Is life ever going to get any better for young people?

[BIGDINNERS]

The other consideration is that if you stretch yourselves financially to buy a house with a 2.5% mortgage then, if the rates go up, you may find yourselves struggling. Paying £500 pcm mortgage seems OK but if that goes up to £750, for instance, then sacrifices may need to be made.

And this is why so many young people are skint,like the OP, they are encouraged to spend above their means from the word go.

Modern society is different to when my parents(50 years ago) and me(30 years ago) were starting out,there are to many unnecessary products which the young feel are needed to live a normal life

Coffee shops and takeaways are a very very good example

[TJC1]

Freedom is doing what you want WHEN you want to do it. That luxury only comes with wealth. If you know some unhappy rich people, they're just doing it wrong.

 

If freedom is doing charity work, helping starving kids in africa, then does that cost money or require wealth?

 

Freedom is a lot of things to a lot of people. Saying 'you need lots of money' to be free is a narrow way of looking at freedom. Because I know for a fact money comes with it, it's own pressures.

[Kidorry]

It is not rubbish or loopy .

When we left school in the fifty's and early sixties employers were falling over themselves for our services in Steel, The pits, Cutlery works and Offices.

Some of us did become Company bosses although as far as I know there has only been one astronaught.

You are dead right there because I started work in the early 50s and we chased the money by going to the mills that were paying the best money or were offering a better job.

[cuttsie]

You are dead right there because I started work in the early 50s and we chased the money by going to the mills that were paying the best money or were offering a better job.

I know I am right Kid,

Even though bigdinner would like to dispute it the fact is that when I left school all the kids had jobs ready to go to, in my case I left school on Friday and started work on Monday.

Some kids from the Manor and Arbourthorne carried on to be company directors or buisness owners, others became teachers and and doctors.

I remember employers sending representatives to open days hoping to persuade us to go and work for them.

It was a case of what you wanted to do not what was available.

[Grenoside123]

It is far more difficult for young people to start out these days compared to when I left school just 16 years ago. As someone else pointed out earlier in the thread you could just walk into a job straight from school, ok it may not have been your dream job but there was plenty of work available for those who wanted it. It was relatively easy to get onto the property ladder as house prices were affordable and mortgages were easier to secure.

Life was certainly easier for me and others my age than it is for young people starting out today. I for one am glad I don't have to start from scratch in 2013.

[WeX]

Nope, if history tells us anything, it gets worse until people revolt and take back power. Then it all goes to wrong again and the cycle repeats.

[maxmaximus]

Oh I see now,your using the dreamworld as an example.

Of course the house at 20k with 10% interest is the better option,but 1 simple fact is that you cannot buy a house in this country for 20k and have not been able to for decades.

your way of thinking also promotes the option of buying house 'c' for 80k with 10% interest,when you could get it at 2.5%

No wonder the country's on its knees:loopy:

 

 

That’s because interest rates aren’t 10%, but if we increased interest rates to 10% house prices will fall to a more reasonable price.

[BIGDINNERS]

I know I am right Kid,

Even though bigdinner would like to dispute it the fact is that when I left school all the kids had jobs ready to go to, in my case I left school on Friday and started work on Monday.

Some kids from the Manor and Arbourthorne carried on to be company directors or buisness owners, others became teachers and and doctors.

I remember employers sending representatives to open days hoping to persuade us to go and work for them.

It was a case of what you wanted to do not what was available.

 

Thats not what I'm saying at all,I also left school and got a job the following week, in the 80's

But It wasn't the job I wanted and I changed jobs several times over the years,yes most of the time within days of leaving the previous,and I very much doubt that your 1st job was top of your list,as you stated,you just did it for a wage at the end of the week.

I'm sure that 90% of people throughout all generations didn't get any job they wanted when 1st leaving school,it was just a case of doing what was available at the time.

 

---------- Post added 25-03-2013 at 13:37 ----------

 

That’s because interest rates aren’t 10%, but if we increased interest rates to 10% house prices will fall to a more reasonable price.

 

carefull what you wish for,1000's of people would be in negative equity if this happened,and add a raise to their interest rate to this at the same time your asking for trouble:mad:

[Shef_Fitness]

OR, consider you work in one of the most insatiable niche markets on the planet. How much is spent globally on fitness crazes, fads and equipment. I'm sure you could come up with a fitness product of some sort to sell to this crazy marketplace. If you only sold 2000 units per year at £49.99 that's £100,000 for one product. Just saying.

 

 

 

Your right on that one with the fitness craze. I was tempted to sell slimming products but decided against.

 

Anyway, whichever way you look at it lower house prices are better for the young, let me give you an example.

 

Lets say you have to put together a deposit of 20% min to buy a home.

 

1) House 1 costs £25,000 so you need to save up £5000

 

2) House 2 costs £90,000 (about the going rate) so 20% of that means you need a deposit of £18,000

 

Lets say a young person after all there expenses can save up £1500 per year..........

 

1) option 1 = the young person takes about 3.5 years of work to save up the deposit

 

2) option 2 = the young person takes 12 years to save up the 20% deposit.

 

Theres no question that things are more difficult for the young person who chooses to work and support themselves. The problem is that it simply does not pay for young people to be financially independant.

 

When I was working in the 1990s, I was studying, however with overtime I could accumulate about £12,000 per year, a terrace home cost about £30,000, semi cost about £42,000 so even as a part time worker (and studying) I could have bought potentially a semi detached home if I'd stretched my finances

 

---------- Post added 25-03-2013 at 14:12 ----------

 

simple fact is that you cannot buy a house in this country for 20k and have not been able to for decades.

:

 

 

 

 

Not entirely true a friend of mine bought his home a Lower Walkley for £16k in 1995 and at its peak in the mid 2000s was valued at £165k. It was eventually sold for £142k a couple of years back.

 

A slight increase within 10 years.

[BIGDINNERS]

Not entirely true a friend of mine bought his home a Lower Walkley for £16k in 1995 and at its peak in the mid 2000s was valued at £165k. It was eventually sold for £142k a couple of years back.

 

A slight increase within 10 years.

But 1995 is almost 2 decades ago:confused:

If your boasting about this fact then your contradicting yourself.

 

I dont know what your getting at,we cant travel back in time and make sure house prices dont go over the top like they did,we have to make do with what wev'e got now,and like I said earlier.

1 you cannot buy a house for £20k

2 interest rates offer the best opportunity when lower:loopy:

3 if higher interest rates do in fact make house prices lower by a significant amount,10x1000's of people would be in negative equity with a property they cannot afford to pay for due to the increased interest rate