Houses

[The Year Of The Fox]

2 hours ago, Jon the Hat said:

Buying a house at 19??  Sounds like Kirstie Allsop was right, and young people just need to move somewhere cheaper!

We are talking Coalville here, just to clarify 😂

 

Part of what Kirstie Allsop said was right I think. When young people think of owning their first home they must look at 3/4 bed new builds as their target. Part of that is the government’s fault for the help to buy schemes for first time buyers.

 

It’s an image thing rather than practical thing. Same as this lad wanting a flash car at 19. The reality is, 19 year olds who own either of the above have probably had a help in hand from the Royal Bank of Mum and Dad. 
 

My first car was an old M Reg 4 gear Corsa and my first house was a mid terrace house needing a lot of work doing to it. 
 

If people had more normal ambitions as first time home owners, they’d find things much more affordable (but still ridiculously expensive)

 

Anyone young reading this will probably think I’m a complete dinosaur saying all that above. The fact was when I was 19 (2005) I couldn’t afford a better car and when I bought my first house 6 years later I definitely couldn’t afford anything more. I just bought what I could afford. The nicer stuff in life comes later 

Edited 16 March 2022 by The Year Of The Fox

[lcfc278]

2 hours ago, The Year Of The Fox said:

We are talking Coalville here, just to clarify 😂

 

Part of what Kirstie Allsop said was right I think. When young people think of owning their first home they must look at 3/4 bed new builds as their target. Part of that is the government’s fault for the help to buy schemes for first time buyers.

 

It’s an image thing rather than practical thing. Same as this lad wanting a flash car at 19. The reality is, 19 year olds who own either of the above have probably had a help in hand from the Royal Bank of Mum and Dad. 
 

My first car was an old M Reg 4 gear Corsa and my first house was a mid terrace house needing a lot of work doing to it. 
 

If people had more normal ambitions as first time home owners, they’d find things much more affordable (but still ridiculously expensive)

 

Anyone young reading this will probably think I’m a complete dinosaur saying all that above. The fact was when I was 19 (2005) I couldn’t afford a better car and when I bought my first house 6 years later I definitely couldn’t afford anything more. I just bought what I could afford. The nicer stuff in life comes later 

I think you've made a good point, there's not much difference in your age to mine and my first 2 or 3 cars were all £500 hatchbacks out of the car section of the mercury. It was always seen that you had to work your way up and earn the next level of car and save for a small flat or house first then go up the ladder.

 

I feel like TV and social media in particular has made a lot of the younger kids think they should have it all straight away, and the easy finance available for things these days has a lot of them biting off more than they can chew early doors. A lot of kids first cars these days are all £10-£20K cars on finance. 

 

As for houses, we saved up to get a 2 bed eventually moving up to a 3 and hopefully a 4 bed will be next in a couple of years. I feel like a lot of younger teenagers/early 20's see a 2 bed terraced house and run a mile - they want the big house first and then wonder why it takes a million years to save for the mortgage.

 

(Don't want to offend any teenagers/early 20's people but I've got a big family, working-middle class, and all the teenager kids and all of their friends have all had either brand new or 1-2 year old cars - they're not well-off families by any means but it somehow seems normal to them to pay £190-300 a month on finance for a first car!) 

[kenny]

3 minutes ago, lcfc278 said:

I think you've made a good point, there's not much difference in your age to mine and my first 2 or 3 cars were all £500 hatchbacks out of the car section of the mercury. It was always seen that you had to work your way up and earn the next level of car and save for a small flat or house first then go up the ladder.

 

I feel like TV and social media in particular has made a lot of the younger kids think they should have it all straight away, and the easy finance available for things these days has a lot of them biting off more than they can chew early doors. A lot of kids first cars these days are all £10-£20K cars on finance. 

 

As for houses, we saved up to get a 2 bed eventually moving up to a 3 and hopefully a 4 bed will be next in a couple of years. I feel like a lot of younger teenagers/early 20's see a 2 bed terraced house and run a mile - they want the big house first and then wonder why it takes a million years to save for the mortgage.

 

(Don't want to offend any teenagers/early 20's people but I've got a big family, working-middle class, and all the teenager kids and all of their friends have all had either brand new or 1-2 year old cars - they're not well-off families by any means but it somehow seems normal to them to pay £190-300 a month on finance for a first car!) 

I was promoted to Director while still driving a 12 year old Punto because my focus was on housing. I bought my first house as a stop-gap and stayed there 10 years while saving for my rental property and the house we live in now. 

 

The assumption is always that it is unattainable but in reality I am just tight and have saved for what I have.

[The Year Of The Fox]

10 minutes ago, lcfc278 said:

I think you've made a good point, there's not much difference in your age to mine and my first 2 or 3 cars were all £500 hatchbacks out of the car section of the mercury. It was always seen that you had to work your way up and earn the next level of car and save for a small flat or house first then go up the ladder.

 

I feel like TV and social media in particular has made a lot of the younger kids think they should have it all straight away, and the easy finance available for things these days has a lot of them biting off more than they can chew early doors. A lot of kids first cars these days are all £10-£20K cars on finance. 

 

As for houses, we saved up to get a 2 bed eventually moving up to a 3 and hopefully a 4 bed will be next in a couple of years. I feel like a lot of younger teenagers/early 20's see a 2 bed terraced house and run a mile - they want the big house first and then wonder why it takes a million years to save for the mortgage.

 

(Don't want to offend any teenagers/early 20's people but I've got a big family, working-middle class, and all the teenager kids and all of their friends have all had either brand new or 1-2 year old cars - they're not well-off families by any means but it somehow seems normal to them to pay £190-300 a month on finance for a first car!) 

Agree. Facebook wasn’t around when I bought that Corsa. 
 

It was around in 2011 when I bought my terrace house though. People are too quick to worry about how they‘re perceived by others rather than doing what’s right for them.

 

I know my apprentice would rather have a flash car on his drive that he will never use (he’s getting a company van very shortly) and I know he’ll be bothered about his mates laughing at his 100 year old house that needs work doing to it. That’s despite the fact he’d be renting it out, doubling his current wage, and investing in the future.

[Lako42]

Too many people are happy to be broke but look rich

 

It's style over substance and it doesn't make any sense whatsoever in a financial sense. 

 

 

Edited 16 March 2022 by Lako42

[Samilktray]

I’ve never spent more than a £1500 on a car (I’m 31 but I’ve only been driving 5 years now) and me and the missus still couldn’t afford to buy a house between us currently  

 

owning a house would be nice one day but ultimately we’re all going to die so I’m not too pressed on it now a days 

[Big Dave]

2 hours ago, lcfc278 said:

I think you've made a good point, there's not much difference in your age to mine and my first 2 or 3 cars were all £500 hatchbacks out of the car section of the mercury. It was always seen that you had to work your way up and earn the next level of car and save for a small flat or house first then go up the ladder.

 

I feel like TV and social media in particular has made a lot of the younger kids think they should have it all straight away, and the easy finance available for things these days has a lot of them biting off more than they can chew early doors. A lot of kids first cars these days are all £10-£20K cars on finance. 

 

As for houses, we saved up to get a 2 bed eventually moving up to a 3 and hopefully a 4 bed will be next in a couple of years. I feel like a lot of younger teenagers/early 20's see a 2 bed terraced house and run a mile - they want the big house first and then wonder why it takes a million years to save for the mortgage.

 

(Don't want to offend any teenagers/early 20's people but I've got a big family, working-middle class, and all the teenager kids and all of their friends have all had either brand new or 1-2 year old cars - they're not well-off families by any means but it somehow seems normal to them to pay £190-300 a month on finance for a first car!) 

I think you are right, and as another poster mentioned, social media has a lot to do with it.

my daughters follow various ‘influencers’ and in their early 20’s they are buying 4 bed detached houses.  Whether this is help from parents or the daft money that ‘influencers’ can earn, I’m not sure.  But it is not normal.

One of the successful influencers bought her 1st car at 19 and it was a Range Rover Sport, brand new!!  Nuts.

[fox_favourite]

4 hours ago, Big Dave said:

I think you are right, and as another poster mentioned, social media has a lot to do with it.

my daughters follow various ‘influencers’ and in their early 20’s they are buying 4 bed detached houses.  Whether this is help from parents or the daft money that ‘influencers’ can earn, I’m not sure.  But it is not normal.

One of the successful influencers bought her 1st car at 19 and it was a Range Rover Sport, brand new!!  Nuts.

My first car was bought for £500 that I saved up for via doing endless paper rounds over the years. Christmas tips was a good time for my routes! I also got up early every Saturday and Sunday to earn extra money putting papers together. My first car was a J plate 1.1 Fiesta popular plus! 1st home was a 1 bed flat. Then moved to a small 3 bed and Now I’m hopefully moving to a larger 3 bed. But that has taken years of career progress from a junior to now a manager and looking after the finances a little. 

 

Society these days seems to be “I must have this now” and not appreciating how to get there.

 

I see these ‘influencers’ (hate that term!) showing off their crap that most have either acquired through sponsorship or just doing nothing! Take Ryan for example, he’s rich from opening toys on YouTube!!!!!!!!

Edited 16 March 2022 by fox_favourite

[Greg2607]

its a crazy market out there.  We sold our house in Ibstock 12 months ago (we moved to ashby in Feb 2021) - the house we sold in Ibstock has just been sold again this week for £45,000 more than we sold it for. 

 

The Mrs was really pissed off, until the house up the road from us that is identical to ours has just sold (we are on a new build estate) at £130,000 more than we paid for ours. 

 

not that we are planning on selling or moving, we are in our forever home (or at least, our home for the next 20-30 years) but that is some crazy levels of return!! 

 

with a recession just around the corner, i dare say those prices won't hold, but it's no surprise people struggle to get a foot on the ladder. 

[FoyleFox]

11 hours ago, Jon the Hat said:

Buying a house at 19??  Sounds like Kirstie Allsop was right, and young people just need to move somewhere cheaper!

I bought my first house at 19! Kirsty was right, although her comments were misconstrued by the MSM and interpreted badly on SM. Her initial point was that a lot of young people are not making the financial sacrifices to save for a deposit, they still want a brand-new iPhone, Netfix and gym subscription etc etc. However, the other point she made was that in some areas of the country, no matter what sacrifices young people make, a house is out of their reach.

 

And certainly not to tar all you young 'uns with the same brush, I know lots are giving things up to save for a deposit because it's been shared on here. The same applies to buying a nice terrace or something to do up. I do agree that a lot aren't looking at this level. That first house I bought was a 2 bed terrace which needed work, all the furniture was second hand or donated. There were no influencers suggesting that I should be buying anything else. Mainly because the internet wasn't invented then (I've just checked, and apparently it was, just). I did know a couple who were buying everything new on credit, but that idea scared me to death. Still does.

[Nalis]

Only silver lining in the increase in cost of living and interest rates going up to 0.75% is that it might slow down the rate in which house prices appear to be increasing.

[blabyboy]

4 hours ago, Nalis said:

Only silver lining in the increase in cost of living and interest rates going up to 0.75% is that it might slow down the rate in which house prices appear to be increasing.

Doubt it, mortgage rates are still very low and the lenders are still looking to fill their books. I think we're getting close to the Winner's Curse period, so it will go even higher as people pile in to secure deals at current rates rather then wait 6 months and have much higher payback rates. The question is, will the gubbinmint try to ease the bang and rapid decline into more of a shallow slope as it'll be coming up to election time.

[kenny]

5 hours ago, Nalis said:

Only silver lining in the increase in cost of living and interest rates going up to 0.75% is that it might slow down the rate in which house prices appear to be increasing.

Reckon it will go up again soon too.

[blabyboy]

5 hours ago, kenny said:

Reckon it will go up again soon too.

Talk of it being around 1.5% and inflation at +7%. Count those pennies people

[Merging Cultures]

Was just checking out houses online, one place had their downstairs loo covered in City pictures. I bet they are a member on here!

[Nalis]

Fvck this housing market.

 

Fearing I'll put in a silly offer to secure a property just to get a crash straight after everything goes through.

 

Cant even blame estate agents - its punters who are driving up prices due to a lack of supply

Edited 29 March 2022 by Nalis

[Greg2607]

1 hour ago, Nalis said:

Fvck this housing market.

 

Fearing I'll put in a silly offer to secure a property just to get a crash straight after everything goes through.

 

Cant even blame estate agents - its punters who are driving up prices due to a lack of supply

happened to me in 2008/2009.... I bought a house for asking price 2 weeks before Northern Rock went pop!

 

[Tommy G]

On 17/03/2022 at 23:24, blabyboy said:

Talk of it being around 1.5% and inflation at +7%. Count those pennies people

I've just remortgaged - not the best experience. House valued at 345, want a mortgage for 190 odd LTV between 50-60%, at the start of my conversation with the mortgage advisor she was quoting rates of 1.55%, I've juct locked in a fixed rate for 5 years at 1.98% - if I had tried to do the same deal again this week its gone, looking at 2.05%. I'm quite shocked but relieved at the same time. You will see fixes at 3 odd % by Xmas I expect.

[Greg2607]

1 hour ago, Tommy G said:

I've just remortgaged - not the best experience. House valued at 345, want a mortgage for 190 odd LTV between 50-60%, at the start of my conversation with the mortgage advisor she was quoting rates of 1.55%, I've juct locked in a fixed rate for 5 years at 1.98% - if I had tried to do the same deal again this week its gone, looking at 2.05%. I'm quite shocked but relieved at the same time. You will see fixes at 3 odd % by Xmas I expect.

it's crazy isn't it. We locked into a 5 year fixed in Feb at about 1.5%.....   we bought out house at £489K and the exact same house has gone on the market this week at £620k.  We were super lucky to buy when we did. If we had waited 12 months, there is no way we would have been able to do it.  We couldn't have got a mortgage to that level for a start! 

 

I remember during covid, we sat down and talked about whether to stay where we were and we could have paid the mortgage off within 10 years. Or move and buy the house we will live in for the rest of our lives. 

 

Financial Freedom would have been lovely, but we had totally outgrown where we were and couldn't extend.

 

We would have ended up moving at some point and the way the market has gone, we'd have been disappointed and felt compromised in what we had bought. 

 

hindsight is a wonderful thing obviously, but it feels like we made the right call.....

 

might not feel the same at the end of this year though when the heating bills REALLY kick in! 

[BKLFox]

I bet there are a few on here that remember paying rates of 12-15% in the early 90s.
Whilst its harder to get on the ladder due to the larger deposit required now, the overall affordability of owning ya own home is better today than in the 1990s

[Greg2607]

18 minutes ago, BKLFox said:

I bet there are a few on here that remember paying rates of 12-15% in the early 90s.
Whilst its harder to get on the ladder due to the larger deposit required now, the overall affordability of owning ya own home is better today than in the 1990s

unless interest rates hit that level again and then there will be mass swathes of the population that are homeless. 

 

that's the bit that terrifies me. IF that happens, we would be properly in the mire. 

 

with inflation running away, interest rates are one of the main mechanisms to control it.  However, the government know that they could cause massive issues by raising them too much or to quickly...

 

we are on a bit of an economic knife edge right now. 

 

 

Edited 29 March 2022 by Greg2607

[Otis]

1 hour ago, BKLFox said:

I bet there are a few on here that remember paying rates of 12-15% in the early 90s.
Whilst its harder to get on the ladder due to the larger deposit required now, the overall affordability of owning ya own home is better today than in the 1990s

Although the bank rate was up to 15% for one very short period of time. Mortgage rates were less than 10% 

Average mortgage rates for the 90s were well below 10%.

1995 average 3 bed semi was around 3-4 times salary. Now the same house is nearly 10 times salary. 

Mid 90s was the ideal time to buy & affordability now is worse than ever.

Edited 29 March 2022 by Otis

[ajthefox]

9 hours ago, Nalis said:

Fvck this housing market.

 

Fearing I'll put in a silly offer to secure a property just to get a crash straight after everything goes through.

 

Cant even blame estate agents - its punters who are driving up prices due to a lack of supply

There are always going to be "what if" reasons for not doing it.

 

I was offering on places late 2020 and I read loads of stuff from people saying that the prices simply had to go back down. They seemed to have calmed down (around here at least) but they certainly never went back down anywhere and they likely won't unless something serious happens that affects literally everyone anyway.

Whichever way you slice it there's not much you can do. Just be sensible, do what works for you and don't spend too much time worrying about the sh!t you have no impact on.

[The Year Of The Fox]

13 hours ago, Tommy G said:

I've just remortgaged - not the best experience. House valued at 345, want a mortgage for 190 odd LTV between 50-60%, at the start of my conversation with the mortgage advisor she was quoting rates of 1.55%, I've juct locked in a fixed rate for 5 years at 1.98% - if I had tried to do the same deal again this week its gone, looking at 2.05%. I'm quite shocked but relieved at the same time. You will see fixes at 3 odd % by Xmas I expect.

I rent out my original home and the current mortgage expires next May. I need to make enquiries with my advisor whether buying myself out of my current deal and locking in long term with todays interests rates will be more cost effective than not buying myself out and taking the hit on the presumably higher interest rates next year. 
 

The thing is, I’ve been contemplating buying another place and releasing the equity from above for the deposit. But as someone mentioned above, it’s a terrible time to buy. 
 

I talk about higher interest rates, but I also think we’re heading towards a property crash, or overall recession. I’m a plumber and I can’t begin to describe how mental the construction industry has been since the pandemic began. Prices of everything have risen, certain materials have been very difficult to find (rumours in the building merchants are that HS2 are buying everything up, driving the prices up further) 

 

The past 3 weeks though our company have gone scarily quiet. We’ve had 4-6 lads in the yard at times, just sorting out the storeroom.
 

People are tightening their belts big time, probably due to the fuel and energy prices. And it’s not just people who you might consider on the breadline. Even people with normally a quite a bit of disposable income are doing so. It’s not just a local thing either, my brothers an architect in Oxford and he’s saying the exact same things are happening down there too. 

[The Year Of The Fox]

On 16/03/2022 at 16:12, Greg2607 said:

its a crazy market out there.  We sold our house in Ibstock 12 months ago (we moved to ashby in Feb 2021) - the house we sold in Ibstock has just been sold again this week for £45,000 more than we sold it for. 

 

The Mrs was really pissed off, until the house up the road from us that is identical to ours has just sold (we are on a new build estate) at £130,000 more than we paid for ours. 

 

not that we are planning on selling or moving, we are in our forever home (or at least, our home for the next 20-30 years) but that is some crazy levels of return!! 

 

with a recession just around the corner, i dare say those prices won't hold, but it's no surprise people struggle to get a foot on the ladder. 

Where in Ibstock did you live? I’m off Usbourne Way