OT - Ann Robinson's "Britain's Spending Secrets"

[Pompey1985]

I'll never own a house. That's the realities of generation Y.

This is very illustrative but too large for this MB.

http://www.edmundconway.com/wp-content/ ... ership.jpg

Says it all really. I'm lucky enough to be at the top of the graph. My three sons won't be so lucky

And it has nothing to do with how hard they work or don't work. It makes not a blind bit of difference. Of my friends that own houses they have all lived at home till their late 20s (while working in full time work payingnabove average) anyone that's had to rent is *******.

[Selsey Bill]

I'll never own a house. That's the realities of generation Y.

This is very illustrative but too large for this MB.

http://www.edmundconway.com/wp-content/ ... ership.jpg

Says it all really. I'm lucky enough to be at the top of the graph. My three sons won't be so lucky

And it has nothing to do with how hard they work or don't work. It makes not a blind bit of difference. Of my friends that own houses they have all lived at home till their late 20s (while working in full time work payingnabove average) anyone that's had to rent is ******.

My eldest (21) decided not to go to university, but got a job locally and we are not charging him any rent with the aim that if it all goes to plan I will be able to help him get on the property ladder by going say 50:50 on a deposit where he pays me back what he owes me as and when he can. It will mean me having to draw down on my mortgage but as a baby boomer I am lucky to have enough equity in my property to do so.

[pomp 'n circumstance]

It's interesting to hear the reactions to 'Britain's Spending Habits'. I must admit that I didn't originally watch the programme, I suppose mainly because it was fronted by Anne Robinson - which was unfair, but based on prejudice of her previous offerings.

Let loose to front the programme alone, she proved what an able journalist she is in her own right - I knew her from way back when she was Woman's Editor at The Mirror. And I have to say, the old girl delivered an absorbing programme with just the right amount of incisive commentary on the behaviour of the Haves and Have Nots across a wide range of examples of financial nous and financial mismanagement. It's riveting stuff and I gather there's more to come - thanks for identifying this little gem EG!

[Number 1 Jasper]

Am I right in thinking that we, as a nation are really hung up about owning your own home? Or at least having the mortgage paid off in your life time.

[pomp 'n circumstance]

Am I right in thinking that we, as a nation are really hung up about owning your own home? Or at least having the mortgage paid off in your life time.

I suspect Jasp that as a nation, we probably are - correction, Middle England is although not hung up about it.....

[Pompey1985]

The landlord has all the power and protection. Renting isnt sustainable.

Hopefully with the changes to the buy to let tax breaks the giant unlubricated cock they have been shafting people with will turns its attention to the money grabbing scumbags.

[blue architect]

The landlord has all the power and protection. Renting isnt sustainable.

Hopefully with the changes to the buy to let tax breaks the giant unlubricated cock they have been shafting people with will turns its attention to the money grabbing scumbags.

85 - just a question that hopefully you can answer. I am a landlord and I rent out my old place in Southsea at the going rate. The new changes in buy to let will stop me from considering expanding this with further future house purchases, as it will a lot of other potential landlords. But with the difficulties already discussed regarding getting onto the property ladder, people will have to rent - but from whom?

[Miss Tickle's bottom]

The landlord has all the power and protection. Renting isnt sustainable.

Hopefully with the changes to the buy to let tax breaks the giant unlubricated cock they have been shafting people with will turns its attention to the money grabbing scumbags.

85 - just a question that hopefully you can answer. I am a landlord and I rent out my old place in Southsea at the going rate. The new changes in buy to let will stop me from considering expanding this with further future house purchases, as it will a lot of other potential landlords. But with the difficulties already discussed regarding getting onto the property ladder, people will have to rent - but from whom?

One of the major reasons 85 can't afford to buy is that the buy-to-let industry has completely distorted house prices. Take away this industry and 85 might well be able to afford his own house. He doesn't actually want to rent, you know, he'd like to buy. This is not a difficult concept to grasp.

[Selsey Bill]

I suspect this thread might rumble on for some time. There is no easy fix for this. My pension is basically fooked, so it is VERY tempting for me to cash in what is left of it to invest in a 'buy to let' property - because the yield on this will be FAR greater than say the annuity. Does that make me a money grabbing bar steward? I don't think so. I still have to protect and provide for myself and my own once I have no income.

[Earl Grey]

I suspect this thread might rumble on for some time. There is no easy fix for this. My pension is basically fooked, so it is VERY tempting for me to cash in what is left of it to invest in a 'buy to let' property - because the yield on this will be FAR greater than say the annuity. Does that make me a money grabbing bar steward? I don't think so. I still have to protect and provide for myself and my own once I have no income.

Consider carefully before you do that, SB. Seems a great idea but just consider what would happen if things went awry.....dodgy tenants making trouble and taking you to the ensuing court battles, your health going downhill so you have to rely on others to maintain and manage, subsidence on your property creating costs you can't afford etc. etc.

[Selsey Bill]

I suspect this thread might rumble on for some time. There is no easy fix for this. My pension is basically fooked, so it is VERY tempting for me to cash in what is left of it to invest in a 'buy to let' property - because the yield on this will be FAR greater than say the annuity. Does that make me a money grabbing bar steward? I don't think so. I still have to protect and provide for myself and my own once I have no income.

Consider carefully before you do that, SB. Seems a great idea but just consider what would happen if things went awry.....dodgy tenants making trouble and taking you to the ensuing court battles, your health going downhill so you have to rely on others to maintain and manage, subsidence on your property creating costs you can't afford etc. etc.

Don't worry EG, my middle name is Cautious. It is unlikely to happen. Just saying it is an option. There are a lot of landlords out there who I suspect will be in trouble the minute interest rates start to rise.

[Pompey1985]

Exactly as Miss Tickle Bottom says.

The moment houses became an investment and not a home hundreds of thousands of people were screwed.

The monthly cost of the mortgage isn't necessarily the issue, its saving enough for a deposit its simply not possible with the cost of rent, council tax, utilities all rising faster than wages.

[blue architect]

The landlord has all the power and protection. Renting isnt sustainable.

Hopefully with the changes to the buy to let tax breaks the giant unlubricated cock they have been shafting people with will turns its attention to the money grabbing scumbags.

85 - just a question that hopefully you can answer. I am a landlord and I rent out my old place in Southsea at the going rate. The new changes in buy to let will stop me from considering expanding this with further future house purchases, as it will a lot of other potential landlords. But with the difficulties already discussed regarding getting onto the property ladder, people will have to rent - but from whom?

One of the major reasons 85 can't afford to buy is that the buy-to-let industry has completely distorted house prices. Take away this industry and 85 might well be able to afford his own house. He doesn't actually want to rent, you know, he'd like to buy. This is not a difficult concept to grasp.

MTB - I understand 85's position and can only guess at the frustration and anger at not being able to own your own home. Home ownership should be in the reach of every average fully employed person. But that fact at present is that it isnt - and not likely to be for a long while. I do not know what the solution is. Perhaps the changes in buy to let are it.
The cost of houses surely is set by supply and demand, we do not have enough housing stock for the cost to reduce, so perhaps more house building is the answer - but then why would house builders initially reduce prices when they are in the business to make profit. People are having to turn to renting as the only viable alternative but someone has to own these properties and again supply and demand is king. The Rent industry is not evil and doing away with it will not suddenly reduce house prices.
There is no utopia here. 95% of the population will do what ever they can to increase their own wealth and create a secure future for their family. I admire the 5% who strive to create more equality - but I just dont see it happening.

[Pompey1985]

The problem is it isn't supply and demand because the supply is being choked.

[blue architect]

Hi 85, sorry for my ignorance again. why do you say supply has been choked?
Here in Widley/Waterlooville we are having enormous estates being built, plus many brown field sites are being developed. The estates are houses for sale and have elements of affordable housing, the others may well be either old fogies homes (rent) or apartments (sale/rent I dont know)
This sort of development seems to be going on all over the place. Is this not the case where you are? I am certainly not saying that there is an affordable house for everyone or that any of these are what you want - just that there is movement on the house building front