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

[Dymetrie]

Originally Posted by Del Lardo

I was rather proud of my rant as it included so many long words it would have been appropriate on QI.

They probably only fixed it because they didn't have a clue what you were on about, then

[Del Lardo]

Originally Posted by Dymetrie

They probably only fixed it because they didn't have a clue what you were on about, then

Either that or my grammar was so bad they felt sorry for me

[Jonny69]

I know how you feel mate. It gets me down sometimes. I see people just 2-3 years older who got their property just before the big boom and they are made for life. 2-bed terrace places round here that would have been starter homes are now way out of reach at £330K+ and the people in them bought them at less than half that. Nowhere to buy anyway because it's not worth them selling. They just rent them out at some 2-3 times what their mortgage costs them and stick the money into their main home.

Sucks bigtime. Been stuck renting for years now and it holds life up.

[Del Lardo]

Originally Posted by Jonny69

I know how you feel mate. It gets me down sometimes. I see people just 2-3 years older who got their property just before the big boom and they are made for life. 2-bed terrace places round here that would have been starter homes are now way out of reach at £330K+ and the people in them bought them at less than half that. Nowhere to buy anyway because it's not worth them selling. They just rent them out at some 2-3 times what their mortgage costs them and stick the money into their main home.

Sucks bigtime. Been stuck renting for years now and it holds life up.

I wonder how long it is before sections of the UK barely has anyone under the current age of 30ish owning property there, as the population ages people who bought years ago will carry on living there not releasing stock and those who do want to move up the ladder will just rent out their existing property as the mortgage is 1/2 what they can get in rent. There are already areas in the SW where people buying holiday homes etc are forcing out the local populace who have been there for generations as there is little affordable housing and if I look at the prices in the area of Cambridge where I live (Mill Road area for anyone who knows Cambridge) you really need two people who are in the 40% tax bracket to even consider buying. I consider myself to be very fortunate in my earnings and if you had told me 6 years ago what I would be earning today I would have laughed in your face, I guess the fact that I am earning more at 28 than I thought I would be at 38 and still finding it nigh on impossible to get on that first step of the property ladder is what is really getting to me at the moment.

Having said all this if I was in the position to move to one of the other big towns/cities in the UK, e.g. Birmingham, Manchester, Cardiff, Newcastle (i.e. not the SE) then I could afford to buy somewhere pretty easily. I know that I don't help myself by staying in Cambridge but having spent 6 years making a life for myself here I really don't want to leave


Now one of the things which is really getting to me at the moment (and I would appreciate peoples thoughts on this as I freely admit I have very middle class views occasionally bordering on Daily Mail ) is how social housing is handled in Cambridge. I grew up with the classic council house estate system but now in Cambridge due to the sell off in the 80s? there is not enough social housing so the council forces the developers to give them a %age of new build property often up to 40% in order to get planning permission. Now in theory this is great but let me provide an example and let me know what you think......

Just down the road from me is a new build of approximately 500 1-2 bed apartments, prime first time buyer property but only 275 were available for private buyers when they were built (and a lot were picked up by Buy To Let but that's another discussion) and 225 were given to the council for social housing. Now personally I have an issue with anyone being given what is basically prime city centre property by the state as I think it takes away any incentive to better yourself and often any incentive to work. I've had the pleasure of listening to a couple of young ladies discuss how their life plan was to get pregnant at 16 to 'get one of them nice flats' and it worked for them, they now have a couple of kids and a £250k 2 bed apartment while I carry on renting and have what is rapidly approaching a four figure monthly income tax bill I'm not claiming that these are the norm but surely having the system set up this way is going to encourage abuse?

No doubt my views will have some people reaching for their keyboards to bash my head in and if that's the case please tell me why. One of the things I like about this forum is that we have a wide social spectrum and I am always happy to have my views challenged and occasionally my opinions may be changed

[Rich_L]

It's a strange one, the desire of home ownership is very much a British phenomenon, something like 70% of homes are owner-occupied whereas in most comparable Western countries it is more like 40-50%, where things like long leases and buy-to-le is far more common than it is in the UK.

Obviously there's more to it than just the financial picture, but you can do just as well if not better by renting and investing the difference in other products (such as a investment vehicle linked to the property market), as you would by 'investing' in buying a home.

I guess the best thing is just to try and let go of the preoccupation that not owning a house is a 'failure' and enjoy the fact that the lively rental market means with a bit of luck and wheeling and dealing you can inhabit a property at a decent rate which would be far in excess of anything you could afford to buy, and still have money left on top.

[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!

[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.

[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.

[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.