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it'd be good to know if I'm not utterly alone on this
You aren't, but with the best will in the world this forum (and particularly this thread) is not very representative of the real world and consequently not the place to get that reassurance.
A similar thing used to happen to Pistonheads property threads (I eventually flounced from there).
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You're definitely not alone, I also get the same despair reading about the spec and cost of users bikes and £40k kitchens...
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I know this is a bit out of character for this thread but I don't have many places to vent about this stuff and it'd be good to know if I'm not utterly alone on this.
You’re not alone, we only managed to get a Victorian flat for 350k leasehold cause it was not maintain at all nowhere near where I grew up in.
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Have you thought about giving up Netflix, the gym and coffee?
(sorry)
Me and my wife were very lucky to buy at the right time (post 2008 crash) in the right area (Peckham). If not I think we'd be in the same position as you.
We've had no help from parents and funded it all ourselves.
My younger siblings have only been able to get a house because they live outside of London and even one of those can only afford to rent. -
I genuinely don't understand how people are able to afford those places.
By being born 20 years earlier.
Gen X is just about OK, Gen Y has it really tough, Gen Z is utterly fucked.
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I think the only way to stay in centralish London for those born there is if you can get a chunk of your parents lottery winning property equity growth - assuming they own, and are willing to help you of course.
In theory it comes out in the wash economically, eventually, if your family own local and stay local.
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Fortunately I was born in a northern industrial town so avoided this problem.
Realistically though I was very lucky to buy my flat in London when I did and I imagine that's the same for a load of people who can then release hundreds of thousands of cash to buy the next place (probably somewhere a bit cheaper than that first place).
Other than that, I assume a lot of rich parents (or parents with a great deal of equity) to help out with the deposit.
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People in £500k houses feel incoherent rage about not being able to afford Islington Georgian terrace houses where politicians in films live. ‘A box to live in / with airs and graces’.
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It's happening where I live too (West Wales). Majority of houses are being bought for holiday lets for inflated prices. It's grim. I saw a stat the other day that said 1 in 10 properties are now second homes.
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I can sympathise, especially as there is always a bit of secrecy around money in the UK.
From people I know, either...
- Get given a deposit by relatives, 5-6 figures
- Earn enough to save 5 figures each year
- Bought 10+ years ago
- Combo of all of the above.
National average income is 27k, London average is 47k, so you'd both need to be on 50K and have a 50-100K deposit to get a small terrace house in zone 3+.
- Get given a deposit by relatives, 5-6 figures
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It’s weird my mum grew up in London (muswell hill) rented in Camden, when she could she bought in Dalston (1970’s) her friends thought she was mad and she was also was worried but it cost her something like £6k then moved to Highbury to another place that wasn’t particularly nice at the time. I grew up there. Area as I did was teachers/musicians/arty types. She’ll tell you that was a bad as people having to move to the ‘burbs for her at the time even now. Obviously that’s massively changed now. Her salary to house cost was completely ridiculous when she did mind. There was never chance I could ever move on in that area or to Stoke newington where my dad moved too when they divorced in ‘88 I was lucky/un when he died and got a flat in N16 but could never go up there so moved to e17 as everyone does. My mum weirdly ‘downsized’ from n5 to the same rd my dad moved to in N16 he bought at £88k she £1.2mil and that’s just bonkers. God knows where the next gen or below will be able to afford. We in 4 years of living in e17 couldn’t move to where we are now. It’s crazy
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Am I alone in feeling absolute and incoherent rage and despair at knowing I'll never be able to afford a decent house in the city I was born in? I'm really grateful to be on the housing ladder at all, and things will undoubtedly be worse for the younger generation, but I've found it genuinely debilitating recently. I see all these nice terraced Victorian terraced gaffs up for £500k plus and I'll never get close to being able to afford them. And I have a decent job. And a partner. And no kids.
I genuinely don't understand how people are able to afford those places.
EDIT: I know this is a bit out of character for this thread but I don't have many places to vent about this stuff and it'd be good to know if I'm not utterly alone on this.