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Not Being Able to Afford Your Own Home

In the News

not surprised as the prices are ridiculously high, and average wages can't cover the costs

so forget the traditional house - it's time to live in different kinds of spaces

https://www.bbc.co.uk/news/uk-wales-46840391

hspexy
2 years ago
What do you think of this?
BW07
BW072 years ago

Some people need to lower their expectations of home ownership and start at the bottom of the chain. That half million pound house is completely out of your grasp.

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hspexy
hspexy
Original Poster
2 years ago

I remember talking to someone about this a decade ago, and he was saying that they are not as hell bent on home ownership in other parts of Europe, as most people were happy to rent, as I guess it was the norm. I suppose if you have a good living situation, is it necessary to buy?

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MrsCraig
MrsCraig2 years ago

My husband and I knew we wanted to buy a house so we sat down, looked at where we could save money and gave up luxuries. We then figured out how much we were saving a month, what we would have as a deposit and then went to a mortgage advisor to find out how much we could borrow and then looked at the houses that we could afford. It is hard getting on the property ladder and is even more difficult if we have a low paid job and live in an area where the house prices are high. You buy the house you can afford.

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hspexy
hspexy
Original Poster
2 years ago

I do sometimes wish I bought many years ago, but I really didn't want to commit to a mortgage as I wanted to have the freedom of travelling, not worry about being stuck somewhere doing a job I hate just so I can cover the mortgage. It is very difficult to even get something small in London - even a driveway can cost £50k!

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MrsCraig
MrsCraig2 years ago

hspexy I am amazed anyone can afford to buy property in London! I am glad we bought our house when we did, we will have our mortgage paid off before we are 40. We didn't want to pay what we saw as dead money on rent and our mortgage is a lot cheaper than rent would be

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hspexy
hspexy
Original Poster
2 years ago

MrsCraig the prices are very high, and tbh even if you could afford anything, at the first rung of the ladder, it would be small. I’ve known people who moved out of London just to get more space, so they just suffer with commuting instead

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MrsCraig
MrsCraig2 years ago

hspexy I am not surprised people live outside of London. It is the same with any big city, it costs a fortune and you don't get much for your money! Even paying rent somewhere else and paying to commute probably wouldn't cost as much as rent in London. I wouldn't want to live in a big city, too crowded for me, but the cost is definitely off putting. We only bought our house 4 years ago and it would cost us a lot more to buy it now, I feel sorry for people trying to buy their first property.

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GlitchHunter
GlitchHunter2 years ago

People's expectations are too high as well as the prices. I bought 6 years ago. Remortgaged this year and cut down from 25year mortgage to 12 year so... it's doable and I go on holiday 6 times a year and have a normal medium paid job. It might be hard on a lower wage but it's not impossible.

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hspexy
hspexy
Original Poster
2 years ago

I agree - if you really want something, you need to be dedicated to dong what you can to achieve it

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MumOfThree
MumOfThree2 years ago

Where do you live? I'm South East and it's crazy prices I'm not on a low income and not a higher tax payer either.

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hspexy
hspexy
Original Poster
2 years ago

MumOfThree I’m in London, and there doesn’t seem to be one part of it that’s affordable for the average Jo. Im looking into renting out a garden shed 😜

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GlitchHunter
GlitchHunter2 years ago

MumOfThree I live in London. Zone 3. South East. I bought 6 years ago though. My house has gone up in value by about 100k. It's nuts.

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MumOfThree
MumOfThree2 years ago

GlitchHunter you were lucky getting in when you did, Iv seen the houses round where I live increase massively.

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GlitchHunter
GlitchHunter2 years ago

MumOfThree I wouldn't call it luck. I call it working my arse off to get where I am today. I worked hard for it. Luck didn't come into it at the time. The luck is that the value of the house increased over the years.

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Pjran
Pjran2 years ago

Nowadays it’s the bank of Mum and Dad to help your children. Never had this from my parents all those years ago, they were in a council house and lived from week to week.

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hspexy
hspexy
Original Poster
2 years ago

Ah yes it’s become increasingly common, as kids nowadays cant make it on their own - not sure if it’s down to lack of opportunities, or just the youngsters these days not willing to seize opportunities? I personally think it’s never bad to have nothing to start with - when you’re at rock bottom, the only way is up 👍

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Pjran
Pjran2 years ago

hspexy here in southern England property is rediculously overpriced!!!

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MumOfThree
MumOfThree2 years ago

I can't afford to own my home yet me and my husband both work, saving for a deposit is near impossible and I haven't got the bank of mum and dad to help either. It's a scary thought that I don't think I'll ever be able to retire!

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hspexy
hspexy
Original Poster
2 years ago

I know what you mean. I have given up on the idea of retirement- if I can work at 80 or 90, I’ll do so...so I’ll just take it easy now and work my a#@e off later in life 😜

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Lynibis
Lynibis2 years ago

hspexy Well my mortgage does not finish until I am 72 and I am constantly worried about maintaining my health in order to keep working. It only takes a heart attack, stroke or other dire health problem and bang, you can no longer work. Once my mortgage is paid I can then relax more as I will be able to get by on my pension.

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MrsCraig
MrsCraig2 years ago

We live just outside of Edinburgh. The house prices are still high, but not as bad as in Edinburgh. Our mortgage is less each month than if we were renting! How can they expect people to save for a deposit when they are paying out so much money? I understand the landlord needs to cover the mortgage and make some profit, but it just seems crazy rent these days.

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hspexy
hspexy
Original Poster
2 years ago

Lynibis oh no sorry to hear that - must cause a lot of anxieties. Soneone many years ago pointed out to that there’s perhaps no real conincidence that the work mortgage is similar to mortuary...that certainly made me think!

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Lynibis
Lynibis2 years ago

hspexy I may be wrong but would feel just as anxious if I rented and suddenly couldn't pay. At least with my own home i can downsize if I need to and tbh i would sooner pay a mortgage for 25/30 years than rent for 50 plus. Possibly to a landlord who will not do repairs or decorating or replace wornout fixtures. I have a 3 bed house but only because I bought it with a partner 11 years ago and he had 4 younger children who stayed weekends. I will definitely downsize when time is right.

My son has rented a 3 bed house and his rent is twice my mortgage but of course the struggle is actually getting on the ladder in the first instance. They cannot save whilst paying such a huge rent.

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hspexy
hspexy
Original Poster
2 years ago

Lynibis it’s true, and the main reason why people want to own their own home - which indeed forces up housing prices. Gone are the days where the landlords care about their tenants and ensure they’re being fair (I recall my dad saying that own granddad never thought of buying, as he was happy to just rent as pit was cheap and the landlords were flexible...but my grandma insisted that as the family grew, they needed something more stable, so they bought a house, I think it was the last one they’d rented)

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EmmaBrown87640
EmmaBrown876402 years ago

I live in the north west house prices are no where near as bad as it is the further south you go. I know people who pay more to rent a house than they would if they were paying a mortgage. Just got to save save save and get that deposit.

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hspexy
hspexy
Original Poster
2 years ago

I’ve known people to move up north for such reasons, so they commute and just suffer the journeys instead.

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