I am an englishman, but low paid, the housing in the UK is so highly priced now that the common man can now no longer afford to "get on the ladder". I work hard and many companies are owned by foreigners and yet, as an englishman, i am not able to own my little piece of England. Is This Fair?
2006-09-16 05:08:31 · 19 answers · asked by mjsaint67 2 in Business & Finance ➔ Renting & Real Estate
That is the way of the world today. You only get anywhere in life if you have cash and no one cares about the people who don't match up. I don't see this ever changing, money talks and greed is everywhere.
2006-09-16 05:11:10 · answer #1 · answered by koolkatt 4 · 1⤊ 0⤋
If this is a serious question for YOU and not some research project then: The short and honest answer is that you're going to find it difficult. Never impossible. After all, if you put away 50% of your earnings over ten year you'll have a deposit of around £50,000 even on the minimum wage. This, combined with compound interest would allow you to get the remainder on a mortgage eve with a low salary. But realistically, you'd either be better renting. However don't assume that you're eternally stuck in a rut. You have to make things happen - and I know that's easier said than done but it's true. Night school, self-study courses, or even a completely new job which has potential for growth could be the answer you need. If owning your own home is a goal don't worry about the next few years. People will tell you to buy NOW which is great if you can afford it, but if you haven't got the capital you're not going to be able. Without first time buyers the property market will collapse so there ALWAYS has to be affordable housing at some level. Think about your future.
2016-03-27 04:02:55 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It has become a sad fact-and HM government need to address this issue. Most of the working population, I guesstimate are in the same predicament. I also think the Buy To Rent schemes have had the effect to hike up property and rents. Could all this spiral out of control and cause Dickensian Days to be back with us! I am in my late 50s and because of a breakup of a relationship, look as if my 30 years of being a joint house owner are coming to an end. My salary is reasonable but a mortgage imposable-I too look as if I will be forced to pay more in rent than a mortgage would cost. Property IS a problem and because many young persons cant get on the ladder and it is becoming more difficult for them, I implore the government to take a very serious look at the property problem in the UK to-day.
2006-09-16 13:37:32 · answer #3 · answered by davepsrbr 1 · 0⤊ 1⤋
This is the sad fact of life in this country now. I live in Dorset where many of the working population are on minimum wage yet we are one of the most expensive places to buy a house. Villages are full of houses that are empty for most of the year as they are so called holiday homes. They talk about affordable homes as an excuse to cover our glorious country side with more and more concrete - but I would like to know how they can call £150k affordable to the ordinary man. Rents are now so high that your chances of renting on a low wage are very slim. Social housing seems to be given to immigrants over the heads of those on the waiting list! I wish I could give you hope - keep doing the lottery.
2006-09-16 05:23:18 · answer #4 · answered by Grannygrump 3 · 2⤊ 0⤋
I totally agree with you. I find myself in a similar situation. I am a single working mum of two. I would love to own my own home but simply can't afford to get on the property ladder. The annoying thing is that the amount of rent I pay is more than some of my friends mortgages!! How unfair is that!!
2006-09-16 05:21:19 · answer #5 · answered by ? 2 · 1⤊ 0⤋
Life's not fair, I know exactly how you are feeling. I have heard talk of a new style mortgage that is going to be introduced. Instead of taking into account your earnings it judges how much they will loan you by how much rent you have been paying in the past. As most rentals are as expensive as mortgages people like you and I will be able to get a mortgage easily under these new rules........If it happens.
2006-09-16 05:35:57 · answer #6 · answered by karen t 1 · 0⤊ 0⤋
This was a topic on Jeremy Vine on BBC Radio 2 last week. Cheapest housing was terrace in Stoke on Trent at £56k although a bedsit was available in Peterhead for £26k. A bit of research will probably give you up to date info. Best of luck.
2006-09-19 10:16:43 · answer #7 · answered by Steven 4 · 0⤊ 0⤋
Mr Glenn, in order to get on the property ladder in some areas, you need to be earning at least £40,000 per annum. Your comment about "not getting good qualifications" is irrelevant: You only have to ask the university graduates (and post graduates) who are struggling to get a decent paid job. What about key workers such as teachers and nurses? (who are very well educated anyway)
2006-09-16 19:52:51 · answer #8 · answered by nemesis 5 · 1⤊ 0⤋
Unfortunately it is a sad fact of life that if you are not yet on the property ladder it will be tough to get on it. Luckily in this land of ours we all have the abilty to improve ourselves, no one will hold you back, if you have the determination you can achieve a lot. If you want things in life you have to work towards them, no one is going to give you anything, harsh but true.
2006-09-16 05:14:29 · answer #9 · answered by banditblue1200 4 · 1⤊ 0⤋
Find some like-minded friends to buy a house with, it's the only way you're likely to get your feet on the property ladder.
2006-09-16 05:12:02 · answer #10 · answered by anonymous_dave 4 · 1⤊ 0⤋