Thanks Todger, but we bought a new bungalow after the cost of a new house became achievable for the working man.
My parents also found it possible to leave their council house and purchase their own property.
If you were prepared to work and save during Maggies tenure, you were well rewarded…Cheers Maggie!..
The right not to Strike.
A poet and don’t know it.
And you don’t believe that would have helped fuel the house price boom which has led to so many being unable to get on the ladder?
So you didn’t right to buy?
I’m not sure which housing associations do not receive public funding. But I thought they all did.
Nope, only paid five grand for a new two bedroom bungalow, and with the help of a 25 year mortgage from the Halifax, Bob’s yer uncle Annie. Manage to pay it off in twenty…
Been there ever since…
That’s why there are more “Middle Class” folks per capita than there were 30 years ago.
Hi
Never heard of the Housing Revenue Account?
Even if it did so what?
The housing boom has resulted in a whole lot of people making a very great deal of money and the Buy to Rent sector has provided homes for people who have decided not to bust a gut to get on the housing ladder. Their choice.
Ridiculously low interest rates have resulted in the housing market looking less attractive for now but in any case with sensible people downsizing and / or releasing equity and using the cash to help their kids with the deposit things are far from grim.
Certainly!
So how did Maggie help with that?
Beds in sheds? Their choice? Most young people do not even dream of owning a property because of this fake profit driven madness. People being able to get shaky foundation-less finance and offset it with rents of a whole chain of similarly funded properties. No way to pay it all back should the economy tank. Plus the interest only time bomb is soon to go off. The worst thing a property development boom that led to so many beautiful houses turned into honeycomb shoe cupboard dwellings which ended up shabby and badly maintained due to poor management companies or absent landlords. Every few houses has fifty wheely bins and a forest of weeds.
It’s not interest rates but tax changes related to mortgage interest etc that have put many off, plus who will they rent to? Generation rent have been moving back to mum and dad’s because of Covid. There’s been a big sales boom in the last month but I suspect that’s down to properties being bought and sold due to lockdown delays and Covid redundancies. Just who is buying them?
Tell young people not to go to Uni then and become tradesmen. Plumbers, electricians and builders don’t have a problem with buying their own home, but there again they start earning a living much earlier and don’t waste their time getting a degree in lesbian dance techniques.
The easiest way to buy your own home is to save your money, stop spending it on the latest mobile phones, dining out and designer clothes.
The boom in properties in the last month is because of 2 things …
-
People have put off buying for 6 months until now and couldn’t get mortgages while furloughed
-
Removal of stamp duty on houses under about 500K
Fake profit driven madness ? What ?
Most young people cannot afford a new home, they cannot even get a permanent job without a degree. The house prices are not £5k these days! How many plumbers, electricians and builders can the economy take. Perhaps there are female opportunities in such professions but I’ve yet to meet a lady builder!
Dunno Annie…
But she was in charge of the economy at the time and life was good…I also got two or three good foreign holidays from the interest on my savings at that time….Now I’ve got a hundred times more savings and can’t even fill up my SUV tank with diesel off the interest…
What a post Bread…Brilliant and so true…
I was earning at fifteen as an apprentice. Even on crap wages I could afford beer, fags, and still have enough left over to save some for the future…
Too many distractions these days. Ten quid a month for this, ten quid a month for that, and before you know it all your wages (or benefits) have been eaten up.
At least you will have secured a months subscription to netflix so you can sit at home and watch box sets on your 50 odd inch screen…Which incidentally takes another ten quid a month out of your wages…
That’s utter rubbish.
My youngest has an apprenticeship with the NHS with no degree, A Levels and only a few GCSE’s. She is on 18K+ per annum and her friends are likewise and saving for houses and cars etc. This myth that young people can’t get on the housing ladder is just that.
We are hugely short of plumbers, electricians and tradesmen - try booking one Annie and you’ll find you won’t get anything for about 2 weeks.
My friend Amy is a plumber - girl aged 25 and 2 members of our sound and lighting crew are women, another girl we know is a front of house engineer (an extremely good one) so the choice is there, the jobs are there, you just need to get out there and get them.
Here is a rough calculation, just for you.
Aged 18 - on 18K per year, living with parents.
Take home pay - around 1300 per month
Parents board and lodge - £350 per month
Food & Entertainment - £300 per month
Clothes and Incidentals - £100 per month
Car, petrol and tax - £150 per month
Total Outgoings - £900
Amount left - £400
Of which - save £300 per month
12 x months = £3,600
3 years = £10,800 (excluding any government contributions such as ISA savings accounts were the government contribute to your savings).
That’s your deposit for a house right there, Annie - a starter flat at about £120K in value and a mortgage over 25 years of around £600. If it’s a 5% deposit then there is money left in the savings, a 10% deposit will require a bit more saving and going without.
Around here £120K gets you a 1 bed flat easily.
University degrees for the most part are not worth anything.
Another thing that Blair ruined.
Look, everyone is NOT equal. Some people are naturally factory production line monkeys, others shop counter hope, labourers and so forth. Others are not but capable of working as managers and company directors, others find their groove as entrepreneurs and some inherit wealth.
From that all else follows.
Some people have to live in rented rooms, others live in mansions. Nothing wrong with that and if people can’t afford to buy then basically tough. They should either do something to improve themselves and if for whatever reason they can’t (or more likely won’t) then just STFU and suck it up.
And with a degree it makes them overqualified for most jobs…
Exactly so.