Brexit

[Witton Park]

Excellent. Does that mean young people might be able to afford to buy a house, rather than being forced into rental accommodation? We need wealthy people to be putting money into making the UK competitive, not ruining things for the working young.

Here in suburban Blackburn and across much of Lancashire you can buy a decent 2 bed starter home, a terrace with a back yard / garden area for 50-60K.

2 people working 35 hours on MW is circa £30k joint income and they could acquire a mortgage of up to £75k.

A 60K mortgage over 25 years is £300 per month give or take. That's cheaper than renting.

I think the issue with many young people is they do not prioritise house buying anymore. Technology, holidays, gap years, a car.... all items that are higher profile for the typical 18-30 years old. It isn't that most can't buy, it is that most prioritise material items and lifestyle above saving for a deposit.

[noel]

I think the issue with many young people is they do not prioritise house buying anymore. Technology, holidays, gap years, a car.... all items that are higher profile for the typical 18-30 years old. It isn't that most can't buy, it is that most prioritise material items and lifestyle above saving for a deposit.

That's an astonishing claim WP. Check this article out: https://www.which.co.uk/news/2018/10...-in-your-area/

Or feel free to research your news from elsewhere if you don't like Which. Most data show the cost of the cheapest houses have risen a lot faster than wages.

"Gap years"!! You need to get out more and talk to real people.

[Oracle]

Exactly the reverse. You echo all the socialist nonsense which is a unicorn postulated by those who have no experience of the reality of housing. The last thing housing can afford is restriction on supply when it is already overheating in cities because of supply demand imbalance.

By dumping HMOs which are made impossible by the lunatic left intent on repealing section 21, masses of single person accomodation is disappearing. These are the very places offering "affordable" accomodation to allow youngsters a good quality of life whilst they save for a deposit. I have shut down accomodation totalling ten places already. All the HMO owners I know are planning an exit. Just like corbyn is scaring away car companies and investors, and tanking utility shares (for which he should be prosecuted for making price sensitive releases with the influence of a shadow director) He is also shutting down accomodation. He isnt even in power yet. Just the threat is enough.
The morons of SNP have already tried preventing no fault eviction. The net result of the massive exodus is to push rents up for the restricted number of landlords willing to remain in the madhouse. Landlords are leaving in massive numbers to invest money elsewhere in the world. Who has it helped?

And you clearly have not invested in a business if it is not obvious why no right minded person will invest in a business in the UK when mcdonnel proposes to steal from it and staff the board with union troublemakers?
If you want to know how it feels to a business owner who has made massive sacrifices to build a business: imagine mcdonnel telling you, henceforth you must give over a room in your private house to a union militant uninvited to live their free of charge and make trouble, and otherwise make selling it with vacant possession and managining it completely impossible. Now you know how it feels.
Now you know why businesses are leaving. Nothing to do with brexit, all to do with rank stupidity of corbynistas. The sad fact is many of them are otherwise eemingly intelligent people who suspend it to vote for Corbyn. I can set up anywhere in the world. I can create a nevada corp today. Wy would I do it under Corbyn?

Excellent. Does that mean young people might be able to afford to buy a house, rather than being forced into rental accommodation? We need wealthy people to be putting money into making the UK competitive, not ruining things for the working young.

[DrPatrickBarry]

I must have underestimated jeremy corbyn, with the amount he has done, while not in power and not even remotly close to gaining power with an overall majority.

[Oracle]

I must have underestimated jeremy corbyn, with the amount he has done, while not in power and not even remotly close to gaining power with an overall majority.

People dont wait for the price collapse, they exit before it. I dumped a mass of utility shares the day I saw his manifesto: the prices have not recovered. Building a 250 people business is a 5-10 year project. And like your house, all will refuse to accept the risk they might have to give it away. Many political risks need consideration. You cannot ignore the Corbyn risk when so many people seem to have bought into the trillion pound unicorn. And since SNP actually did the equivalent of repealing sec 21 , it is clearly a massive risk to property, so now confidence votes are threatened it is time to head for the door. Ask such as RLA, landlords are moving on in ever increasing numbers.

Mcdonnel is openly stating there is a risk ( I think near certainty) of capital exodus because of his idiotic policies, and how they intend to prevent it leaving . It is why I have already sent a large sum offshore. By way of comparison Italians are sending so much offshore fearing capital controls and bank collapse the Target 2 total is embarassing.

Through contacts I am reasonably certain Corbyn is why Dyson reregistered in singapore. None of them ( or indeed the car companies who were the victims of militant left last time) would ever dare say so because of the vitriol it would cause. His business is then protected from expropriation by a number of international treaties as a foreign investor, protection that local investors will not get.

[Stagger]

I agree with WP. There are still plenty of terraced house under 100k.

But the youth's want expensive cars and four bedroom house's.

Its their thoughts and aspirations that needs reviewing.

Working with 17-21yr olds, i see brand new cars like 4 series BMW, Skoda Fabia, Audi A3 and Golf GTI.

They also want semi or detached house's for a first time purchase.

[Oracle]

It starts even earlier stagger. I owned rental properties in a student area , where so many (indeed most) of the students had cars, that the council was forced to shutdown HMOs just so the locals could park again. My generation could never have contemplated owning a car when a student. Most of us lived at home to scrimp and save a deposit. It is all "jam today" for the younger generation in which "entitlement" trumps "responsibilty"

They will live to regret it when they realise sooner or later they have to pay every penny back regardless of how it is manifested and that labours left is offering false promises. Spending 5 percent morethan income today causes havoc when you only have 95 percent less interest later. Then they will grumble about austerity and blame someone else for the reckless spending of their youth. It was karma when the NUS who had shouted from the rooftops Corbyns folly that "austerity is a choice" but now has had to start its very own austerity and so shut down and sell to make their budget work again already with eyewatering interest or face bankruptcy.

I agree with WP. There are still plenty of terraced house under 100k.

But the youth's want expensive cars and four bedroom house's.

Its their thoughts and aspirations that needs reviewing.

Working with 17-21yr olds, i see brand new cars like 4 series BMW, Skoda Fabia, Audi A3 and Golf GTI.

They also want semi or detached house's for a first time purchase.

[Witton Park]

That's an astonishing claim WP. Check this article out: https://www.which.co.uk/news/2018/10...-in-your-area/

Or feel free to research your news from elsewhere if you don't like Which. Most data show the cost of the cheapest houses have risen a lot faster than wages.

"Gap years"!! You need to get out more and talk to real people.

I'm quite happy with the Which report. You are moving your own goal posts though as you suggested that youngsters were forced to rent rather than buy.

Noel the Which article doesn't actually refute anything I've said. It actually supports it. It just presents in a certain way and does raise some other issues than the one you origi9nal raised.

It shows comparisons with 1996.

What we know is that we didn't have a minimum wage in 1996. So that doesn't seem to have helped does it?

What we know is that the % of 18 year olds going to Uni has increased since 1996 and it's rare for a 16 year old to enter the workplace now.

If less 16 & 18 year olds are entering the workplace, it will take them more time to establish a financial base.

Without Which doing their research, I could have come to the conclusion that less under 35s would be in a position to make their first home purchase.

I might not have been able to quantify it in the same way, but the Which report supports what I have said.

Perhaps it would be more useful for Which to do a similar survey but rather than use 35 years of age, use 17 years after the age at which the average youth starts a full time job.

They'd certainly find the gap between the blue and green columns in the first chart would be closed up and maybe even find it was easier in the North East, where there is only a little change.

[noel]

Exactly the reverse. You echo all the socialist nonsense which is a unicorn postulated by those who have no experience of the reality of housing. The last thing housing can afford is restriction on supply when it is already overheating in cities because of supply demand imbalance.

You've lost me there. What did you think I was saying?

[noel]

I'm quite happy with the Which report. You are moving your own goal posts though as you suggested that youngsters were forced to rent rather than buy.

Noel the Which article doesn't actually refute anything I've said. It actually supports it. It just presents in a certain way and does raise some other issues than the one you origi9nal raised.

It shows comparisons with 1996.

What we know is that we didn't have a minimum wage in 1996. So that doesn't seem to have helped does it?

What we know is that the % of 18 year olds going to Uni has increased since 1996 and it's rare for a 16 year old to enter the workplace now.

If less 16 & 18 year olds are entering the workplace, it will take them more time to establish a financial base.

Without Which doing their research, I could have come to the conclusion that less under 35s would be in a position to make their first home purchase.

I might not have been able to quantify it in the same way, but the Which report supports what I have said.

Perhaps it would be more useful for Which to do a similar survey but rather than use 35 years of age, use 17 years after the age at which the average youth starts a full time job.

They'd certainly find the gap between the blue and green columns in the first chart would be closed up and maybe even find it was easier in the North East, where there is only a little change.

This is all getting a bit "the world according to WP". I see this report and think it shows young people are finding it harder to buy a first house relative to 20 years ago. You seem to be disagreeing. I can't understand your basis for this.

My original point was nothing to do with minimum wage or the numbers going to university. Maybe we need a separate thread for these? I notice we're already into a tangent from the main thread - Brexit.