To think most property owners don’t understand how hard it now is to buy a house

[Boredfromboredshire]

DP and me earn 40k between us and our rent is 1200 a month for a 3 bed house. We don’t have rich relatives, we are in our early 40’s and circumstances (ill health) meant that we didn’t buy a house before. We can’t save a deposit & houses are expensive by us. We have stable jobs & our kids are happy so moving in the current uncertain time’s isn’t an option. Life has happened to us & some of it has been out it control.

Cue well meaning friend (who bought their house for peanuts) asking me why we couldn’t afford a house when we could get a house in a cheaper area for ‘only’ 400k. I’m so fed up of it. We really want a home of our own & we would move but in the current recession, it’s not a good idea to give up a job. And we can’t afford to save. My friend (whose deposit was 12k can’t understand it and looks on pityingly while telling me the house they bought for 120k is now worth 700k.

For many of us, the housing market is closed for ever. I’m so tired of the pity and the complete cluelessness- I quite often feel utter despair about it. It makes me feel such a failure for no real fault of our own. Some people were lucky because they happened to buy at a particular month in time & then some of us couldn’t & it’s over.

I don’t think people who own really understand what it’s like. Low interest rates, cheap mortgages, everything weighted in favour of owners while renters are treated like the Victorian poor.

Aibu to be sick of it. We are a normal family in normal jobs.

Feel the same

Have you asked her for suggestions on how to save the minimum 40k deposit? If she is that forward.

Annie she suggests "making your own coffees rather than buying them" then hit her in the face with a chair.

Oh I agree. All the while we are paying astronomical rent (and it's cheap for where we are but still high iykwim) we cant afford to save too. It sucks and id love to be able to buy the house I'm in now to be honest. But I just keep hoping one day we will manage it.

The amount of comments though I get at times especially from the older generations is almost insulting. I've now taken to just smile and nod

The worst thing is people telling me about ‘government schemes’ like help to buy of which there are none where I live. And no shared ownership either. It makes me want to scream & shout ‘ I am not a fucking feckless idiot, houses are too expensive’

I remember meeting an older couple on a holiday and they were very surprised that we rent our home and were shocked when we said that we’d need a deposit of £100k to be able to buy and afford a mortgage!

It is awful and really annoying. We need a lot more houses built to bring prices to a reasonable level. I say that as someone who is on the ladder now. It is so hard without family help tho and people’s entire economic future shouldn’t be determined by whether or not their family is rich.

It depends, how many bedrooms and dc do you have? Do you work office hours and could have an additional job in the evenings weekdays in a bar , supermarket, bank staff care assistant.

I did get that a lot in London too. Asking why I couldn’t buy a “cheap” house at £500,000 (they bought years ago with in-laws money and have no idea of money). It’s very annoying

@ToothFairyNemesis sigh I know you mean well but your comment is exactly what I am talking about

It really depends on the area, if you live in area where you get a 2 bed for 120 or less then you may not get the issue.

Tell me about it. We could afford a mortgage monthly payments. It’s the deposit that’s the main stumbling block. Even 10% is at least 30k round here.
I wish banks would look and say I can see you have been renting for 15 years with no problems so we will let you have a very very low LTV.

I think it's some house owners not all of us. And as house owners there's no way that dh and I could afford to buy a £400k house either.

@BrieAndChilli yes, exactly!

You are absolutely right op, it's really shit. ?My dh and I are the same age, and earnings, we have only been able to buy 3 years ago with an inheritance. Otherwise we would have been renting forever, it is literally impossible to save or move on with today's rents. Most people who bought years ago have not a clue.

It's no better on the other side. We own our house, or at least the bank does. But it's tiny and there's no way we could afford to move into anything bigger. I'm very tempted to sell and rent. I bet your house is a lot bigger than ours, grass is greener and all that.

I'm sorry to say the grim reality of your situation is that you can afford to buy a house, you're buying one for your landlord.
Hold tight. We might have a CV price crash.

I own but I do understand. I was supremely lucky - my PIL gave us our deposit when the last crash happened and prices have supposedly gone up a ridiculous amount.

My husband and I earn well above average and we couldn’t afford to buy our house now.

Even MIL who didn’t buy a house until DH had left home and then is was with an inheritance so she bout a house for 76k with a 32k mortgage. That was about 18 years ago. House is now with 300k and I don’t think she gets that if she was buying that house now she wouldn’t get the mortgage she needed and would need a massive deposit.

@BrieAndChilli if your wages are enough to pass the affordability, you can buy with 5% deposit.
I know it may be harsh, but I don't think banks should do 100% mortgages again unless properly secured by something on top of the property, like few started now.

You are right OP and there are many others (us included) in the same or similar boats.
The situation is not helped by the attitude of some homeowners (on here and elsewhere) who baulk at the idea of a 20 or whatever % crash in the market due to the upcoming recession and call potential first time buyers "CFs" for having the gall to think this might represent a ray of hope for them.
The current situation is not sustsinable but its anyone's guess if it will ever actually change.

And yes. It is really shit in expensive areas

And the idea of getting an evening job when you work full time and have children...

Well. The less said about that the better.

@Boredfromboredshire but you haven’t answered my question. If you both work unsociable hours, and are renting a two bed with two plus dc over the age of 11 then not much you can do.
If you rent a three bed and your children are younger, or you only have one you can rent a one bed and sleep in the living area saving a big chunk of rent.
If one of you can look after the dc at weekends/evenings then there is the possibility of a second job.
Those circumstances make a difference.

@Merryoldgoat I might stop eating avocado toast too 😬