To think it IS possible to get on the housing ladder?

[SleepyHeadThisTime]

I'm not talking about people living in London - god I would not like to be a first time buyer there!

However, I live in one of the most expensive areas for housing in the country and DH and I have spent the last 10 years scrimping and saving to make it to our 'forever home'. Our first house was an ex council house and an absolute dive but we ploughed all our savings into it, did it up, sold it and did the same again twice more. We have never earned more than 40k per year between us.

AIBU to think there is an element of choice about getting on the housing ladder? I have friends who say we're so lucky to be in the position we're in, however when we were spending every weekend sanding, painting, tiling and the rest, they were having holidays abroad, meals and nights out and new cars?

I don't begrudge them this (we're now enjoying all these perks) but I am a bit irked that it's put down to 'luck' and not bloody hard work and very frugal money management?

Surely if you're earning there is the potential to get on the property ladder? I know some who weren't willing to go down our route but still managed it through the government help to buy and shared ownership schemes.

I understand circumstances such as buying on your own and being on a low salary etc make this much more difficult but when I read about 'millenials' earning 30k plus per year and living at home with parents because they can afford to buy it makes me a bit

Btw DH and I bought our first house in 2010 so not in the golden era when houses were only about 3 times yearly salary!

You were lucky OP. Stop gloating. And being ridiculous.

Uhh not for us it's not! Parents to 4 children combined, he's in a pay freeze and I'm on a care workers zero hour contract so I can work around the children without paying for child care. Our rent is 1k a month so no saving room and if we wanted to buy a house the same size as the one we live in, or big enough do our family, we'd need a 36 grand deposit at least. So doesn't look like it would ever been happening for us.

I think it is possible depending on the area you live in. My partner and I both work full time in fairly low paid jobs but if we scrimped and saved for a couple of years we could save 12k.

Sorry, that would be near enough a 10% deposit in this area. Should have made that clear! It would involve saving literally every penny though so would be a miserable couple of years saving but it is doable for us. We only have 1 child

I bought 10 years ago. I was very lucky to get a self cert mortgage.

Yes I worked extremely extremely hard, still do, but I was very very lucky a mortgage broker got me a mortgage.

I feel very sorry for anyone stuck in renting. It is not easy getting on the ladder.

Yep, another saved by self-cert here gluteus. My mortgage was calculated on the basis of one weekend's work (I'm a performer) in 2000. Bought a three-bed flat in unfashionable area of London, got two lodgers, have traded up twice since and now have large 4 bed house in same area. Now married with three boys- we'd be utterly shafted if we were starting out now.

I feel bloody lucky.

I bought my flat 20years ago as a student with a 100% mortgage for the same price people pay for a car these days. I wouldn’t be able to contemplate buying a property now. It’s a totally different world since the crash and banks are holding people to higher expectations and standards than before. Huge deposits are crippling and by the time you think you’ve saved your 10%+ the property prices have changed and yOh need more of a deposit. Try doing that on a nmw job where rent is more than half your income for a room in a shared house. Holidays are a pipedream, sky tv for others and nights out on tap water. Some people are very lucky, others less so. I was lucky, it wasn’t skill or dedication or any of that crap. It was right place at right time. My kids won’t have that luxury

Good luck to all families trying to get on the housing ladder, in the U.K. we are all obsessed with getting on the housing ladder. In Spain. generally, grandparents own a large house & the rest of the family lives with them & house is passed down through the generations.

Jog75, the family home will be flogged off for pension shortfalls, old age care, university fees, deposits for more than one child etc etc
Nice idea though.

Good news, forecasters say property prices are going down, down in south east cos of Brexit. Otherwise, just pray the old gets (my generation) die sooner than laters! Or just tell us we’re going for a nice holibobs in Switzerland...I honestly wouldn’t mind, kids, put the headphones in, radio 4, off she pops. Now we have a house!

Seriously though cheval, I do worry about the growing appetite for euthanasia in this economic climate. How many will feel duty-bound to not cost their family too much?

@cheval @Maireadplastic that's a very sad and terrifying thought. Surely people don't really think like that?!

soup I'd definitely consider euthanasia, particularly if I started losing my faculties and/or had a terminal illness. I'd rather go on my own terms than suffer and cause my family to suffer long-term.

You know, sailor, people often say that but in reality cling on to every last second.

True and, although it feels like a dignified exit, who knows how I'd feel if faced with that situation.

'I do worry about the growing appetite for euthanasia in this economic climate. How many will feel duty-bound to not cost their family too much?'

Plenty have had a shitty life, though, and don't care to continue it.

The 'growing appetite for euthanasia' is quite a complex issue, and has little to do with the housing market. I would suggest it's more to do with the decline in religion and the growing belief that the individual has the right to control the end of their life.
Back to the OP, it is possible for some, but depends on a lot if different factors.

A friend of a friend arranged to die in Switzerland when her terminal illness progressed to a point where her quality of life was very poor.

I’d definitely consider it. Her husband said it was very peaceful.

I know it isn’t a nice subject, but I have to admit I think about it sometimes. Overpopulation etc.

I have a very elderly relative whose quality of life is now becoming really poor and I don’t know if I could face that.

I’m a regular churchgoer too, so I don’t know if decline in religion is the main factor.

Sorry though, back to the topic! Only commenting as it’s something I think about sometimes.

So you got on the housing ladder 10 years ago and the market has been all over thr place since then, wages have stayed the same, unemployment has increases, tehres an increase in zero hours contracts, mortgage companies are reluctant to lend to people, inflation has gone up making thr cost of living higher. Ok.

In real terms living costs are rising and wages are falling.

We're about to join the housing ladder with 2 professional incomes in an affordable area.

I think you're just stealth boastinf and coming close to the goady view that 'these millenials could afford a house that's over 10 times their wage when rent is eating most of their salary. I mean, if only they didn't have their weekly costa'

Noeffingidea- I fear economic pressure could be a massive factor for many people.

what a pompous bragging post

It’s down to timing.
We don’t own and have a good income but we simply lack the deposit.
10yrs ago we’d have needed half the deposit and then paid half the amount for mortgage payments.
We’ve looked at it now, believing we could do the 5% 1st time buyers thing but in reality mortgage payments would be 4x our rent! We will need at least 10-15% deposit and even then payments will be almost double what we currently pay.
We’re still saving and we’re lucky in that we would be able to afford double our rent, but many people wouldn’t.

@fluffywuffy I saved every penny I could by working as many hours as possible whilst being at Uni. I've just turned 35 and started uni in 2009. I'm currently in about 45k of student debt. I don't see what your problem is. Whilst at Uni I was often doing 70 hour weeks. No holidays or going out, just saving.

There are places in UK where housing is still affordable. Lots of people also commute long distances or stay away from home and return home according to their job. Some people work more than one job or two + jobs. Housing prices in some cities are ridiculous. Home ownership takes time, effort and dedication and sacrifice (luxuries). However, renting offers flexibility. I don't think that there will ever be a time when everyone is a home owner.

Agreed @smoke. I live in a now gentrified area of a city in the Northwest and prices here were really cheap 10 years ago. Think £87,000 for a newly refurbished 3 bed Victorian Maisonette with garden. Could afford anywhere down south.