Home Ownership

[Hunting 784561]

I had noted it, I was desperately trying to entice someone to argue the contrary but so far no one has stepped up to the plate!

Even by insulting a "Director of a specialised property outsourcing group" - I still couldn't get him to present a case to me why I should put my money in property as opposed to other things.

Oh well.

Thats because I cant be bothered arguing with fantasists.

xxx

 

[Springal]

i worry about this, im 20 earning in the £20-25k wage range, and i rekon to have any kind of semi-decent life and buy a very average 2 bedroom house in worthing, im going to need to be on £30k+ and have a semi large wad of money behind me!!!

I just cant see how I can do it short of getting married to someone earning a similar wage

 

[Uncle C]

i worry about this, im 20 earning in the £20-25k wage range, and i rekon to have any kind of semi-decent life and buy a very average 2 bedroom house in worthing, im going to need to be on £30k+ and have a semi large wad of money behind me!!!

I just cant see how I can do it short of getting married to someone earning a similar wage

Heres some suggestions:

1. Get a sub from parents
2. Get a second part time job
3. Share a mortgage with a friend in co-ownership
4. Take in lodgers
5. Become a rent boy

There must be more.

 

[Uncle C]

i worry about this, im 20 earning in the £20-25k wage range, and i rekon to have any kind of semi-decent life and buy a very average 2 bedroom house in worthing, im going to need to be on £30k+ and have a semi large wad of money behind me!!!

I just cant see how I can do it short of getting married to someone earning a similar wage

Heres some suggestions:

1. Get a sub from parents
2. Get a second part time job
3. Share a mortgage with a friend in co-ownership
4. Take in lodgers
5. Become a rent boy

There must be more.

And anyway why are you trying to start a few rungs up the property ladder. Whats wrong with a flat to start with?

 

[H block]

I bought my first house for 13/6d and it was far to small for us. Gamleys did though offer us a refund.

 

[dwayne]

Thats because I cant be bothered arguing with fantasists.

xxx

good get out clause

 

[Springal]

1) doubt it as they just got a mortgage or something to fund a extention onto the house
2) no chance my shift pattern is too irregular to get anything part-time
3) not that keen
4) see above

 

[Uncle C]

Well most of the young people I know who have bought houses have had to step outside of their comfort zone.

My first house was £8750 in Brighton and even back then I had to punt the streets in the evening and weekends selling Betterware brushes. I furnished the whole house for £5 with stuff someone was going to take to the tip.

Its fine if you dont want to make the additional effort.

I dont know you personally and dont want to insult you, but many first time buyers are so spoilt that they demand a semi with garage, fitted kitchen, quality bathroom, plasma TV etc etc. If they cant get it they feel they are hard done by.

They need to get real.

 

[Goring Gull]

I dont know you personally and dont want to insult you, but many first time buyers are so spoilt that they demand a semi with garage, fitted kitchen, quality bathroom, plasma TV etc etc. If they cant get it they feel they are hard done by.

They need to get real.

Nail on the fcuking head. They have been spoilt by living in a nice big family house and the thought of god forbid living in a less desirable area or a one bedroom flat makes them cringe.

As for these so called "young proffesionals" don't even get me started on that one.

 

[chip]

Buying a first home involves some sacrafice but is possible. My Niece and her partner are 20 & 21 and have managed to save a deposit of £10000 over three years. They have found a house in Durrington (not very nice, I know) for £130000 and have arranged a 35 year mortgage. She is a carer and he is a conservatory installer. The mortagage will work out cheaper than rent and they will be furnishing the house with hand-me-downs.

It is possible, even for low income earners and will probably revitalize some areas as private ownership takes over from rented accomodation.

 

[Lammy]

I've been in my house for over two years now am I'm still sitting on a sofa my mum and dad got for their wedding! Other hand-me-downs include;

-90% of all our curtains
-90% of lamp shades (still some bare bulbs!)
-Dinning room table chairs and cabinets saved from the tip by an Aunt
-bed in spare room off my sister
-TV in living room £200 from Safeway


I also had to live at my parents home with my (then) girlfriend for over a year to save up for the deposit. Just starting to have enough money now to start going out once in a while.

When my parents bought their first house they didn't have carpet on the floor for 2 years!

 

[Goring Gull]

I've been in my house for over two years now am I'm still sitting on a sofa my mum and dad got for their wedding! Other hand-me-downs include;

-90% of all our curtains
-90% of lamp shades (still some bare bulbs!)
-Dinning room table chairs and cabinets saved from the tip by an Aunt
-bed in spare room off my sister
-TV in living room £200 from Safeway


I also had to live at my parents home with my (then) girlfriend for over a year to save up for the deposit. Just starting to have enough money now to start going out once in a while.

When my parents bought their first house they didn't have carpet on the floor for 2 years!

It's the stuff like curtian rails and curtains etc that add up , it's the stuff you never even think about.

My checklist was - sofas, Bed, TV

Never once did i think about curtains.

 

[Stoaty Ferret]

 

[Fran Hagarty]

I don't think anyone has yet mentioned shared ownership. See:

http://www.inplace.co.uk/shared-ownership.asp

 

[Goring Gull]

This is an old thread to be bounced back to the top.

Any reason?

- We have a few guys up here from Brighton at the moment helping out as we are dead busy - can't believe the house prices up here compared to down south one has already enquired to a permanent move - nothing to do with disliking the south - just the reality that they will probably never be able to afford any thing on a single wage of 20k.

I can't help thinking something will have to give or Sussex will be full of 40 years old still living at home with the parents .

 

[Goring Gull]

I don't think anyone has yet mentioned shared ownership. See:

http://www.inplace.co.uk/shared-ownership.asp

I can see this as a way of getting on the ladder but in all honesty are you still going to make enough money on part of a property to get anything on your own - seems a long shot - and a load of hassle into teh bargain.

I Know you can buy a 3 bed terrace in Burnley for 25 - 30k if living at home the mortgage repaymenst are going to be minimal - if you can rent it aswell then all the better. These places will eventually go up in value plus the local authority over there are ploughing cash in to regenarate the areas. Buy now and sit tight. I put in an offer on one on Friday just waiting to hear back even as it will be a second property i can meet the repayments no trouble - i can then use this as an investment to even pass onto my son or sell for him when he needs a place of his own.

 

[Dover]

Can I please say how I managed to buy my little abode.

I paid £47,950 for my one bed roomed basement flat some seven years ago. At the time I earned £12,000 a year and had no deposit. Also at that time prices were going up so fast I could not save for a deposit, so nothing much has hanged in the last seven or so years.

I applied for a 95% mortgage and took with that a Loan To Value (LTV) of 5%. I then used the LTV with a top up of something around £130. I cannot remember the exact number, but so I could afford my little piece of England I had to pay a higher interest rate.

My mortgage (note translation from the Latin/French is Death Debt) payments including endowment is approx £430 a month. The first years were tough, and now the only reason i am perpetually skint is because I am rubbish with money.

 

[Fran Hagarty]

I can see this as a way of getting on the ladder but in all honesty are you still going to make enough money on part of a property to get anything on your own - seems a long shot - and a load of hassle into teh bargain.

As your income goes up you can increase your share until eventually you can own 100%. It's still cheaper than renting in the private sector although, bearing in mind, you are responsible for your own repairs unlike private, Council or Housing Association tenants.

 

[Barrel of Fun]

I haven't had a chance to read through the whole thread as the wireless connection here at my friends house is a touch dodgy.

Maybe the Thatcher scheme didn't work, but selling off the council houses that were running up huge losses gave people a chance to own their own home, when they had never dreamed it possible.

Affordable housing disappeared when the market picked up and Labour did nothing to cap the 'noughties' boom. It is only after 9 years in power that they have finally decided to act upon the problem. I work for a housing consultants and we specialise in affordable housing, but it still isn't that affordable! The housing corporation challenged the developers to build houses for £60k and are the savings passed onto the consumer? No!

I am fed up of spending so much renting when that money could be put to better use elsewhere and I am just lining the pockets of landlords, but what can you do? Follow the Italian example of living with the whole family under one roof? No thanks!

I wouldn't blame Thatcher for the demise of affordable housing. It is a trait of capitalism. It is where money is made and so demand is high, hence rising prices. Basic economics and what capitalism is all about!

 

[Gwylan]

I wouldn't blame Thatcher for the demise of affordable housing. It is a trait of capitalism. It is where money is made and so demand is high, hence rising prices. Basic economics and what capitalism is all about!

The problem is that house prices are rising faster than salaries. You mention Italy as an example but that's a country that has a serious problem with birth-rate as people are living with their parents well into their 30s (and longer).

Mrs Gwylan's nephew and niece are fast approaching their mid-20s and still live at home. They're not big earners and even if their salary doubled, they couldn't afford even a one-bedroom flat. They're both single but if they were to meet someone, how could they afford to move and raise a family? We're not talking about luxury here just somewhere to strike out on their own. Surely it's not an unreasonable desire for young people to want to strike out on their own and raise a family?

I do blame Thacher for this: it was she who promoted the idea that you're somehow a failure if you're not a property owner and it was she who took the decision not to rebuild council houses after selling off existing stock.