Soldato
I'm technically a millennial....just... born in 85? Own one place outright and looking at the next!
And boomers wonder why millennials are bitter towards them..
- Thread starter Scam
- Start date
Why not? I mean assuming it's a desirable area and given it wasn't exactly a cheap property to begin with then of course it has potentiial to go up in value by more than the average UK salary.
BTL and foreign ownership are two key problems. NZ was beginning to get problems and they moved promptly to ban overseas ownership and it helped cool things. Didn't solve everything but it was a vital step. We should have done the same. It's simple to see that in a shortage of supply you prioritise citizens, don't sell to people not paying taxes here, and who aren't full time living here. The developments in London with low occupancy due to people only visiting them for part of the year is higher than you might think. It also has a knock-on in terms of council tax revenues etc. A number of councils have moved to stop discounts for empty properties for this reason whereas you used to get a discount if the place was empty, say for building work etc.
Soldato
Ok so you go on about average salaries then say its what you get for renting in London. It's well established that London prices are higher than the rest of the UK, that includes wages as well as rent / buying property.
I would argue even if you rent in the same street as a £1.7million pound house your rent is ridiculously high so you could probably reduce your outgoings if you moved to a different area which is convenient for work and you wont get stabbed as soon as you walk out the door? So you could save a deposit for a house that you do want. I suspect that this isn't what you'd do though as you've got a certain lifestyle / image you want to lead and wont compromise over it but still want the nice things that other people have?
As a matter of interest out of the holidays / breaks you enquired about did you actually go on in 2019?
https://www.overclockers.co.uk/foru...ekend-away-in-bristol-or-maybe-bath.18842324/
https://www.overclockers.co.uk/foru...city-break-amsterdam-and-then-where.18845181/
https://www.overclockers.co.uk/forums/threads/talk-to-me-about-the-canary-islands.18846787/
https://www.overclockers.co.uk/forums/threads/spec-me-an-island-lake-getaway-in-europe.18853234/
https://www.overclockers.co.uk/foru...nd-in-scotland-edinburgh-distillery.18857627/
https://www.overclockers.co.uk/forums/threads/idiots-guide-to-bank-holiday-traffic.18862578/
https://www.overclockers.co.uk/forums/threads/going-to-vietnam-any-tips.18867077/
Cos I'm pretty sure the 'average' person in the UK doesn't go away that much and complains they can't afford to live somewhere.
Soldato
Good idea doing the maths but if you're going to propose that, you should probably get the maths right. It's over double what you said.
1.7 million = 800k * (growth rate)^14
Growth rate^14 = 2.125
Growth rate = 1.055 or over 5.5%
Soldato
- Joined
- 21 Jan 2010
- Posts
- 3,523
I live in the valleys now. I paid £200k for my home, a 4 bed bay fronted detached with huge garden. Nice location, too.
In cardiff, I'd be lucky to pay double that.
The UK is all about selling out to overseas investors. It's what we do.
Whether it's all the housing in London or all our critical infrastructure.
Everything must go!
As long as somebody is getting fabulously rich and doesn't mind making a donation or two to the ruling party, what's the harm?
Soldato
Where I live prices have increased about 30% in about 4 years. But all young people should just pull up their bootstraps and save better. 
Caporegime
And to think of all those poor old fuddy-duddies that missed out on the great Bitcoin extravaganza that all you Millennials jumped on with gusto. £10 each to £15k+ in seven years. And there was I thinking everyone on here was rich!?
Soldato
Is it just me that hates this, boomers gen x, gen z, Millenials labels rubbish as though the generation you're born in determines who you are.
It's the equivalent of astrology... oh you're a Cancer... you must be like "XYZ"
It's the equivalent of astrology... oh you're a Cancer... you must be like "XYZ"
We're broke not suicidal.
Man of Honour
I'm gen x (just about) and didn't get onto the housing market till my 30s. I just learned to save, and sacrifice things. I stopped buying stuff, and wasting money on things that I didn't need. Tried not to clock up debts, and was happy to house/flat share for years. It's not easy. It is possible, but the sacrifices are real - but your quality of life can improve over time as you save and learn to make do without the latest and greatest, or shiney cars etc...
Our house has increased by over 80k in the 6 or so years we've been here. There will no doubt be a crash soon - remember lots of people hit negative equity a while back, and caused a lot of people to be out of pocket, and own less than they ever did.
Not saying the housing market is easy, but it's not always rosey and you don't know what those people sacrificed to get their house.
I wonder if I'll ever pay off my mortgage but as long as I'm able to keep paying it then that's all that matters for now.
Our house has increased by over 80k in the 6 or so years we've been here. There will no doubt be a crash soon - remember lots of people hit negative equity a while back, and caused a lot of people to be out of pocket, and own less than they ever did.
Not saying the housing market is easy, but it's not always rosey and you don't know what those people sacrificed to get their house.
I wonder if I'll ever pay off my mortgage but as long as I'm able to keep paying it then that's all that matters for now.
Soldato
I am sure you could get a terraced house in Oldham for not a lot of money. That is what I did in Leigh Lancashire back in 1982. Took a lot of graft to do it up, rewire, damp proofing however that was my start on the housing ladder.
Man of Honour
We don't know that, Millenials and Gen Z may well have those opportunities, but they will be in a different form. It's not right to generalise like that really.
Aren't there more millennial / gen z millionaires than their equivalents at baby boomer / gen x at the same age?
Man of Honour
Cos I'm pretty sure the 'average' person in the UK doesn't go away that much and complains they can't afford to live somewhere.
Please don't derail the thread with common sense
Caporegime
No. Current young generations are statistically poorer than their forebears for the first time in living memory.
Will believe it when I see it.
Demand still far outstrips supply, here. And the large developers have also suspended several major developments near me, citing low profit margins and shareholders being unhappy with projected returns. Several large developments have therefore stalled indefinitely. They've been planned now for 10-15 years and ground hasn't been broken.
The latest thing is the developers now want the council to pay them to start building again. Seems they think they've got us by the balls and can make such demands.
Wrt to those BTL feeling the squeeze, for all the middle-class mom and pop outfits with 2 or 3 properties, there are also large players with 100+ properties always ready to keep increasing their portfolios.
Overall I think the trend is still for ownership as a % to fall, and rental as a % to increase. And also for rental as a % of income to increase, with 50%+ of income spent on rent being fairly common down here.