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UK: generation renters
Former Member
Posts: 1,876,323 The Mix Honorary Guru
Many young people enter adulthood without much hope of owning their own home now. The size of deposit required is beyond reach and hefty mortgage required an obstacle
People on low income fly the parents' nest by renting houseshare- then what about beyond their 30s. And rents are so high! The UK has a housing crisis after a property bubble
People on low income fly the parents' nest by renting houseshare- then what about beyond their 30s. And rents are so high! The UK has a housing crisis after a property bubble
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The rest of the country is fine, with a stagnant property market.
£160,000.
Its all about the area, anything North of Cambridge and you're fine. Funnily enough, there are jobs up here as well.
I was speaking to one of my colleagues at work (sales manager) at one of my works branches and there is such a shortage of properties at present that people are buying anything. We've had houses sell for 20-30k over asking price just because people keep raising prices to buy it as there is nothing else.
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In addition, Shelter recently calculated that if wages had kept pace with house price rises since 1997, the average salary would be £55,296. In reality, the average UK salary is less than half of this.
:crazyeyes
Things that can help that some of you might not have heard of are shared ownership and government's help to buy scheme. You can read about them in our 'Will I ever be able to buy a property' article.
Great thread Kiwi. :thumb:
It's depressing that these two things are the only things the Government are prepared to do about the housing crisis in London and the south east.
Shared ownership gives you all of the hassle of renting, but none of the benefits.
As for the "Help to Buy Votes" scheme, the only people benefitting are the 30-something professionals in the finance industry who have enough money stored away to buy anyway.
In other news: I absolutely hate renting. Whenever anyone asks "why don't the British do long term renting", I'll cheerfully use my landlord as exhibit number one. It's been made abundantly clear that the flat I'm paying a fortune renting is her property, and not mine, so no I can't do rebellious things like put my paintings up on the wall.
The sooner I can buy the better. Living and working in the south east, despite earning a fortune between the two of us, is going to take a while.
Some of those things are reasonable but not all. They need to remember that they may own the building but it's your home!!
Long term renting works in France and Spain why not here?
You just answered your own question. Ultimately, whatever protections you might have, you can still be evicted for absolutely no reason with notice. The only way anyone will ever get me out my house is either because I stop paying my mortgage or I'm in a casket.
Given a choice, why would I want to rent?
We are looking at buying in the next few years. Especially with my new job it makes it possible but it may be tight, well get around 200k ish for a three bed,which tbh around here is a good price considering the next town over we would be looking at 50k plus on top of that
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Agreed! Totally empathise with landlord issues too.
The big problems are the lack of security, because after the initial term you can be evicted with two months notice, and for no reason at all. The initial term is often only six or twelve months, after which the rent can be revised. If you extend the protected period, and prevent landlords from increasing rent to sitting tenants by more than RPI, then this will solve many of the issues.
As for letting agents, my view remains that agents are instructed by, and act for, landlords. Therefore landlords should be paying all their administration fees.
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