i've just made the mistake of watching a UK TV programme called something like ' houses for sale'!!
These people are thinking of buying houses in the region of £500.000 (about a million dollars)!!
They all (purchasers) seem to be aged around 30-35 years old!!
My question is where did they get this money from?? this is never made clear in the programe!
I am retired I have always made really good money , more than average, I have never been out of work (because I have always been very clever)!!
I do admit I have spent a bit on wine women and song
(and on top of that I also wasted a bit) but whatever I did (or did not do) I could not raise that sort of money!! Where did these kids get it from??
I'm not jealous , honestly I just want to know??
2006-06-18 23:47:28 · 16 answers · asked by budding author 7 in Family & Relationships ➔ Family
lol i would like to say that they have all worked incredibly hard but more like wads of money has been left to them in a will or mummy and daddy have given the money now instead of when they die. Or they have borrowed the money from some lender and in one year time they will be on another UK tv programme entitled 'I've lost my home and IN DEBT'
2006-06-19 04:57:04 · answer #1 · answered by flymetothemoon279 5 · 4⤊ 1⤋
People are now allowed much larger mortgages (in proportion to their salaries) than they used to be, due to the huge rise in the property market.
In the 1970s, you could borrow roughly 2.5 times your salary (plus .5 of your partner's). Now you can easily borrow 5 times your salary.
Lots of people in their mid thirties would have bought their first property before the latest rise, and because house prices rise disproportionately, they now have massive assets to use when borrowing even larger sums.
Also, many people play the property game; they don't just buy one house and settle down - they treat their home as a temporary investment, upgrading as often as possible and keeping it in pristine condition. If yo remortgage your current home you can get a buy-to-let mortgage on another property, use the rent to pay off the mortgage and sell it for a huge profit in 20 years time. OK, it's a big responsibility, and a calculated risk (they do say that it is very unlikely that the porperty market will decrease any time soon as more people are choosing to be single and lifestyle aspirations are increasing), but the property market shows a greater return in interest than any other market in the UK*.
You aren't thick, nor am I, we just didn't have the funds or impulse to get on the property ladder at the right time.
2006-06-19 07:12:06 · answer #2 · answered by Alex should be working 3 · 0⤊ 0⤋
You are not stupid my dear, if you can feel this way over a big asset like a house, how much more do you think I can feel that my former classmates at college who were less interligent than I was have better jobs, good car and houses than me who was at the top of the class in accademics. I guess that is just the way life goes, there is no true fairness and it depends on what blessings God gives you at what time. Let us accept what was meant for us, because no matter how much effort we put in, we will still have what is meant for us. For others just a little try, they are up there. So dont even feel bad, you are not stupid
2006-06-19 00:21:59 · answer #3 · answered by God you are my all in all in Jesus' name 4 · 0⤊ 0⤋
Money inherited. From parents. Some earned...you would not believe the bonus those in "the City" get!
And buying and selling their houses. Mine was £90,0000 in 1998 and now worth £275,000. Most inflation but it was a clever buy. Love it and have done a lot t to the place and not thinking of moving.
And most of them sadly will have huge debts. I bet you don't and only spent what you could afford. So cheer yourself up as they will be debt ridden and working until they are 70. Enjoy your retirement you lucky sod and watch less television!
2006-06-19 00:06:38 · answer #4 · answered by Ade Babe 3 · 0⤊ 0⤋
I think 'money makes money' so if if you have an inheritance that enables you to buy a house which then grows in value for example you are well ahead of the game. If you work 'in the city' you can make a lot of money, if you work at most ordinary jobs, even professional ones you will probably just make enough to pay off a house in your life time! But hey, money isn't everything, they are probably really miserable!!! lol.
2006-06-18 23:56:41 · answer #5 · answered by Emily 3 · 0⤊ 0⤋
We bought a house of about that value when we were in our mid thirties. My husband bought his first property at 18 and just got lucky with the housing market. We don't actually have that much money - most of it is mortgaged. And for what it's worth, I think spending on wine, women and song sounds far more fun!!
2006-06-19 00:22:20 · answer #6 · answered by Away With The Fairies 7 · 0⤊ 0⤋
Lots of people made lucky purchases of London property a few years back. That's how they made some of their money.
With the mortgage rate being so low and salaries being much higher now they can borrow big money.
Sometimes they inherit their parent's property or their parents help them out.
And do you know what market traders and pole dancers make?
2006-06-19 00:18:05 · answer #7 · answered by Paul R 1 · 0⤊ 0⤋
The answer is that they have just been lucky in the housing market. Buying when prices were low and selling at the peak. You can only make that type of profit in certain parts of the country though manly in the SE and London area.
2006-06-19 00:26:42 · answer #8 · answered by huge001 3 · 0⤊ 0⤋
Its really frustrating. We had to borrow money from my dad to even be able to afford a house for £64950. God knows what the mortgage would be for a house of £650,000. They must all have more money than sense.
2006-06-18 23:53:42 · answer #9 · answered by ~Cat~ 4 · 0⤊ 0⤋
I'm 33 and I'd love to know too!!!!!!!
I had to get a part rent-part buy property as I couldn't afford a complete mortgage!!!
I put it down to either rich parents, or all work and no play.....how very dull!!!!!
2006-06-18 23:54:04 · answer #10 · answered by star 2 · 0⤊ 0⤋