Saving for a house deposit, how does anyone do this now...

sonson

Striker
I think you need to factor in that people trying to get on the housing ladder buy at the bottom, not the middle of the ladder. It may be the average but the cheapest in any given area will be a lot less.
"The average house price for a first time buyer in the UK in 2020 is £265,668, according to the HM Land Registry. "


Obviously it varies region to region but if were talking differences between decades and generations, you have to go with averages.

But what it also proves is that if you're not somewhere regionally prosperous, you're probably struggling to be a first time buyer. That price would be lower if loads of folks were first time buying fixer-uppers in economically deprived areas where properties are indeed far more affordable.
 
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"The average house price for a first time buyer in the UK in 2020 is £265,668, according to the HM Land Registry. "


Obviously it varies region to region but if were talking differences between decades and generations, you have to go with averages.

But what it also proves is that if you're not somewhere regionally prosperous, you're probably struggling to be a first time buyer. That price would be lower if loads of folks were first time buying fixer-uppers in economically deprived areas where properties are indeed far more affordable.
"Of course, house prices vary greatly depending on location, for example a typical home would cost an average of £489,000 in London, whereas in Newcastle you could find a home for nearer £132,000."

From the article you quote.
 

Goat Eyes

Striker
We rent out of choice because we have a big family spread across multiple continents so travel and likliehood of living elsewhere are both significant factors in our life and future.

But if you added together over 13 years the multiple trips we've taken to Europe, Africa, India, NZ, and the States, it would still would fall considerably short of the 28k deposit you need for 10% of the average Edinburgh flat price. And if we'd started saving for it in 2008 when we got married, the amount would have incressed year on year. A lot of my friends who do own have been on very good wages for a decade but none of them could have bought within that time without their parents help.
That’s exactly what Lamby is saying. You rent because of all your long distance holidays. That works nicely for you.

You have been married for 13 years, presumably renting for 13 years and still haven’t buggered off elsewhere so have doubled a lot of money down the drain when you could’ve cut your cloth, cleaved, bought then made the dream of living elsewhere a lot easier.
 
They haven't lived through it unless they've bought a house since 08 or so. The housing market, which famously was globally fucked in that year, the subsequent availability of options being bought up en masse by hyper powerful landlords, lack of new houses, renting costing over half your salary and the failure for wages to rise in a decade while being outpaced by cost of living, *all at once* within this period. These are not conditions in which most people who now own houses or have mortgages bought one. That's just a fact.

The explanation as to why people bought houses when it was easier is as people have said on here pretty straight forward. You could make sustainable ammendments to your life, save from scratch , and after a few years, have a deposit. The reason people don't do this now is because it dosent work anymore.If it did, people would do it.

It gets tedious seeing people be shamed for their supposed fiscal incompetence by people who don't even know what a mobile phone bill costs. Millennials have experienced the two greatest economic catastrophes since 1929, within the space of a decade, at the least financially secure period of life.

Is it that hard to believe the post war global economy in which most people bought property, during the most sustained history of prosperity in world history, was an easier climate in which to buy a house? And that chances of doing so thereafter have more to do with the death spasm of that same economy, which is massively reliant on an inflated housing market as a stand in fir capital, as opposed to the millenial's spending habits on coffee and sky subscriptions they don't own?
Says £47 on the first link google showed me
average mobile contract
 

sonson

Striker
"Of course, house prices vary greatly depending on location, for example a typical home would cost an average of £489,000 in London, whereas in Newcastle you could find a home for nearer £132,000."

From the article you quote.
You could have also quoted me where I said exactly the same thing
That’s exactly what Lamby is saying. You rent because of all your long distance holidays. That works nicely for you.

You have been married for 13 years, presumably renting for 13 years and still haven’t buggered off elsewhere so have doubled a lot of money down the drain when you could’ve cut your cloth, cleaved, bought then made the dream of living elsewhere a lot easier.
No mate I've seen my family in that time who as I've said live all around world. And in that time I've seen parts of the world, animals and places that might not even exist in a decades time anymore, or be affordable to people like me post Covid. And I've still had a roof over my head.

Your trade off of not seeing the people you love and seeing nowhere beyond your front door to have a different roof over my head sounds canny shit to be honest.

Also the biggest injection of capital I'll ever get will come when my parents die, thriugh the house, so I have no aspirations whatever for that day to come. But it will one day and I'll have a deposit if I want one then anyway.

As I've said- I'm very happy with my situation. I'm not worried about me. I never said otherwise. I've been pointing out how there's a generational discrepancy and why that's an issue. Not been talking about myself.
 
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Lambchops

Striker
We rent out of choice because we have a big family spread across multiple continents so travel and likliehood of living elsewhere are both significant factors in our life and future.

But if you added together over 13 years the multiple trips we've taken to Europe, Africa, India, NZ, and the States, it would still would fall considerably short of the 28k deposit you need for 10% of the average Edinburgh flat price. And if we'd started saving for it in 2008 when we got married, the amount would have incressed year on year. A lot of my friends who do own have been on very good wages for a decade but none of them could have bought within that time without their parents help.

It's the cost of living in the uk that's prohibitive as much as anything tbh, it's expensive to do anything so if you rent or already have a mortgage and want to buy/move it is hard to save and have any semblance of a life on an average salary
That’s exactly what Lamby is saying. You rent because of all your long distance holidays. That works nicely for you.

You have been married for 13 years, presumably renting for 13 years and still haven’t buggered off elsewhere so have doubled a lot of money down the drain when you could’ve cut your cloth, cleaved, bought then made the dream of living elsewhere a lot easier.

Horses for courses though - I wouldn't fancy getting on the property ladder in the uk nowadays - first house I bought there was 36k
 
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sonson

Striker
Says £47 on the first link google showed me
average mobile contract
The first paragraph underlines what multiple people have said- prices are rising in a time when wages aren't. To even stand still you have to constantly make cuts.

The thing to understand is that a mobile phone is not a vanity item, the entirety of social and economic culture is predicated on gabong one now . The second thing is that if you're saving for a deposit of 14k, then spending £27 per month rather than £47 per month will save you ,£324 a year, which as a percentage of your deposit is just over 2%.

Mobile phones aren't the issue.
 
The first paragraph underlines what multiple people have said- prices are rising in a time when wages aren't. To even stand still you have to constantly make cuts.

The thing to understand is that a mobile phone is not a vanity item, the entirety of social and economic culture is predicated on gabong one now . The second thing is that if you're saving for a deposit of 14k, then spending £27 per month rather than £47 per month will save you ,£324 a year, which as a percentage of your deposit is just over 2%.

Mobile phones aren't the issue.
At least you saved yourself a few quid by buying one with a faulty keyboard. ;)

All these savings add up. You seem to think that people are suggesting that if you give up coffee, or got a cheaper mobile, you could afford a deposit.
You don't seem willing to give up any of your lifestyle which is fine, but you can't have it all ways.
I went travelling in my twenties and made other lifestyle choices that meant I couldn't afford a deposit. I realised I couldn't afford the flat I was renting so I moved back home and worked as much overtime as I could get my hands on until I could afford a deposit on one of the cheapest houses I could find. Not the ideal lifestyle but they were the compromises I made.
 

0verlord44

Midfield
Its really not as simple as stay in and spend nowt is it?

inflation around 4%, wages rises are around the 2% mark, at least in my company. That’s a decrease. Fuel, food and energy are at all time highs, and council tax went up massively last year. House prices are ridiculous too. Generalising that all people who are struggling to save must go to the Caribbean every month and have the latest iPhone 18 is wrong. All the people I know who have bought either lived with their parents into their 30’s, or got inheritance

I’m thrifty as owt and always keep excess spending down, and I can see that unless you want to settle for a location you don’t want to live in, or a smaller house than a young family may need, buying is not as appealing as it was, and more difficult than used to be.
 
The first paragraph underlines what multiple people have said- prices are rising in a time when wages aren't. To even stand still you have to constantly make cuts.

The thing to understand is that a mobile phone is not a vanity item, the entirety of social and economic culture is predicated on gabong one now . The second thing is that if you're saving for a deposit of 14k, then spending £27 per month rather than £47 per month will save you ,£324 a year, which as a percentage of your deposit is just over 2%.

Mobile phones aren't the issue.
No, but if saving to put down a deposit is then looking at cutting out Takeaway Coffees, takeaway meals, foreign holidays, having a new car every 4 years, cutting back on nights out, and chopping Sky will all make it easier to do.
BTW my sim only deal with Vodafone gets me 30GB data, unlimited calls and texts and cost me £5.50 a month.
 

Doeboy

Midfield
Few posters on this thread with their head up their arse. Average housing costs have massively outstripped average wages since the 70s/80s so its not exactly a simple matter of stopping in or cutting back on the avocado toast.
I was thinking this like. Me and my lass fortunate enough to earn good money and it was still a massive slog saving 5% deposit while living together and paying rent etc. Can’t imagine how anyone in our situation but on average earnings would manage.
 

AndrewP

Striker
The first paragraph underlines what multiple people have said- prices are rising in a time when wages aren't. To even stand still you have to constantly make cuts.

The thing to understand is that a mobile phone is not a vanity item, the entirety of social and economic culture is predicated on gabong one now . The second thing is that if you're saving for a deposit of 14k, then spending £27 per month rather than £47 per month will save you ,£324 a year, which as a percentage of your deposit is just over 2%.

Mobile phones aren't the issue.
You can buy a good phone for way under £200. You can get a sim with 10gb of data and unlimited calls and texts for £5pm.

If you're skint and struggling to save, yet drop £50 per month on a phone then you're doing sometime wrong.
I was thinking this like. Me and my lass fortunate enough to earn good money and it was still a massive slog saving 5% deposit while living together and paying rent etc. Can’t imagine how anyone in our situation but on average earnings would manage.
You'll have wanted a good wage house to match your good wages. I'm guessing those who earn less will buy somewhere cheaper.
 
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sonson

Striker
You can buy a good phone for way under £200. You can get a sim with 10gb of data and unlimited calls and texts for £5pm.

If you're skint and struggling to save, yet drop £50 per month on a phone then you're doing sometime wrong.

You'll have wanted a good wage house to match your good wages. I'm guessing those who earn less will buy somewhere cheaper.
You're spending £45 a month you don't need to be spending (Which in the sum of saving for a housing deposit is fuck all.) That's literally all there is to be extrapolated from that. Because there's not many essential items where you can still have them provide a function and be like 70% less. A mobile phone is pretty much the one exception where you can.
No, but if saving to put down a deposit is then looking at cutting out Takeaway Coffees, takeaway meals, foreign holidays, having a new car every 4 years, cutting back on nights out, and chopping Sky will all make it easier to do.
BTW my sim only deal with Vodafone gets me 30GB data, unlimited calls and texts and cost me £5.50 a month.
If you've loads of money to buy all that shit then yes of course if you don't spend it on that then you will be able to save it. But in that instance what you have, either way, is someone earning loads of money.

You didn't need to earn loads of money to buy a house in the past 3 decades though. You could start from little, earn not much, and get there over a few years.

You can't now do that in most of the UK.
 
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Once you start renting it’s difficult to get out of that imo. Hard as it is stay at your parents that bit longer and you can buy that much quicker.
 

Hugh Gains

Winger
It’s two fold, on the one hand people spend more than they need on non-necessities but on the other wages have stagnated but cost of living and house prices are going up.

It’s doable but not easy.

In terms of the non-necessities I had a real look at my finances because I couldn’t believe where it was all going. Started a budget and now direct my monthly pay into various pots every month and it’s helped a lot and put things into perspective. Probably the only advice I can give.
 

sonson

Striker
At least you saved yourself a few quid by buying one with a faulty keyboard. ;)

All these savings add up. You seem to think that people are suggesting that if you give up coffee, or got a cheaper mobile, you could afford a deposit.
You don't seem willing to give up any of your lifestyle which is fine, but you can't have it all ways.
I went travelling in my twenties and made other lifestyle choices that meant I couldn't afford a deposit. I realised I couldn't afford the flat I was renting so I moved back home and worked as much overtime as I could get my hands on until I could afford a deposit on one of the cheapest houses I could find. Not the ideal lifestyle but they were the compromises I made.
Savings for things you don't buy in the first place don't add up, as they don't exist :lol:

I've nothing to "give up" as I'm very content and thankful with my circumstances. Its very much a choice and we live very much within our means which is all I've ever wanted up to now.

But I also know that the students who are interning with us just now, let alone my nephews ten years behind them, are going to have so little control and choice over their ability to live compared to previous generations, and I think in the 6th richest country in the work housing insecurity should not be a concern.
 

AndrewP

Striker
You're spending £45 a month you don't need to be spending (Which in the sum of saving for a housing deposit is fuck all.) That's literally all there is to be extrapolated from that. Because there's not many essential items where you can still have them provide a function and be like 70% less. A mobile phone is pretty much the one exception where you can.
It's a mindset thing. If two people blow £1k a year on phones between them, they're never going to save.
You didn't need to earn loads of money to buy a house in the past 3 decades though. You could start from little, earn not much, and get there over a few years.

You can't now do that in most of the UK.

You can still do it in the North East. Minimum wage is circa £18-£19k. Might not be the right time, but it's certainly possible, otherwise nobody would be buying.
 
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sonson

Striker
It's a mindset thing. If two people blow £1k a year on phones between them, they're never going to save.
If they have that money to earn, maybe.

Bit if they have that money- *they have that money*. See my point before. Used to be that if you had a full time job you could expect to be able to comfortably afford somewhere to live where your friends and family were. That was the whole point of work- earn your keep, and where you're kept.

Now 1/4 of people most at risk of homelessness are in full time employment, and if you live somewhere that isn't economically deprived, unless you're wealthy, you basically have to move somewhere away from your life and away from your best chances of ongoing prosperity just to live somewhere affordable. And the country is far wealthier than it was. Its absurd.
 

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