I really shouldn't of spent the afternoon on Rightmove & Houseladder

[Del Lardo]

Rich, I appreciate what you are saying but my wish to purchase property has nothing to do with making money it's about having a space that is my own to decorate, being able to run cables wherever I want to and most importantly not being given a months notice to move house because the owner wants to sell/move back in.

As for inhabiting a property far in excess of anything I could afford to buy...... I suspect that the London rental market has a few more options than Cambridge

[Kitten]

To be honest, you're in quite an enviable position to some. Plenty of people wouldn't be able to buy anyplace, anywhere, never mind having to compromise. It just seems that nowadays people expect to be able to buy the best house in the best area, whereas when I was younger, you bought what you could afford and traded up. You either went for a big house in a crappy area or a smaller house than you'd like in a better area (that's what I went for). I had to move completely outside the area I was born and brought up in and there's no way I could afford to move back to there now, nor could I 10 years ago. I also bought my first home at 23, when most people were still living at home. I didn't make anything out of that at all (due to divorce), however I found somewhere not a million miles away, which is quiet, bigger inside than it looks, and was a do-er uper, so relatively cheap at the time (although it took me a few goes to get the lending on it). I bought that 6 years ago, so you would have been the same age then as I was when I bought my first place. It was do-able then.

Although the prices have become stupid, and it's harder to buy for first timers, it seems that you're still in a position to do this - so I think you either have to carry on paying rent or suck it up and buy out of the 'ideal' area.. A lot of the people I know trying to get on the ladder couldn't even get a tiny home in a less than salubrious area and would love to be in your position - just able to buy somewhere!

[Desmo]

I tend not to look at house prices or even think about it. Ignorance is bliss.

I used to think about what I could have now had I been in a position to buy earlier but in reality it's pointless. Life is what it is and you get the cards you're dealt.

[Del Lardo]

Originally Posted by Kitten

To be honest, you're in quite an enviable position to some. Plenty of people wouldn't be able to buy anyplace, anywhere, never mind having to compromise. It just seems that nowadays people expect to be able to buy the best house in the best area, whereas when I was younger, you bought what you could afford and traded up. You either went for a big house in a crappy area or a smaller house than you'd like in a better area (that's what I went for).

I agree that I am in a fortunate position to stand a chance of buying somewhere in the next few years, my real frustration comes from the massive price increases in the last few years resulting in my only decision being a small house/flat in a crappy area or renting despite basically feeling like a cash cow for society. I guess what it comes down to is expectations, I expected that if I could get to point X in my life then I could expect Y only to find that in-fact I get Z and I don't like Z.

Originally Posted by Kitten

I had to move completely outside the area I was born and brought up in and there's no way I could afford to move back to there now, nor could I 10 years ago. I also bought my first home at 23, when most people were still living at home. I didn't make anything out of that at all (due to divorce), however I found somewhere not a million miles away, which is quiet, bigger inside than it looks, and was a do-er uper, so relatively cheap at the time (although it took me a few goes to get the lending on it). I bought that 6 years ago, so you would have been the same age then as I was when I bought my first place. It was do-able then.

I'm not sure if you are implying that because you could afford property at the age of 23 I should have been able to as well or if it was do-able for you then but wouldn't be now?

Originally Posted by Kitten

Although the prices have become stupid, and it's harder to buy for first timers, it seems that you're still in a position to do this - so I think you either have to carry on paying rent or suck it up and buy out of the 'ideal' area.. A lot of the people I know trying to get on the ladder couldn't even get a tiny home in a less than salubrious area and would love to be in your position - just able to buy somewhere!

Well once again the goal posts have moved, a couple of years ago before the collapse I could have got one of those lovely 90% mortgages whereas now I need to save up a ~£30-40k deposit which would be easy if I was still in shared housing but given the amount of rent I need to pay it's going to be rather tricky. I know it's a slightly strange thing to say with a Lotus parked outside but I can run that for £100/month and the value of the car has actually gone up in the 2 years & 25k miles One of the reasons I bought it back was that I was very confident that I could get my money back if not more if I need the money when I am actually in a position to buy.

[Pebs]

I would imagine very few 'young' people can afford the house they want. Our first house was a crap house in a crap area, 3 bed terrace in Dagenham. I come from an extremely middle class background and living 30 metres from the A13 was a culture shock to put it mildly. Made a very tidy profit on it after 3 years of graft and living like tramps for a lot of it and moved up.
There's very much a culture of wanting everything NOW these days, people seem to think the world owes them something. I also agree with Rich, I don't understand the obsession with being on the property ladder.

[BBx]

I want a house

Since being back for Christmas, seen two of my friends with new places - one of them Repos (seem to be the best deals nowadays). Both costing not much more than my 2 bed flat.

Damn living in London!

BB x

[Desmo]

Originally Posted by Pebs

I would imagine very few 'young' people can afford the house they want. Our first house was a crap house in a crap area, 3 bed terrace in Dagenham. I come from an extremely middle class background and living 30 metres from the A13 was a culture shock to put it mildly. Made a very tidy profit on it after 3 years of graft and living like tramps for a lot of it and moved up.
There's very much a culture of wanting everything NOW these days, people seem to think the world owes them something. I also agree with Rich, I don't understand the obsession with being on the property ladder.

We're not just talking about "young" people now. We're talking about people in to their 30's which is an age where most would have expected to be owning their own home for a good few years by now. I also don't think it's so much a case of people wanting everything now these days (although that does happen a lot). It feels like some of us have been cheated almost through no fault of our own. When my sister bought her house across the road from ours she paid less than half what I did and for a larger house. This gives her a financial advantage for the rest of her life that I can never claw back. We all know that house prices rocketed out of control which has created this situation.

It's not just about wanting a massive house as your first house. I'd love to buy a bigger house at some stage in the future but I've resigned myself to the fact that I doubt we'll ever be able to afford a bigger house than we have now.

It's not something I ever really worry about, its just life and we have to get on with it. But it doesn't make it any less annoying at times.

[Kitten]

Originally Posted by Pebs

I would imagine very few 'young' people can afford the house they want. Our first house was a crap house in a crap area, 3 bed terrace in Dagenham. I come from an extremely middle class background and living 30 metres from the A13 was a culture shock to put it mildly. Made a very tidy profit on it after 3 years of graft and living like tramps for a lot of it and moved up.
There's very much a culture of wanting everything NOW these days, people seem to think the world owes them something. I also agree with Rich, I don't understand the obsession with being on the property ladder.

Agree completely Rented for around 6 years before being able to buy (back when rent was far higher than paying a mortgage - which was just as frustrating as only being able to rent now because it's too expensive to buy), and didn't get a 'nice' 90% mortgage either. Saved up and lived like a hermit for a good few years so I could afford to buy.

[Del Lardo]

Originally Posted by Pebs

I also agree with Rich, I don't understand the obsession with being on the property ladder.

Try being forced to move 4 times in 6 years, 3 times with <=1month notice and once with effectively 2 weeks notice. You soon lust after the security that comes from owning your own property.

[TinkerBell]

I have to say for me, the reason I want to be on the property ladder is I want to have my own home. I want to be able to made changes to it and know that I will always be able to live there. The most important thing for me is though when I get old I do not want to have to worry about finding money for rent because I don't own my own house.

I know at the beginning you won't own it as it will be the mortgage lender's until you pay all the money, but eventually you should own it out right