The only people that benefit from rising house prices is the older age group who downsize. Everybody else suffers - mainly young people trying to get on the ladder, or people going up the ladder. So why is falling house prices always reported as a bad thing on the news (I mark out the BBC and Radio 4 especially one this)? The doom report from the Bank of England told us that with all the ways of leaving the EU would lead to falling house prices - so leaving the EU is a bad thing. Whatever your views on Brexit, for the majority of people, a 25% fall in house prices is a good thing. I've not got the hang of getting my home revalued - as local estate agents are always offering to do - every few months to bask in the glory of rising house prices. I am getting things wrong...
Parents have always help fund their kids first house in some way, shape or form and to a greater or lesser degree.
Not the U.K's problem alone, my 26 y.o. son has just moved home indefinitely to save enough for a house deposit, must have 20% minimum.
Personally i hope they keep rising. At some point we are selling up and moving to Spain and the more this house is worth the bigger my spanish one can be. Yes house prices are hard to swallow for the youngsters but they don’t help themselves by splurging all their cash on a white Audi on pcp and Nando’s. I see it everyday people buying things they can’t afford. I was 29 when I bought my first house , and I’m 34 now. I’ve worked hard and saved and it’s almost paid off soon (30%ltv left) If you truly want it then it’s possible. I don’t drink , smoke or waste cash which helps massively. But i do buy silly bikes and holidays which don’t help
I agree getting on the ladder can be difficult for the younger generation starting off, but without the bank and often the bank of mum and dad the beginners market would stall. Those already on the ladder,or going up it, are largely unaffected by an increase in value, depending on their choice of area/ house they move to. If you view the housing market as 'stock' it can be used as a barometer as to the overall value, nationally. Judging by the amount of cranes on Manchester's horizon right now we are either right in the middle of a boom time or riding blindly to the next crash. I hope for all of us we have learnt from our last mistakes.
And if they do, a lot more of London Estate Agents won't want you to darken their door unless you have more than a million to spend. Radio 4 will bask in giving out the good news whilst more property will be foreign owned with more UK residents renting. But we will have left the EU and taken back control. Hmm. I don't think that this was the 'control' that most people were thinking...
My daughter bought her first house with her partner last year, both late 20's, both in normal jobs (no uni degrees) 1 child between them. The house is a 3 bed detached. They have done better than me at that age by far so don't see a massive difference from my 20's. They have lots more 'stuff' than I had too - better car, more 'tech' and so on. Perhaps I drank a lil too much back then for sure, but they done better in the modern climate than I did in mine
Each to there own, fair play to ye, personally I live my life in a less strict way guinness, fast bikes, decent car, you never know what’s round the corner in life, I want to enjoy it, if it means I occasionally have something I can’t afford short term I’m not fussed as we all go to the same place and I want to enjoy here while I’m reasonably fit and healthy, if god forbid you or a loved one is the victim of a catastrophic event you won’t give a shit how big your Spanish house is, but well done on your achievements up to press you have done very well by the sounds of it.
It's swings and roundabouts! I made 100k on our old house through a combination of strong market and working hard landscapes no the garden etc, but now I'm trying to sell a house because I'm getting divorced and in 3 months we have had 3 viewings! It's not necessarily over priced, because if we drop it, it will be the same price as smaller stuff in worse areas but just isn't moving.
Agree with this. It's a topsy turvy world we live in. I always find the sheltered among us do the hyper focused saving thing. Where as the adventurous mad cvnts live for today and bollox to next week. I'm not saying which is right but I fall into the latter category. And I may well live to regret it, but fuck it. Whatever. My mate was a career man with a major oil company. He'd just become OIM on a North Sea installation, he'd recently paid off his mortgage and bought a beautiful blue BMW M4. He was the epitomy of a solid career guy. Or so we thought. He had a problem with his Mrs and topped himself. He was only 40. WTF!!
I’m off to my mates funeral today, bike thieves caused his death 100% but it’s another example of here one minute gone the next and we absolutely do not know what is coming.
