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?

I think it will become more and more common for people to move out of London to get started. We lived in Swindon for five years (didnt want to) before we could afford to move to London. Its hard but you have to make sacrfices

That's a catch22 in itself though Nadia. The years in which people need mortgages have a large overlap with the child-rearing years. If you move away from your support network to find affordable housing, you then affect your affordability rating because of childcare costs...

Maria I find your self-appointed role of housing adviser quite astounding. and it is dismissive of people who are genuinely in need and your advice is completely unrealistic. A one bed flat in an upstairs conversion (living/kitchen/diner, tiny bathroom, nowhere to dry clothes) is 1200 a month round here in zone 3 and it offers no security of any kind and still costs 1500 a year to get into town. Decent housing for a family costs around 1800 a month.

So the main reason you cannot afford to buy is you are disabled so cannot work full time so cannot take on extra work. That means it's not the state's fault you cannot buy, surely? If you weren't disabled you could plus loads of money is being put into older existing debts. Is there some way you can work from home at a computer which would enable full time work and work around the disability that way?

You can certainly get flats in zone 5 which don't cost too much. 1 bed £129k Wembley www.rightmove.co.uk/property-for-sale/property-29174868.html.

So salaries together £50k, probably able to borrow £150k. The deposit then is the only thing that stops this happening.

However I suspect the historic high debts which take a third of your salary and the disability are the killers here. Obviously I am sorry you have them. Most people don't have those issues.

namechange - no children yet early 30s parents saying buy a one bed. Do what your parents say. At the moment your costs are regarded as lower and you have two salaries so you will find it easier to get a mortgage now. Wait and you might be like lots of people on the thread who are never able to buy.

My daughter and husband got 5x salary by the way so let us not assume 3x is the only multiple ever offered. It depends on your career etc. 3x joint salary is not unfeasible even under the new test. Be positive, optimistic, hard working and make it happen. Slum it if you have to. You can do it. I have faith in everyone on the thread being able to do it if they really want it.

Maria

That flat is virtually inside Wembley Stadium. Its right on the edge of the industrial estate around the stadium just do a satellite view on the map.

I've just stuck my details into a mortgage calculator and the amount I can borrow has definitely dropped from 2 years ago when I bought a house. Yet my salary has gone up and the house has increased in value so the LTV is now below 60% (which seems to be the limit for the best value deals). I am a high earner but I pay school fees.

I have faith in everyone on the thread being able to do it if they really want it.

ODFO Maria That really is the most astoundingly patronising thing I have heard in a long time

MariaJenny your response to Fridgepants is astonishingly rude and heartless. If I've read her post correctly she said she already works full time (people with disabilities do you know ..) but would find it too physically demanding to take on another job. It may not be the state's "fault" she cannot buy (ha ha - obviously, the state has nothing to do with the current housing crisis oh no ) but even if she were capable of working more please remember that while there aren't enough full time jobs for all those who need them (let alone at a decent rate of pay) strangely enough there aren't enough part time jobs around either - not least in some small part to the sort of roles which were once actually paid now being filled by Workfare people.

Wanting to work more isn't always the same as being able to get work. I don't think you have any real appreciation of how shitty it is out there at the moment as it's a complete employer's market and consequently many jobs offer outrageously low pay.

And I repeat, where's the compassion for people who having housing problems and who exist (rather than live) in an almost perpetual state of anxiety because they don't have a secure home.

And repeating yet again, it's not so much about buying it's about security and the main reason people want to buy is because that security does not exist elsewhere. Given it's not the state's "fault" that anyone has a disability do you suggest all those affected should be completely ignored ? Who cares where they end up living ? ..... good grief, it's not as if the home environment could possibly have any bearing on someone's disability being managed as well as possible is it ? It's not as if anyone with a disability ever has to consider such unimportant things like access, or decent heating, or proximity to public transport or space to store medical equipment is it. Who cares where they end up ? Why should the state help them out - they didn't wish disabilities upon them did they ? Nothing to do with the state is it ?

The lack of compassion some people show while sitting in their ivory towers and making inaccurate and condescending comments towards others less fortunate never fails to amaze me.

Marie, according to Santander, based on DP's income (I would have to leave my job as cost more in travel) and with a deposit of £4500, apparently we could borrow £30k.

And you didn't answer my questions!

Santander say they will lend us £410 k despite me putting in 3,500 savings in deposit ! Eh !?

Really namechangepro?? Are you sure?

Natwest say a bit less. Anyone want to chip in so dp & i can get a deposit together ?

have just recently got a decent income Apatite but no deposit .

Ok, that makes sense if your income is good. I just used the Santander calculator to put in deposits between 20k and 100k, keeping all else the same. Made zero difference to the final result. That seems rather odd.

Yes i think it just counts income & ignores deposit !

Maria you would make a very good presenter of a spoof 'Location Location Location' programme with your 1 bed flats next to an 8 lane stretch of one of the busiest roads in London, suitable for someone with children and a disability.

Those flats were built when the North Circular was populated by handful of Ford Prefects. They are not suitable housing now and even less suitable for someone with disabiltiies.

How I hate location location location ! They all have huge budgets. So annoying, especially when Kirsty tells every one they only have a modest budget

Those mortgage calculators are simply designed to give people false hopes and make the satisfied homeowner feel safe.

Any bank lending 5x income is being very dodgy. Rules are supposed to have been tightened.

this thread has been helpful, I hadn't properly considered impact of child care costs on ability to get a mortgage. & prices are just going up and up in london

Thanks for the suggestion re subsidised housing Horse.