Young Britons need to save for 14 years to afford a house deposit - Polidicks

[B]The average single person in their twenties will now have to save for over 14 years before they can buy a home, says the housing charity Shelter.[/B] [URL]http://www.bbc.co.uk/news/business-22966312[/URL]

I guess this is down to the fact that a lot of people 20-30 (Even uni grads) basically go into retail or other minimum wage - low paying jobs and get stuck in a bit of a rut if they can't get up to a management position. I'm 21 and from my current earnings and projected over the next five years I should have enough for a deposit and then some in 5-6 years, and I only just started working officially two months ago. The state of the housing market really doesnt help though, my parents sold 4 houses 15 years ago for about £60-75k each, now the same houses are selling for £300-400k each. Really lucky for everyone who bought houses before the prices rocketed, not so much for the next generation.

Was just speaking to my parents about this, it's really frustrating how hard we are being fucked in the current housing market.

I've blocked the address out but this is my neighbour, the house sold 3 times in 7 years but the value has gone up almost £100,000 [IMG]http://i42.tinypic.com/wkmntl.png[/IMG]

London is overrated anyway...

You Britons are lucky, for a house that has the same demographics as that (30 - 45 mins from the city, close to public transport) can cost as much as $600,000 AUD (roughly £363,500) and with the dwindling jobs market, its getting much harder to find a decent paying job.

[QUOTE=shutter_eye5;41094186]You Britons are lucky, for a house that has the same demographics as that (30 - 45 mins from the city, close to public transport) can cost as much as $600,000 AUD (roughly £363,500) and with the dwindling jobs market, its getting much harder to find a decent paying job.[/QUOTE] Our jobs market is in the shitter too but that is hella expensive for a house.

[QUOTE=Cushie;41093877]...now the same houses are selling for £300-400k each.[/QUOTE] What the [i][b]fuck[/b][/i]? Do the people who sell those houses even gain any kinds of profit anymore?! I can't imagine an average person being able to afford a house with such prices at all.

What's wrong with living in an apartment?

[QUOTE=GlebGuy;41094293]What the [i][b]fuck[/b][/i]? Do the people who sell those houses even gain any kinds of profit anymore?! I can't imagine an average person being able to afford a house with such prices at all.[/QUOTE] Thats why mortgages exist. You pay 10-20% of the total price as a deposit then get a loan for the rest and pay that off over time. [QUOTE=Zezibesh;41094295]What's wrong with living in an apartment?[/QUOTE] Apartments are alright for a few years but it isnt exactly a place you can call your own unless its a swanky expensive one, in which cause you may as well save for a deposit on a house since over time you will just be draining money away into renting when you could own your own house.. Plus when you get a house and eventually pay the mortgage off it is literally yours and you have minimal risk of not having somewhere to live.

[QUOTE=Zezibesh;41094295]What's wrong with living in an apartment?[/QUOTE] People plan to marry and have 2 kids, and most apartments are 1-2 bedrooms. Besides apartments are the same prices as houses here (£100-150k)

House prices in Britain and Surrey are insane, overpriced small buildings. Its kind of embarrassing to still be living at home at 22 with your parents because you can't afford to even rent.

Thanks to the governments brilliant plan to make it easier for young people to get mortgages, house prices will just keep on rising. Build more fucking houses please.

[IMG]http://i41.tinypic.com/2n1azxu.png[/IMG] I never knew London was that expensive, 30 years to save? you'd be moving out at 50

[QUOTE=Kirrimir;41094198]Our jobs market is in the shitter too but that is hella expensive for a house.[/QUOTE] Not to mention the taxes (stamp duty etc ~ £10,000) that you have to pay on top of that. Most of the jobs that are left are contract jobs (that usually only last 12 mths) or casual jobs. Very few full time jobs (unless you join the military or sacrifice living in your hometown to go and work in the mining industry.)

100k is a great price to pay for a house thank you housing market its everything ive always wanted

[QUOTE=matt.ant;41094376][IMG]http://i41.tinypic.com/2n1azxu.png[/IMG] I never knew London was that expensive, 30 years to save? you'd be moving out at 50[/QUOTE] Yey South East :suicide:

yeah just move into an apartment and save for a house.

[QUOTE=Fofilolipop;41094399]yeah just move into an apartment and save for a house.[/QUOTE] Apartments where I am are £500 a month, you'd be better living at home and putting that money into the bank

I'l be renting from the council in about 3 months, that's a bit like owning somewhere

[QUOTE=matt.ant;41094411]Apartments where I am are £500 a month, you'd be better living at home and putting that money into the bank[/QUOTE] most people would move out as soon as possible, rather be independent in your own flat sooner than stay at moms until you're 30

[QUOTE=Kirrimir;41093886]Was just speaking to my parents about this, it's really frustrating how hard we are being fucked in the current housing market.[/QUOTE] Feel you man, here in Israel it's a disaster aswell if not bigger.

This is why I'm moving to Bulgaria.

[QUOTE=matt.ant;41094336]People plan to marry and have 2 kids, and most apartments are 1-2 bedrooms. Besides apartments are the same prices as houses here (£100-150k)[/QUOTE] 2? Jesus one kid is annoying enough, but paying for two kids who would probably argue? Shit, people are crazy

[QUOTE=Irockz;41094488]2? Jesus one kid is annoying enough, but paying for two kids who would probably argue? Shit, people are crazy[/QUOTE] Your children are more than "annoying things" They mean the world to most parents.

[QUOTE=matt.ant;41094376][IMG]http://i41.tinypic.com/2n1azxu.png[/IMG] I never knew London was that expensive, 30 years to save? you'd be moving out at 50[/QUOTE] most people tend to rent in cities imho.

[QUOTE=wraithcat;41094564]most people tend to rent in cities imho.[/QUOTE] That's only a thing because all the houses that aren't for let are already full, there is literally a shortage.

[QUOTE=Zezibesh;41094295]What's wrong with living in an apartment?[/QUOTE] LEt's see... 1: You're crammed into a box next to up to 8 other people 2: You can't hardly do a damn thing to your own home without pissing the landlord off 3: You can't move on a whim 4: You're at the mercy of city traffic every time you want to leave the house 5: They're small 6: The monthly rent payments are often on par with a decent mortgage on a reasonable house 7: You're at the mercy of the landlords if something breaks I'll never move into one.

If I could live in an apartment I would, everything on one level, nice views, everything simples.

I'd gladly move out of my appartment if I could.