oh dear (tm): Generation rent: the housing ladder starts to collapse for the under-40

[PurpleGorilla]

Well my post was slightly tongue-in-cheek. But your question shows the inherent problem: if you don't have the initial deposit then you won't get a look in and you will have to be more creative or diligent to get that deposit.

Perhaps it's an age thing. I've been working the best part of 2 decades. Though I feel that those who were 5 to 10 years ahead of me really hit the sweet spot: high wages/rates and low house prices.

When I bought my first house I had to cash in all my savings, closing down TESSA and ISA accounts too. I had to eat home made sandwiches for lunch for 6 months. I still have to drive around in a car that has 130,000 miles on it, and my wife and kids trundle around in a 7 year old family car that looks battered. There are numerous other things I need to spend money on but it'll happen when I can do it, and in the meantime I am just happy to have time with my family in the home that we've worked very hard to be in.

You have to start making the sacrifices at some point, but they won't last forever.

Not wishing to make this a handfuls of hot gravel post, I echo these experiences, and I think many others do too. Christ I think I've been on a foreign holiday three times in 15 years and have worshiped at the altar of Skoda. But the fact of the matter is either prices come down, or more folks just will not ever reach the critical mass of deposit needed to purchase. Even if they live with Mum & Dad and live of beans on toast. This reflects a potentially fundamental change in our society, where a modestly wealthy group who got in to property in the 'sweet spot', will be followed by a poor and impoverished prole like group who unless gifted a winning ticket to the party (inheritance, BOMAD, etc), will pay the rent/mortgage of the yuppie generation.

[ChimpMaster]

Not wishing to make this a handfuls of hot gravel post, I echo these experiences, and I think many others do too. Christ I think I've been on a foreign holiday three times in 15 years and have worshiped at the altar of Skoda. But the fact of the matter is either prices come down, or more folks just will not ever reach the critical mass of deposit needed to purchase. Even if they live with Mum & Dad and live of beans on toast. This reflects a potentially fundamental change in our society, where a modestly wealthy group who got in to property in the 'sweet spot', will be followed by a poor and impoverished prole like group who unless gifted a winning ticket to the party (inheritance, BOMAD, etc), will pay the rent/mortgage of the yuppie generation.

We are where we are and we have to deal with the situation as it is now. You can't change the world or the macro-economy; you can only adjust your circumstances to make them work best for you. You have a massive advantage over 90% of the population: you are a contractor, hopefully in contract right now and hopefully on a reasonable rate.

[AtW]

[PurpleGorilla]

We are where we are and we have to deal with the situation as it is now. You can't change the world or the macro-economy; you can only adjust your circumstances to make them work best for you. You have a massive advantage over 90% of the population: you are a contractor, hopefully in contract right now and hopefully on a reasonable rate.

That's my plan bro [emoji106]

[shaunbhoy]

So you promote young hard working people to buy a house and move to a deprived area with no jobs and wait for the jobs to come to them while leeching benefits?

No. That is not what I proposed at all. Maybe reread it and comment again. In summary, I suggested that as we move further into the 21st Century there are plenty of options for working from home if you have decent skills, education, and initiative.
That being the case, the geographic location of your home is less critical so can be almost anywhere that there is decent broadband.
People will have to learn to compromise if they really want to get onto the property ladder because nothing is going to land in your lap.
It never has, it seems that previous generations grasped this fact much more readily.

[AtW]

I suggested that as we move further into the 21st Century there are plenty of options for working from home if you have decent skills, education, and initiative.

Do you work from home?

[original PM]

No. That is not what I proposed at all. Maybe reread it and comment again. In summary, I suggested that as we move further into the 21st Century there are plenty of options for working from home if you have decent skills, education, and initiative.
That being the case, the geographic location of your home is less critical so can be almost anywhere that there is decent broadband.
People will have to learn to compromise if they really want to get onto the property ladder because nothing is going to land in your lap.
It never has, it seems that previous generations grasped this fact much more readily.

If you read my post earlier in the thread I was saying exactly this.

We made sacrifices to get what we wanted because we knew we couldn't have it all.

As did our parents.

Todays generation will think nothing of dropping 50 quid on a new hipster hairdo.

Then bitch about not being able to afford a house.

[shaunbhoy]

Do you work from home?

Sometimes. When I first moved to Devon I contracted in Manchester for 16 months, living away monday to friday whilst wifie looked after the kids at home. Sacrifices you see?

[RetSet]

U mad bro?

Back in the drawer with you.

You is wrong Bro...

[SpontaneousOrder]

Prices are high because government uses force to keep rates low, embarks on bubble inflating exercises like help for first-time buyers, etc, etc.

All rent control does is limit supply and lower quality.

The solution is real prices. Not manipulated prices.