To wonder how the next generation will afford houses?

[Ieatcake]

Around where I grew up in the south east many of my parents friends could afford a nice detached 4 bed house on one average wage and take early retirement.

Now even if you have a couple of doctors that work full time they can just about afford a 3 bed ex local authority house. Two people on average wages full time can just about afford a small flat, but thats at their peak earning power - how can they bring up a family?

I know it's cheaper up north, but there are less jobs there and it breaks familys and people apart if they have to move hundreds of miles away from where they have always lived. I've know people move and then regret leaving everyone behind and do want to move back.

You managed to study full time pay 9k in fees and all living costs per year

Viviennemary
And a lot of younger people aren't prepared to live a frugal life in order to pay a large mortgage.

Well that's their choice - if they don't want to put in the effort they can carry on renting for the rest of their lives.

And in a way I think why should they.

There is no should, if they are happy never to buy.

I saved for years to afford my deposit. I worked full time and then evenings and weekends in a pub.

Also interest rates are as low as they can go currently - I was paying 15% interest at one point and rented out my only bedroom to help pay the mortgage - I lived and slept in my living room to get through that period.

The saying: No pain, no gain is so true.

OP People should be used to being more mobile for jobs now. Once they were married my parents never lived near their parents again as my Dad was in the Navy. Same with Dh's parents. I see it as unusual that people live near their families or stay where they grew up.

As for tenants having more rights in Europe, not so. I currently rent in Europe....we got given notice and had to move as the l/l wanted the house back. Depending where you rent, as a tenant you are liable for all the things the l/l does in UK; so we pay for buildings insurance, boiler service, the smoke and CO2 detectors, the chimney sweep, any running repairs, and you have to hand the property back in the same state it was when you took it over, no concept of wear and tear here. If you get away with a grand when you move out, you've done well. The grass is not always greener, believe me.

Just because we’re technically one of the richest countries in the world doesn’t mean we’re actually that rich . Isn’t the average wage around 25 grand?
And yes if you want the bricks and mortar you will have to make the sacrifices, it’s a lesson best learnt when you’re young enough to do something about it .

@Ieatcake full time for my course was no more than 8hours of lectures a week plus assignments. Pretty standard unless you are studying teaching etc.

I had 3 jobs, and some savings from working since I was 16. I have no student debt

We've been lucky enough to have just been offered a housing association house which costs half what we currently pay in rent. We plan on paying the difference into savings for our dcs so that they can hopefully buy a flat each when they move out rather than getting stuck in the renting trap. I know this is not an option for most and I count my blessings!

Every single place we have lived (all private rentals) has asked for a homeowner guarantor and luckily dh's parents have done it for us. I worry about future generations ability to even rent with so many of this generation unable to buy.

It's a sad world were one of the richest countries in the world expects their children to live at home until their 30s, never travel, wear rags, stay at home not experiencing much just so they can afford some over priced bricks to live in
very true!

@Ieatcake i used to work in retail 9-6 then 7-close in a pub or bar a fee nights a week. I think i probably only had 1 proper day off a week (if i was lucky) anf just fitted in as many shifts as possible around my lectures.

Had a great time at uni, wrnt out and had all the 'experiences' but made sure I came out with no debt.

Finished uni, got 1 full time job and rented a flat in my uni town for another 6 months until I moved for a better job

Kids do live at home until their 30s in some countries, Italy bring a case in point.

It's isn't just overpriced bricks though is it. Materialistically maybe.
Moreover it's financial security. Better prospects in retirement, for your children and more peace of mind as you grow old. That is what you get for your hard work.

is it a good thing though, this living at home into middle age?

Is it not better for personal development and general thriving and flourishing to properly fly the parental nest and live independently...make your own way in the world.

Shouldnt a wealthy modern country have decent housing which can be afforded by a single person on a basic wage, and by afforded I mean at a level which allows them enough income for a reasonable modern standard of living.
I think it's a shame that so many people are trapped in their parents homes...perhaps the long term govt plan is that it they live there long enough they will become the default carers for their elderly parents.

Again I think that is a regressive step, people cant thrive and develop their full potential if they are forced to become carers when their skills and abilities lie in other area's.
We should be able to organised state funded care so that it is carried out by those with an aptitude for it and the proper facilities available

I worry about it lots. My parents rent; they don't own so I will not inherit any property or money. They aren't in a position to be able to give me anything towards a deposit either. I am a student and hoping eventually I will earn enough to be able to buy a home, but by the time I am earning "enough" prices will have increased even more!

The last generation really was very lucky in this regard.

The high student fees are frustrating. It means I will be paying so much more money out of my salary once I am earning, that I could be saving towards a deposit/mortgage.

I'm 48 and will never own my own home. I'm shit scared of how I'll be able to rent when I'm older. I expect I'll be working until I'm dead, or win the elusive lottery!

No private rental can ever be guaranteed against eventual sale unless we return to rent act type tenancies - those were a delight for the rachmann types so better hope corbyn and his student pals do their research. Otherwise all private rentals are vulnerable to landlord death, divorce, illness etc.

For security it has to be corporate or council. They do most of the evictions now ( something else the student types dont get) but that is within tenant control. So we need to renovate those thousands of empty homes, stop right to buy and find somewhere for lots more houses for the 20 million extra people who are now here.

Pity we wont vote to pay for it.

I remortgaged to give my sons a 5% deposit on a tiny flat, plus they used the government Help to Buy scheme which means that they only needed to get a mortgage for 75% of the property value. It only works with new builds though. I also bought carpets, flooring, some furniture and paid all fees.

No YANBU. I live in a small vibrant bustling little town. Unfortunately word has got out and many of the houses are being snapped up by people moving down from London. We moved two years ago and I can confidently say if we were to put our house on the market now it would be at least £50k more than what we bought it for. I belong to a local Facebook page and I regularly see posters saying that they are new to the area having moved down from London and can anyone recommend local amenities from Yoga to dog walks to schools etc. It irks me because I have lived in this town all my life and I cannot for the life of me see how my children will be able to do the same. The plan is to offer for them to live with us for as long as it takes to save a deposit (regardless of where they choose to end up living) but even then I'm worried.

Lots of people here (SE) are sitting on large amounts of equity in their homes and will release equity through downsizing to provide deposits for their children. I didn't see the harm in renting previously, but have realised that owning a home is crucial if you want a comfortable and/or early retirement. If you have to pay ever increasing rent in your 60's/70's/80's life is likely to be a struggle.

One of the reasons we are one of the richest countries is because of all the property we own.
10% of all households are now asset millionaires mainly because of house prices.

For many paying high rents a mortgage is often less expensive. However trying to save money while paying high rent, transport costs and money the living expenses in the SE is a tall order unless you can live with parents while saving.

With the student debt they may have to stay at home in their childhood bedroom until their 40s.

40s

With the student debt they may have to stay at home in their childhood bedroom until their 40s.

40s

Into their 40s. Well, as other pp have said, in some other societies that is not that unusual - multi-generational living. Certainly not everybody's scene, but for some it may work well.

Most people my age (early 30s) I know bought a house due to inheritance or given money by family. There is no way I could have afforded a house on my own as it would have taken me so long to save for a deposit but my dh inherited some from his grandfather so we bought with that.

CamberGirl
Ditto, it really worries me but I don't know how to change things.
Someone recently suggested communal type living / co-ops for older people. This is something I would definitely be interested in, but of course they also cost money.