Wages stagnant, food and energy prices up and climbing and house prices at daft levels… what a shock no one can afford to buy their first house 🤦♂️
Isn’t this their plan all along tho? ‘You will own nothing and you’ll be happy’ ? Aha
And the _RENT WITH UNCLE_ ads are everywhere in london.
Honestly disgusting
Hardly a surprise, house prices have gone past the point of being affordable for a couple on the median salary.
House prices need to stagnate for 10 years to let pay increases catch up.
Yeah, I’m really not shocked. It’s next to impossible to save unless you live at home, even then getting approved will be an uphill battle due to interest rates and general house prices.
[deleted]
*Millenials* are *killing* the *housing market*
Whatever should we be killing next?
it is honestly a complete joke. My wife and I earn a combined salary of over 100k and we simply cannot afford to buy in London. Quickly looking at rates atm a 450k mortgage sets you back over 2k a month in repayments.
People will say “just buy elsewhere”, but if you can’t see how being in the top 10% of earners in the country still makes you ineligible to buy a property I don’t know what to say.
I was a first time buyer during the pandemic and house prices, which were mental enough already, were going absolutely ballistic – I could almost see the quality I could get for my budget dropping in real time. I see the odd piece of news that house prices have dropped by 1% or something for the first time in about two decades, but it’s vastly insufficient to bring them down even to pre-pandemic levels, which were ridiculous enough already.
It’s extremely difficult, essentially you need to be an above average earner now.
The thing i have found when we were looking into the idea of buying is that the biggest bottleneck is that the maximum amount banks are willing to lend hasn’t increased. It doesn’t matter that there are now longer term mortgages or mortgages with a lower minimum deposit, because they still base the calculations on 4.5x wages, and house prices have risen by such a degree that that just isn’t enough to get anything reasonable in certain areas, even on a good wage
I’m incredibly lucky in that I managed to buy myself a tiny 1 bedroom flat 3 years ago (Help to Buy) but I really want to buy a bigger place with 2 bedrooms. As a single person on £53k I’m trying to save as much as I can but it seems impossible unless I move really far away from London. I just can’t borrow enough on my wage.
How is this even “news”.
For what, a decade or so it’s been nothing but how house prices have been rising, that more and more are struggling to get on the property ladder.
Houses just aren’t being built and the quality of those houses that are has been viewed critically as it’s fallen.
We’ve had one crisis after another leading up to now where the average UK household is roughly ~£3k worse off each year and pay continues to stagnate.
There’s little to no sign things will change either, as landlords continue to up rent prices and buying up more properties – nothing looks to be changing these circumstances either.
Same as Australia. The country has been sold out to immigrants
Gee, I wonder why. Wages are stagnant, inflation is on the rise and the government does nothing to combat either.
Parents house was mortgages at 35k around 35 years ago and is now 450K.
So me and my siblings stand no chance…
I have a pretty good income, and my wife and I have deposit money, but even so we’re pushing back buying for at least another year. Interest rates and high house prices are making mortgage repayments unrealistic for us (and that’s not factoring in council tax, higher bills running a house vs. 2 bed flat, plus being financially liable for maintenance/repairs etc.)
We could move to the North, as people sometimes glibly advise, but our friends, family, and careers are down in the South. We don’t want to be apart from that support network when we want to start a family.
We don’t want an investment, we want a home that we can make our own.
Another great Tory success story ✅
Get two months notice for being kicked out of your house for renting for no reason or can’t afford to buy a home. What’s the point.
I was truly luck that **at the tender young age of 35** I was able to buy my first house because:
* I had saved as much money as I could since starting work in the public sector at the age of 18
* I had unfortunately lost 3 grandparents and inherited from them, again saving that money.
* I had parents who both understood finance and a mother who was very very shrewd in terms of looking at ISA’s, moving money about each year-18 months to get the best rates etc
* I was able to live with my parents and during the 2 years of covid had 0 outgoings
* The initial move to more home working / remote working enabled me to move from London to Yorkshire (although I was looking at doing this anyway, I was just able to keep my current job).
* Having a good deposit, I was able to get a good mortgage and repayments.
So I was able to get a nice house (bit of a fixer-upper but I enjoy DIY etc) for a good price. However I have friends who still live in London who are same age or older who are still in house shares or renting and still feel like they have 0 chance of getting on the property ladder. Cost of housing in and around London is criminal.
We bought our first home 6 months ago (Liverpool) and house prices around us have already jumped £10k on top of interest rates going up. And we were fairly fortunate that a) our sellers were fairly receptive with us and b) we were able to live at home whilst we saved.
I wouldn’t actually mind too much if rentals weren’t such utter pieces of shit in this country. The quality is appalling and it’s very difficult to find a good place.
My current place for example has had: rodents, moths, leaking roof, dirty/unpainted walls, leaking bath tub, huge gap under the front door, deteriorated rubber gaskets on sliding doors, broken velux blinds.
My last place was actually pretty good but then I got section 21 evicted half way through my term.
I’m so sick of dealing with rental BS. I desperately want to buy a place just so I can have a decent quality of living without the constant stress. The government needs to figure something out here – if their policy is making housing unaffordable, they need to do something about rentals at minimum.
I’m 35 and just accepting ill be with my parents forever.
They need to build council housing blocks with lower rent and not everything being private.
The housing market has been pretty flat for quite a while now. I could buy now but I don’t want to overpay by thousands for a pokey shitbox that was worth 50k in the 90s and needs loads of work just to get “on the ladder” which I won’t ever be able to move up on anyway.
I moved house in 2021 and the house prices were ridiculous.
That stamp duty holiday really released a new level of stupid among the UK population, where prices rose in my area by like 10% (i.e. £20k) because people wanted to take advantage of not having to pay the £2k they would otherwise have had to pay on stamp duty.
I was ok because I could afford the price increase but things are more stacked against first time buyers than ever
26 comments
Wages stagnant, food and energy prices up and climbing and house prices at daft levels… what a shock no one can afford to buy their first house 🤦♂️
Isn’t this their plan all along tho? ‘You will own nothing and you’ll be happy’ ? Aha
And the _RENT WITH UNCLE_ ads are everywhere in london.
Honestly disgusting
Hardly a surprise, house prices have gone past the point of being affordable for a couple on the median salary.
House prices need to stagnate for 10 years to let pay increases catch up.
Yeah, I’m really not shocked. It’s next to impossible to save unless you live at home, even then getting approved will be an uphill battle due to interest rates and general house prices.
[deleted]
*Millenials* are *killing* the *housing market*
Whatever should we be killing next?
it is honestly a complete joke. My wife and I earn a combined salary of over 100k and we simply cannot afford to buy in London. Quickly looking at rates atm a 450k mortgage sets you back over 2k a month in repayments.
People will say “just buy elsewhere”, but if you can’t see how being in the top 10% of earners in the country still makes you ineligible to buy a property I don’t know what to say.
I was a first time buyer during the pandemic and house prices, which were mental enough already, were going absolutely ballistic – I could almost see the quality I could get for my budget dropping in real time. I see the odd piece of news that house prices have dropped by 1% or something for the first time in about two decades, but it’s vastly insufficient to bring them down even to pre-pandemic levels, which were ridiculous enough already.
It’s extremely difficult, essentially you need to be an above average earner now.
The thing i have found when we were looking into the idea of buying is that the biggest bottleneck is that the maximum amount banks are willing to lend hasn’t increased. It doesn’t matter that there are now longer term mortgages or mortgages with a lower minimum deposit, because they still base the calculations on 4.5x wages, and house prices have risen by such a degree that that just isn’t enough to get anything reasonable in certain areas, even on a good wage
I’m incredibly lucky in that I managed to buy myself a tiny 1 bedroom flat 3 years ago (Help to Buy) but I really want to buy a bigger place with 2 bedrooms. As a single person on £53k I’m trying to save as much as I can but it seems impossible unless I move really far away from London. I just can’t borrow enough on my wage.
How is this even “news”.
For what, a decade or so it’s been nothing but how house prices have been rising, that more and more are struggling to get on the property ladder.
Houses just aren’t being built and the quality of those houses that are has been viewed critically as it’s fallen.
We’ve had one crisis after another leading up to now where the average UK household is roughly ~£3k worse off each year and pay continues to stagnate.
There’s little to no sign things will change either, as landlords continue to up rent prices and buying up more properties – nothing looks to be changing these circumstances either.
Same as Australia. The country has been sold out to immigrants
Gee, I wonder why. Wages are stagnant, inflation is on the rise and the government does nothing to combat either.
Parents house was mortgages at 35k around 35 years ago and is now 450K.
So me and my siblings stand no chance…
I have a pretty good income, and my wife and I have deposit money, but even so we’re pushing back buying for at least another year. Interest rates and high house prices are making mortgage repayments unrealistic for us (and that’s not factoring in council tax, higher bills running a house vs. 2 bed flat, plus being financially liable for maintenance/repairs etc.)
We could move to the North, as people sometimes glibly advise, but our friends, family, and careers are down in the South. We don’t want to be apart from that support network when we want to start a family.
We don’t want an investment, we want a home that we can make our own.
Another great Tory success story ✅
Get two months notice for being kicked out of your house for renting for no reason or can’t afford to buy a home. What’s the point.
I was truly luck that **at the tender young age of 35** I was able to buy my first house because:
* I had saved as much money as I could since starting work in the public sector at the age of 18
* I had unfortunately lost 3 grandparents and inherited from them, again saving that money.
* I had parents who both understood finance and a mother who was very very shrewd in terms of looking at ISA’s, moving money about each year-18 months to get the best rates etc
* I was able to live with my parents and during the 2 years of covid had 0 outgoings
* The initial move to more home working / remote working enabled me to move from London to Yorkshire (although I was looking at doing this anyway, I was just able to keep my current job).
* Having a good deposit, I was able to get a good mortgage and repayments.
So I was able to get a nice house (bit of a fixer-upper but I enjoy DIY etc) for a good price. However I have friends who still live in London who are same age or older who are still in house shares or renting and still feel like they have 0 chance of getting on the property ladder. Cost of housing in and around London is criminal.
We bought our first home 6 months ago (Liverpool) and house prices around us have already jumped £10k on top of interest rates going up. And we were fairly fortunate that a) our sellers were fairly receptive with us and b) we were able to live at home whilst we saved.
I wouldn’t actually mind too much if rentals weren’t such utter pieces of shit in this country. The quality is appalling and it’s very difficult to find a good place.
My current place for example has had: rodents, moths, leaking roof, dirty/unpainted walls, leaking bath tub, huge gap under the front door, deteriorated rubber gaskets on sliding doors, broken velux blinds.
My last place was actually pretty good but then I got section 21 evicted half way through my term.
I’m so sick of dealing with rental BS. I desperately want to buy a place just so I can have a decent quality of living without the constant stress. The government needs to figure something out here – if their policy is making housing unaffordable, they need to do something about rentals at minimum.
I’m 35 and just accepting ill be with my parents forever.
They need to build council housing blocks with lower rent and not everything being private.
The tories have tried to [axe the help to buy equity loan](https://www.gov.uk/help-to-buy-equity-loan), [freezing the threshold and adding a penalty for going over for the LISA](https://www.moneysavingexpert.com/news/2023/11/lifetime-isa-fix-martin-lewis-chancellor-first-time-buyers-fined) and now they are out of ideas. First time buyers cannot be helped.
The housing market has been pretty flat for quite a while now. I could buy now but I don’t want to overpay by thousands for a pokey shitbox that was worth 50k in the 90s and needs loads of work just to get “on the ladder” which I won’t ever be able to move up on anyway.
I moved house in 2021 and the house prices were ridiculous.
That stamp duty holiday really released a new level of stupid among the UK population, where prices rose in my area by like 10% (i.e. £20k) because people wanted to take advantage of not having to pay the £2k they would otherwise have had to pay on stamp duty.
I was ok because I could afford the price increase but things are more stacked against first time buyers than ever