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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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:
minihitch · 05/02/2023 12:03

They don't want to save though, they want the latest tech, nice car, foreign holidays..

🙄

A uni graduate in a minimum wage full time can easily save £500 a month whilst living at home. Soon adds up after 4 or 5 years.

And for those who can't live at home?

Applesandcarrots · 05/02/2023 12:04

Working age Boomers have been replaced by immigrant populations, many of which have large families. The population of the uk will not be going down any time soon, it's likely to continue going up.

Don't worry. Lots of us are leaving

minihitch · 05/02/2023 12:06

The difficulty with an ageing population & falling birth rates is you need immigration to support the top heavy pyramid

SO224350 · 05/02/2023 12:06

minihitch · 05/02/2023 12:03

They don't want to save though, they want the latest tech, nice car, foreign holidays..

🙄

A uni graduate in a minimum wage full time can easily save £500 a month whilst living at home. Soon adds up after 4 or 5 years.

And for those who can't live at home?

Most do live at home I bet

MidnightMeltdown · 05/02/2023 12:07

minihitch · 05/02/2023 12:02

@MidnightMeltdown your ONS link only goes up to 2045 & it's basing increase in numbers on projected migration?

"UK population growth over the next 10 years is projected to be driven by a net 2.2 million people migrating into the country."

So where is your link showing that the population will decrease? Or are you just talking nonsense about something that you clearly understand nothing about?

SO224350 · 05/02/2023 12:08

minihitch · 05/02/2023 12:03

They don't want to save though, they want the latest tech, nice car, foreign holidays..

🙄

A uni graduate in a minimum wage full time can easily save £500 a month whilst living at home. Soon adds up after 4 or 5 years.

And for those who can't live at home?

Any why the eye roll? If they're not saving, where is the money going??

benten54 · 05/02/2023 12:08

Fizzadora · 05/02/2023 11:50

Plenty of 2 bed terraced houses up here for sale between £100-£150k up here in Cheshire. Easily affordable for two people with no kids on reasonable salaries, just like us boomers did with no help from parents. If everyone stopped infantilising 18-25 year olds, they would work it out.

My job wasn't in Cheshire. It was in Canary Wharf. 😒

benten54 · 05/02/2023 12:11

@SO224350
Any why the eye roll? If they're not saving, where is the money going??

See my post below to see where a household income of nearly £100k goes when you rent in London. No car. No 'foreign holidays or latest tech' Hmm

minihitch · 05/02/2023 12:16

Any why the eye roll? If they're not saving, where is the money going??

the obvious ones, rent, student loans, food, bills etc.

caringcarer · 05/02/2023 12:17

I'm leaving a 3 bedroom btl house to my 2 grandchildren between them in 10 years time or before if I die earlier, but for my DD to have lifetime enjoyment. She will use money to help them through uni, then save some for herself, then save it for dgs's when she has enough to manage.

minihitch · 05/02/2023 12:21

So where is your link showing that the population will decrease? Or are you just talking nonsense about something that you clearly understand nothing about?

You don't understand. Read your link properly, the only growth is based on projected migration. Its inevitable that with an ageing population at some point our population will decrease unless it's propped up by migration.

minihitch · 05/02/2023 12:26

From the ONS link, the only projected driver of growth is immigration...

• The population of the UK is projected to increase by 3.2% in the first 10 years of the projections, from an estimated 67.1 million in mid-2020 to 69.2 million in mid-2030.

UK population growth over the next 10 years is projected to be driven by a net 2.2 million people migrating into the country.

Over the next 10 years, there is projected to be a total of 59,000 more deaths than births;

benten54 · 05/02/2023 12:28

@SO224350 A uni graduate in a minimum wage full time can easily save £500 a month whilst living at home. Soon adds up after 4 or 5 years

And if they aren't living at home? Minimum wage is a take home of £1400 a month. Tried living on that when you have rent, council tax, bills, travel and food to pay for? Saving is not even a consideration.
£500 in savings each month... seriously?!
I lived on minimum wage for a couple of years after Uni as I had no choice and simply added to the crippling debt I already had never mind saving.
As soon as your salary gets a bit higher the repayments start for around 5 to 10 years cancelling out any ability to save and you are back to square one.

minihitch · 05/02/2023 12:29

Most do live at home I bet

based on what?

minihitch · 05/02/2023 12:30

Plenty of people don't live near where they'd graduate dc land a job. Of those that do not everyone has the space or the money to provide cheap living at home or even the relationship.

minihitch · 05/02/2023 12:30

their

Blossomtoes · 05/02/2023 12:32

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.

So true. A once relatively affordable house extended so it’s no longer affordable. These houses are one of the reasons we can’t downsize - huge unwanted extensions obliterating much wanted gardens.

Cuppasoupmonster · 05/02/2023 12:34

SO224350 · 05/02/2023 12:08

Any why the eye roll? If they're not saving, where is the money going??

Show quote history

Someone’s hoovered up the daily Mail myths…

minihitch · 05/02/2023 12:35

It's a vicious cycle, often it's cheaper to "add value" then buy the house with the extra space.

MidnightMeltdown · 05/02/2023 12:37

minihitch · 05/02/2023 12:26

From the ONS link, the only projected driver of growth is immigration...

• The population of the UK is projected to increase by 3.2% in the first 10 years of the projections, from an estimated 67.1 million in mid-2020 to 69.2 million in mid-2030.

UK population growth over the next 10 years is projected to be driven by a net 2.2 million people migrating into the country.

Over the next 10 years, there is projected to be a total of 59,000 more deaths than births;

And? Of course migration is expected to continue. Hence there will be no population decrease. The population will not be allowed to fall as there will always be an older generation who need supporting by a younger working generation.

MidnightMeltdown · 05/02/2023 12:39

minihitch · 05/02/2023 12:21

So where is your link showing that the population will decrease? Or are you just talking nonsense about something that you clearly understand nothing about?

You don't understand. Read your link properly, the only growth is based on projected migration. Its inevitable that with an ageing population at some point our population will decrease unless it's propped up by migration.

And I ask again where is your evidence that net migration is expected to reverse, leading to a decrease in overall population size?

Cuppasoupmonster · 05/02/2023 12:45

SO224350 · 05/02/2023 12:08

Any why the eye roll? If they're not saving, where is the money going??

Show quote history

Most youngish adults don’t live at home. Certainly among the ones I know (30 ish) - we grew up in a small rural town with diddly squat career opportunities. To get a career off the ground and have a choice of jobs you need to live in a city, or close to one. Basically everywhere is hideously expensive now. So the money goes on extortionate rent, commuting costs, food (which has again shot up), and after that there’s not that much left over.

Anyway let’s say they did live at home, earned 30k, saved 20k and had no major outgoings like loans. Barclays will lend you 144k over 25 years. Which won’t even buy a flat in most places.

so 🤷🏼‍♀️

minihitch · 05/02/2023 12:48

Again from the ONS link

"The projected UK population growth is slower than in the 2018-based projections; the projected population is 0.6 million fewer in mid-2030 and 1.8 million fewer in mid-2045."

They have already revised their 2018 projections. I believe they will be revising these projections.

"“These projections suggest slower growth than we’ve previously said. This is because of lower assumptions both about future levels of fertility and mortality improvements."

I don't think one can predict future migration or deaths as we are still unsure of the fallout from covid including the NHS backlog & life expectancy is declining.
I also think the current economic climate doesn't make us particularly attractive to immigrants nor to many of our own young people.

minihitch · 05/02/2023 12:55

The population will not be allowed to fall as there will always be an older generation who need supporting by a younger working generation.

The pyramid is already upside down though. And lots of countries are experiencing similar. I just don't think we will be as attractive to immigrants as we once were.

You're opinion is the ONS forecast is 100% accurate, mine is that it isn't so we will just have to agree to disagree.

TheLostNights · 05/02/2023 13:00

There's nowhere a graduate could live at home for 5 years on minimum wage and afford to buy a house after that. I'm in London.

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