Aibu to think that "suspended adulthood" is going to lead to large problems?

[BlancheBlue]

www.theguardian.com/society/2016/sep/22/young-people-living-in-a-suspended-adulthood-finds-research

Just this really. There was a telling comment about this article with the ever increasing age profile of parents the chance of children knowing grandparents is going to be remote.

I think lots of the boomer generation really fail to understand this. Whenever it is said it is tough for young people que loads of "well I worked my arse off and owned a house by the time I was 21" type comments.

We rent, it's £1750 a month for a one bed .

t4, did you look at "arrangement fees" and other tie ins? Just like airlines, banks are finding sneaky ways to come top of comparison tables when in fact the real price is much more.

t4 you are the conservative parties wet dream

London prices are crazy, I agree with that. But if you're very keen to own a house then you can buy one, just not in London.

But then where do you work? Sure, you could buy a house out of London, but if your job is in London -- what then?

It's good that there are places where a house costs £550 to rent. Point the millenials to the jobs that fit their skill sets near there and I'm sure there will be a stampede.

I'm struggling to recruit for both of the businesses I run and I know others in the same position. There are hundreds of jobs going.

Gwenneh - you do realise there are jobs outside of London, don't you?

I live in a 2 up 2 down in a deprived area. My mortgage is £450 per month.

The house a few doors down is up for rent- £800.

Most of the people round here are in their twenties or early thirties with jobs. They arent turning their nose up at poorer areas-its just that they still can't afford to buy!

Of course. But not my job. Or DH's job.

We could move out of London, and get paid 1/3 of what we earn now, be in the same position with the same relative gap between our rent and our disposable income, and have the bonus of no support network to boot.

No thanks.

I'm struggling to recruit for both of the businesses I run and I know others in the same position. There are hundreds of jobs going.

What's the job? Is the pay relative to the average rental cost in your area?

what are the causes of today's financial issues?

Well there are three answers to that: the banks, the banks, the banks.

Really gwenneh? Nowhere in the whole of the UK has jobs anywhere near what you and your DH are doing? Chances are because of your experience you would both end up with higher level jobs elsewhere, where the change in position would make up for the lower pay. The fact is, it's possible to live very very comfortably on £35k in Nottingham. If you don't want to, that's up to you.

Ahhh the "I can't recruit in my area line" always trotted out on MN when people are saying that there aren't many jobs in areas that have cheap housing costs.

Funny that these areas also have fairly high unemployment too.

What's the job? Is the pay relative to the average rental cost in your area?

Yes, they are professional jobs, in the £25-50k bracket.

But as has already been pointed out a £7200 deposit is less than a third of what many people require as a deposit so even by your calculations you would need to save for over 10 years. (Ignoring the fact that 24k is a fairly high wage & £400 a month wouldn't rent you a room around here.)

£7200 is a third of a 5% deposit? Who the hell is buying a 400k house as a first time buyer?

Britain will probably never "rebalance" in the way you would like. There is something called network effects. All the finance is in London, so the legal services are in London, so the corporations are nearby, and the start ups want to be where the financing and the infrastructure is, so the transport networks are there, etc.

It is something that cannot be forced or easily created.

London does not just overshadow the rest of the UK, it overshadows the rest of Europe. The world has mega-cities that act as hubs for whole regions/continents. London is the main city for Europe. It's both a blessing and a curse and it makes sense for us as a society to look at the world as it is and support our young people who are doing so much to drive productivity and create plenty for us all. (I am middle aged btw.)

Yes, really. Although you seem very sure it can't possibly be true. We've looked into it because really, do you think I want to be stuck paying £1,650 PCM in rent for the rest of my days?

The jobs out of London pay less, proportionally. It would leave us with the same percentage of disposable income at the end of the month. It isn't going to change our position in any way other than geographically -- which is something we do have a bit of experience with, since we've lived in four different countries at this point, all with varying economic situations.

So no, there is a reason people don't "just" do what you're suggesting, and it's not because people are London-blind and have an overpowering desire to live in the South.

I find it very odd that well-educated professionals have such low confidence when it comes to securing a job anywhere but London.

£7200 is a third of a 5% deposit? Who the hell is buying a 400k house as a first time buyer?

Double income no kids, looking in zone 5 or further out. And it will be a 2 bed flat.

if it was really that easy to buy a cheapo terrace on a 1% above base rate mortgage with a 5% deposit plus be near areas where work is, everyone would be buying, as it would be cheaper than renting

Yes, they are professional jobs, in the £25-50k bracket.

Fab. If only I knew some Nottinghamites. Nottinghamers? Nottingers?

The problem isn't securing a job. The problem is changing an £85k job in London for a £50k one elsewhere and still paying the same percentage of income in rent, with the same left over at the end of the month.

We've tried it. It doesn't work.

WTAF? You can't find a decent place to rent outside of London when you're earning £50k?? You can't be serious.

You can't be serious that you don't understand that the rent is still the same percentage of a person's income.