With Property Prices so high I think it will be impossible for young adults to get on the property market ladder - does this spell misery for both Parents and Children ?
2007-01-17 09:53:18 · 16 answers · asked by John M 2 in Family & Relationships ➔ Family
I agree its difficult to move out of home nowadays with property prices escalating as they have. I'm 23 and i have so many friends who have only recently moved out of home because of this very reason.
It is misery for both but i cant see a way out of this. Coming from Cornwall it seems even worse with people buying up all the property for second homes/holiday homes leaving the actual young people of Cornwall left without a leg to stand on. As long as people are willing to buy for that high price the longer it stays high.
I had to actually move away from my family and friends to get a flat of my own... is this what it has come to? Communities broken up because the younger generation cant afford to live there? Its ridiculous...
2007-01-17 11:55:52 · answer #1 · answered by Fay 5 · 0⤊ 0⤋
I think it is getting increasingly difficult for first time buyers to buy property. I have a mortgage but if I did sell up I'd not be able to afford another property. I'm 40 and have been working for 20 years. I dread to think what house prices will be like in a couple of years if the bubble doesn't burst. Even "Affordable" Housing isn't affordable for the majority of the population. It doesn't just spell misery it spells disaster.
2007-01-17 10:00:29 · answer #2 · answered by Anonymous · 0⤊ 0⤋
It's supply and demand. If people didn't pay these prices, they couldn't ask for them. In the old days, only the man would work, so a household would only have so much money, but then it became the norm for both people to work, so now house prices have as good as doubled. Solly because that was what people could afford to pay. All you need is an interest rate hike, and all the people who were stupid enough to go to their absolute maximum mortgage will have their houses repossessed and prices will drop again. But as a whole, people are too stupid to stop and say "I'm not paying that" instead they go to stupid lengths to find the money. In Tokyo, they now have 80 year mortgages, that they expect the grandchildren to finish paying!!
2007-01-17 11:23:43 · answer #3 · answered by Anonymous · 0⤊ 0⤋
It is nearly impossible. I can't get a loan on my pay that will get me more than a unit and even rent is getting a bit pricy these days, unless you have someone to share with, if not, be prepared to live in a shoe box :o/ I truly believe an article I read in the paper a few months back now which said, in order for anyone who doesn't have equity (younger generation) to get ahead and get into the property market, they basically have to marry and pool incomes, even then it isn't easy.
2007-01-17 10:52:21 · answer #4 · answered by OziGirl_222 4 · 0⤊ 0⤋
I think alot of young people want to move away from their families because of the freedom it brings. Even though it is a financial burden, even if the place is 'crappy', it is theirs and they can do as the please without having their lifestyle interfere or be judged by families. I think it is a normal part of maturation for children to want to explore the world on their own. One thing that is for sure - you experience things and situations when you live on your own that you would never experience while living with your parents! One thing I disagree with is that these people had troubled home lives. An old saying goes that two things that will get you in trouble the quickest are friends and family, and you cannot choose family. It's healthy to have your own affairs that are independent of your family life. Hope that helps!
2016-05-24 01:17:56 · answer #5 · answered by ? 4 · 0⤊ 0⤋
i think unless u are very well off you wont stand much of a chance, especially under our 'great labour gov'! for a young family, 2+ kids and the guy earning the £, paying +£800 a month mortgage (or rent) plus all the £ wasted on the council tax an bills, and service bills and inheritence tax, we dont stand a chance thats not including food, car, tv, phones, student loan re-payments, clothes etc.. the list goes on.....
most people lose money every month, its a very sad fact of life which unfortunately we're experiencing right now.if u have a prison record or are a junkie or work for a private housing association u mite get a council house, otherwise f**k labour and all they stand for
sorry about the rant, makes my blood boil!
2007-01-17 10:46:55 · answer #6 · answered by Anonymous · 0⤊ 1⤋
Right now yes. But a few years down the road I dont think they will unless they go to a place that has lower real estate... I think that if they blow the property up constantly then they need to start giving pay raises.
2007-01-17 10:02:23 · answer #7 · answered by tigerslove83 2 · 0⤊ 0⤋
absolutely. I'm 21 and renting a property with my partner, we cant a proper mortgage because of our income, even though the rent we pay now is the same as the monthly mortgage we want! it seems to be getting worse. financial institutions have been saying for months there's going to be a crash and prices drop but they seem to be getting higher and higher.
2007-01-17 15:37:16 · answer #8 · answered by lizard 3 · 0⤊ 0⤋
The way the market is now people cant get on to the market unless the have help. I know i wouldnt of been able to get on the market last year with help.
2007-01-17 22:35:27 · answer #9 · answered by Molly 2 · 0⤊ 0⤋
Very sad reading all the replies, especially people like Fay who have to move away from where they were brought up. Surely something will happen? Its just not right is it..... and anyway got an 18 year old - cant have her living at home for ever!!!
2007-01-17 20:34:30 · answer #10 · answered by Caroline 5 · 0⤊ 0⤋