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

[alchresearch]

your right,it isn't,but its a lot better than renting,either private or council,and you have something to show at the end of it.

 

Why is it? I have a great apartment with a fantastic view of the Liverpool skyline on one side and the Welsh mountains on another.

 

I would never be able to afford this place if I were buying it. But with renting its cheap and maintained by someone else, and I'm banking the rest of the money I'm saving. And when I fancy something new I can just move on - no messing around with mortgages and selling.

 

So when I'm old and about to kick the bucket there's no argument about who gets my house because there isn't one.

[truman]

So when I'm old and about to kick the bucket there's no argument about who gets my house because there isn't one.

 

When I'm old ( well not much older really) I'll be living rent/mortgage free...there's both good and bad with either renting or buying..

[alchresearch]

your not going to get a house for 20k,maybe 40k in a ghetto

 

Stockton house sells for £14,000 at auction

http://www.bbc.co.uk/news/uk-england-tees-20135248

 

You buy what you can afford. If you can't afford it, save more or work harder or set your sights lower.

[Shef_Fitness]

If your boasting about this fact then your contradicting yourself.

 

 

 

 

 

Not boasting about the fact, just making a comparision.

 

For the terrace in Walkey that cost £16,000 in 1995 you would need a salary of around £4000 a year (£80 a week) so within the range of a part time worker.

 

The same house at its peak was £165,000 so to buy the same home 10 years later you would need to have been earning around £50,000 a year ( a G.P/Doctor)

 

So within 10 years the home that was within the range of a part time worker now needs a Doctors salary in order to buy.

[cuttsie]

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 ----------

 

 

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:

I wanted to be a film star.

I ended up as an Artist in burnt clay.

[BIGDINNERS]

If your boasting about this fact then your contradicting yourself.

 

 

 

 

 

Not boasting about the fact, just making a comparision.

 

For the terrace in Walkey that cost £16,000 in 1995 you would need a salary of around £4000 a year (£80 a week) so within the range of a part time worker.

 

The same house at its peak was £165,000 so to buy the same home 10 years later you would need to have been earning around £50,000 a year ( a G.P/Doctor)

 

So within 10 years the home that was within the range of a part time worker now needs a Doctors salary in order to buy.

 

here's another comparison

my parents paid £3500 for their house in 1974

in 1994 I paid £36000 for my first house 10 doors away from my parents,basically the same house.

so thats approx 10x fold increase in 20 years,its also not worth £350,000 now almost 20 years later,probably around £110000,approx 3x fold in 20 years

 

now you say your mate paid £16000 for his house in 1995

it recently sold for around £135000(i think you said,cant find post now)

so thats an increase of around 9x fold in almost 20 years

 

this proves that house prices are gonna rise as they are expected to,nobody complained about the rise from the 70's-90's as it went unnoticed because people could afford to buy their first house even though interest rates were a lot higher than they are now,and wages didn't go up by 10 times as much in this time,probably at 3% a year tops

 

So how can young people say they are worse off than people of my generation when it comes to buying their first house

The problem is basically they have more unnecessary stuff to waste their money on,therefore these people are living beyond their means

[maxmaximus]

When I'm old ( well not much older really) I'll be living rent/mortgage free...there's both good and bad with either renting or buying..

 

Already there and hopefully another 40 years of life left in me, its surprising how free you feel when you have no rent and mortgage to pay.

 

---------- Post added 25-03-2013 at 18:23 ----------

 

here's another comparison

my parents paid £3500 for their house in 1974

in 1994 I paid £36000 for my first house 10 doors away from my parents,basically the same house.

so thats approx 10x fold increase in 20 years,its also not worth £350,000 now almost 20 years later,probably around £110000,approx 3x fold in 20 years

 

now you say your mate paid £16000 for his house in 1995

it recently sold for around £135000(i think you said,cant find post now)

so thats an increase of around 9x fold in almost 20 years

 

this proves that house prices are gonna rise as they are expected to,nobody complained about the rise from the 70's-90's as it went unnoticed because people could afford to buy their first house even though interest rates were a lot higher than they are now,and wages didn't go up by 10 times as much in this time,probably at 3% a year tops

 

So how can young people say they are worse off than people of my generation when it comes to buying their first house

The problem is basically they have more unnecessary stuff to waste their money on,therefore these people are living beyond their means

 

Let’s say house prices continue the way you think they will, owning an house as moved out of the reach of many people, they’ve gone from one wage needed to buy an house, to two wages needed to buy an house, first time buyers are now older because it takes longer to save the deposit, if this trend continues first time buyer will be middle aged before buying, and polygamy will be necessary because you will be a third wage to buy an house. Interest rates are about as low as they can go, unless with have negative interest rates in which you borrow £100K but only have to pay £90K back. Houses prices have to stagnate for decades or crash.