To think that renting at the age of 40 is abit tragic?

[katkitya]

It's not how I imagined things would pan out but, here I am. It's not very grown up, is it? I just can't seem to save enough for a deposit in London on my own. My friends that have done it have done so in couples or with family money. It sucks. Am I the only one that still rents?

I'm curious about how easy it is to move when you rent. It's an argument that has come up often, about how you are more flexible and can follow jobs and schools.

I live in France (quoted upthread as being more acceptable to rent) but it's really hard to find decent places to rent - and when you do find them, it's hard to be accepted as there's always a lot of competition for the same flat!

I have several colleagues who would like to move (they're renters) but just can't find anywhere to move to.

In London its not easy just to upsticks and move to another rented place. Not when you are on your own. How much do HA's compare to private renting? And, how do you get one?

I do worry about when I retire. Im not sleeping properly because of it. I just dont know how I got here. I see 20 somethings at work all getting leg ups from their parents. Good for them. My parents never had the money and, if they did, it wouldnt have occured to them to give it to me

Bit of stealth boasting going on on this thread. Not the place methinks.

another renter here: we are able to save (money for our retirement) because we are renting. because we only pay the rent and lightbulbs...
we are in the south east, buying for us would mean 100k deposit (or thereabouts) and a mortgage that is higher each months than our current rent.

If you're pathetic then so are we

DH is 38 and I'm 32, 2nd marriage for both of us. After splitting assets (or lack of) neither of us owned a property and with 4 DC between us, every penny that comes in goes out so I can't see a time that we will ever be able to afford the deposit for a house of our own.

I hate the British obssession with home ownership, and the mistaken belief that "prices always go up" and renting is "dead money."

why? i bought a house in 1981 for £16000, mortgage will be paid off very shortly. If I had rented from 1981, I would have absolutely nothing to show for it and yes it would be dead money. If I kick the bucket my kids get to share the money to give them a leg up to buy a property of their own if they wish.

Bartimaeus It must vary a lot, how easy it is to move. I haven't had many problems myself (including in London, and in France, just rented here for the first time) but I know there's probably a lot of luck in that. It's certainly easier than buying a house though

that's fine for you oohjarwhatsit, but most people cannot afford to get on the ladder now, or even for the last few years, especially in London. My colleague is in her early 30s and is looking in the grottiest part of London for a 1 bedroom flat that she can barely afford. In her case she will have family helping her out with the deposit. You can get a mortgage for, what, 2 times income. If your income is even £50k in London, that isn't going to buy you much without a huge deposit. It just isn't as easy as it was in 1981.

(I bought in 1994 initially when I earned £24k and could buy a 2 bedroom flat in Belsize Park, for £97k! It just isn't doable now).

just type in your details into a mortgage checker.

even with a 100k deposit (25%), not that we have that amount of money, the mortgage payments would be double the rent we pay now. nobrainer, really.

I was 2 in 1981. Bit hard to get a mortgage then.

I have just used Google mortgage checker. For a £200,000 property (so really nothing fantastic) we would need about a £50k deposit to make it affordable.

:(

And that's what, a one-bedroom flat in London?

Most people in Germany rent for their entire lives, I wouldn't worry about it.
My friend is 47 and rents, but then he has just got divorced and is waiting for a settlement which he will never get

I don't think it's tragic at all, I almost envy people who rent.

dreaming the 200k property you mean? Nah, we're in Devon, it's just an averageish 2-bed semi in a not-so-hot area.

Ah, I see. My former neighbours in London sold their average-y two bedroom flat in Brixton for more than £300,000. In Brixton!

Every once in a while I hear of someone buying a house and all I can think is how on earth???

We've been renting for the past 2 years and feel no different to when we were owning a property from a social standing p.o.v. Or perhaps not aware of any negative social cues. We're looking into buying again because we need to move. If it proves too difficult then we may have to rent again for a while.

Nothing tragic, people rent to suit different circumstances at different stages in their lives.

We own our home, which I love. It's ours, and we have the security of being able to sell it if we get into financial trouble. It's also an inheritance for the DC.

But, I do sometimes feel trapped. We live a long way away from my parents, and I would love to be closer to them for a while, but don't waant to lose the house either.

I don't think it's a success/failure thing, I think it's odd to think of it in those terms. I think it's just whatever suits you and your lifestyle better.

Exactly. The trade off is the security of knowing that every brick and rooftile is yours and no one can take it away from you against the freedom to upsticks and move whenever the fancy takes you without paying an arm and a leg in stamp duty, conveyancing and estate agent fees.

It just isn't as easy as it was in 1981.

oh believe me it wasnt all roses round the door then either. But Im glad I was starting off then rather than now. I think if i was just starting married life now, I would most likely emigrate :(

Would hate to rent.
have 5 properties and don't regret buying any of them. They are my pension!

oohjar - don't think this rude, but how did it take you 30 years to pay off £16000?

no problem here with renting - I'm 33.

What's the point in doing without for years, to save a tiny deposit to buy a tiny place which is not as nice as I can rent, just so the government can sell it from under me when I'm 70 to pay for my care home?

I'm in Germany too, where renting forever is completely usual.

coccyx you sound like my MIL - so please be careful because we've seen her lose all the equity with a couple of bad decisions. She's 57 now and has no idea what she's going to do.

We are in Germany too. We, my PIL, my best friend and DH's best friend all own.

Yes, it it a British obsession, but British renters are very restricted. Friends who rent in Germany, Switzerland and The Netherlands have long-term leases and can decorate and make their house or apartment their own.

When I rented, I could lose my deposit for just looking at the walls in a funny way .