To wonder how the next generation will afford a house?

[Housepricewoes]

DH and I want to move to what will hopefully be our family home, in 2 years. Work commitments means we can't do it sooner but I'm stressing about how much house prices might rise in that time.

That got me thinking about how today's children will ever be able to buy a home.

I know it's a very British thing to aspire to home ownership but rightly or wrongly it is the norm.

Many of my friends and extended family have only been able to get on the property ladder with a significant hand out from the bank of mum and dad, but unless their circumstances drastically change, they are not going to be in a position to do the same for their children.

What do you think will happen about houses with the next generation?

Revelling in misery? That's a bit harsh. I think it's fairly obvious from the thread title that this thread ain't gonna be a barrel of laughs.

Blimey, if you can't have a moan on here about life's unfairness, where can you?!

Boeufster, I suggest you try some of the more lighthearted threads if all you're after is a bit of fun.

There's a difference between having the odd moan, Curly, and posting relentless negativity on Every. Single. Thread.

I'm perfectly capable of posting on more serious threads, btw, but when I see uselessidiot appearing to use MN to make her life seem endlessly miserable, I feel like it is enabling someone to keep digging their own grave, MH-wise, to not sometimes challenge it. It is part of what makes MN a community.

I don't think it's bad advice to suggest she might feel happier if she avoided threads which only exacerbate her gloominess.

Well you may feel a bit frustrated with her but maybe you could have made your suggestions in a gentler way.

Anyway, bit of a thread derail, this. Apologies, OP.

' I have lived in Canada, UK and USA and the UK and USA are miles behind Europe and Canada in terms of tenants rights.'

Even the US has a system that strongly discourages BTL. Very strongly, via both federal and state tax laws and laws governing the sale of mortgages. This is why their sub-prime mortgage crash did not crash the system as fully as it would here.

The vast majority of flats for let are held by corporation, not individuals, many of whom spin the running of them out to property management corporations.

It is illegal to discriminate against those with children by federal law. It does happen, but can be very seriously prosecuted.

Most leases are 12 months at minimum and many states have laws against how much you can raise the rent.

It is also easier to evict a tenant for anti-social behaviour and/or rent arrears. I worked as a legal secretary in this field in the state of Colorado. 3 strikes for anti-social behaviour and 3 months for non-payment of rent. Fairly straightforward and easy to process.

Also they do not have this system of letting agents and their arbitrary fees, completely unregulated.

I rented for many years there and never ran into the problems we did here in private letting.

expat in scotland is spot on. It's not a British disease it is about wanting a stable family home that you cant be kicked out of with 28 days notice.

Yes and the previous generation worked much harder or the middle ones like me who bought a house as soon as they got a job.

Re loads of big properties coming onto the market in 10/20 years or so and bringing house prices down - I don't think so.
Property developers will buy them, demolish them and put up 5 cheaper rabbit hutches. And the govt will encourage them to do it...

Re loads of big properties coming onto the market in 10/20 years or so and bringing house prices down - I don't think so.
Property developers will buy them, demolish them and put up 5 cheaper rabbit hutches. And the govt will encourage them to do it...

Re loads of big properties coming onto the market in 10/20 years or so and bringing house prices down - I don't think so.
Property developers will buy them, demolish them and put up 5 cheaper rabbit hutches. And the govt will encourage them to do it...

Yes I'm luckier than many but that promotion if I get it (the course only gives me right to apply) will only earn me 21K, not enough to buy a house. Also the fact that people are worse off does not make it alright for people to say I or anyone else doesn't work hard. Neither does it make it ok to say oh you'd have more money if you didn't spend it on X, y and z when I don't spend money on X, y and z.

sarinka - really? really?

"Property developers will buy them, demolish them and put up 5 cheaper rabbit hutches. And the govt will encourage them to do it..."

Which will be sold off plan around the world before us poor saps get a chance.
We are living with my parents in a small 3 bed semi. So that's 2 pensioners, DP and me, a 3 year old and a baby. And I think we'll be here forever, thanks to childcare costs.

On this thread, like so many, I realise how mnay MNers come from pretty well of backgrounds. I am not sure all of those who do realise that their experience is not the universal one.

Is there any experience that is the 'universal one'? I don't think so. And I think that works both ways, those on low incomes often don't realise that people who come from families that have a little bit more in life are also perfectly normal and experience their fair share of financial worries as well, along with other the other health/family/relationship/job stresses that almost everyone has to go through at some point.

I do think there will be a price drop when the baby boomers die off or go into care.

In the first scenario the kids will be happy with their inheritance and will be happy for a quick sale to release the cash.

In the second scenario you only have 3 months to sell your home to pay care fees (in my area). So they will have to take whatever they get, or start running up debts of £800pwk.

These 2 factors should drive down house prices for the large suburban semis, detached, and bungalows that families want to live in.

London's a different bubble if course.

Plus it'll be another 30 years before this has run it's course, too late for our generation but it might improve things for our kids grand kids

I think there will be a price drop before the boomers die.

Sentiment can change over night.

Of course the whole problem could be fixed by the gov stopping people from buying houses they don't indend to live in. But that won't happen, london gets its money from whoring itself out to the highest bidder

What do you think will happen when the people who can't afford houses, and their children, become a majority in the voting age population?

Then a whole generation will stop getting a very raw deal and have policy's that will help them rather than ones that constantly screw them over.

21K for full time hrs. 13k is my wages plus student bursary. Well 21K would be based on a 37.5hr per week contract.

Curly
Re expectation of house-ownership being relatively recent, I think I'm in the generation above yours. (My grandfather fought in WW1 and my father in WW2.)

My grandparents rented one of those 3 bed terraces that are now selling for £600,000 in London. Most of them were rented. One landlord often owned whole streets of them. Skilled workers could not afford to buy. My parents were in their 40's, dad a non-grad teacher, before they could buy a 3 bed semi. It cost £3,250 in the 50's. May seem like 'a pittance' but it was a real struggle to find the deposit and pay the mortgage. My father did his day job in a school and ran an adult education institute every evening till he retired.

We sold that house 4 years ago for £400,000. I passed over a chunk of my inheritance to my 3 dcs to help them on the ladder.

My two single aunts, secretary and nurse, lived at home with their parents till their 40's. One married and the other bought a house with a friend. It's always been hard for one person to take on a mortgage.

as if that expectation were wrong. No - just unrealistic. The big difference is that there was good social housing on decent estates and private tenants had more rights through rent regulation etc.

It all changed in the 80's with Right to Buy, which raised expectations but denuded social housing and turned the rental market into a free for all.

I'm not contemplating killing myself because I can't afford a house. It's if I ever become incapable of working. Retirement isn't an option as my pension plan is worthless so if I ever can't work I'll not be able to pay rent, bills or buy food. I can't face the idea of starving or freezing to death.

All these antidotals are useless.

Its never been harder to buy, prices have never been this many multiples above wages. Many boomers are so out of touch with reality and the issues facing young people.

A miners cottage in brixton, two up two down, something easily afforded on one working class wage is now 600k.