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

RestlessNatives said:
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.
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And also it's not like there's the same number of houses that cost above 240k than there is that cost less than that.
 


Hank Scorpio said:
I do the same mate. In fact, when I set up my retirement plan, I made sure to include that I’d have enough to pay a deposit for both of my kids, as well as a contribution to any wedding plans and some university fees.
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we’ve only got the one, our plan is to save £1k a year till he’s 18, to give him a bit a start in life, whilst also saving money as and when each month until hes settled and ready to buy a house
 
Hank Scorpio said:
I do the same mate. In fact, when I set up my retirement plan, I made sure to include that I’d have enough to pay a deposit for both of my kids, as well as a contribution to any wedding plans and some university fees.
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Got to admit that we’ve been lucky in that respect. I’m an only one so therefore everything comes to me once Ma and Pa Krankie cark it.
We also only have the one so he gets everything from us.
Ma and Pa are mortgage and debt free. We’ve had a few conversations with them regarding inheritance and all that sort of stuff. The upshot being that they’re leaving their house to our son. We don’t need it. We’re not relying on it.
We also have a bank account in our name but used as a savings account for him that will give him a nice little sum. The only stipulation we’ve put on that is he gets it once he’s settled down. Sounds nasty but he’s going to be fairly well off and we don’t want some little gold digging trollop getting her hands on half of it.
In himself he’s doing ok. He has a decent job, earns decent money and is making his way in the world on his own merits. He knows all about what will be coming to him but he’s fairly well grounded.
 
The Krankie Returns said:
Got to admit that we’ve been lucky in that respect. I’m an only one so therefore everything comes to me once Ma and Pa Krankie cark it.
We also only have the one so he gets everything from us.
Ma and Pa are mortgage and debt free. We’ve had a few conversations with them regarding inheritance and all that sort of stuff. The upshot being that they’re leaving their house to our son. We don’t need it. We’re not relying on it.
We also have a bank account in our name but used as a savings account for him that will give him a nice little sum. The only stipulation we’ve put on that is he gets it once he’s settled down. Sounds nasty but he’s going to be fairly well off and we don’t want some little gold digging trollop getting her hands on half of it.
In himself he’s doing ok. He has a decent job, earns decent money and is making his way in the world on his own merits. He knows all about what will be coming to him but he’s fairly well grounded.
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make sure to get the declaration of trust in place, women go crazy when they get a scent of money
 
HellsBells said:
That’s disposable income. There was definitely a couple of peaks but on average, different to today.


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I know, but it also highlights that while houses maybe more expensive, many other things are now much cheaper like electrical goods, food etc. So it's a bit swings & roundabouts really, and this idea that people had it easy in the 70's just isn't the case.
 
AndrewP said:
Lucky kids.
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We did the same
We started saving at her birth for university and she’s just left university with only loans for her tuition fees as we paid the rest but we could only have done that with preparation 20 yrs ago
Anything we get from my parents will be passed onto her too as she needs it more than we do.
it’s helped however by the fact we only have one bairn and she’s nearly 22 now so we have done our ground work to set her up
 
42 said:
I know, but it also highlights that while houses maybe more expensive, many other things are now much cheaper like electrical goods, food etc. So it's a bit swings & roundabouts really, and this idea that people had it easy in the 70's just isn't the case.
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If the argument is that food is much cheaper now, then oldies telling millennials to stop buying avocados and coffee kind of looks a bit silly.
 
42 said:
1) I fail to see how that's a necessity? Just hoying some frozen food in the oven is actually more convenient than takeaways (and a lot cheaper)

2) I think the £4k was meant to be over & above what they were already putting away. Although it's somewhat overstated as as my Sky & netflix combined costs half of what is suggested. Although in the NE £4k deposit can get you a 95% mortgage for a canny starter home

3) depends what you say as previous generation, as those who bought houses prior to mid 80's most certainly did make those kind of sacrifices. My parents made do with deck chairs for their living room furniture. And much of the other household stuff was 2nd hand when they bought their 1st house.
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There is this myth that buying in the seventies / eighties was a piece of piss. Interest rates were staggering in the seventies at around 16%. I know people who bought and just kind of starved themselves and as you say sat on deckchairs. Houses are stupidly priced these days and that needs addressing. But it's never been easy to buy.
 
cornish mackem said:
We did the same
We started saving at her birth for university and she’s just left university with only loans for her tuition fees as we paid the rest but we could only have done that with preparation 20 yrs ago
Anything we get from my parents will be passed onto her too as she needs it more than we do.
it’s helped however by the fact we only have one bairn and she’s nearly 22 now so we have done our ground work to set her up
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Tuition fees alone are nearly £30k-£40k these days.
 
42 said:
I know, but it also highlights that while houses maybe more expensive, many other things are now much cheaper like electrical goods, food etc. So it's a bit swings & roundabouts really, and this idea that people had it easy in the 70's just isn't the case.
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Nobody has said people "had it easy in the 70s"

They said it was easier to buy a house though in the 70s, which it was
zinedine said:
There is this myth that buying in the seventies / eighties was a piece of piss. Interest rates were staggering in the seventies at around 16%. I know people who bought and just kind of starved themselves and as you say sat on deckchairs. Houses are stupidly priced these days and that needs addressing. But it's never been easy to buy.
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I'd rather pay 15% interest on something that cost 3 x my salary than have that thing be 8 x my salary and not even a possibility

Most people would rather have a chance at something, rather than no chance at all
 
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sonson said:
Nobody has said people "had it easy in the 70s"

They said it was easier to buy a house though in the 70s, which it was

I'd rather pay 15% interest on something that cost 3 x my salary than have that thing be 8 x my salary and not even a possibility

Most people would rather have a chance at something, rather than no chance at all
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Many do (not particularly on this post) have this idea that baby boomers had an easy ride & are quite resentful of them.

If everything else is more expensive, then it's harder to save for a house.

It's like the CL v European Cup argument on which I'd the easiest to win.

CL is easier to qualify, but once there the opposition is of higher quality.
Wheras the European Cup had easier opposition but harder to get there in the 1st place.

It's not really harder or easier, just different.

Many things in life that have a positive, often have a negative consequence.
So when the government introduce all the things to help buyers, all it does is push prices up. I can't help but feel that you just see the negative in everything.
 

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