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Home purchase is so much harder for young people than it was 20 years ago

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posted on Mar, 16 2018 @ 11:41 AM
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a reply to: CornishCeltGuy

30, 40 years of Republican conservative policies of showering the rich with booty have rendered the Middle class impotent.

No decent universal health insurance. Wages stagnant, jobs leaving and now the election of the prince of darkness, himself as a Republican conservative will seal the doom of the middle class in America.

They’ll be lucky if they can buy a car let alone a house




posted on Mar, 16 2018 @ 11:42 AM
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originally posted by: surfer_soul
a reply to: Edumakated

There has always been the issue of property’s having more value in certain exclusive areas. In England there is a huge difference just between the north and south parts of the country. We also have these gated communities popping up here too with their own private security.

I wonder how long it will be before we get genuine slums in the UK around these exclusive gated communities like we see in the third world?

While there are some parallels with the US and U.K. property markets it’s different here due to the population density on our relatively small island. London might as well be another country in economic terms with the disparity of the cost of living there as opposed to other places.

What’s really driven house prices up so much here over the last 20 years is people investing in property for capital gains. People who own more than one home and multiple homes. AKA the buy to let people. There are also holiday home owners too but that’s a separate issue.

What’s happened in much of this country is a landlord will buy a property and rent it out to say a single parent for example. That parent can’t afford to pay the rent bring up a child and pay the bills etc.. so the government steps in and pays the surplus costs the single parent can’t afford. Thus the landlord can’t go wrong because they get paid indirectly by the government covering the cost of their mortgage. So lots of people start doing this and that in turn drives up house prices across the market.
That’s a big part of the problem. Also people just investing in property because it offers the best returns as opposed to other investments. It’s a whole industry of itself in this country.
This sir pretty much sums up the whole problem with housing in the UK.
I completely agree...tragically



posted on Mar, 16 2018 @ 11:47 AM
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originally posted by: CornishCeltGuy
a reply to: Xtrozero

Yep, that £230,000 house today was £36,000 when I bought it.


To me £36,000 seems crazy low for the US in 1996. For us an average house in 1996 was about £120,000 with an average income of £26,000, so still about 4 to 5 times income. So that would be about £575 payment with £2000 income. Today it is roughly the same thing of about 25% of your monthly income.

The questions are, why was housing so damn cheap back then and why is pay about the same after 20 years? Does any of this have to do with your socialized system?
edit on 16-3-2018 by Xtrozero because: (no reason given)



posted on Mar, 16 2018 @ 11:54 AM
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originally posted by: Willtell
a reply to: CornishCeltGuy

30, 40 years of Republican conservative policies of showering the rich with booty have rendered the Middle class impotent.

No decent universal health insurance. Wages stagnant, jobs leaving and now the election of the prince of darkness, himself as a Republican conservative will seal the doom of the middle class in America.

They’ll be lucky if they can buy a car let alone a house


Price inflation of housing is largely driven by progressive policies forcing banks to lend to anyone not too mention regulatory and zoning issues which prevent building additional supply of homes (see CA for an example). Portland as well. Of course, progressives pushing for everyone to live in big cities with limited supply of land / homes does nothing to make housing affordable.

Continue on in your blindness.



posted on Mar, 16 2018 @ 12:02 PM
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originally posted by: Xtrozero
The questions are, why was housing so damn cheap back then and why is pay about the same after 20 years? Does any of this have to do with your socialized system?

That's pretty much what I'm wondering myself, but I think surfer_soul's post quoted in my post above kinda sums it up for the UK.
...and yes, to me, the 90's was the golden era. Imagine, early twenties, married, 3 story house with front and back gardens, decent car, multiple holidays/vacations, clubbing 4 nights a week, or at raves, festivals, and dance parties on long weekends. Living for enjoyment.
I'm so gutted for my son that he wasn't born back then.



posted on Mar, 16 2018 @ 12:16 PM
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originally posted by: ufoorbhunter
a reply to: CornishCeltGuy

What a load of crock, get a mortgage (noose) and sign off your life to the banks and 25 years unending slavery to pay for a pile of crappy bricks that dissolve quicker than they did ONE HUNDRED GOD DAMNED YEARS AGO!
Depends on the house I guess, my humble little stone built house is over 200 years old, and will be standing for many years after I die unless nuclear war or something.
Buying a place has to be better than paying someone else's mortgage for them...what can the child of a renter inherit?
edit on 16-3-2018 by CornishCeltGuy because: typo



posted on Mar, 16 2018 @ 12:25 PM
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originally posted by: CornishCeltGuy
a reply to: Xtrozero

Yep, that £230,000 house today was £36,000 when I bought it. The banks would lend me up to 3 times my salary but I didn't go to the limit and borrowed 95% of it's price (£34,200) purchasing the 5% with my own £1800 cash.
The 'kind of job' thought is why I compared it with my situation back then and now if I was in the same position today.
The same local government roll has a salary of £23,000 now, and a mortgage 3X that will buy you a shoebox these days.

The change has been property prices rising faster than wages, massively so.
To put it another way, in 1996 the same house was 2.25X the salary of the wages for the same job today.
Now the house is 10X the annual salary of that exact same job, just 22 years later.
I re-assert, it is harder for young people today.


That was the banks lowering lending interest rates close to zero and allowing people to borrow 5x their combined salary rather than 3x their salary. It was economic voodoo to restart the economy.



posted on Mar, 16 2018 @ 12:35 PM
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a reply to: stormcell

Economic voodoo madness! I always cringed when I saw the 5X salary mortgages, almost knew it would end in tears.
On a side note, we nearly bought a beach front tiny apartment back in '96 for even less, just £33,000, but it was a run down area, two tiny bedrooms and no personal outside space so we went for the town house instead. Those apartments are going for half a million each these days, breaks my economic heart every time I drive past them lol



posted on Mar, 16 2018 @ 12:48 PM
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originally posted by: Edumakated

originally posted by: Willtell
a reply to: CornishCeltGuy

30, 40 years of Republican conservative policies of showering the rich with booty have rendered the Middle class impotent.

No decent universal health insurance. Wages stagnant, jobs leaving and now the election of the prince of darkness, himself as a Republican conservative will seal the doom of the middle class in America.

They’ll be lucky if they can buy a car let alone a house


Price inflation of housing is largely driven by progressive policies forcing banks to lend to anyone not too mention regulatory and zoning issues which prevent building additional supply of homes (see CA for an example). Portland as well. Of course, progressives pushing for everyone to live in big cities with limited supply of land / homes does nothing to make housing affordable.

Continue on in your blindness.


Yep, the poster you’re replying to here seems to forget 1992-2000 and 2008-2016, when liberal Presidents forced institutions to loan enormous amounts of money to people who clearly couldn’t afford it. To blame Republicans (solely) is absurd. Congress, in general, and on both sides, needs to put Americans over lobbyists.



posted on Mar, 16 2018 @ 12:54 PM
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originally posted by: CornishCeltGuy

originally posted by: ufoorbhunter
a reply to: CornishCeltGuy

What a load of crock, get a mortgage (noose) and sign off your life to the banks and 25 years unending slavery to pay for a pile of crappy bricks that dissolve quicker than they did ONE HUNDRED GOD DAMNED YEARS AGO!
Depends on the house I guess, my humble little stone built house is over 200 years old, and will be standing for many years after I die unless nuclear war or something.
Buying a place has to be better than paying someone else's mortgage for them...what can the child of a renter inherit?


Ok that's fair if yu bought yours when they were cheap like chips. The current generation going to work their nads off to own those stones for all their lives and they wont really own anything bar them stones, working all their life for them stones when the Crwon still owns the land they're biult on. That's if they can get over their debts acquired in their youth. It's a workhouse these days one giants workhouse where you slave on and do it to get a roof over your head and some bread, Workhouse Britain, what a scam levelled at us by TPTB.



posted on Mar, 16 2018 @ 01:07 PM
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originally posted by: ufoorbhunter
Ok that's fair if yu bought yours when they were cheap like chips. The current generation going to work their nads off to own those stones for all their lives and they wont really own anything bar them stones, working all their life for them stones when the Crwon still owns the land they're biult on. That's if they can get over their debts acquired in their youth. It's a workhouse these days one giants workhouse where you slave on and do it to get a roof over your head and some bread, Workhouse Britain, what a scam levelled at us by TPTB.

That's my point of the thread, the fact that life for me in the 90's massively had better opportunities than for my own child 20 years later. Something happened which exploded the value of property compared to wages. The streets were paved with gold back then in between raving and free parties.
We'll never get back to those days, but if I can help my lad get out of the rented sector and into ownership then I will because paying someone else's mortgage is dead money.
I get your Crown 'ownership' thoughts, but when did the Crown last take a bought and paid for house off anyone? It's been a while since those #ty days with lords of the manner and stuff, so while ownership may be an illusion it is a tangiable illusion which our kids can trade.



posted on Mar, 16 2018 @ 01:10 PM
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a reply to: CornishCeltGuy

I paid my bills easier as a bus boy in 2003 then now as a carpenter.



posted on Mar, 16 2018 @ 01:19 PM
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a reply to: CornishCeltGuy

Must admit ownershop does have benefits oner rentals, plus not having to pla upto the land lord on onen of their site inspections. Bit it still carries a cost after you buy it and all them taxes and water gas electritity insurance and home improvements wow its just dosh all the time. Your lad has one possibiliyty that is to emigrate out of Cornwall yi ad the Lodoners pusjoing yo your prices, can he come to Stoke here it's still doable a terrace can be had for £45,000 and there's loads of work just it is largely penny pincjing industries and warehouses but still its a step on the ladder. What I have noticed pushing up demand is everyone seems to be singketons round here, Couple would inhabit a home years ago now so many people live on their own and so more properties needed. Plus lots of immigrants coming in that is pushing up demand to but most locals I knew as a kid moved south so the new arrvals are merely taking up the slack by the people who wet for a beter life in more affluemt regions. Hey the raves
weren't they flippin great
Ooooo it maybe with hind sight but what a great place Britain was in the 90's when you could rave and still get a home a nd buy it quick



posted on Mar, 16 2018 @ 01:22 PM
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originally posted by: Luuke123
" Lazy young people. Back in my day I put myself through college, had my own home, an automobile, and two kids by the time I was 20!!"



And walked a mile uphill both ways in the snow with no feet.

Grandpop, is that you??

I have already given up hope of ever owning anything in my life other than a pos Ford.

Pay keeps getting worse and costs keep going up

I blame myself though. I didn't know what I wanted to do at 20.


edit on 16-3-2018 by NarcolepticBuddha because: (no reason given)



posted on Mar, 16 2018 @ 01:34 PM
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a reply to: ufoorbhunter

45 grand for a house seems madness down here! Second home buying by rich folk from London doesn't help us either, and more councils are looking at covenants for new builds so only locally linked people can buy the homes...if they can afford it. I can see a new industry coming where locals earn money by being 'in name' purchasers of property for a 'fee' if you know what I mean. All laws can be circumvented, easily.

I spoke to my lad about this before, and he's like me, would prefer to take the financial hit living in a beautiful rural region than have more bricks for his £ up north. Even our biggest SW city has less people than Stoke-on-Trent...or so wiki tells me lol



posted on Mar, 16 2018 @ 01:38 PM
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originally posted by: NarcolepticBuddha
I blame myself though. I didn't know what I wanted to do at 20.

I get ya. I was just lucky I fell in love with a girl who wanted to be sensible and buy a place instead of renting. I didn't give a toss at the time, I was happy working and partying hard, but mortgage was less than rent so I just went with her idea as it seemed a good plan.



posted on Mar, 16 2018 @ 01:46 PM
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a reply to: surfer_soul

There really no limit to greed where finance and/or monies are concerned.

Fact of the matter is that an alarming amount of people are simply priced out the market down to the socioeconomic conditions of this nation, and many others.

edit on 16-3-2018 by andy06shake because: (no reason given)



posted on Mar, 16 2018 @ 01:50 PM
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a reply to: CornishCeltGuy

Yeah it's a problem. The UK govt had a great idea of contributing to mortgage payments for first time buyers of any age. Get people on the property ladder and keep the housing market active - win/win.

It would have been a great idea if they hadn't then underwritten the building industry by locking first time buyers into small, low-quality new builds. This deal forced people into buying homes with perpetual ground rents and maintenance contracts. These are unpredictable costs that can be sold on by the construction firms to agencies and the home-owners have no real say in the charges - they're contractual.

First time buyers were efficiently screwed over thanks to our own government putting big companies above people. Bunch of bastards.



posted on Mar, 16 2018 @ 01:54 PM
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originally posted by: andy06shake
a reply to: surfer_soul

There really no limit to greed where finance and/or monies are concerned.

Fact of the matter is that an alarming amount of people are simply priced out the market down to the socioeconomic conditions of this nation, and many others.

A-greed

And on a related note, the new industry with second homes in my area I predict above, due to local government trying to combat it, will involve local people being paid to be the purchaser, through a private mortgage, then live there for a year or so until selling makes a good profit. It avoids capital gains tax, and people do it here already, but that's probably for another thread I guess...



posted on Mar, 16 2018 @ 01:59 PM
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a reply to: Kandinsky
I fully share your sentiments, crappy new build boxes with 12.5mm plasterboard walls, 3 inch skirting boards, and all at a grossly inflated price. Many people got burned.




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