To think these baby boomers are missing the point?

[Hundredacrewoods]

I grew up in an area where house prices have quadrupled since 2000. I consider this an intergenerational equity issue. Whenever the topic of house prices and 'millennials' comes up with my parents' generation, all I hear is how hard they worked and how much they sacrificed to get on the property ladder. AIBU to think that they're missing the point? No one is denying that they worked hard and sacrificed. The point is that if they worked just as hard today, and made the same sacrifices, it wouldn't be anywhere near enough.

Did you fail to see the other examples then?

Let’s just all just agree that prices are silly and the young can’t do what baby boomers or gen x people did as easily! I feel for them a lot. I will leave this thread here. I wish all the people that are struggling a happier end game and that things change for the better one day for you all. I do understand the struggle only too well myself even though I have a mortgage with years left to go. I wish everyone well. Life isn’t easy just now but hang on on in there. We nearly lost our first home once, it was hell but you have to soldier on. Let’s hope this improve on the house buying front. Have to stay positive. My own sons will struggle too and I find it sad. I’m on your side.

We'll then they'll know it's not necessarily a major expenditure and not the reason why millennials can't buy houses I never said it was.

Bye The80sweregreat

Like you I'm leaving the thread here. It feels like it's all been said and that we're going round in circles.

And I echo your sentiment re let's all just agree that house prices are silly and hope for improvements for current and future generations of house buyers.

Person, bye !
Glad we agreed. Its rare on MN to find a fellow agreeer! I wished i could do something.

I know someone with an 80k deposit. Its not enough! There's nothing around here.
South east, not London.
Its mad.

I bought when interest rates were higher: it was still an easier time to buy. It was easy to get a mortgage. 100% mortgages were common, being self employed or agency worked wasn't the hurdle it is today. You could borrow higher multiples of your salary AND house prices were cheaper.

Lot of people paid interest only or longer terms until rates came down then switched to overpayment.

"AH but rates were higher.." Still doesn't make it a level playing field

The reason you can no longer get 100% mortgages, is it led to increased repossessions.

It did because you were offered WAY more than you could afford, and it was up to you how much to take, they really were throwing credit at us

We took HALF what we were offered and it was enough to buy our first home and neither of us were on a permanent full time contract.

Yes, if we took ALL we were offered we would have been in trouble. But we didn't and took what we could afford and THAT is why we got on the ladde r

We wouldn't t today, even though today we earn more and have more savings!

Phoenix
If your friend cant buy with an £80,000 deposit then they are being picky.

With £80,000 you could go to an auction and get something.

Oliversmum
Are you saying that it’s possible to pick something up in the SE at auction for £80k all in or that sum as a deposit?

No way to the first, maybe a couple of large lock up garages. No way would I entertain buying at auction without the cash. Far too risky.

However, I agree they could buy something. What about a studio, this could be up to maybe £150k in an older housing estate? Not ideal perhaps. Can’t imagine much more than £300k for an older small 2 bed so probably out of reach. Am I anywhere near the mark on these prices as idk the area? I’m sure there’s a 2 bed new build on waterside for over 400k but that’s not really what these people should be looking at.

I agree that house prices are out of control and it worries me that my children might not ever be able to buy a house in a decent area where they can find work. However, it must be quite depressing for people in areas where house prices haven’t risen or have decreased to read these threads and news reports about house price rises.
A quick look in an area where I know prices have really struggled shows me that many people might be in negative equity and sitting tight and waiting 10 years for prices to rise (as suggested upthread) hasn’t helped them at all.

Definitely Phoenix you could pick up something in the SE for £80000. Might not be in your friends preferred location but definitely you do have some choice

A few weeks ago I saw a large studio in Essex (definitely could be changed to a 1 bedder) go for £39000. There is definitely stuff available for around that guide price or below it and even if not the auction route providing your friend has a job that pays something I an sure there is opportunities if you don't restrict yourself to one particular town.

Bought my first house for 35k in 1991 and earned 11k

Same house now 150k
Wage for same job approx 22k if yr lucky.

You can see the issue plain as day!!!

Bought my first house for 35k in 1991 and earned 11k
Same house now 150k
Wage for same job approx 22k if yr lucky.
You can see the issue plain as day!!!

They can't. Some of them are absolutely blind to it. It doesn't fit into the narrative of - we worked hard - they're all useless.

*Bought my first house for 35k in 1991 and earned 11k

Same house now 150k
Wage for same job approx 22k if yr lucky.*

It's woorse than that with rising living costs and huge student debt.

But no they worked hard for every single penny that their house increased in value and they are the only generation to have ever worked.

Those who have commented that younger people shouldn't base everything on being able to afford to buy a house should also consider that rent has risen in line with mortgages, so renting is still generally more expensive, plus there are numerous rogue landlords or lazy landlords from the BTL boom which means that renting does not have the security of times past either. Not to mention letting agents and crazy fees.

There are houses in the south-east that are not extortionate

www.rightmove.co.uk/property-for-sale/property-62078752.html
www.rightmove.co.uk/property-for-sale/property-63785365.html
www.rightmove.co.uk/property-for-sale/property-52724181.html

People could get on the ladder with these. They might not be to taste but they are affordable and liveable. That is whta most baby boomers started with. My first flat - not a baby boomer, born 1979- was much less nice than these but was all I could afford.

The real problem is houses were there are jobs are expensive my friend teaches in a town were you can get a 5 bedroom house for £100k with a masaive amount of land and you can get a bog standard 3 bed terrace dor about £40k but there are very very very few jobs there so the problem might not be lack of houses but a too centrilsed economy we need to spread the jobs out around the country rather then they all being in the south east.

The northern cities could work brilliantly for most of the now london centrac industries other the maybe financials. Then we can spread the pressure around more ...

The housing crisis in the south -east has been caused by the government- whichever party- prioritising London at the cost of the rest of the country and selling off council housing without replacing it. It has allowed wealthy foreign property investors to buy up housing in London and the market rocketed. This has pushed out ordinary families. There is no social housing to meet demand. Social housing has effectively been privatised by housing associations and private landlords who run it as business ventures. We are moving back to slum landlords in many areas of the country.
But you can't blame babyboomers for improving their lifestyles when they had the choice by buying a semi or a terraced house in a nice area, paying off the mortgage and staying there- which is what many have done. In our last street most people were long term owners, they had improved the houses and maintained them and they were family homes. Same where we live now. Bigger houses but everyone else - 8 houses, has been there between 10-40 years. We are the newbies.

An 180 grand house is still out of reach of your on a low wage LULU

20 years ago that house was prob 70-80k

To be fair made 3 bed semis have always been out of the reach of the vast majority of first time buyers on low wages.

I agree with your post Lulu but this bit 'they had the choice by buying a semi or a terraced house in a nice area'
If we are talking about London quite a large proportion of us didn't buy in a 'nice' area. We bought 'down'. We had to move from where we are from to an area frequently described as a 'dangerous shithole' on MN when I first joined (bout 8-9 years ago).
I honestly had no expectations of improvement and there were none until fairly recently.
Its weird how I have gone from an idiot buying in a crappy, rough area to a lucky, greedy middle aged home owner in less than a decade.

I feel really strongly about the terrible housing situation but am baffled by the inability of many (not you) to see 'older' home owners as lucky bastards who paid buttons for luxury houses. Probably ripping up fivers at the end of the month because their mortgages didn't dent their income.

I couldn't afford a semi or a terraced house in a nice area. We bought in 1973 and what we bought was a two up two down with no central heating, dangerous electric wiring, rotten window frames and it wasn't in a nice area, although it is more desirable now. It wasn't in London but a city in the midlands.

I'm in the NW. Houses like those @LuluJakey1 would probably sell for around 130-140 around here.