I agree with the Economist – we should ban the term ‘property ladder’.
Properties are for living in, not for selling on and buying larger properties.
Chlorophilia on
I don’t understand how people on a typical income are buying houses in the SE in their early thirties unless they’re taking out terrifyingly huge mortgages.
Thoughtless-Test on
Doesnt suprise me tbh I dont feel ill get a house till am possibly in the 40s
FlockBoySlim on
It’s good that it dropped a little right? But Young folk still struggling to get on the “property ladder”? I’m shocked.
I’m sure this has absolutely nothing to do with the companies focusing on building 3, 4 & 5 bedroom homes to maximise profits and the lack of 1 bedroom and 2 bedroom places being built.
Likely has nothing to do with nominal wages going up but real wages adjusted for inflation not really changing at all. Nothing to do with the average worker in Britain earning about the same (or slightly less) in real purchasing power as they did nearly two decades ago.
I’m also absolutely 100% certain this has nothing to do with landlords buying up all the property just to rent out at double or triple the cost of what the mortgage payments would be. Eating away at any potential savings the tenent could make to eventually buy their own property. Nothing to do with favourable treatment of capital gains or borrowing that encourages using property as an investment vehicle.
Probably fuck all to do with the underinvesting in social housing either.
insomnimax_99 on
This is probably a short term blip caused by landlords selling off their properties in anticipation of the renters rights act – landlording hasn’t been the great deal it once was for a while now, and the renters rights act is probably just the final nail in the coffin.
The significantly higher selling is driving down property prices, allowing younger people to get on the ladder.
Anecdotally, I’m a soon to be young (mid 20s) FTB, and when I’ve enquired about flats, lots of them have been tenanted but offered with vacant possession. Way more than usual are coming on the market and they’re not selling for a while.
readthistoo on
I strongly suspect that a big driver of this will be many parents giving their children a chunk of inheritance earlier to reduce the impact of IHT.
Would be very interested in data showing what proportion of buyers were entirely self-sufficient and what proportion benefitted from gifts.
Significant-Gene9639 on
It’s because the boomers’ massive inheritance wave is finally getting passed down to some lucky millennials and Gen Z
Wealth inequality only ever gets worse
Mister_Sith on
Im going to be controversial. As a late twenties-something with a partner and on good wages, I do not want a one or two bedroom house. Why on earth would I waste the first-time buyers perk on a house we will definitely move out the moment we want to start a family? I am gunning for three bedrooms as a minimum, mainly for the space so we can have a house-office and because two bedroom houses typically are small.
We absolutely can afford to move out but want a decent bang for our buck, my friend group either has done or will do similar things.
8 commenti
I agree with the Economist – we should ban the term ‘property ladder’.
Properties are for living in, not for selling on and buying larger properties.
I don’t understand how people on a typical income are buying houses in the SE in their early thirties unless they’re taking out terrifyingly huge mortgages.
Doesnt suprise me tbh I dont feel ill get a house till am possibly in the 40s
It’s good that it dropped a little right? But Young folk still struggling to get on the “property ladder”? I’m shocked.
I’m sure this has absolutely nothing to do with the companies focusing on building 3, 4 & 5 bedroom homes to maximise profits and the lack of 1 bedroom and 2 bedroom places being built.
Likely has nothing to do with nominal wages going up but real wages adjusted for inflation not really changing at all. Nothing to do with the average worker in Britain earning about the same (or slightly less) in real purchasing power as they did nearly two decades ago.
I’m also absolutely 100% certain this has nothing to do with landlords buying up all the property just to rent out at double or triple the cost of what the mortgage payments would be. Eating away at any potential savings the tenent could make to eventually buy their own property. Nothing to do with favourable treatment of capital gains or borrowing that encourages using property as an investment vehicle.
Probably fuck all to do with the underinvesting in social housing either.
This is probably a short term blip caused by landlords selling off their properties in anticipation of the renters rights act – landlording hasn’t been the great deal it once was for a while now, and the renters rights act is probably just the final nail in the coffin.
The significantly higher selling is driving down property prices, allowing younger people to get on the ladder.
Anecdotally, I’m a soon to be young (mid 20s) FTB, and when I’ve enquired about flats, lots of them have been tenanted but offered with vacant possession. Way more than usual are coming on the market and they’re not selling for a while.
I strongly suspect that a big driver of this will be many parents giving their children a chunk of inheritance earlier to reduce the impact of IHT.
Would be very interested in data showing what proportion of buyers were entirely self-sufficient and what proportion benefitted from gifts.
It’s because the boomers’ massive inheritance wave is finally getting passed down to some lucky millennials and Gen Z
Wealth inequality only ever gets worse
Im going to be controversial. As a late twenties-something with a partner and on good wages, I do not want a one or two bedroom house. Why on earth would I waste the first-time buyers perk on a house we will definitely move out the moment we want to start a family? I am gunning for three bedrooms as a minimum, mainly for the space so we can have a house-office and because two bedroom houses typically are small.
We absolutely can afford to move out but want a decent bang for our buck, my friend group either has done or will do similar things.