Housing

[neilbaker86]

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.

[James.uk]

Rich property owners are keeping new houses from being built because that makes their existing properties more valuable, and most of the governing Tories are rich property owners ...

Single home owners don't make a profit, because the house they would have to buy has gone up in value the same as the one they trying to sell ...
...

[Goldyy]

Getting rid of your local MP at the next election would be a good start,smug arrogant that he is.

[steveo]

Originally Posted by neilbaker86

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.

Hi
Many people from down south are coming to live up north because the house prices are cheaper here (but the wages are less too)
These people seem to be mostly retired or people willing to commute.

People sell their expensive houses and purchase similar properties for less than half the money and have a nice nest egg for later

Nothing wrong with this apart from it drives the cost of housing up for our children and then they cannot afford to buy as the wages here are less than they are down south.
Regards
Steve

[macafee2]

i understand how the op feels. I cant see my son getting a house in the area we live in. My daughter at 24 got a job in Nottingham and needed the bank of mum and dad to help get her first house. £136,000 for a 4 bed semi. She is about to spend 6-7k on it.
She has worked hard since 15-16 having at one time i think had 3 part time jobs all at once.

where does the blame for high house pricees lie? Mortgauge companies, sellers? Where does the blame for lack of deposit lay?
By 21 my daughter had about 30k, travelling took this down to about 20k but for one so young, thats a lot of money.

For many money will come when family pass to the never never land.
so many jobs pay insufficent for people to be able to buy by themselves. a cheap house is now 100k or more. when i bought it was 30k or less but where less, not in an area where i had a job..

alas i dont know the answer

macafee2

[Rev Jules]

I know this is going to gall a lot of people but we bought our house off of the council in 1984 £14.500. borrowed another £13.000 and added an extension,
making it a three bed semi detached, that was when we had both boys living at home.
Just had it valued £229.995, now both retired going to give it two years before downsizing,

But getting back to buying the house who wouldnt have done instead of paying rent.

Please dont start raving at me because we had got the house so cheap at that time.

Rev Jules.

[topman]

Originally Posted by James.uk

Rich property owners are keeping new houses from being built because that makes their existing properties more valuable, and most of the governing Tories are rich property owners ...

...

And property developers, they benefit massively as well. Much better to land bank and trickle houses onto the market.

[zedhed]

Me personally would never entertain buying my own house this day and age,unless it was a cash sale.

[topman]

Originally Posted by zedhed

Me personally would never entertain buying my own house this day and age,unless it was a cash sale.

That'd be very difficult to do now. Who has cash in hand to buy a house? Only the wealthy.

[lady zed]

What kick started this issue was Maggie Thatcher selling off council houses at rock bottom prices in the 80's, that's what artificially inflated the housing market! Add unscrupulous lenders to the pot and its a recipie for disaster!

In Scotland, the right to buy your council house has been removed for new tenants and existing tenants only have to a certain date this year to decide whether to buy or not. Not sure if they've done the same in England?

I'm in the almost as horrible position of being on an interest only mortgage, and due to having children and then finding myself a single parent when my kids were 9, 3 and 6 months, I cannot work full time (I work 24 hours a week and pay childcare too) therefore no-one will give me a fracking mortgage! Meaning I'm trapped in the house I'm in! I can't even sell and buy something cheaper. I'm lucky that I have a good lot of equity in my house meaning I'll have a healthy deposit should my circumstances change and I'm still better off than if I were renting but its still very, very annoying.