To be depressed that my children are unlikely to own a nice house?

[contributory]

Both my kids did really well at school and have ended up on good salaries. But despite this, they will probably never own a nice house.

They are fortunate that they can afford to get on the property ladder, as a lot can't. But I can't help but feel depressed that they work so hard and such long hours, for a fairly modest life style.

If I compare against my parents (one of whom did the same job as dd), when they were in their late 20s they could afford to buy a nice detached house and send me and my siblings away to school. We always had good quality clothes, nice furnishings in the house, holidays abroad etc.

But now, my kids work longer hours, are (on paper) more successful than my parents or me (a teacher) but get so much less. Rather than a nice detached house in a good area, my kids are stuck in tiny one-two bed flats with enormous mortgages.

I voted YABU. YWNBU to complain if they couldn’t get on the ladder at all but surely they just do their places up and gradually work up the ladder? Expecting to buy a detached house straight away is U.

As an example, someone working in finance with a very high salary would have bought a nice house in London. Someone with that same job and same high wage percentage now, would be affording a flat or a nice terrace/semi if lucky in a commuter town.

"Sold for huge profit"
"Made lots of lovely equity"
"Bought detached "

It was luck not design

In some countries home ownership isn't the 'gold standard' it's become in the UK and they seem to enjoy a good standard of living. Germany 50% approx - UK 64% approx.
Sounds like your children are ok if they already are on the property market and your parents did well for their age. My parents never owned a house, I do. I never benefitted from inheriting their property, hopefully mine will get some benefit from mine.

I think the idea of a ladder only works when wages are rising too - otherwise your grotty flat goes up in value as does the nice mid terrace by the same percent so you need to have progressed your career which in many jobs isnt possible quickly or had general wage inflation over a few years, as you now have a bigger deposit but also need a bigger loan.

@Embracelife every single one of us on the property ladder has benefited from huge increases in property. Don't be so hypocritical.

I’m not sure I quite believe that they won’t be able to buy a nice house. Husband and I are on relatively good salaries, not the MN six figure earner type though, and have a three bed detached with biggish garden that we’ve renovated (cosmetically).

We are up north, but this was after buying a cladding-scandal flat too that we’ve had to keep and rent out as we can’t sell it.

We’ve done this without family help, saving 15% deposit for the flat then 5% deposit for the house (plus exorbitant stamp duty for a second property).

It did mean cutting back a bit so that we could save but it’s definitely been achievable and we haven’t lived miserly lives to get here.

And @Lipsandlashes I have definitely so far lost from having been on the property value after having a flat that has decreased in value by 100% and once the cladding issues are fixed I’m hoping to sell for maybe 60% of what I bought it for. Hoping the house fares better!!

Its a bit early in their lives to decide they will never own a nice house. You must be about my age if you have adult DC, so you will no doubt have experienced the ups and downs of the housing market, interests rates going up to 15%, recessions that make 'jobs for life' redundant, new industies that make people very well off, bad areas becoming desirable and vice versa. There's no doubt things are tough now, but its impossible to tell what the future will bring. Perhaps in ten years we may even be over our obsession with property ownership, and seeing our homes as an investment, and just be fine with somewhere to live and a good life and experiences outside of our houses.

And @Lipsandlashes I have definitely so far lost from having been on the property value after having a flat that has decreased in value by 100% and once the cladding issues are fixed I’m hoping to sell for maybe 60% of what I bought it for. Hoping the house fares better!!
Sorry to hear that. The cladding scandal has been abhorrent for so many reasons.

Obviously depends massively on location. We live in Yorkshire and own a 5 bed detached house but in the city where we’re from we could only afford either a nice apartment or a house in a terrible area for the price we paid for this (rural village). We’re both professionals on decent salaries, it’s just the way it goes in this country. Much more for your money in the countryside in general and definitely more up north to down south.

[quote Lipsandlashes]@Embracelife every single one of us on the property ladder has benefited from huge increases in property. Don't be so hypocritical.[/quote]
The time period when prices Increased so much has gone
Somebody buying one bed now for 300k in London
Can't expect doubling in price to 600k can they?
Maybe up by 50k in five years ???
While the terrace is now at 1.5 million so the jump to next step is unfeasible

We both have professional jobs and a combined salary of about £100k but the house we live in is an terraced Victorian workers cottage. High ceilings but that’s the only thing big about it . Postage stamp gardens to front and back.

Having said that, we made the decision to buy the worst house in the best area, mainly for schools and amenities. We could easily afford somewhere bigger elsewhere but have compromised space for other things.

The tragedy of not being able to buy a nice detached house in your 20s. The shame of being semi-detached.

...so the property "ladder" does not work
Unless huge salary increases
Or moved to cheaper area

The time period when prices Increased so much has gone Somebody buying one bed now for 300k in London Can't expect doubling in price to 600k can they? Maybe up by 50k in five years ??? While the terrace is now at 1.5 million so the jump to next step is unfeasible
Do you have a crystal ball? No, neither do I.
You sound very bitter.

Such deprivation.

@Embracelife Seriously, you know nothing about our life. We haven't benefitted from huge salary increases and if you'd read my post properly, instead of just seeing a ridiculous jealous mist, you'd have seen that we did indeed move out of London to a cheaper area and will again to afford the house we want! Most people have to make sacrifices which is what we have done and continue to do.

Sorry @contributory, but get some perspective. I was 38 before I bought my first place, it was a two bed terrace which was all I wanted or needed. Happiness isn’t contingent on living in a detached house and paying school fees - those things would never have even been on my radar. If they lead happy lives, enjoy their jobs and have homes that meet their needs, they’ll be doing well.

i do get what you're saying - it's kinda shit that me and my partner both work full time, take home about 3 and a half grand a month together and still somehow are struggling...

cost of living is so high now and sadly wages havent matched.

however, aslong as I can keep a roof over mine and the kids head and food in our bellies the rest is just noise.

wouldnt mind a holiday though! ;)

It’s rubbish. I was 35 before I was in a position with housing to have a child, but still consider myself lucky.

I was encouraged to go to Uni in early 2000s and work on my career. This led to a transient lifestyle moving a lot and renting. If I’d got an entry level job in my early 20s and stayed in my home town I would’ve prob paid off the mortgage in a detached house by now and build up hundreds of thousands in equity.

I don’t feel the relative pay off for my career has been comparable really. It was nice to travel a bit but feel I missed the boat on housing.

I can’t understand why many in the generation that bought so cheap are so reluctant to see this equity go to care when they’re older though. Or where the disposable income has gone in many cases. It’s often the young that are criticised for spending on clothes and takeaways.

Think the problem started when homes came to be seen as an investment.

I can’t understand why many in the generation that bought so cheap are so reluctant to see this equity go to care when they’re older though.

Nor me. As a member of that generation, it’s a great comfort to know the proceeds from our house will pay for the best care money can buy if it’s needed. To be fair, it didn’t feel as if property was cheap when I bought my first house - especially when interest rates went up to 15%, there wasn’t much disposable income.

Well previous poster has blamed share holders.

Why not become one then all you have to do is buy some?

@Blossomtoes yes I see about high interest rates during 80s and 90s and there’s hindsight now.

The crisis in the care system scares me. It seems it’s down to the individual to build and pay for the best team of support they can. This generation also has a ready supply of retirement properties available in a protected market at well below market rates. So many are reluctant to give up large homes though and still see retirement properties as ‘not a good investment’. Yet young families are living in similar flats paying way more.

I’m not sure I quite believe that they won’t be able to buy a nice house.

Oh well then, it mustn't be true

Unfortunately you're like many people who, because they "can't imagine' these economic strangleholds are true for many people, will vote selfishly in elections while being alright themselves, thereby helping to keep these inequality ceilings firmly in place.

Some of those retirement properties have very high service charges, so any equity you release to cover care can get eaten up by service charges and not buy as much care as you hope. And depending on the region again, you can still pay stamp duty to downsize which stings a bit.