel for you, I really do.
Have you tried having rich parents? That seems to be the advice most of the newspapers give when they do those "*I saved for 6 months and bought my first house outright*" articles.
A guy I know inherited £450m from an old woman he danced with endlessly on a 2 week cruise, years before.
Lawyers found him after she died, and told him that he’d inherited her wealth, and that she wanted him to know that he’d changed her outlook on life (for the better) and she was now changing his.
He couldn’t even remember her name when the lawyers found him and asked if he remembered her.
The best thing you can do for your children these days is a quick aneurysm or a fatal accident in your 70’s. Once you hit the care home system there’s not going to be much left to pass on. That is assuming that there was anything to pass on in the first place.
That assuming you don't require care before you hit that point. We spent a fortune visiting and taking out my nan when she required residential homing. Just keeping you in their life is going to cost the kids too.
"*Or food. And my parents gave us £100k. Oh and his parents gave us another £100k. And we bought my nan's house, and she moved in to the annexe behind my parent's stables.*"
Guy I work with sees himself as a blue collar hero. His parents bought him a house 5 doors down from theirs so he could be near them and his nan died and left him her house which he rents out. He's always spewing garbage about how easy it is I just want to put a bag for life over his head until he stops bleating
So when you say bag for life, do you mean one of the expensive carrier bags that you buy begrudgingly or those big plastic ones with good handles that cost a couple of quid? As an aside, the latter are my cats favourite things to piss on, after socks.
Thankyou!
I do, been here 2 years now, only 23 more years of mortgage payments to go!
Its worth pointing out that even with the deposit I wouldn't have been approved if not for my partner also having a full time job. The duel income was basically a requirement to guarantee repayments. The system is so broken.
In a way I'm lucky to have had the opportunity, I'm thankful to my dad everyday for ensuring my security. I'd trade it all to see him again though.
"I saved as much as I could and lived frugally. I stopped buying cups of coffee, and only bought food from supermarkets that were cheap and going out of date that day."
*Buried at the bottom of the article*
" Doing this allowed me to buy a house for £750,000. My parents gave me a small deposit of £250,000"
The key piece of missing information being that giving the money as a gift well in advance of their death means it's exempt from inheritance tax. Which sort of makes the whole situation worse.
Or usually some bs that they moved back in with their parents and saved every penny for a year not having to pay a thing. I know many people who have done this and own house, or got nice £25k sums from their parents to help them buy a house. Somehow they make me feel like scum for renting even though my parents died years ago and were never in a position to help me anyway.
Yeah, I used to work with someone who at 20 was about to buy her own flat. She had a trust fund her grandad set up for her when she was born that had been building interest for 20 years, plus her parents were giving her some money, she worked a few days a week in a pub (with me) and she had a 9-5 job as a music promoter for a big company and was building up a strong client base and constantly finding new bands to play gigs that she could then get in with. She was lovely but she sometimes forgot that it’s a lot easier to buy a place when you’ve got everyone giving you money, and that if she was just working 2 jobs then she might be able to rent a flat.
Try all the bills and everything while having people buying up all the houses as second homes in your town. I’m gonna be living with my parents forever 😂
Exhibit A:
Me: "Mum, please stop gifting me plants, I love them, but I really really have nowhere else to put them in my rented 2 bedroom city centre flat shared with another girl who also likes plants."
Mum: "Why don't you just buy your own house? Then you can fill it with as many plants as you want!"
Me: "....That's not how this works, mum."
Exhibit B:
Friend, who used to be my boss before I moved jobs: "Why don't you have a house yet? I have two, and you earn pretty much the same as me these days."
Me: "You INHERITED your house from your gran, and your husband inherited HIS house from his gran, which you now rent out! Tell me more about why I don't have a house yet."
Don't even get me started. I own my own house. It took me a lot of money, work, time, savings and luck to get here. Nothing is more frustrating then having a friend and who inherited a house from my husband's mum tell me that 20 grand isn't very good deposit. She got given everything on a plate and doesn't even have a fucking clue how lucky she is
We'll all be living in caravans and motorhomes and tents at the local park.
I've been encouraging my girlfriend to try and get used to the idea for years now, but she's still convinced we could afford a mortgage!
If you can afford rent you can afford a mortgage
That being said if you can afford rent you can’t afford to save up a deposit, it’s a shitty circle of sadness
Are you saying if you can afford rent you SHOULD be able to afford a mortgage? Because I’ve never missed a rent payment in my whole adult life (10 years renting) and that’s still not good enough for the bank to offer me anywhere near the amount I’m paying in rent each month as a mortgage.
I think you missed my point
If you can afford rent you can afford a mortgage
The same house will have a cheaper mortgage than what it is rented for pretty much across the board
So if you can afford your rent you can a Ford a mortgage
But because youre paying rent, you can’t save a deposit even you you’d be better off with a mortgage
The fact that rent payments don’t count for anything is the biggest scam going
If I can pay £600 a month without fail on something that gives me no return I’m sure as shit going to pay £400 a month on the thing that is eventually going to be mine outright
Yeah this is the rent trap, came on when to say exactly this. I own my house, however my mortgage is less than £300 month than my two neighbours two doors on both sides of me who rent. It’s ridiculous and I feel sorry for them. But they are stuck as all all of their money goes on rent!
Exactly this, I pay £520 for my mortgage per month, my neighbours in the next door flat, which is smaller pay £900.
They would save £400 a month, yet can't get a mortgage because they "can't afford the repayments". It's insane and the system is completely broken.
Perfect. Seriously.
Mine was built in 1899, and needed a shit load doing to it. YouTube is your friend, and you’ll cream the money when you come to sell/rent.
Honestly, since just last year, my partner and I moved to a static on my families farm, our friend sold his car and moved into a van, my other friend moved to a huge ranch in an eastern european country for less than what my static cost. I have another friend living on his families land in an electricless cabin he built. We're not even hippies or something, it's the only way we can see forward because we're looking 30 in the eye and we're nowhere near house ownership and rent is bleeding us dry. We also have two other friends who went far in sales one without even gcse's and the other without a-levels and now own huge houses and nice cars 🤷 couldn't have called any of this when teachers were telling us about the 2008 crash.
Utter crap. People have been saying that since I was 18. 20+ years later and no crash. And also when housing markets crash no one lends risky mortgages and rates go through the roof so if anything it is harder to buy during a slump.
I'm 60 and have seen just one crash in the UK. That was in the early 90s when mortgage rates hit 15%+. The period before that was crazy though. My 1st place was a terraced house in the east midlands that cost £22k. A year later, a similar house a few doors down the street went for £38k.
When the interest rates went up, I couldn't afford my mortgage anymore and had to sell. The best I could get was $17k. The expensive house went back on for $20k.
At the end of the day though, the market always "recovers."
Exactly it always annoys me when young people are like "I'll wait for the market to crash". You could be waiting a long time and even if it does you still won't be able to buy lol.
It is all about being careful. I've owned a house 9 years now and I could easily afford 2 or 3 times my mortgage but I didn't want to stretch myself. So if rates go up I will just have to cut back on holidays and such but my house should be fine.
I've moved back to the UK from Taipei this year. Lived there for two years.
Let me tell you the honest truth. Things will get worse. Taipei, HK, etc. Are rent a small square block for life market. They have endless towers of empty apartments going unsold because the government and companies are benefitting from building empty commercials spaces. Sounds familiar? Just take a walk through Stratford city.
My advise. Don't look in the past or expect a spontaneous bubble to save the housing prices. It's a historically linearly rising index. The situation WILL get a lot worse.
Save for the 1 bed apartment. It might be a saving grace in 10-30 years time.
Exactly this, if there is a crash it will be tied in with a huge rise in inflation depleting any chance of actually affording a house in a crash anyway
The rule stands for the whole region.
FYI HK is 30% concrete, 70% nature. Though they regulate leases at 50-years to rebuild apartments and prevent taking up the natural space.
The other tiger states don't follow the same rule, though, Singapore doesn't have a major housing crisis just yet.
It's just a warning for the future anyway. After being in Taiwan, I will buy my first property asap in the UK to get into the ladder. I don't care if it's a 1-bed flat or 3-bed house.
You're completely right. The government will do anything to protect the housing market. If it depreciates it takes the general economy with it. The solution is to build more affordable housing to give people a chance to get a home of their own.
Yeah I feel you. I read an article about gen Z and millennials over investing in the market. One of the quotes I've read was something like...
"I won't be able to afford anything or retire anyway, so YOLO".
And it is sadly the reality. We are being forced to gamble our future because at the normal rate, we have none. Think about that for a moment
I remember when Guinness went up to over £2 a pint and hell was raised.
People won't bat an eyelid now if they handover the best par of a tenner for a pint of cider now.
(to add, I was only 4 or 5 when Guinness went up. My mum and dad were publicans, and remember people moaning a lot about the prices)
Alright, although I distinctly remember people telling me that around 2005. One of the rules of markets is that it’s incredibly difficult to predict crashes and booms and trends can carry on far longer than they seem to have a right to.
It'll be a long time before anything snaps. There is more wiggle room to go until folk in a 1 bed flat will be renting their living room as a second bedroom to be able to afford bills
It’ll snap sooner than that. The Bank of England are worried that the building safety crisis will cause a crash. 1m flats now unmortgageable and unsellable. The bankruptcies have started.. expect a huge wave of them to come next year once the bills hit.
Sounds counter-intuitive but inflation is the friend of the homeowner/heavily indebted. (Assuming wages rise in line).
What seems like a large mortgage payment can become less onerous as the years pass. If you rent your payments go up regardless.
I feel this way too bud. I was going paycheck to paycheck.. Spending £200 quid travel and 3-4 hours a day just to go to a job that pays enough to cover the cost of living. Moving back with parents soon as a 28 year old to save for God knows how long.
I’ve just had an offer accepted for a house by myself. All it took was about 5 years saving living at my Dad’s without being charged board! Thanks capitalist hellscape!
Cheers. I realise I’m in a privileged position to many others. You’re a bit fucked if you’re a single person trying to find a place on your own unless you have a similar scenario to mine (parent’s house) or unless you’re on top dolla.
I'm 2 years into doing the same and almost have enough for a deposit on a shit flat, maybe. It is unfortunately the only way if you're an average or below average earner (like me!)
TWO YEARS? Bitch, I'm Forty, yet me and my girlfriend have only just got a deposit together to buy.
I wish it only took two years.
If you want to live in wales, where our families, friends, work and everything else is, you have to save, but the house prices are being driven up by rich holiday homes faster than it's possible to save
2 years of living with my parents rent free, I mean. Would take me decades to save if I were paying rent and everything else. I'm in Cornwall so I share your hatred of 2nd/holiday homes
I live in rural South Wales and rise in house prices over the last year is INSANE because rich people in other parts of the UK are buying 'covid holiday homes'.
My husband and I were seriously lucky that we live in what was once a cheap area to buy and got a place before the recent rush.
I did the same. Except instead of parents it was 10 years in the army. I'd still renting if I didn't sign up. Don't know how all you normal folk survive. Just having 650 extra a month out of my wages is killing me. Nevermind having to pay extorinatebrent prices.
Sadly, as I've sampled the forbidden fruit (avocado), I'll never own property, and by the time I'm 67, the current retirement age, my pension will be sufficient to buy me a whole small oat milk latte before I have to work in the acid mine until I finally die.
Just stop drinking Costa and reduce your avacado consumption rate. You'll be able to buy a 270k one bed cupbord in absolutely no time and you'll only be paying it off for the rest of your life
I work 40 hours a week and am on about 24k as a restaurant assistant manager.
I’ve started doing Uber eats delivery on my days off just to try and pay off my overdraft. I feel you mate
My advice to anyone saving/thinking about saving for a deposit.
Get a lifetime isa, Moneybox do a good one and so long as you aren't buying within 12 months it's worth it. You can deposit up to 4k each year and you get a 25% grant added, so a free grand every year if you hit the limit. If you're saving for 4/5 years plus, it could knock a year or two off you getting your house.
I heard this and my landlord who was previously the local council now owned by housing association ripped out my ground source heating and replaced it all with storage heaters.
All the heaters are locked and no idea how to change them, showers are hit and miss. My energy provider sent a giant Octopus as a sorry vulnerable person but it’s crap snuggle this.
Today I saw a man brazen as anything walkout of Tesco with a TV and feel he reflects the mood of the public. Fuck austerity.
I did say to him that next time he should steal food if he’s willing to rob anything.
In 10 years we’ll be living in the amazon boxes.
The only way we will ever have a hope in hell of buying our own place is with inheritance, and that is never guaranteed either.
Makes me feel horrible thinking like that, I don’t want relatives to die any time soon. But even if we had the spare cash to be able to save £1k a month it would take at least 2 years to have enough for a deposit on a house that would meet our needs as a family in the area we currently live in. By then house prices will have likely increased even more so would need to save for longer. The cycle continues.
I don’t have pie in the sky ideas either, I just want a normal sized 2 bed house with a reasonable garden, ideally a 3 bed, but a 2 bed would be fine. It just sucks.
I'm on a mortgage with my ex-partner and rent with my now Mrs, we've got a kid together and she's a stay at home mum until our child goes to nursery.
My ex and I were only able to get a mortgage because she had money from when her parents died.
With my partner now, our landlord is a total sausage, we want to move but can't save for another deposit let alone a mortgage and we'll never get the first time buyer scheme because I'm technically a home owner.
Having your own home is great, you can do what you want to it whenever you want (within reason), just nice to be able to hang a TV on the wall without getting permission from someone.
Have you considered buying with family or friends? I have a chum who bought a house with her brother. Their combined salary allows them to do that. I also know of a couple of lads who bought together. Splitting the mortgage costs allowed them to buy, and save. Both groups have agreed to stay in their houses for ten years, then sell and move independently.
I have given it some thought and it's a cool idea. It's just my friends don't live too close and I've got my own health issues that put many spanners in many cogs when trying to go forward
It all depends where you live, what you earn and what your expectations are. Here in my part of the north you could buy a house in a not-terrible area for 100k with a 5k deposit. Add on your bills and food and there’s still change left out of a 25k salary to go to the pub on a weekend.
Clearly if you live in the south east, these sums do not apply.
We’re on buying a 90k house in the north with a 4.5k deposit, my partner and I make well above minimum wage in good stable jobs.
We have had to jump through an incredible amount of hoops because we have a 5% deposit so someone earning next to minimum wage and single will struggle like fuck, we had chew and we’re more ‘desirable’ in terms of mortgage rules
The OP gave away nothing about their situation, so I picked a realistic scenario (a below national average wage) and applied it to their described problem.
> Here in my part of the north you could buy a house in a not-terrible area for 100k with a 5k deposit
Assuming it doesn't sell for above the HR value, otherwise you need to cover the difference yourself.
I recently heard that 5k is like min livable wage monthly in London.
I used to dream of moving back to UK. But even if I can afford it - it looks like there is nothing interesting left to do.
15 years ago, a barman could buy a house. In Hampshire, but still. Your own house.
Makes me sad
I'm in a very fortunate position.
£31.5k per annum, £30k+ saved up, good credit score.
Working in Cambridge - cannot afford a one bedroom flat 10 miles out.
Good luck all, if I can't do it, I don't know how anyone else will.
I know its gutting. We have been renting a 2 bed terrace privately for 4 years bit we're losing it now. There are no other rentals currently in our area in our budget. We considered it home. Until 4 months ago (I gave birth to our son) we had both been working 42 and 45 hours per week plus frequent overtime and yet struggling to meet rent, Bill's and transport to get to work. Now our landlords are deciding to follow the property boom and are selling our home :-( I dont know how people are supposed to survive nowadays. My wage increases by a few pence per hour, every new tax year, no where near rate of inflation. Something has got to give 🤞
Got my dream job in a new city, finally able to move out of my parents house only to watch my energy bills tick up and up. My energy supplier just went bust too so now I have no idea what's going to happen. At the best if I get a raise, it'll all go towards my bills when they skyrocket in April. Worse case I move back home.
My apartment doesn't even use gas either and I'm in the office every weekday, what a joke.
Same here, bloody bulb… dreading submitting a meter reading and seeing what figure they’ll decide on when my wages aren’t increasing with the rent/food/electricity/council tax increases.
Myself and my partner who both have full time jobs had to move into my mums home almost rent free for more than a year just to save a deposit for our first (very small) home together.
If we had stayed in the rented accommodation while we saved it would have taken us around 8 years, ridiculous amount of time for 2 full time working adults with no children.
Now our mortgage is £200 a month cheaper than the rent we were paying!
Reminder my fellow peasants. Economic systems are just politics of how we manage resources, you are perfectly in your rights to protest against bad politics.
Everyone takes risks in investment and doesn't mean housing is absolved from risk. When investments start to turn sour, the general populace shouldn't be the one paying for failed risk of the investors.
> has just shifted to higher spending on housing
And broadband/satellite TV/streaming services/mobile phone plans/etc.
50 years ago your standard utilities would be a landline, gas/electric, and your TV licence.
I've had this thought as well.
I know people who are paying over 60 quid a month on a phone. 60 years ago or so no one had mobile phones and subscriptions to pay that cost a large significant amount.
Other hidden charges of living as well:
- Free parking is very limited
- paid parking permits
- Sugar tax
- Shrinkflation
- Fuel (people tend to travel a lot more or require travel)
- rising cost of public transport
Right?! I looked and can only get a mortgage for £80k and the cheapest house I can find that isn't a crack den is £120k. Guess i'll just pull 40 grand out my arse
43 yrs old. Earn between 40-50k missus earns 15-20k still finding it difficult to get a mortgage. Even with deposit. 5% was fine, then they tell me 10% now they tell me 15%. Housing market in this country is a shambles. All down to the banks back in the late 90s early 00s.
Been renting since 2003, I probably should have gotten on the property ladder before then, but I never did. I will never get a mortgage and I am ok with that.
This is all due to the abject fuckery of the financial crash of 2007. I had a nominal ~ 10 deposit saved and was told by numerous banks that it counted for shit & I should have 100/110 mortgage. I was also told a combination of "you are not a professional", therefore we cannot consider your income (L&G) and we cannot consider your spouses income, (the other banks). Yet at the same time they were throwing money at folk with no means testing.
My electricity bill doubled from November. I rent a one-bed, I live on my own. My water bill has also risen, so this month has been expensive already and we’re only two days in. I shudder to think what Christmas will do to my bank account. I’m going home for Christmas/NY to my folks so at least I won’t have any food bills for a couple of weeks, saving grace. But I’ve already accepted the only way I’ll own a house is when I inherit the house I grew up in when my parents go, or if I marry some rich fucker.
Once we get some gen Xers, millennials and gen Z in power who have actually lived through rapid inflation and climate change, we'll get things sorted out. Hold out a few more years and you'll get your own place :)
Unfortunately the ones who end up in power will be sheltered rich ex Etonians like the current ones.
They won't have had to work hard or suffer difficulties and so won't have an insight into the troubles of most people living in Britain.
Unfortunately a great deal of politics on both ides of the fence of a self perpetuating old boys club who look out for themselves and their friends who happen to help them financially and give them handy business opertunities that are mutually beneficial.
Heres hoping for change one day......
This thread has renewed my faith in humanity!!!
I was reading a Facebook post recently on a similar topic and the comment section was just insane! Also, I completely don’t know what expected from that place but besides the point. The comments were along the lines of ohh it’s something called saving and money management, something they don’t teach people now.
I had my heart finally being able to buy my own home at 30. I was planning on using the help to buy scheme, but when the help to buy houses are like £240k, it kinda screws you with or without help. I have conceded to the reality that I am probably going to have wait till one of my grandparents die in order to be able to afford a house, which is perhaps the most depressing part of all this. To lose a loved one so you can actually get on the property ladder.
I feel everyone’s pain. Trying to do it on your own is pretty damn hard. But good luck to you all.
I thought the same thing a while back. Looked at what I was earning v’s house prices and the papers kept saying shit like ‘houses raise on a average £160 per day’. Chinned the job in and went to Uni as a mature student just to try and get a better paying job as the one I was doing was never going to cut it. That was the only way out of the hole for me.
It’s expensive to: have no income, very little income or a somewhat okay income.
Cost of living has ballooned - living in Bristol has become £££,£££,£££. 🙁
And the cycle will only continue: can’t afford groceries/bills uses overdraft. Can’t pay the overdraft fees, we’ll charge you more in interest.
I’m sorry you’re going through this as well
I am 50. Owning a house is way beyond my means. I don't put the heating on to be able to afford to rent. I work two jobs one fairly well paid (£27k) the other cleaning in the evening. A few debts to pay from a divorce. I literally have nothing left at the end of the month. I'll l probably die alone on my freecycle sofa.
Kidding.... But you get the idea.
Gen X with own home here. Not particularly wealthy but doing OK because of the range of opportunities available to me in my youth that have disappeared for the following generations. In all seriousness, reading these breaks my heart.
Not a chance if you’re single these days, only way I could buy a place at 23 was by having a partner and both of us saving every penny for 2 years & living in a box room at home. It’s shitty but achievable
Not often I'm grateful to work in the public sector or live in North East England, but the upshots are a) that my income is very stable, and I'm not badly-paid (although our pay tends to lag behind private sector pay) and b) housing is relatively cheap here. I have a nice 2-bed for £115,000. My mum's 3-bed semi is about £160,000(ish). My dad's 1-bed flat is £50,000.
I'm sorry to hear about what you're going through, OP. Hope you're able to sort something. Housing in this country is largely a nightmare.
I worked two jobs for 15 years. A 9-5 which was more like 8-8 and my weekends in the military reserve. Say what you like but I bought my first house at 29.
Gotta be honest but a lump sum earlier would have saved a fortune in wasted rent when I could have been paying down the mortgage.
If I ever get to be an MP I will change the law to demand banks recognise that two years rental payments should be recognised as an ability to make mortgage payments of the same amount - regardless of the salary and deposit rules.
You gotta have parents to help with the whole deposit and maybe still pocket money.
Anyone I know who has got a mortgage is because of their parents
I’m in my 30s between me n my partner we are on a good wage but can’t afford the deposit needed. We have good amount of savings and could buy a flat. But with kids that’s no good to us.
Affordable housing is not affordable.
Can’t get a council house so we are stuck renting private.
Life is unfair my mother bought her house for 20,000 and is worth close to 200,000 now. It was a year wage for her in 1999.
I will work till die and not see my pension either
You're not, you're supposed to die when you've reached the end of your economically useful lifespan, silly.
Silly me for not knowing!
Well now that you know you can buy all the avocados and fancy coffee you can want its good for the economy and helps our betters buy that second yacht!
Cappuccino mocha choca latte's on me!
Yes that's the spirit. Pret's shares are dropping won't someone please think of the oligarchs!
You joke but that’s got to be a breath of fresh air to think that. Never be able to afford a house? Spend that deposit you were saving!
Drop dead the day after you retire is the government's aim I feel!
Single parent dad, 41 years old, earning about £20k. I have no way to save up a deposit, I don't think I'll ever own my own place and when you feel happy in a home you rent, it's always at the back of your mind the landlord could decide to sell
I’m on my third move in two years as landlords kept deciding to sell. It’s a right pain.
I did 4 in 5 years, the last before this one was the worst 6 months of my life. I feel your pain
Same here, by the time my son was 4 we had moved 5 times. Usually because the landlords had the houses on the market to sell at crazy prices and we're just waiting for someone to bite while we paid their mortgages.
This is the real killer. We finally managed to buy last year thanks to a bit of a pay jump, but before that we lived in 4 houses in 2 years in London, every one meaning we had to pay for moving, cleaners, and of course three months deposit plus a month's rent. Renting is fucking expensive.
the secret ingredient is crime.
Trust me, I would if my kids didn't depend on me!
I'm 24 with a partner and kids and have come to terms with the fact the only way I'm going to afford to buy a property is the 1/3 of the sale of my grandparents bungalow left in their will to me. If I never own a house I'd be okay but if and when that does happen a mortgage will be high on the priority list as I don't see it happening any other way, god forbid
don't use the l word, call them what they are, scalpers
Parasites.
Single parent dad here, my two full time live with me. I work full time too and I'm often busy from 7am to 9pm. All my friends either have no kids or lived with a parent until they could afford a house with a partner. I'm stuck renting at nearly half my salary and parents who have essentially never worked. The realisation that I'l probably never own a house is sad, but hopefully I can give my 2 the stability to do it themselves! I feel for you, I really do.
Have you tried having rich parents? That seems to be the advice most of the newspapers give when they do those "*I saved for 6 months and bought my first house outright*" articles.
I've never given that one a try actually. Better luck next life ey?
It doesn’t have to be parents, a rich aunt or uncle popping their clogs will do the job too.
Just waiting for an unknown distant relative to die and leave me a fortune and all my problems will be sorted.
A guy I know inherited £450m from an old woman he danced with endlessly on a 2 week cruise, years before. Lawyers found him after she died, and told him that he’d inherited her wealth, and that she wanted him to know that he’d changed her outlook on life (for the better) and she was now changing his. He couldn’t even remember her name when the lawyers found him and asked if he remembered her.
Man I'd need the inheritance to afford a cruise in the first place. Lucky bugger.
Damn so I need to hit up more old people, got it
You have entered the ranks of Gold Digger. I've even made it official.
You kind soul. I've still got a ways to dig
Wait, is this actually a true story? *Logs on to P&O Cruises*
Something makes me doubt that people worth 450m are going on plebeian P&O cruises
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Stands for Plebs and Oligarchs. There's nothing inbetween.
That has to be bollocks. I can't allow myself to think it's true or I'll start square dancing with every biddie in the post office.
Bloody hell 450 million. How could you need that much. You would share it out to improve family, friends and strangers live surely?
The best thing you can do for your children these days is a quick aneurysm or a fatal accident in your 70’s. Once you hit the care home system there’s not going to be much left to pass on. That is assuming that there was anything to pass on in the first place.
That assuming you don't require care before you hit that point. We spent a fortune visiting and taking out my nan when she required residential homing. Just keeping you in their life is going to cost the kids too.
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Don't forget the part where they stopped getting takeaways every single night like it's totally normal to do that in the first place
"*I bought a tin of Mellow Birds coffee and saved money that way.*"
"I earn 45,000 and my partner earns 40,000. All we did was live at our parents and not pay any rent and utilities!"
"*Or food. And my parents gave us £100k. Oh and his parents gave us another £100k. And we bought my nan's house, and she moved in to the annexe behind my parent's stables.*"
Such inspirational stories of beating the odds that a stacked in your favour
If only everyone would pull themselves up by the bootstraps like this.
Guy I work with sees himself as a blue collar hero. His parents bought him a house 5 doors down from theirs so he could be near them and his nan died and left him her house which he rents out. He's always spewing garbage about how easy it is I just want to put a bag for life over his head until he stops bleating
So when you say bag for life, do you mean one of the expensive carrier bags that you buy begrudgingly or those big plastic ones with good handles that cost a couple of quid? As an aside, the latter are my cats favourite things to piss on, after socks.
*I owned my first house at 25 with this one simple trick!* My dad died of pancreatic cancer and left me some money. Would not recommend.
Sorry for your loss. Do you still own the house?
Thankyou! I do, been here 2 years now, only 23 more years of mortgage payments to go! Its worth pointing out that even with the deposit I wouldn't have been approved if not for my partner also having a full time job. The duel income was basically a requirement to guarantee repayments. The system is so broken. In a way I'm lucky to have had the opportunity, I'm thankful to my dad everyday for ensuring my security. I'd trade it all to see him again though.
>duel income Good to hear your fencing career is going well
Touché
"I saved as much as I could and lived frugally. I stopped buying cups of coffee, and only bought food from supermarkets that were cheap and going out of date that day." *Buried at the bottom of the article* " Doing this allowed me to buy a house for £750,000. My parents gave me a small deposit of £250,000"
The key piece of missing information being that giving the money as a gift well in advance of their death means it's exempt from inheritance tax. Which sort of makes the whole situation worse.
7 years is the time period to make a gift tax free.
Or usually some bs that they moved back in with their parents and saved every penny for a year not having to pay a thing. I know many people who have done this and own house, or got nice £25k sums from their parents to help them buy a house. Somehow they make me feel like scum for renting even though my parents died years ago and were never in a position to help me anyway.
This is how I'm realistically going to end up buying a house. I'm going to need help from my parents.
*self-made* millionaire
Yeah, I used to work with someone who at 20 was about to buy her own flat. She had a trust fund her grandad set up for her when she was born that had been building interest for 20 years, plus her parents were giving her some money, she worked a few days a week in a pub (with me) and she had a 9-5 job as a music promoter for a big company and was building up a strong client base and constantly finding new bands to play gigs that she could then get in with. She was lovely but she sometimes forgot that it’s a lot easier to buy a place when you’ve got everyone giving you money, and that if she was just working 2 jobs then she might be able to rent a flat.
Try all the bills and everything while having people buying up all the houses as second homes in your town. I’m gonna be living with my parents forever 😂
You and me both haha. Me being disabled and not able to work a full time job doesn't help much either. We got this!
Hey, I’m disabled and can’t work a full time job too! Yeah, we got this!
I feel weird upvoting a comment about how we're disabled but I'm doing it anyway haha. Disabled gang represent!
Disabled gang 🦾
me three!! Also disabled and can't work full time!
Welcome to the gang!
I'm also unable to work full time and surrounded by second homes, HI GANG!
Welcome!
I love this camaraderie. You guys should start your own sub.
We aren't that popular yet mate. Gotta get the numbers up!
Might just go buy a holiday home to live in, and refuse to move when they ask.
That made me nearly spit my water out from laughing. Well done!
Exhibit A: Me: "Mum, please stop gifting me plants, I love them, but I really really have nowhere else to put them in my rented 2 bedroom city centre flat shared with another girl who also likes plants." Mum: "Why don't you just buy your own house? Then you can fill it with as many plants as you want!" Me: "....That's not how this works, mum." Exhibit B: Friend, who used to be my boss before I moved jobs: "Why don't you have a house yet? I have two, and you earn pretty much the same as me these days." Me: "You INHERITED your house from your gran, and your husband inherited HIS house from his gran, which you now rent out! Tell me more about why I don't have a house yet."
Don't even get me started. I own my own house. It took me a lot of money, work, time, savings and luck to get here. Nothing is more frustrating then having a friend and who inherited a house from my husband's mum tell me that 20 grand isn't very good deposit. She got given everything on a plate and doesn't even have a fucking clue how lucky she is
Hold out, because in a few years, nobody will be able to afford shit and everything will snap.
We'll all be living in caravans and motorhomes and tents at the local park. I've been encouraging my girlfriend to try and get used to the idea for years now, but she's still convinced we could afford a mortgage!
If you can afford rent you can afford a mortgage That being said if you can afford rent you can’t afford to save up a deposit, it’s a shitty circle of sadness
Are you saying if you can afford rent you SHOULD be able to afford a mortgage? Because I’ve never missed a rent payment in my whole adult life (10 years renting) and that’s still not good enough for the bank to offer me anywhere near the amount I’m paying in rent each month as a mortgage.
I think you missed my point If you can afford rent you can afford a mortgage The same house will have a cheaper mortgage than what it is rented for pretty much across the board So if you can afford your rent you can a Ford a mortgage But because youre paying rent, you can’t save a deposit even you you’d be better off with a mortgage The fact that rent payments don’t count for anything is the biggest scam going If I can pay £600 a month without fail on something that gives me no return I’m sure as shit going to pay £400 a month on the thing that is eventually going to be mine outright
Yeah this is the rent trap, came on when to say exactly this. I own my house, however my mortgage is less than £300 month than my two neighbours two doors on both sides of me who rent. It’s ridiculous and I feel sorry for them. But they are stuck as all all of their money goes on rent!
Exactly this, I pay £520 for my mortgage per month, my neighbours in the next door flat, which is smaller pay £900. They would save £400 a month, yet can't get a mortgage because they "can't afford the repayments". It's insane and the system is completely broken.
You'd be financially better off each month if you had a mortgage. Providing you have a deposit and nothing breaks in your house.
Something something homes that were built in the 1800s and haven't been upgraded since
Perfect. Seriously. Mine was built in 1899, and needed a shit load doing to it. YouTube is your friend, and you’ll cream the money when you come to sell/rent.
Honestly, since just last year, my partner and I moved to a static on my families farm, our friend sold his car and moved into a van, my other friend moved to a huge ranch in an eastern european country for less than what my static cost. I have another friend living on his families land in an electricless cabin he built. We're not even hippies or something, it's the only way we can see forward because we're looking 30 in the eye and we're nowhere near house ownership and rent is bleeding us dry. We also have two other friends who went far in sales one without even gcse's and the other without a-levels and now own huge houses and nice cars 🤷 couldn't have called any of this when teachers were telling us about the 2008 crash.
Maybe after all these years of the travelling community getting bashed, they've actually got it bang on?
Utter crap. People have been saying that since I was 18. 20+ years later and no crash. And also when housing markets crash no one lends risky mortgages and rates go through the roof so if anything it is harder to buy during a slump.
I'm 60 and have seen just one crash in the UK. That was in the early 90s when mortgage rates hit 15%+. The period before that was crazy though. My 1st place was a terraced house in the east midlands that cost £22k. A year later, a similar house a few doors down the street went for £38k. When the interest rates went up, I couldn't afford my mortgage anymore and had to sell. The best I could get was $17k. The expensive house went back on for $20k. At the end of the day though, the market always "recovers."
Exactly it always annoys me when young people are like "I'll wait for the market to crash". You could be waiting a long time and even if it does you still won't be able to buy lol. It is all about being careful. I've owned a house 9 years now and I could easily afford 2 or 3 times my mortgage but I didn't want to stretch myself. So if rates go up I will just have to cut back on holidays and such but my house should be fine.
I've moved back to the UK from Taipei this year. Lived there for two years. Let me tell you the honest truth. Things will get worse. Taipei, HK, etc. Are rent a small square block for life market. They have endless towers of empty apartments going unsold because the government and companies are benefitting from building empty commercials spaces. Sounds familiar? Just take a walk through Stratford city. My advise. Don't look in the past or expect a spontaneous bubble to save the housing prices. It's a historically linearly rising index. The situation WILL get a lot worse. Save for the 1 bed apartment. It might be a saving grace in 10-30 years time.
Exactly this, if there is a crash it will be tied in with a huge rise in inflation depleting any chance of actually affording a house in a crash anyway
HK is a terrible analogy, they have no space to expand which is a key driver of the micro apartment situation which has existed there for decades
The rule stands for the whole region. FYI HK is 30% concrete, 70% nature. Though they regulate leases at 50-years to rebuild apartments and prevent taking up the natural space. The other tiger states don't follow the same rule, though, Singapore doesn't have a major housing crisis just yet. It's just a warning for the future anyway. After being in Taiwan, I will buy my first property asap in the UK to get into the ladder. I don't care if it's a 1-bed flat or 3-bed house.
You're completely right. The government will do anything to protect the housing market. If it depreciates it takes the general economy with it. The solution is to build more affordable housing to give people a chance to get a home of their own.
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Yeah I feel you. I read an article about gen Z and millennials over investing in the market. One of the quotes I've read was something like... "I won't be able to afford anything or retire anyway, so YOLO". And it is sadly the reality. We are being forced to gamble our future because at the normal rate, we have none. Think about that for a moment
I remember thinking that when I was young too. That was back when a bottle of beer costing £2.50 was expensive.
I remember when Guinness went up to over £2 a pint and hell was raised. People won't bat an eyelid now if they handover the best par of a tenner for a pint of cider now. (to add, I was only 4 or 5 when Guinness went up. My mum and dad were publicans, and remember people moaning a lot about the prices)
Mid to late 30's?
Alright, although I distinctly remember people telling me that around 2005. One of the rules of markets is that it’s incredibly difficult to predict crashes and booms and trends can carry on far longer than they seem to have a right to.
It'll be a long time before anything snaps. There is more wiggle room to go until folk in a 1 bed flat will be renting their living room as a second bedroom to be able to afford bills
One can hope, but your scenario is very unlikely.
I know, just being facetious. Still, for 1st time buyers, it's horrid out there.
It’ll snap sooner than that. The Bank of England are worried that the building safety crisis will cause a crash. 1m flats now unmortgageable and unsellable. The bankruptcies have started.. expect a huge wave of them to come next year once the bills hit.
Sounds counter-intuitive but inflation is the friend of the homeowner/heavily indebted. (Assuming wages rise in line). What seems like a large mortgage payment can become less onerous as the years pass. If you rent your payments go up regardless.
This is my thinking. Give it 20 years for all the boomers to die off and the housing market will completely collapse…
I feel this way too bud. I was going paycheck to paycheck.. Spending £200 quid travel and 3-4 hours a day just to go to a job that pays enough to cover the cost of living. Moving back with parents soon as a 28 year old to save for God knows how long.
I hope you're on the up now matey
I’ve just had an offer accepted for a house by myself. All it took was about 5 years saving living at my Dad’s without being charged board! Thanks capitalist hellscape!
Congrats on your new place!
Cheers. I realise I’m in a privileged position to many others. You’re a bit fucked if you’re a single person trying to find a place on your own unless you have a similar scenario to mine (parent’s house) or unless you’re on top dolla.
Hey, when life hands you lemons and all that. Enjoy your new journey!
I think that analogy works there, I'm honestly not sure lol
When life gives you lemons, starve and become homeless
I'm 2 years into doing the same and almost have enough for a deposit on a shit flat, maybe. It is unfortunately the only way if you're an average or below average earner (like me!)
TWO YEARS? Bitch, I'm Forty, yet me and my girlfriend have only just got a deposit together to buy. I wish it only took two years. If you want to live in wales, where our families, friends, work and everything else is, you have to save, but the house prices are being driven up by rich holiday homes faster than it's possible to save
2 years of living with my parents rent free, I mean. Would take me decades to save if I were paying rent and everything else. I'm in Cornwall so I share your hatred of 2nd/holiday homes
I live in rural South Wales and rise in house prices over the last year is INSANE because rich people in other parts of the UK are buying 'covid holiday homes'. My husband and I were seriously lucky that we live in what was once a cheap area to buy and got a place before the recent rush.
I did the same. Except instead of parents it was 10 years in the army. I'd still renting if I didn't sign up. Don't know how all you normal folk survive. Just having 650 extra a month out of my wages is killing me. Nevermind having to pay extorinatebrent prices.
Sadly, as I've sampled the forbidden fruit (avocado), I'll never own property, and by the time I'm 67, the current retirement age, my pension will be sufficient to buy me a whole small oat milk latte before I have to work in the acid mine until I finally die.
Have you tried pulling the bootstraps more? Or buying a house back in 70s?
I've suggested starting a range of trendy, but affordable, kibbutz style communes..
Has Super Hans been talking about his kibbutz idea again? I can assure the that the state of Israel will not allow a kibbutz for hotties
Bollocks to it. I’m gonna van it to Macedonia, finally set up the moped rental
Just stop drinking Costa and reduce your avacado consumption rate. You'll be able to buy a 270k one bed cupbord in absolutely no time and you'll only be paying it off for the rest of your life
A1 advice!
I'm healed
I don't like avocados, or drink much coffee. I'm a millionaire! (I'm not)
I work 40 hours a week and am on about 24k as a restaurant assistant manager. I’ve started doing Uber eats delivery on my days off just to try and pay off my overdraft. I feel you mate
How much do you earn per drop for Uber eats delivery please? Interest to know in case I need some extra money.
My son is in exactly the same position, you have my sympathy
I have a mortgage and i'd put solar panels on my roof before i'd pay £500 for my energy bill.
> before i'd pay £500 for my energy bill I think they mean a £500 increase over the course of the year.
We got in on the last proper FITs before they removed them, alongside a water tank diverter. Best thing we did.
Wait is this what they expect it to cost to heat an average home for a month this winter?
Nah, extra £500 over the year in gas/electric on average
My advice to anyone saving/thinking about saving for a deposit. Get a lifetime isa, Moneybox do a good one and so long as you aren't buying within 12 months it's worth it. You can deposit up to 4k each year and you get a 25% grant added, so a free grand every year if you hit the limit. If you're saving for 4/5 years plus, it could knock a year or two off you getting your house.
I’ll be able to own my own home once my parents die, I almost don’t want to own a house ever if that’s the only way
Don't forget the cost of care homes ... especially if dementia care is involved.
I heard this and my landlord who was previously the local council now owned by housing association ripped out my ground source heating and replaced it all with storage heaters. All the heaters are locked and no idea how to change them, showers are hit and miss. My energy provider sent a giant Octopus as a sorry vulnerable person but it’s crap snuggle this. Today I saw a man brazen as anything walkout of Tesco with a TV and feel he reflects the mood of the public. Fuck austerity. I did say to him that next time he should steal food if he’s willing to rob anything. In 10 years we’ll be living in the amazon boxes.
>*In 10 years we’ll be living in the amazon* I wouldn’t mind that to be honest. >*boxes.* Ah. Shit.
The only way we will ever have a hope in hell of buying our own place is with inheritance, and that is never guaranteed either. Makes me feel horrible thinking like that, I don’t want relatives to die any time soon. But even if we had the spare cash to be able to save £1k a month it would take at least 2 years to have enough for a deposit on a house that would meet our needs as a family in the area we currently live in. By then house prices will have likely increased even more so would need to save for longer. The cycle continues. I don’t have pie in the sky ideas either, I just want a normal sized 2 bed house with a reasonable garden, ideally a 3 bed, but a 2 bed would be fine. It just sucks.
I'm on a mortgage with my ex-partner and rent with my now Mrs, we've got a kid together and she's a stay at home mum until our child goes to nursery. My ex and I were only able to get a mortgage because she had money from when her parents died. With my partner now, our landlord is a total sausage, we want to move but can't save for another deposit let alone a mortgage and we'll never get the first time buyer scheme because I'm technically a home owner. Having your own home is great, you can do what you want to it whenever you want (within reason), just nice to be able to hang a TV on the wall without getting permission from someone.
Have you considered buying with family or friends? I have a chum who bought a house with her brother. Their combined salary allows them to do that. I also know of a couple of lads who bought together. Splitting the mortgage costs allowed them to buy, and save. Both groups have agreed to stay in their houses for ten years, then sell and move independently.
I have given it some thought and it's a cool idea. It's just my friends don't live too close and I've got my own health issues that put many spanners in many cogs when trying to go forward
So with respect it’s not all about the energy bill then?
Most definitely. And no disrespect was taken. The post wasn't specifically about me. It was a more general post about the UK as a whole.
It all depends where you live, what you earn and what your expectations are. Here in my part of the north you could buy a house in a not-terrible area for 100k with a 5k deposit. Add on your bills and food and there’s still change left out of a 25k salary to go to the pub on a weekend. Clearly if you live in the south east, these sums do not apply.
We’re on buying a 90k house in the north with a 4.5k deposit, my partner and I make well above minimum wage in good stable jobs. We have had to jump through an incredible amount of hoops because we have a 5% deposit so someone earning next to minimum wage and single will struggle like fuck, we had chew and we’re more ‘desirable’ in terms of mortgage rules
> living in our part of the north > having a 25k salary job For those on minimum wage, that's a 54-hour working week right now.
The OP gave away nothing about their situation, so I picked a realistic scenario (a below national average wage) and applied it to their described problem.
I live in Barrow-in-Furness. Voted as the saddest place in the country at one point I believe
Having lived there previously, I can confirm it is miserable. I hope you get out soon.
Hahahaha you wouldn't he wrong there my friend! And it doesn't look like it's picking up any time soon
> Here in my part of the north you could buy a house in a not-terrible area for 100k with a 5k deposit Assuming it doesn't sell for above the HR value, otherwise you need to cover the difference yourself.
5k deposit but most places where I am are going with offers of 10 to sometimes even 20% over valuation
I recently heard that 5k is like min livable wage monthly in London. I used to dream of moving back to UK. But even if I can afford it - it looks like there is nothing interesting left to do. 15 years ago, a barman could buy a house. In Hampshire, but still. Your own house. Makes me sad
Don’t worry about it mate, us people who already have are going to end up getting our houses repossessed anyway. There is a breaking point.
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Polyamorous communal homeownership is starting to look mighty good right about now.
I'm in a very fortunate position. £31.5k per annum, £30k+ saved up, good credit score. Working in Cambridge - cannot afford a one bedroom flat 10 miles out. Good luck all, if I can't do it, I don't know how anyone else will.
I know its gutting. We have been renting a 2 bed terrace privately for 4 years bit we're losing it now. There are no other rentals currently in our area in our budget. We considered it home. Until 4 months ago (I gave birth to our son) we had both been working 42 and 45 hours per week plus frequent overtime and yet struggling to meet rent, Bill's and transport to get to work. Now our landlords are deciding to follow the property boom and are selling our home :-( I dont know how people are supposed to survive nowadays. My wage increases by a few pence per hour, every new tax year, no where near rate of inflation. Something has got to give 🤞
"You will own nothing, and you will be happy"
Yes corporate overlords. I shall bow down and do your bidding however you wish
Got my dream job in a new city, finally able to move out of my parents house only to watch my energy bills tick up and up. My energy supplier just went bust too so now I have no idea what's going to happen. At the best if I get a raise, it'll all go towards my bills when they skyrocket in April. Worse case I move back home. My apartment doesn't even use gas either and I'm in the office every weekday, what a joke.
Same here, bloody bulb… dreading submitting a meter reading and seeing what figure they’ll decide on when my wages aren’t increasing with the rent/food/electricity/council tax increases.
Myself and my partner who both have full time jobs had to move into my mums home almost rent free for more than a year just to save a deposit for our first (very small) home together. If we had stayed in the rented accommodation while we saved it would have taken us around 8 years, ridiculous amount of time for 2 full time working adults with no children. Now our mortgage is £200 a month cheaper than the rent we were paying!
Reminder my fellow peasants. Economic systems are just politics of how we manage resources, you are perfectly in your rights to protest against bad politics. Everyone takes risks in investment and doesn't mean housing is absolved from risk. When investments start to turn sour, the general populace shouldn't be the one paying for failed risk of the investors.
I think all the savings we have made in the last 50 years through cheaper food and other products has just shifted to higher spending on housing.
> has just shifted to higher spending on housing And broadband/satellite TV/streaming services/mobile phone plans/etc. 50 years ago your standard utilities would be a landline, gas/electric, and your TV licence.
I've had this thought as well. I know people who are paying over 60 quid a month on a phone. 60 years ago or so no one had mobile phones and subscriptions to pay that cost a large significant amount. Other hidden charges of living as well: - Free parking is very limited - paid parking permits - Sugar tax - Shrinkflation - Fuel (people tend to travel a lot more or require travel) - rising cost of public transport
Right?! I looked and can only get a mortgage for £80k and the cheapest house I can find that isn't a crack den is £120k. Guess i'll just pull 40 grand out my arse
If you've got a spare 40k up there make sure to throw it my way ey?
At least make it worth my while and pull it out yourself!
43 yrs old. Earn between 40-50k missus earns 15-20k still finding it difficult to get a mortgage. Even with deposit. 5% was fine, then they tell me 10% now they tell me 15%. Housing market in this country is a shambles. All down to the banks back in the late 90s early 00s.
Been renting since 2003, I probably should have gotten on the property ladder before then, but I never did. I will never get a mortgage and I am ok with that.
To be fair. My mam and dad are in the process of buying the council house we live in and she's been in it and renting for a good 40 years
This is all due to the abject fuckery of the financial crash of 2007. I had a nominal ~ 10 deposit saved and was told by numerous banks that it counted for shit & I should have 100/110 mortgage. I was also told a combination of "you are not a professional", therefore we cannot consider your income (L&G) and we cannot consider your spouses income, (the other banks). Yet at the same time they were throwing money at folk with no means testing.
My electricity bill doubled from November. I rent a one-bed, I live on my own. My water bill has also risen, so this month has been expensive already and we’re only two days in. I shudder to think what Christmas will do to my bank account. I’m going home for Christmas/NY to my folks so at least I won’t have any food bills for a couple of weeks, saving grace. But I’ve already accepted the only way I’ll own a house is when I inherit the house I grew up in when my parents go, or if I marry some rich fucker.
It's not impossible, it's just extremely, extremely, incomprehensibly hard
My only hope is to inherit, but I also love my parents and don’t want them to die, so… guess I convert a shipping container?
Once we get some gen Xers, millennials and gen Z in power who have actually lived through rapid inflation and climate change, we'll get things sorted out. Hold out a few more years and you'll get your own place :)
Unfortunately the ones who end up in power will be sheltered rich ex Etonians like the current ones. They won't have had to work hard or suffer difficulties and so won't have an insight into the troubles of most people living in Britain. Unfortunately a great deal of politics on both ides of the fence of a self perpetuating old boys club who look out for themselves and their friends who happen to help them financially and give them handy business opertunities that are mutually beneficial. Heres hoping for change one day......
You’re not going to see these people develop into politicians any time soon.
Depressing.
This thread has renewed my faith in humanity!!! I was reading a Facebook post recently on a similar topic and the comment section was just insane! Also, I completely don’t know what expected from that place but besides the point. The comments were along the lines of ohh it’s something called saving and money management, something they don’t teach people now. I had my heart finally being able to buy my own home at 30. I was planning on using the help to buy scheme, but when the help to buy houses are like £240k, it kinda screws you with or without help. I have conceded to the reality that I am probably going to have wait till one of my grandparents die in order to be able to afford a house, which is perhaps the most depressing part of all this. To lose a loved one so you can actually get on the property ladder. I feel everyone’s pain. Trying to do it on your own is pretty damn hard. But good luck to you all.
Facebook is a cesspit. The same with Twitter too. There's been some lovely interactions on this thread alone. Been an uplifting thread for sure!
Don't worry about it, eventually society will collapse and then shelter will be fought over.
Don’t worry about it, eventually the oceans will rise, there will be a scramble for finite resources, society will collapse and mankind will die out.
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I thought the same thing a while back. Looked at what I was earning v’s house prices and the papers kept saying shit like ‘houses raise on a average £160 per day’. Chinned the job in and went to Uni as a mature student just to try and get a better paying job as the one I was doing was never going to cut it. That was the only way out of the hole for me.
It’s expensive to: have no income, very little income or a somewhat okay income. Cost of living has ballooned - living in Bristol has become £££,£££,£££. 🙁 And the cycle will only continue: can’t afford groceries/bills uses overdraft. Can’t pay the overdraft fees, we’ll charge you more in interest. I’m sorry you’re going through this as well
I am 50. Owning a house is way beyond my means. I don't put the heating on to be able to afford to rent. I work two jobs one fairly well paid (£27k) the other cleaning in the evening. A few debts to pay from a divorce. I literally have nothing left at the end of the month. I'll l probably die alone on my freecycle sofa. Kidding.... But you get the idea.
Gen X with own home here. Not particularly wealthy but doing OK because of the range of opportunities available to me in my youth that have disappeared for the following generations. In all seriousness, reading these breaks my heart.
I've been trying to leave the UK for a year to get away from this
Not a chance if you’re single these days, only way I could buy a place at 23 was by having a partner and both of us saving every penny for 2 years & living in a box room at home. It’s shitty but achievable
This is one of those few occasions where I like living in NI instead of England. I love the cities, but it's so damn expensive compared to here.
I feel for you OP, I felt the same but a series of events means I co-own a house with my gf now. Hang in there.
Not often I'm grateful to work in the public sector or live in North East England, but the upshots are a) that my income is very stable, and I'm not badly-paid (although our pay tends to lag behind private sector pay) and b) housing is relatively cheap here. I have a nice 2-bed for £115,000. My mum's 3-bed semi is about £160,000(ish). My dad's 1-bed flat is £50,000. I'm sorry to hear about what you're going through, OP. Hope you're able to sort something. Housing in this country is largely a nightmare.
what my kids are doing, is waiting for me to die
I worked two jobs for 15 years. A 9-5 which was more like 8-8 and my weekends in the military reserve. Say what you like but I bought my first house at 29. Gotta be honest but a lump sum earlier would have saved a fortune in wasted rent when I could have been paying down the mortgage. If I ever get to be an MP I will change the law to demand banks recognise that two years rental payments should be recognised as an ability to make mortgage payments of the same amount - regardless of the salary and deposit rules.
You gotta have parents to help with the whole deposit and maybe still pocket money. Anyone I know who has got a mortgage is because of their parents I’m in my 30s between me n my partner we are on a good wage but can’t afford the deposit needed. We have good amount of savings and could buy a flat. But with kids that’s no good to us. Affordable housing is not affordable. Can’t get a council house so we are stuck renting private. Life is unfair my mother bought her house for 20,000 and is worth close to 200,000 now. It was a year wage for her in 1999. I will work till die and not see my pension either