[Finance] I'm never going to buy my own house am I?

[London Irish]

Very unlikely you will unless you inherit money or assets. Thatcher put a permanent bubble in the housing market in the 1980s while comprehensively breaking council housing that had made Britain a civilised place to live in postwar. The bribes she gave some existing council house renters created a selfish boomer generation who have helped to screw this country ever since with shitty governments and crap like Brexit. The youth vote surge for Corbyn in 2017 was partly to try and stick a nail in the coffin of these old gits but it didn’t quite succeed. But younger voters will be back when they have something decent to vote for, they don’t at the moment with the fake PR salesmen temporarily back in charge of Labour

 

[Return of the Rev]

Very unlikely you will unless you inherit money or assets. Thatcher put a permanent bubble in the housing market in the 1980s while comprehensively breaking council housing that had made Britain a civilised place to live in postwar. The bribes she gave some existing council house renters created a selfish boomer generation who have helped to screw this country ever since with shitty governments and crap like Brexit. The youth vote surge for Corbyn in 2017 was partly to try and stick a nail in the coffin of these old gits but it didn’t quite succeed. But younger voters will be back when they have something decent to vote for, they don’t at the moment with the fake PR salesmen temporarily back in charge of Labour

 

[spongy]

Don’t even think about buying a new sofa even on a good deal. There are thousands in charity up and down land perfectly good condition and free. Lots people giving away. I feel for you though Spongy and if I win big on the lottery there some serious cash coming your way. However, as my Dad said to me, if that’s plan a you’re probably going to need a plan b. Best of luck though. You will get there I’m sure. You sound like a real fighter to me.

That's the crux of it. I thought I'd made it with the last job but spectacularly failed. Now I'm in a far worse off position than I was.

I'm self funded educated, and work on niche market machines. And yet here I am sitting on a ****ed sofa knowing the last thing I need is to use credit just so I can sit down at home as I don't want to break the deposit money knowing fully a new credit agreement is bad for mortgage applications. So what do i do? Sit on the ****ing floor?

There has been some really good advice on here from other users but I think I fall in that gap of un help able.

 

[portlock seagull]

That's the crux of it. I thought I'd made it with the last job but spectacularly failed. Now I'm in a far worse off position than I was.

I'm self funded educated, and work on niche market machines. And yet here I am sitting on a ****ed sofa knowing the last thing I need is to use credit just so I can sit down at home as I don't want to break the deposit money knowing fully a new credit agreement is bad for mortgage applications. So what do i do? Sit on the ****ing floor?

There has been some really good advice on here from other users but I think I fall in that gap of un help able.

No. No you’re not Spongy. Never quit on yourself. You’re lacking a bit of confidence and self belief and probably for good reasons. But you’re just as good as anyone else on this planet and every right to be here. Sure we aren’t all blessed with the same breaks, but look forwards not backwards. What you might achieve not lost. For all you know you might win the lottery this week! Life can change on a nano second. Try to live in the moment, not worrying about past or future too much. That’s wasted energy. Explore every Avenue towards your dream, it’s obtainable you’re not living in cloud cuckoo land wanting to play for England or something. First however you have to believe in yourself.

 

[Tom Hark Preston Park]

Maybe some encouraging news here for OP?

'First-time buyers in England offered new homes at up to 50% off'

https://www.theguardian.com/money/2...-in-england-offered-new-homes-at-up-to-50-off

 

[Live by the sea]

Yes and no to the new scheme that’s been announced. The discount is obviously a good thing but best in mind new builds are on average 20-25% over priced to start with , as you pay a premium for something new . Someone earlier on in this thread mentioned moving up north
to Burnley or Blackburn . Not something I would recommend as I understand both places are deeply unpleasant places to live unless you enjoy being surrounded by all the trappings of poverty.

You don’t have to move up north , mikes away from your family and friends to get much more for your money . Living in Brighton and Hove park is expensive even in the less desirable areas in our city . If you look at areas in the countyside but within 10-15 miles of our city you will find lots of areas where you can buy decent 3 /4 bed houses for around £300,000 - £350,000. Peacehaven , littlehampton etc all have houses within that price range and at least your near to Brighton and Hove.

 

[Albion in the north]

Theres an expression, probably a northern one, "cut ones coat to suit ones cloth". Its good to have aspirations but if they are so far ahead of what you can actually achieve they are worthless.
Would I say you need to move up north? No. But I can look out of my window and see the Yorkshire moors, a canal and a river. There are some beautiful places around where I live. For sure, every city and large town has some less desirable areas, Burnley and Blackburn included but I digress.
Life is about compromises. Dont make yourself unhappy searching for something that you cant obtain. Its good to fight and achieve something but you need to understand your limitations. We all have them. One of the main feelings I get from people when I come down to Brighton, or even when speaking to family down there, is its all about showing everyone else how great you are, as you have a new car or the biggest house in the best area etc. Some people are too obsessed about how others see them.
Find that peace within yourself. Realise that you will have to compromise something and start to realise what is important in your life and concentrate on those things because, who knows what will happen then, maybe you will end up where you want to be all along or you will realise you can be happy somewhere else.

 

[Gwylan]

If you look at areas in the countyside but within 10-15 miles of our city you will find lots of areas where you can buy decent 3 /4 bed houses for around £300,000 - £350,000. Peacehaven , littlehampton etc all have houses within that price range and at least your near to Brighton and Hove.

If that's the budget, you can find 3/4 bed houses in Brighton and Hove for £300/350K for that matter. The 4-bed house next to me sold for £330k last year and I see that there's a 3-bed house in the street where I grew up available for £325k

I think those prices are bit too high for the OP.

 

[Doc Lynam]

Very understandable and relatable thread, best thing is to keep talking and not personalize these feelings if possible, dark thoughts build on seeming logic, but ones prospective of logic can be distorted through feeling and emotions.

 

[zefarelly]

I can't recall Spongys budget, but £280-300k should get him a 3 bed in Sussex . . . . somewhere like Rustington/Littlehampton is cheaper and there is engineering work potential nearby . . . even if he has to commute for a while.

 

[Weststander]

Theres an expression, probably a northern one, "cut ones coat to suit ones cloth". Its good to have aspirations but if they are so far ahead of what you can actually achieve they are worthless.
Would I say you need to move up north? No. But I can look out of my window and see the Yorkshire moors, a canal and a river. There are some beautiful places around where I live. For sure, every city and large town has some less desirable areas, Burnley and Blackburn included but I digress.
Life is about compromises. Dont make yourself unhappy searching for something that you cant obtain. Its good to fight and achieve something but you need to understand your limitations. We all have them. One of the main feelings I get from people when I come down to Brighton, or even when speaking to family down there, is its all about showing everyone else how great you are, as you have a new car or the biggest house in the best area etc. Some people are too obsessed about how others see them.
Find that peace within yourself. Realise that you will have to compromise something and start to realise what is important in your life and concentrate on those things because, who knows what will happen then, maybe you will end up where you want to be all along or you will realise you can be happy somewhere else.

Great post, going way beyond home ownership.

 

[FatSuperman]

Maybe some encouraging news here for OP?

'First-time buyers in England offered new homes at up to 50% off'

https://www.theguardian.com/money/2...-in-england-offered-new-homes-at-up-to-50-off

Hopefully will help Spongy. But in general, it's another terrible idea from the gov. The only answer is to build more houses. Artificially making houses more affordable creates silly side-effects. The help to buy / right to buy schemes just helped people who couldn't afford houses, get houses. It perpetuates the massive imbalance in affordability.

This new scheme is interesting, because the savings stay with the house. So I guess if you buy one at 50% off, any gains are only worth 50%. probably meaning the owners will be more 'sticky' than 'normal' first time buyers, given they'll only get 50% of any inflation effect, whilst the next property up will have gotten less affordable?

 

[Machiavelli]

Hopefully will help Spongy. But in general, it's another terrible idea from the gov. The only answer is to build more houses. Artificially making houses more affordable creates silly side-effects. The help to buy / right to buy schemes just helped people who couldn't afford houses, get houses. It perpetuates the massive imbalance in affordability.

This new scheme is interesting, because the savings stay with the house. So I guess if you buy one at 50% off, any gains are only worth 50%. probably meaning the owners will be more 'sticky' than 'normal' first time buyers, given they'll only get 50% of any inflation effect, whilst the next property up will have gotten less affordable?

For me, two things are needed.
First, you're right, more homes need to be built but, considering there's been a general policy of low housebuilding over the past four decades, it's going to take about that length of time to redress the shortfall. It's difficult not to view the policy as a cynical political exercise to boost the asset prices of homeowners at the expense of those that don't.
Second, legislation and taxation needs to address the home ownership model. We're not talking about 'property owning democracy' any more, and for good reason. There is an awful lot that needs to be done here, but it won't happen under this government, and for two reasons. One: despite all their levelling-up rhetoric, they're ideologically opposed to egalitarian wealth redistribution. Two: the PM is a coward, and it'll take bravery in order to reform property law and council tax. I suspect the leader of the opposition is too timid to take these on too, but we shall see.