We use cookies to provide you with a better experience. If you continue to use this site, we'll assume you're happy with this. Alternatively, click here to find out how to manage these cookies

hide cookie message
Contact Forum Editor

Send an email to our Forum Editor:


PLEASE NOTE: Your name is used only to let the Forum Editor know who sent the message. Both your name and email address will not be used for any other purpose.

Speakers Corner


It's free to register, to post a question or to start / join a discussion


 

Home Ownership


flycatcher1

Likes # 0

Last Sunday morning I listened to Sarah Dunant on Radio Four, Points of View. She asked whether the Grocers Daughter, Margaret Thatcher, ever thought of the chaos she caused with her quasi religious belief in Home Ownership.

In my family and going back to the forties even my aged Grandmother wanted to own the house in which she lived. My Parents as well and they all did it for security of tenure and not to make a mint of money.

I wonder if Sarah Dunant is a home owner?

Like this post
interzone55

Likes # 0

Forum Editor

Nowadays young couples have virtually no chance of getting a mortgage unless they have a substantial cash amount - often provided by parents

It's because houses were so much cheaper (relative to wages) in the sixties that some parents have spare cash to pay for their kid's deposit. That's not going to be the case for the next generation.

£300 a week on top of a crippling mortgage payment is a massive commitment, and yet millions of them do it for the chance to own their own home.

£300 a week is probably the average gross wage round here. Almost all advertised jobs in North Lancs / South Lakes are minimum wage or just above, and I think that's probably the case for many service jobs in London. Fairly sure the bulk of that £60 a day won't be passed onto the nursery staff...

Like this post
spuds

Likes # 0

I don't agree that young couples have virtually no chance of getting a mortgage (this 'no chance' as been stated for as long as I can remember), except possibly for properties in 'selective' rural areas, where the few properties that become available are perhaps taken by those with wealth, and those classed as second/third home buyers.

Around my neck of the woods, many old factory buildings have been converting into living accommodation complexes, and open areas have had developer's building new housing complexes. In the main, these units are being offered with all sorts of incentives for the young and couples, possibly under a part owner share basis. One typical example not far from where I live, is a first,second and now third phase new building development, where the one/two bedroom units are being sold under an arrangement on a shared ownership. One third remains with the company, and the other two thirds with the individual or couples living in the units.

Finance is usually guaranteed, and there appears to be no shortage of takers, especially for those that require a step on the ladder rungs for own home purchasing, or downgrading.

And I would suspect that this type of situation or arrangement's are no different elsewhere in the UK?.

Perhaps going off subject slightly, I also find that some of the young seem to budget beyond their own means nowadays. A case in example is a young couple (both mid twenties) near me. The have what I would call average jobs, yet at the same time, both seem to have individual cars, go to a gym on a very regular basis,have some of the very latest gizmos and have a good social life, yet appear to be in competition "with the Jones's" and have a 'must have' attitude, and at the same time neglect their garden areas and possibly plead constant poverty!.

Like this post
spuds

Likes # 0

I should have perhaps mentioned, that the shared ownership arrangement can be converted to a full ownership for the buyer, at a later stage or at time of original agreement.

The particular properties mentioned are in the £90/£130.000 total price range, depending on style and fixtures. Most of these properties are being sold or offered on a fully furnished, move straight in basis.

Like this post
Strawballs

Likes # 0

That was a ploy to keep the working class in place because when they have the mortgage they are less likely to complain or risk loosing their job!!

Like this post
oresome

Likes # 0

That was a ploy to keep the working class in place because when they have the mortgage they are less likely to complain or risk loosing their job!!

Whereas if they are living in rented accommodation the landlord is happy not to receive the rent?

Like this post
john bunyan

Likes # 0

My 17 year old granddaughter has just started her final year in the sixth form doing her International Baccalaureate . She is soon applying for Uni at, hopefully a Russell Group one. She will be in the first cohort who will have to pay the £9000 per year tuition fees plus living expenses, and her mum and dad cannot afford to help but are not quite eligible for her to apply for a bursary. Therefore she will have a debt of, say, £40,000 or so on completion of secondary education, more if she wants to go on to a PhD or whatever.She is choosing a rigorous academic subject (History or English). In effect, although the loan repayment only applies above a £21000 salary, her cohort will be stuck with, in effect a £40-50 000 "mortgage" even before thinking of house buying, so their house buying dreams are bleak indeed compared to the politicians who enjoyed free uni but voted for the latest charges

Like this post
Strawballs

Likes # 0

No but they would have been in council houses where profits can't be made by big firms

Like this post
flycatcher1

Likes # 0

Having re-read my initial post for this topic I see that I did not make my question clear.

Why is it that, in this country, Home Ownership is so important when on the Continent more people rent. I appreciate that the laws relating to long term lets and variable rents come into it but I feel that this does not explain the differential.

I must plead guilty to having spent some of my upbringing having a very happy time in a Council House.

Like this post
oresome

Likes # 0

I can't answer why there is or was a different culture in the UK to house ownership compared to other countries.

The advantage of ownership for me is that I now have a valuable asset and no mortgage or rent to pay. I wouldn't have been able to retire when I did, pre 60, if I still had rent to pay.

Times may be changing though as jobs are now rarely long term and having your own property restricts mobility particularly when the housing market is depressed.

I may well sell up and rent at some stage in my dotage and let someone else have the hassle of property maintenance. The proceeds from the house sale will pay the rent for the final few years and provide us a better standard of living.

Like this post

Reply to this topic

This thread has been locked.



IDG UK Sites

OnePlus Two release date rumours: Something's happening on 22 July

IDG UK Sites

13in MacBook Air review, Apple's MacBook Air 2014 reviewed

IDG UK Sites

5 reasons to buy an electric car and 5 reasons not to

IDG UK Sites

Evernote Skitch: the best way for creatives to doodle feedback