Housing

neilbaker86 · 29th April 2016, 20:59

10 years ago (when I was 20), buying a house of my own was an out of reach dream, but my father said work hard and save hard and you'll have one by the time you're 30.

Well for the last ten years, I've gone without (only had two cars, both MG Rover's so not exactly expensive), saved most of my income, have built up a good amount, but houses have increased in price so much that they are now further out of my reach than they were 10 years ago.

Oxford, where I was born and have lived all my life, now has the highest house prices relative to income in the entire country, it even outpaces London. Within the last year, the average house has increased by £41,000. This type of increase has been going on for years, it took a brief pause during the 2008 financial crisis, but has now recovered with prices increasing at record rates.

I'm basically just trying to catch a train which is accelerating away from me, leaving me feeling what is the point? Many of my friends have gone down the private rent route, or have been fortunate enough to receive a substantial amount from parents/grand parents to get them 'on the ladder'. But if I go and rent privately (prices for which are also sky high) there will be no money left over to save, and I'll be stuck that way forever. Whilst those on the property ladder will see their asset increase in value faster than you can actually earn the money working full time.

Be interested to hear anyone elses experiences. Because short of moving about 100 miles north. I think I'll be living with my parents until either one of us passes on.

My parents were both born in to households which had three generations living in them. I was born in to a household with only my parents living there. Perhaps the good days are over, and we're going back to the way things were.

29th April 2016, 20:59	#1
neilbaker86 Gets stuck in MG ZT Join Date: Jun 2011 Location: Oxford Posts: 847 Thanks: 124 Thanked 312 Times in 147 Posts	Housing 10 years ago (when I was 20), buying a house of my own was an out of reach dream, but my father said work hard and save hard and you'll have one by the time you're 30. Well for the last ten years, I've gone without (only had two cars, both MG Rover's so not exactly expensive), saved most of my income, have built up a good amount, but houses have increased in price so much that they are now further out of my reach than they were 10 years ago. Oxford, where I was born and have lived all my life, now has the highest house prices relative to income in the entire country, it even outpaces London. Within the last year, the average house has increased by £41,000. This type of increase has been going on for years, it took a brief pause during the 2008 financial crisis, but has now recovered with prices increasing at record rates. I'm basically just trying to catch a train which is accelerating away from me, leaving me feeling what is the point? Many of my friends have gone down the private rent route, or have been fortunate enough to receive a substantial amount from parents/grand parents to get them 'on the ladder'. But if I go and rent privately (prices for which are also sky high) there will be no money left over to save, and I'll be stuck that way forever. Whilst those on the property ladder will see their asset increase in value faster than you can actually earn the money working full time. Be interested to hear anyone elses experiences. Because short of moving about 100 miles north. I think I'll be living with my parents until either one of us passes on. My parents were both born in to households which had three generations living in them. I was born in to a household with only my parents living there. Perhaps the good days are over, and we're going back to the way things were.