Wow never realised these times were so good!

[PurpleGorilla]

We were all bought up in 3/4 bed semi/detached houses which is what the youth of today will be able to afford if they stopped spunking their money on trendy must have now things and started saving

What you and I would consider a normal family house. Thing is - it is like a mansion these days. How much is a 4 bed detached in your neck of the woods?

Round my area it starts at 10x the average local wage. Anything decent is 15 to 20x the average local wage.

It's is FUBAR.

[PurpleGorilla]

say what you want but I would.....

would Mich...

??

Sorry, he's not my type.

[original PM]

What you and I would consider a normal family house. Thing is - it is like a mansion these days. How much is a 4 bed detached in your neck of the woods?

Round my area it starts at 10x the average local wage. Anything decent is 15 to 20x the average local wage.

It's is FUBAR.

300-350k will get you a 'decent' 4 bed detached - note not a mansion just a 4 bed detached on an established estate - in a sleepy commuter village in Cheshire

but you can get a perfectly good 3 bed semi for £150-200k -

or a 2 bed flat/terrace for about 100k

so if you earn lets say 25k

and you have saved lets say 25k by living at your parents for a few years whilst you started work then you can buy a flat

so at say 26 you could own your own flat - or if you got married to someone who earned a similar income you could go straight to the 3 bed semi

or if you were a genuine high flyer or had some money behind you then you may be able to stretch to make that 4 bed detached

so you have pretty much exactly the same choices our parents had.

[DimPrawn]

And with mortgage rates so low, the monthly mortgage would be affordable. So really it's just the deposit that is the stumbling block and that can be saved if you ditch your Sky package subscription, your £50 a month smart phone contract, your £50 a month gym, your fancy car loan, your expensive branded clothes etc.

Have a look at the base rates ( and mortgage rates were higher than this) in the period you look at with rose tinted glasses.



Monthly mortgage costs meant those "cheap" houses were NOT affordable to many people, same as today with the deposit for those that can't make a few easy sacrifices.

[PurpleGorilla]

300-350k will get you a 'decent' 4 bed detached - note not a mansion just a 4 bed detached on an established estate - in a sleepy commuter village in Cheshire

but you can get a perfectly good 3 bed semi for £150-200k -

or a 2 bed flat/terrace for about 100k

so if you earn lets say 25k

and you have saved lets say 25k by living at your parents for a few years whilst you started work then you can buy a flat

so at say 26 you could own your own flat - or if you got married to someone who earned a similar income you could go straight to the 3 bed semi

or if you were a genuine high flyer or had some money behind you then you may be able to stretch to make that 4 bed detached

so you have pretty much exactly the same choices our parents had.

No way a graduate will have saved £25k by aged 26. Not when graduating with a sea of debt and going into a £20-25k job. Also not convinced a non uni person could work and save that either...

[PurpleGorilla]

And with mortgage rates so low, the monthly mortgage would be affordable. So really it's just the deposit that is the stumbling block and that can be saved if you ditch your Sky package subscription, your £50 a month smart phone contract, your £50 a month gym, your fancy car loan, your expensive branded clothes etc.

Have a look at the base rates ( and mortgage rates were higher than this) in the period you look at with rose tinted glasses.



Monthly mortgage costs meant those "cheap" houses were NOT affordable to many people, same as today with the deposit for those that can't make a few easy sacrifices.

What planet are you on. No one young I know has sky TV or expensive phone contracts or buys expensive clothes. Seriously this cr@p is being bought by people 40+.

We are talking about deposits the size of a yearly salary as if it is a trivial thing. It is not!

http://i.dailymail.co.uk/i/pix/2015/...6691960517.jpg

As for a mortgage being cheap. There is a difference between cheap and value. An affordable mortgage on an overpriced BTL inflated flat is not value.

[PurpleGorilla]

Look young people, us silver foxes took all the money and all the lovely big spacious houses with land in the best areas. It's been great and we're fooking loaded.

At least you show some honesty when you posted this. [emoji106]🏻

[Dark Black]

I'd forgotten the £50 thing.

Plus no cheap flights. You had to join some sort of club if you wanted a more reasonable price of ticket. Can't remember how that worked anymore.

Cars. Morris Marina. Need I say more?

And they all, regardless of make, rusted away in front of your very eyes.

The smell of Plastic Padding was forever in the air.

Plastic padding I remember that.. In fact I found a tube of it while sorting out a car spares box the other day.

P38 for me these days, sands better

I nearly bought a Marina as a first car, fortunately common sense prevailed and I got a Mk2 Escort instead.. the rest as they say, is history

[LondonManc]

I get all of that on the demand side, but prices have doubled even tripled in 10 years. Quite a lot of this has been to massive speculation and BTL. Mostly boomers.

Any proof that it's mostly boomers?

The onslaught of DIY shows on TV along with the complete lack of faith in the pension market has seen a lot of 30s/40s people investing in property as their pension fund, together with the flip trade of buying a fixer-upper, fixing it up and opting to sell or rent at the end.

[original PM]

No way a graduate will have saved £25k by aged 26. Not when graduating with a sea of debt and going into a £20-25k job. Also not convinced a non uni person could work and save that either...

ok 25k a year nets you £1673.93 per month

outgoings

rent to mom n dad - £100
communting costs - £200
there you go that leaves you saving £1300 per month even if you spend £73.93 a month in the pub

saving £1300 per month will mean in 5 years you save

£78,000

I am struggling with your problem here?