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AIBU?

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Original poster

To wonder how the next generation will buy a house

428 replies

macaronitoni · 04/02/2023 13:43

Surely there needs to be a massive overhaul of the system. A new build home with two bedrooms on a new development nearby is £315k. Not London. Midlands. Who’s going to be buying that? Too small for a family with more than one DC but way out of budget for most first time buyers.

Without significant family help, how will today’s children and young people manage to buy a house? Something has to change!

OP posts:
Yarrawonga · 04/02/2023 13:48

If it gets to the stage where the homes are unaffordable, the prices will stop increasing.

Family help just perpetuates the the problem.

Expectingfirstbaby · 04/02/2023 22:37

Longer mortgage terms to facilitate higher and higher house prices. Schemes like shared ownership to support inflated prices too.

Cuppasoupmonster · 04/02/2023 22:49

The boomers (biggest generation) will die and there will be more houses on the market and therefore less demand/lower prices.

Sugarplumfairy65 · 04/02/2023 22:54

They'll just use the inheritance they end up with from the boomer grandparents that they now sneer at.

Terraria · 04/02/2023 22:55

A lot will rely on inheritance.

layzinaboot · 04/02/2023 22:56

There are plenty of empty office buildings that could be converted into housing. That will happen when they realise working from home is here to stay. It will also help to revitalise our city centres.

HeddaGarbled · 04/02/2023 22:58

Many of my parents’ generation rented. Perhaps that will come around again.

SavoirFlair · 04/02/2023 22:58

Without significant family help, how will today’s children and young people manage to buy a house?

The people who can offer significant family help, like high house prices. It makes them feel wealthy. And when the time comes, they have a kind of primeval feeling of being able to help their DC build their “nest”.

I am a homeowner , outright etc, but I’d rather my DCs in a decade’s time can just buy their house based on a strong wage economy. Not requiring me to release cash to them - that means we still have a problem.

Something has to change!

a lot of people don’t want to vote for anyone who will help house prices stabilise. Hence Tories.

Ozgirl75 · 04/02/2023 22:59

I think for a lot, instead of inheritance going to kids, it will just skip and go to grandkids. For us, my parents are in good health in their mid 70s and I’m mid 40s. If they live another 20-25 years (likely as we are a long lived family and they are healthy and fit), then my kids will be 30, we will be in our 60s and inheritance won’t be needed by us but can be passed to the grandkids instead.
But also, more houses will be available as the boomer gen dies off. However, anything could change in the next 20 years so who knows. If there was a big push on house building then prices would come down

199O · 04/02/2023 23:01

Hopefully my kids will live at home after Uni for a good few years and save. My nephew and friends kids have done that and managed to buy a property in a nice area.

We’ll help our kids out as well if they need/want.

TheHateIsNotGood · 04/02/2023 23:04

The next generation? The right now generation have it hard in the present; if this keeps up, one day there won't be much 'next generation' to think about.

I'm 60.

LibrariansGiveUsPower · 04/02/2023 23:04

Yarrawonga · 04/02/2023 13:48

If it gets to the stage where the homes are unaffordable, the prices will stop increasing.

Family help just perpetuates the the problem.

strongly disagree. Investors will keep buying and keep pushing prices up.

JackieDaws · 04/02/2023 23:06

"Adding value" doesn't help. You see it here all the time and then you all wonder why your kids wont be able to afford a house.

GreenBiscuitr · 04/02/2023 23:07

Population has peaked and is already shrinking so that'll ease up supply down the line. We'll follow China with 100yr mortgages that can be passed through family. We'll have another housing boom because how else does this country come back after recession historically? Build our way out. If we're super lucky, we'll choose more enlightened leaders who'll follow Vienna's model of social housing.

SlipSlidinAway · 04/02/2023 23:10

We'll be using most of the inheritance we've received from parents to help our adult dcs when they're ready to buy. Doesn't solve the problem I know 🤷‍♀️

Stardu · 04/02/2023 23:13

For two post-war generations, huge numbers of families couod afford to own their own home.

It wasn’t common before that and looks like it’ll be increasingly rare in future

Rainsdropskeepfalling · 04/02/2023 23:16

The inheritance from grandparents went on the grandparents carers, nursing homes and tax etc. I'll have finished paying off the mortgage after they finish university so I'll be able to help with mortgage payments but not with the deposit.

Aphrathestorm · 04/02/2023 23:18

In 50 year the housing market will be homeowners, who bought using inherited wealth, and private renters, who didn't.

Penguinsaregreat · 04/02/2023 23:18

People will never own a house. They will retire (at an old age) and won’t own their house outright.
Prices will not drastically fall.
The % of women under 30 having children has fallen for the first time in decades.
Only the very rich who have inherited wealth and the non working poor who live off state benefits, will be a
able to afford to have children. Everyone else will have to either not have children or have them much later in life. This may result in those people taking early retirement as they have nobody to pass on any possessions or wealth to so will think sod it I want to retire whilst I’m young enough to enjoy it. This will have a huge impact on taxes collected and so the cycle continues.
It looks bleak.

journeyofinsanity · 04/02/2023 23:23

Sugarplumfairy65 · 04/02/2023 22:54

They'll just use the inheritance they end up with from the boomer grandparents that they now sneer at.

The boomer generation is huge. Once they've all gone, there will be surplus stock. Good news for future gens

LouLou789 · 04/02/2023 23:25

We are not quite boomers but almost. The increasing pension age and diminishing NHS availability of peripheral healthcare (dental/podiatry etc) means that it’s likely we will have to be reliant on equity release if one of us dies much before the other (only one State Pension coming in as income) to have a decent retirement and so our kids’ inheritance will also be significantly reduced. House prices will surely have to slow down as this happens to others as well as us?

Testina · 04/02/2023 23:27

New ways of borrowing. In Switzerland you can borrow from your own pension fund, up to a set limit - think it’s half your fund until you are 50. It leaves you with a pension gap, but it’s a cheaper way to borrow large sums.

LiquoriceAllsort2 · 04/02/2023 23:28

journeyofinsanity · 04/02/2023 23:23

The boomer generation is huge. Once they've all gone, there will be surplus stock. Good news for future gens

Show quote history

What happens when all the asylum seekers need moving from the hotels? The home office are looking for houses now so I assume they will replace the boomer generation.

MidnightMeltdown · 04/02/2023 23:30

They will have to buy with someone else. £315k isn't much between 2 people. Just over £150k each.

The £315k price tag is based on two salaries

Testina · 04/02/2023 23:31

I think mortgage terms will continue to increase, and there will be a combination mortgage as we know it and equity release product sold as one.
Buy a house at 35 with a 50 year mortgage.
Retire at 65, and activate phase 2 - which is a reduced repayment with the missing balance as a charge on your house. It will be normal to inherit, “what’s left after the equity release is settled”.