I am 24 years old and I recently was living in rented accomodation with a friend of mine paying £300 a month. I make an ok income but not a great amount but could in no way afford a mortgage which means lining someone elses pocket.
Even my sisters who are 32 and 36 had it better when mortgages were a lot cheaper and they could afford it when they were my age. Is anyone else annoyed at this or am I being petty?
2006-11-13 21:33:36 · 10 answers · asked by JILL P 1 in Business & Finance ➔ Renting & Real Estate
The truth of how they made the market this way will really get you up set.
http://www.breakingbubble.com/index.htm
2006-11-14 01:17:05 · answer #1 · answered by Anonymous · 0⤊ 0⤋
This is what happens wherever people see property as an investment or buy for speculation. (Demand pressures are actually secondary -- people are willing to spend more when they assume that they'll get it back, and more, later.) Prices have been lower through much of France, Spain, etc. because the norm is to buy a house for life, or at least a very long time.
The UK has taken the property ladder approach instead. Buy small, sell up, with the hope of taking as large a profit as possible. That's a reasonable financial course for each individual and family; the problems arise when everyone does it. (Witness the skyrocketing prices in the parts of France and Spain where the English have bought en masse and the expectations of similar in Eastern Europe.)
Basically, the system as it stands benefits a few and hurts the rest of us. It desperately needs to be changed. But short of a major reorganization of our collective priorities or socialised housing, I don't know what that would be.
2006-11-14 00:07:27 · answer #2 · answered by The angels have the phone box. 7 · 0⤊ 0⤋
You're not being petty, but sadly, it's just the way things are at the moment. My sister is 27 and rents a flat in a nice part of south Manchester, where she'll never be able to buy as one bedroom flats start at over £100,000. I don't see the situation changing in the near future. However, there are some people who say that we place too much value on owning property, and look to Europe where renting is the norm. There are advantages to renting, (no maintenance issues, etc) so keep your chin up - maybe you'll be able to buy with someone in the future.
2006-11-13 21:39:26 · answer #3 · answered by Roxy 6 · 0⤊ 0⤋
Yes...that's why I now live in France...I was on several waiting lists for 3 years in Scotland where I was born. I have 2 kids...my partner was ill and couldn't get help with the NHS so had to go back to Australia. I had no help whatsoever..ended up in rented accomodation..the only property available in that area...I was sooooooooo lucky...it took 1 year to get housing benefit meanwhile I was having to pay extra as they said my 2 kids could share a room as they were both under 10...one girl 7 one boy 4...I had to pay extra back as I was only allowed a 2 bedroom property. Even though they couldn't find one. The only one they came up with was in a local housing estate filled with junkies...I turned it down ...straight to the end of the list. Blood boiling now...and that's just half of it!!!
2006-11-13 21:46:44 · answer #4 · answered by minitheminx65 5 · 0⤊ 0⤋
i completely agree with you. me and my husband struggled for 3 odd years and finally took the big step of getting the mortgage recently and it is kind of stretching our finances, and the house isnt that big !
i really feel it is so unfair the amount of money we are having to pay every month for a house.... but thats life... we live in 2006 and not 1976 where things would have been different from the morrgage perspective atleast !
good luck and dont feel bad, the time will come, you;ve just got to accept things the way they are and make the right decision for yourself and your future. it is hard, but with a bit of planning and preparation for the future, you will be fine.
2006-11-13 21:54:30 · answer #5 · answered by GorGeous_Girl 5 · 0⤊ 0⤋
You should consider youself lucky that you only pay £300 a month rent. In London you would be paying around £1,000. And don't forget that when your sisters bought their houses cheaper the national wage was a lot less than it is today so it is all relative.
2006-11-13 21:46:47 · answer #6 · answered by sharon m 3 · 1⤊ 0⤋
Of course your not being petty, i completely agree it is so unfair, my sister in law bought a 1 bed flat in 1999 for £50.000 and now its worth £190.000, - good news for her but not for first time buyers.
Who knows what will happen in the future, apart from us living at home till we are 50 or paying rent forever!
2006-11-13 21:38:45 · answer #7 · answered by Star 2 · 0⤊ 0⤋
Unfortunately, when the government stoped increasing the stock of council houses it ensured a future shortage. As with any supply/demand, when you have a shortage, you also have increased prices.
The new building programs might be too little too late .
2006-11-13 21:48:07 · answer #8 · answered by Alice S 6 · 1⤊ 0⤋
Where I live acerage is pretty cheap.
2006-11-13 21:41:39 · answer #9 · answered by Anonymous · 0⤊ 0⤋
yes i am
2006-11-13 21:34:52 · answer #10 · answered by peter s 3 · 0⤊ 0⤋