To be incredulous at much property prices have risen in the UK!

[TwistyKnickKnocks]

Looking at buying a house and saw a 3 bed terrace for sale. bog standard 90s build box, tiny garden, no garage, needs work at £430k. It was sold 20 years ago for £105k so an increase of 300% or £16k a year.

20 years ago the average wage was £18k and it is now £29k, so an increase of £11k. Although where we live a managerial salary is less than £25k. Most jobs are advertised at around £20k and quite often want a degree! It’s quite a deprived area too.

How the actual fuck was this allowed to happen?

I’m selling my late parents house
I’m giving my share which is 50 percent to my son to eventually buy a property it will be around £160 - £180k

However he isn’t on a brilliant wage so it will probably be a part buy -rent or move to another city as we live in a very expensive city
I’m very lucky that I don’t need the money that I’m giving to my son

There needs to be a secure, accessible alternative to home ownership

Why?

Err, because not everyone can buy, or perhaps do not want to buy.

Should a secure home only be accessible to those who can afford to buy?

@whenthedoveslie

There needs to be a secure, accessible alternative to home ownership

Why?

Err, because not everyone can buy, or perhaps do not want to buy.

Should a secure home only be accessible to those who can afford to buy?

You may think those are compelling reasons, but it seems society doesn't agree with you.

Should a secure home only be accessible to those who can afford to buy?

When my DF moved to England in 1962, he was amazed at how easy it was to buy a house. My childhood consists of hearing the many ways in which such a state of affairs could not be allowed to continue, and time has proved that right.

@Blossomtoes

there were no 0% deposit mortgages (albeit with a higher interest rate) until 2014

That isn’t true. I know because I got one in 1991.

The whole Northern Rock together remortgage scandal was about this- in the early 2000s.

They loaned you more than the value of the house- so no deposit and cash back.

That isn’t true. I know because I got one in 1991.

The whole Northern Rock together remortgage scandal was about this- in the early 2000s.

It's almost as if we hadn't learned ...

What would happen if government brought legislation in, making a maximum house loan 3 x one [main] income, as it used to be back in the 1960s when it was based on the husband's wage? If most people can now get more than a £100k loan, house prices would have to drop as no-one would buy at the top of the market unless they had family to help out. I don't know enough about economics to know what the upshot would be - static housing market, as no-one moves, or reduced house prices as they drop to what people can now afford to pay.

When my DF moved to England in 1962, he was amazed at how easy it was to buy a house. My childhood consists of hearing the many ways in which such a state of affairs could not be allowed to continue, and time has proved that right

You are not making much sense.

I noted your comments on others' posts.

I am sure you must know what you mean though.

What would happen if government brought legislation in, making a maximum house loan 3 x one [main] income, as it used to be back in the 1960s when it was based on the husband's wage?

We'd have a socialist government that believed in central planned economies.

@whenthedoveslie

When my DF moved to England in 1962, he was amazed at how easy it was to buy a house. My childhood consists of hearing the many ways in which such a state of affairs could not be allowed to continue, and time has proved that right

You are not making much sense.

I noted your comments on others' posts.

I am sure you must know what you mean though.

The dangers of trying to precis, I'm afraid.

We have not been building enough homes for about 40 years. Ever since the end of council/social housing in reasonable numbers.

Add to that smaller house sizes and jobs more in certain parts of the country, no wonder demand exceeds supply.

It upsets me too. I was worried we bought at a bad time 3 years ago but I can't believe how much prices have risen since! I despair for my sons generation. Home ownership will likely just be for the very wealthy then.

Home ownership will likely just be for the very wealthy then.

If you look at the history of England, then it's back to normal, really.

I've been hoping to move but my area in SE London hasn't really gone up at all in the past 5-6 years but everywhere else seems to have done, so I'm now priced out everywhere else. And I've spent £££ improving this house too so would have hoped to at least get a bit more I bought it for. My house is ok but it's not where I'd like to be due to other life changes/job changes so feel a bit stuck.

It's hard to understand the huge rises in some areas though. I know someone who bought a gorgeous 3 bed semi 15 years ago for £200k also in SE London. You can't even get a 1 bed flat in the area for that now and their house is worth close to a million.

Crazy, bought mine for £170k in 2014, same house next door just sold in 24 hours for £245k. How will our kids ever afford to buy?

@nordica can't you move up in same area? Same property type too. So if you are in flat, get a bigger flat. If you are in terrace, there are probably some bigger terraces out there esp with stpp

House prices tend to double every 10 years on average.
That's why they make good investments.

They loaned you more than the value of the house- so no deposit and cash back.

Mine was just the value of the house. Because I worked in local government they thought I was a safe bet. I bought it for £69k, sold it three years later for £73k and Zoopla’s valued it currently at £435k.

@Nevilleslongbottom

Unfortunately, in spite of their sadness at their DC not getting on the ladder, a huge proportion of the older generation still think that the reason younger generations can’t buy a house is because they are feckless with money.

I’m house hunting now and my mum keeps saying “wouldn’t a detached be lovely” “maybe you could save for a few more months to get a detached.” A detached house round here is 800k! We are two full time workers with good salaries and professional careers but that’s never going to be achievable.

My Mum was a SAHM with 3 kids in a coveted detached house in the SE by the time she was 28, my dad was a civil servant with a final salary of 32k. Those times are long gone!

I would argue with ‘a huge proportion’. All the parents of adult dcs I know are all too painfully aware of how much more expensive (relative to incomes) housing costs are now, whether buying or renting. Certainly they’re far less affordable than when we were at the same stage - at least anywhere around here, outer SW London and the SE.

Many of us have helped dcs with deposits, often by passing on legacies from our own parents. Of course this is bitterly unfair on those whose parents can’t or won’t help, but it would take a much sterner set of moral principles than most of us possess, to refuse to help when we can afford to.,

Massive population increase.
The fact that not that long ago a woman's wage wasn't counted towards the mortgage as the expectation was that she gave up work on pregnancy.

Considering just how many houses are being built and the continued upward price movements, it's suggesting that demand is the problem.

I have no idea what ours is worth but we bought our rental (semi with garage) in 2017 for £280k and a similar property in that street just went for £340. Not a huge hike (although we have done a lot of work to it, including new kitchen, fitting a log burner and second shower room). I'm guessing your area is more desirable!

I know very few people who didn’t have help in some way or another and I’m not removing myself from that. My partner had an inheritance £32.5k, and my parents gifted me £30k from my dad’s large voluntary redundancy pay out. By comparison I had “only” managed to save £22k in 6 years of working while renting. We are 29 now.

Of our fiends I can think of only one person who has managed to buy without any familial assistance which he achieved by living at home and working between the ages of 18 and 27.

I have said it up thread but I will say it again for those at the back. The government has absolutely no motivation to fix the problems this country faces with housing

I completely agree @GETTINGLIKEMYMOTHER. My son got a substantial chunk of my inheritance, it made sense for him to have the money now and hopefully I’ll live long enough for it not to count towards inheritance tax. All we can do is look after our own.

@saltandpepper234 a lot of Mumsnetters tell me that living with MIL for 3 years is familial assistance! We were sharing with his mum and 3 sisters in a 3 bed. This is in London and we saved 70k over 3 years. Bought a 2 bed flat in z3 London at age 27 and 29..

'They also need to take into consideration peoples renting history. I dont know how a Bank can say that I cant demonstrate paying a £900 mortgage when I've been paying £1500 in fucking rent.'

Yep! It's incredibly unfair.
This government has meddled so much in property, but all to the benefit of big housebuilding companies, BTL landlords, and young people who already had a large deposit. It's so fucked up.

I'm just glad we got on the property ladder when we did, and have a house which we can feasibly live in long term. We couldn't move now, not unless we suddenly get massive pay rises!

No idea what my kids will do when they are old enough to move out...