£15/hour

[trigger_andy]

Let's presume you are renting a room, (around here) at say, £550/month. How do you save for a deposit on a mortgage?

By working hard?

[trigger_andy]

 
Emigrate. 
 
It's not our only reason for going, but it's one of the main ones. Given the choice between paying off a mortgage for the rest of my life (given that a normal 4 bed house here is £500-600k, that's £20k a year on the mortgage for the rest of my working life) or buying somewhere outright for the cost of a 15% deposit here, the choice was pretty clear.
 
Not being an oracle, I can't predict the future of the housing market in the UK, but logic dictates that if the young can't get onto the property ladder then the whole thing comes crashing down. The increases in National Insurance and inflationary pressures aren't going to help either. 
 
The UK has a pathological issue with housing. It can only be blamed on decades of successive political mismanagement from administration after administration. There is a list as long as my arm that illustrates this, but it's late and I just can't be bothered. 
 
You're f*cked if you want to buy a house now if you're not already on the ladder.

What you’re dining is trapping yourself into a corner. I’m sure Sweden will suit you to the ground, but if it does not then…..

You say the U.K. market is gonna come crashing down then you say you’re farked if you’re not already on the ladder. Make your mind up J [emoji16]

Personally I think the U.K. will end up like many island nations like Japan. Multi-generational mortgages. No crash, no implosion just a slow but steady increase in “value”.

Im quite sure you’ll never return to the U.K. J, and I don’t blame you. The world is your oyster now, but not the U.K. Once you’re out the game here it’s gonna be next to impossible to buy here again. Unless you come back to Scotland 🤣

[spuddog0507]

This might be a bit boring but its based on facts that i can remember,

I bought a house in 1985 at a cost of 22.5k, at that time i was self employed on £3.50hr labouring for a builder, at this time a pint in the local was 70p a pint, so to put that in to perspective for the cost of my house would of been 32,000 pints of beer,

i have just looked at what simular houses sell for today and i would be looking at around the 200k mark, i dont know what a average person earns today but i do know what ale costs and its getting close to a fiver today, so a 200k house would be 40,000 pints so something has changed ? this above is based on a simular property that i bought but there is 2 bedroom flats available for 120k which puts it in to a better perspective for todays first time buyers,

Then there is several other things to take in to consideration which all add to the equation, if you run a car/van today the insurance when you have past your test is outragouse today at around 2-2.5k, my first van was at 17 and was a Bedford HA viva van and the insurance was £42 for the year and at that time it was just over a wks wage, So with todays youngsters paying stuppied amounts like that this will hamper saving, 

Then today we nearly all have a mobile phone in our pockets and this comes up on every expence sheet when applying for any sort of finance as today it is taken for granted that you have a phone and it is a expence, but back in the mid 80s mobiles where just about here but not many had them, if i wanted to make a call i had to find a Phone box and hope i had either a 2p or a 2 bob in my pocket,

In our small town back in the 80s we only had 2 chippy.s and there was only one of them open after 7pm ,we had no Indians, Chinese, or Italian take away,s today we have 2 Indians, 3 Chinese, 5 Italian take aways and a subway plus many other day time take away,s and there is all ways some one in them, We dont have a Mcdonalds, Kentucky or Burger king as yet but what we do have is several ice cream parlours and sit in desert bars ! well thats what i call em, 

So to sum it up YES things have changed but i dont think someone in there 20s to buy there first property is out of reach by a long way, its just all the other costs they have that we did,nt back in the 80s/90s, when it comes to that expence sheet there will be a phone contract, car insurance, credit card, loans etc this lowers the chances of being able to qualify for a mortgage today, and with the expences they have today that are now taken for granted hampers saving for that deposit !, and then its like do they need to go and get a Pizza at 10pm eat half of it and bin the rest, No they dont, i used to get them when we got our first Pizza take away and i could,nt eat it all i did,nt bin it i took it to work day after for my dinner, I think its just the way the younger generation spend there money and its not wisely i am afraid, there is one saving they do make tho that my generation didnt and that is they dont buy records today or as my kids called them early versions of CDs i used to buy a couple every wk and they was about 75p a go, So i just think todays youngsters just have to much to spend there money on that we didnt have back when we was saving for houses,  

[eggsarascal]

15 minutes ago, spuddog0507 said:

This might be a bit boring but its based on facts that i can remember,

I bought a house in 1985 at a cost of 22.5k, at that time i was self employed on £3.50hr labouring for a builder, at this time a pint in the local was 70p a pint, so to put that in to perspective for the cost of my house would of been 32,000 pints of beer,

i have just looked at what simular houses sell for today and i would be looking at around the 200k mark, i dont know what a average person earns today but i do know what ale costs and its getting close to a fiver today, so a 200k house would be 40,000 pints so something has changed ? this above is based on a simular property that i bought but there is 2 bedroom flats available for 120k which puts it in to a better perspective for todays first time buyers,

Then there is several other things to take in to consideration which all add to the equation, if you run a car/van today the insurance when you have past your test is outragouse today at around 2-2.5k, my first van was at 17 and was a Bedford HA viva van and the insurance was £42 for the year and at that time it was just over a wks wage, So with todays youngsters paying stuppied amounts like that this will hamper saving, 

Then today we nearly all have a mobile phone in our pockets and this comes up on every expence sheet when applying for any sort of finance as today it is taken for granted that you have a phone and it is a expence, but back in the mid 80s mobiles where just about here but not many had them, if i wanted to make a call i had to find a Phone box and hope i had either a 2p or a 2 bob in my pocket,

In our small town back in the 80s we only had 2 chippy.s and there was only one of them open after 7pm ,we had no Indians, Chinese, or Italian take away,s today we have 2 Indians, 3 Chinese, 5 Italian take aways and a subway plus many other day time take away,s and there is all ways some one in them, We dont have a Mcdonalds, Kentucky or Burger king as yet but what we do have is several ice cream parlours and sit in desert bars ! well thats what i call em, 

So to sum it up YES things have changed but i dont think someone in there 20s to buy there first property is out of reach by a long way, its just all the other costs they have that we did,nt back in the 80s/90s, when it comes to that expence sheet there will be a phone contract, car insurance, credit card, loans etc this lowers the chances of being able to qualify for a mortgage today, and with the expences they have today that are now taken for granted hampers saving for that deposit !, and then its like do they need to go and get a Pizza at 10pm eat half of it and bin the rest, No they dont, i used to get them when we got our first Pizza take away and i could,nt eat it all i did,nt bin it i took it to work day after for my dinner, I think its just the way the younger generation spend there money and its not wisely i am afraid, there is one saving they do make tho that my generation didnt and that is they dont buy records today or as my kids called them early versions of CDs i used to buy a couple every wk and they was about 75p a go, So i just think todays youngsters just have to much to spend there money on that we didnt have back when we was saving for houses,  

It's not out of reach, my nephew and his partner have just bought their own place, his words to me, "it's fecking expensive getting a house ain't it, Simon".

 

When I asked my brother, his dad why he hadn't helped him, he said, "I let him sweat it, now he's got a place I'll pay for all the furnishings".

 

Harsh in my eyes. But shows it can be done.

[Big J]

5 hours ago, trigger_andy said:

 

 

What you’re dining is trapping yourself into a corner. I’m sure Sweden will suit you to the ground, but if it does not then…..

You say the U.K. market is gonna come crashing down then you say you’re farked if you’re not already on the ladder. Make your mind up J

Personally I think the U.K. will end up like many island nations like Japan. Multi-generational mortgages. No crash, no implosion just a slow but steady increase in “value”.

Im quite sure you’ll never return to the U.K. J, and I don’t blame you. The world is your oyster now, but not the U.K. Once you’re out the game here it’s gonna be next to impossible to buy here again. Unless you come back to Scotland 🤣

 

 

 

I know what you mean. But I have to be very vocal about leaving so as never to give myself the option of staying. Staying here and struggling on is the easy option. 

 

If Sweden didn't work out (which is always a possibility) then we'd just go to Germany. 

 

I hadn't considered the possibility of multigenerational mortgages. Seems horrendous. 

 

To clarify my position, currently, unless you're on the housing ladder, you're going to find it extremely hard to get on unless you want to live in a minute house or Bolton. And there must surely be a crash coming, but I think it is a little way off because so much of the UK economy is tied to housing. It's almost too big to fail.

 

It's a bit like when Blackadder is explaining how the war started to Baldrick and George, talking about the military build-up of both sides and how it was a grand plan:

 

Edmund:  Yes, that's right.   You see, there was a tiny flaw in the plan.
 

George:   What was that, sir?
 

Edmund:  It was bollocks.

 

And that's sort of how I feel about the housing market. It's now so far down the road, with so many people so heavily invested that even though it desperately needs a reset, nobody except for first time buyers can afford for it to happen. It'll be interesting to see how long it can continue against all logic.

[Rough Hewn]

I love how all the home owners are preaching how clever they were to buy a house decades ago for pennies.
Congratulations.
Now **************** off, because there are millions of us who will never afford to own a home.
Millions on minimum wage or low paid jobs.
It’s not having the balls to buy somewhere…
Every single person of my generation I know got the deposit off there family.
You can’t work pay rent and save 20-50k…
This world is deeply ****************ed.

[Mick Dempsey]

How old are you Saul?

[Rough Hewn]

How old are you Saul?

What’s your point Mick?

[Mick Dempsey]

I’m curious, you talk of your generation, so what is your generation?

[Rough Hewn]

I’m curious, you talk of your generation, so what is your generation?

Born in 76.
Which means even if I had a deposit now.
I’m too old to get a mortgage.
[emoji106]