It's just old people doing what they've always done. Shitting on the young whilst forgetting what they used to be like. It's something that will unfortunately never end
Besides my own good parents and grandparents etc who worked hard, saved, lived frugal lives and knew real hardships, most people these days - including the elderly - are quims of the highest order. I found out this directly even more during Covid, the selfish coffin dodgers.
To be fair, these old timers are absolutely right. I didn't buy a £5 coffee today and, would you believe it, I came home to find £34,000 in my bank account for a house deposit.
It's jokes like these that don't help things. You should pick yourself up by your bootstraps and do what my parents did. Scrimp and save hard to buy a council house at a 90% discount.
@ £5 a day, you would need to forego over 18 and a half years of daily coffee to make that deposit... It's not even bad maths on their part, its willful ignorance!
The average house price in the UK is £300,000. That's 9 times the average salary. When I bought a house 30 years ago, a house cost 3 times the average salary. Skipping a few costa coffees is not gonna bridge that huge gap. Wages in the last 30 years have gone up 20%. House prices have gone up 400 to 500%.
Brought my house in 2015 for £150,000, me and the Mrs saved like crazy but it was within reach.Now houses on my street are about £210,000 to £220,000.I want my house to stay the same price I brought it at.At least give the young generation a chance to buy.
Agree the asset price/annual wage has widened all across the West. Do you think big financiers like Black Rock buying residential houses over the past 10 years has helped?
I stopped buying £5 coffee years ago, don't smoke, and don't drink alcohol. believe it or not, I still don't have a deposit for a house. I think the older woman who sold her home for £600k is really switched on and upto date on the real situation in this country.
As if £5 a day is going to make all the difference. So out of touch sure if you're saving best not waste money on Costa but when its a marthons distance out of reach cutting 5% of the distance doesn't help much its still really hard.
@@gravemind6536 well, 5 a day, 50 in 10 days, 500 in 100 days, 1825 a year, 9125 in 5 years, 18250 in 10 years. every saving you make is money you have later. best way to save up money is learning to cook and never buying anything you dont need.
@@mandi3891 Yep, you have to put in mad work in a decent paying job whilst maintaining low outgoings usually whilst living with parents. Thats the only way I've managed to get there and a meal deal or some fast food in town didn't stop me. My relentless work ethic did and my Mums support letting me live at home for a very low price.
Back in 1981, as a 19 year old hospital technician, I was able to buy my own home with a mortgage that was two times my salary. Fast forward to 2024 and my son, an academic at Oxford, has professional colleagues who can only afford to rent a room in a shared house. My son has only been able to buy an apartment because we helped him.
Your son should of been saving for his future whilst living at your gaff and if he had a decent side job would have easily been able to save and work his way up the ladder
@@HarleyN93 It's wild that we live in one of the most developed countries in the world and we are having to suggest that academics at the top universities live with their mam. Back in 1981 this person could support themselves on a high-school level education. Now we can't even do it with a postgrad-level education. Understand that career progression for a lot of people isn't about money, the idea of delaying the personal and academic development that university offers just to save up some money is unthinkable to many. You also have to consider human factors like mental health -- it can be damaging to remain couped up at home as a young adult, even if it is economically more sensible. There's also a massive push at schools do get kids sent out to universities ASAP from A-Levels, which means a lot of kids feel like failures leaving school if they are having to work a job while their peers are partying and enjoying themselves.
He chose to work in Oxford right? I have £250k cash from house sale and I would still not choose Oxford, I would go somewhere a bit cheaper like Gloucester or Milton Keynes.
The lovely woman at 4:52 in navy coat and scarf who commented on young people, especially single parents "who don't have avocado on toast, they would be lucky to afford a piece of toast" is spot on. Every question she answered and comment she made, was well measured and compassionate, fabulous woman ❤
What on earth are you talking about 😂 you must be perfect lmao. This system doesn't have to be like this, where if your circumstances don't fit it you suffer? Don't you see how wrong that is? Smh @@HibeeMcbee
This woman saying that years ago, people had to save their money to afford a deposit, immediately after saying that she only got her first home because her mother passed away. It's absolutely mind boggling.
@@gio-oz8gf can you get a loan for salary under 60k plus 130 k deposit.get in real world looney right live on planet brainwashed. Eat lies and put on their blinkers to real life.
in the 60s my dad bought their house brand new on an apprentice's wage. you would need to be earning 60k+ to buy that now now. too many boomers dont grasp this.
Interesting…You have the first part of that equation…So why didn’t you add in the second and probably more important part. The part that tells you that we don’t just measure with inflation. You also factor in average wage vs average cost of living. If you had done that you would of realized that the average wage against cost of living has had a steep drop. You can also match the years this started happening in relevance to home ownership.
It's nice to hear some older people understanding the difficulties faced by younger people. Cutting out the few things that bring some joy in life because it costs £5 or however much every now and again is asinine and indicates how some of these older people can't see past their nose when it comes to wages and the cost of life the moment. The lady in the dark blue quilted coat has a really good understanding of what's happening as well, especially when it comes to the whole "just get a better paying job." There aren't enough jobs out there that don't pay the absolute minimum they can get away with. And the minimum wage isn't enough to get by.
His comment about short term thinking is spot on. Even when one party in power for 14years they are planning long term but till the next general election. The other impact on planning had been Brexit. Irrespective of how people voted the amount of time spent on the subject has been enormous. Cameron comes to power and wants to renegotiate existing EU terms which they EU said anything material will not happen, this then throws us into a referendum and Cameron stands down, May tries to deliver the undeliverable, then Johnson promises something that in reality was not an oven ready deal, and Sunak was trying to repair EU relationship over the Northern Ireland Agreement. The sheer amount of wasted time to achieve what? Yet other problems like housing, renting, NHS, schools etc. are not dealt with….
I work 40 hours a week for £20k. I don't run a car or ever get coffee, let alone eat out. It is still mathematically impossible for me to ever afford a deposit on a house. These people don't have a clue.
@@Harv16498actually check you math, 40hr week, 48 weeks, 20k is about 10.5. Thanks though I now know how to do this maths. You half had me convinced I was close to minimum wage.
Things were more affordable back then, these baby boomers getting on the property ladder, they have had the best life and could very easily get on the property ladder, seems like we've left with the crumbs, I don't buy many Costa coffee maybe once a fortnight, its bills and food shopping etc , iam having to build up from losing everything and I want a car to open up doors for eventual employment etc, I can't see it happening though
Most spoilt generation, most ignorant, most racist, on average a baby boomer has taken a net minus a quarter of a million pounds from society, only ones who have a fantastic pension, most homophonic, a house in 1971 cost just over a years average salary, today it's 10 X average wage,they destroyed the planet and left us Fxxx all... I hate Conservative baby boomers... Move over and let the world repair...
@@angelofchrist4494Have you thought about researching for a room in a private house with the house owner present? Many are advertising and competing by lowering rents and benefits to win over a lodger! I realise if you currently have your own independence it may not sound appealing, but can certainly help with savings and you may find a nice place and person to stay?
Another option is buying a property with another person or even two other individuals which Is now allowed by law! If only 3 names were on the Mortgage and you may want a 3 bed property! Usually, at least one bedroom is the largest, but arrangements can be adjusted to suit all! OR even X 3 Sets of Couples but only 1 from each couple is named on the he mortgage!
Please protect the lady with the navy coat and blue scarf. She gives me hope that there are older generations out there that do understand our situation.
@@OliverTurnerMScwhat did Labour do between 97 and 2010 to make housing affordable? Blair invested in property and presided over the longest and largest housing boom imaginable. All the b*starts in blue did was continue the same strategy. Both parties have been equally terrible.
Just the same as younger people being clueless, only difference is the subscribers on this channel treat old people as one big monolith but young people all have their own thoughts.
@@MrHennoGarvie I hope you can see the irony in your just having depicted the subscribers to this channel as a homogeneous mass. I think the point you might have been making is that some people can be more thoughtful or insightful than others, regardless of their age. If so, then I agree with you.
Yeah stop interviewing all the based boomers who have a heart and a brain, interview some batshit senile old salty fools who pulled up the ladder after buying their house in cash on an apprentice chimney sweep wage by age 9.
We bought a house in 1983, it was 12k. I was 18 and factory worker and my husband to be a decorator age 21. Neither on top wages. We were still able to eat well, dress well, have a modest social life etc. Things are not that damn easy these days. All our friends could buy a home. I feel terrible about the world we've left, I'm Gen X and we should bloody pray we stay 'forgotten'! Stopping drinking coffee and saving up from a pittance wage is NOT going to make any difference. Only a fool or the wilfully ignorant could think it.
That is wild in my mind. I’m a doctor, a traditionally middle class profession, with my current projections (including that my parents kindly let me live at home) I will be able to afford a 1 bedroom flat just before I turn 30. My parents were on their 3rd property jump in the ladder with children at 30!
It's no generation's fault except for the people in the economic establishment. It's absolutely sick how channels like have got different age groups at each other's throats
@@madoldbatwoman Your narcissism then. "You" don't have anything to feel terrible about since you're not responsible. We live in countries where neoliberal economics rule - that's the root issue. The power of international markets over our countries is such that democratically elected governments are constrained in numerous ways. That's the fault of the people who benefit from that For you to blame an elderly person who's comments have been edited by a channel with an axe to grind says more about you than it does them
@@OnlineEnglish-wl5rp I’m not sure I’d say people are at each other’s throats but we must address the issues. We need to talk it about and we shouldn’t ignore it. A lot of the frustration comes from the perceived wilful ignorance because not buying a coffee a couple of times a week isn’t going to get you anywhere near what you need for a deposit. But enough people are shut off to the issue as they perceive people aren’t “trying” hard enough then the people who are able to change it aren’t going to do anything as it’s not a priority for enough people for them to bother.
My ex landlord owns over a 200 houses. He bought them back in the 80's when housing was cheap. Now he rents them all out. He's a multi millionaire and flies around in a helicopter. There should be a limit to how many houses people can buy to rent.
@@andyscottow2250 the same people that take 30% of my salary every month, who else?. Maybe if they took 30% of the rent I pay my landlord they could build some cheap housing, better roads, some hospitals and some schools or something? The downside is there would be a few less billionaires in helicopters flying so maybe you're right..
My sister is considered a key worker. She earned £35k in 2014. Tried to get a mortgage, and couldn’t because the deposit was too high. But she couldn’t save up more because of rent. In the end, she moved abroad to various countries to teach. Free accommodation and was able to save up enough to come home 5 years later and get a deposit. The fact she had to do this, as a key worker as well, was and is ridiculous.
@@harry508 alas she was stuck in China lockdown, and some parts in the hospital which was basically a prison. She had had enough by the time china opened up again.
@@ennbee2051 You earn £21,000, then your mortgage would cap at about £94,500. For that, you can't even buy a 1 bedroom flat in half the country. The average first home is closing in on £300,000. So unless you happen to also save a casual £200,000, your mortgage is literally meaningless to most people who don't live in squalor.
It’s absolutely wrong. There’s a major housing shortage in many areas of the developed world, and not drinking expensive coffee does nothing to change that. It’s basic supply and demand
@@MrMagicMertit's absolutely wrong. House prices have skyrocketed faster than wage rises for years. Childcare is expensive & more people have student debt thanks to tuition fees. It's not feelings it is empirical facts.
I have takeout once a week. I realised it adds up to almost £1000 a year. I decided to cut down to once every 2 weeks. I can't imagine 3 days a week or everyday. It's not wrong to say people live above their means.
@@blahbleh5671nor is it wrong to conclude that £1,000 per year isn't going to give you a massive leg up climbing the property ladder. Which is the point of the discussion, not "I am able to cut my expenses and can therefore fantasise about other people who overspend."
I have paid over £50,000 in rent to the same landlord and he refuses to fork out for even the most basic of improvements to the house we rent from him. He has never even seen the house we lets to use, and has never once been to the property. Millionaire with loads of properties treating his tenants like assets. We are trapped with high cost of rent unable to save, both earning well but still trapped, service the mortgage for a millionaire. Something needs to be done.
Something needs to be done, but by who? I dont know if you realise but our so-called representatives in Parliament are in the same boat as your landlord, so why would they change course? It works for them which is exactly why nothing is ever done about this. It's not a bug, it's a feature. It's a big club and we ain't in it.
The property is an Asset,Good Tenants are hard to find,If the rent is paid on time,You should look after your Tenant and Treat them respectfully,Maintenance of the property should be dealt with,There are Bad Tenants and Bad landlords remember this.
What you don't realize, is that you still saved 30 % to 60 % from a landlord who takes good care of his homes. Like in Belgium, people spend even more of their income on homes.
That old lady is a legend. Smart and understanding of real world issues and situations. Government are to blame - there is no concrete plan for social housing anymore!
To achieve social housing, the government will need to tax everyone more and still not be able to house everyone. The days the British government pillaged the rest of the world to build council houses is over.
Someone deleted my comment, no one wants to drink coffee, it’s not the government job to house people. In 3rd world countries, every houses themselves.
not really the ones who were the most clueless were the ones without their own houses. So its like they started with 10x and still lost but are more interested in what the daily mail has to say about others who lsot
Lottery of birth. The solution is to introduce a rule that caps someone's wealth when it hits a certain level. It exists in reality, it's called taxes and for whatever reason (greed, corruption probably) it's not implemented well in most countries.
@@harrismazari5484@MrMagicMert Who on a minimum wage is goner be able to Save more then maybe 4 or 5 k a year though? With current prices. So in 10 years you have 50k u need about 250k or 300k. So that's around 50 years it will take you if you save 5k a year and most people can't even do that. Say someones starts at 20 they will be seventy b4 ever owning there house.
@@thetruth9210 She destroyed whole swathes of our industries and sold the rest of to her buddies. Industries which took centuries to build up so they're not going to appear overnight - even with the money and will to bring them back.
Lol why do you think this is just in the UK 😂 it's an inevitable consequence of capitalism, which is founded on the idea that the state should regulate the system and try to avoid monopoly, but this doesn't happen because OMG THAT'S COMMUNISM and that's why we have people who have zero houses and people who own 7
The way that the older generation try to put blame on younger people for the hospital pass they’ve handed us is laughable. Cancelling Netflix, buying coffee, takeaways, avocado etc! The fact they can’t get away from is that we’re the first generation in history to experience a tougher life than our parents, especially when it comes to having a roof over our heads. It’s shameful
those ordinary people in the 70's who bought their council house with big discount from our former dear leader Maggie Thatcher, mostly did ok, but like anything there is always a hidden price to pay, and the young of today are paying it!
@@tonivaripati5951 that and these are the same people who complain about house building. Nobody is talking about this - that generation not only bought all the housing stock, they now sit in positions of power in various village and town councils, merrily rejecting mass house building projects. All because it will mean that one field in their town where they used to play as a kid will have houses on it. The end result is NIMBYs reducing the supply, meanwhile pumping kids out, pushing demand up which ultimately leads to higher prices.
Remember these are the people who aren't hiding the fact that their house is empty. How many more are sitting empty but obfuscated and hidden for tax/personal reasons.
“They don’t have avocado on toast. They’re probably lucky to get a _piece_ of toast.” Well done that lady. Compare to “What are you paying for a cup of coffee? A fiver? Whatever, I don’t know.” No mate; you don’t.
@@AdamBuckley1964Takeaway coffee for me is from McDonalds. Less than two quid for a large, but then again I don’t go for syrups, whipped cream etc. McDonald’s coffee is actually quite good for the price.
The guy at 6:13 is spot on. Why should we have to spend almost our whole working lives eating beans on toast and drinking water, not having a life, not having kids (can't raise them in a flatshare), and missing out on any kind of meaningful experiences? We live in a first world country in the 21st Century. What's the point of capitalism if it's led us here?
From my experience, the Capitalist would most likely respond to yoyr comment by saying that in reality our system isnt a truely capitalist or ffree market economy; the rising influences if figures like keynes and the like are usually blamed. How would you respond?
It's getting to the point where it's no longer a young person problem. My wife and I and many of our peers are approaching 40 years old and STILL have very little hope of buying a house.
Its been a young person problem for so long that those young people are now coming towards middle age... The problem some of the older generation seem to really struggle with is the idea that just because youngsters are spending more money on luxuries, doesn't mean they not absolutely screwed. My parents are a good example. They never spent a penny they didn't have to on things when we were younger. We didn't have takeaways, my dad took lunch to work every day and cycled and my mum was part time as a hairdresser. They have both retired, my mum with barely a state pension and my dad with an alright pension from his government job and his state pension as well now. They own their house outright which is worth probably £400k (bought for £20k, ex-council) and they go on holiday for probably 3 months of the year. My dad retired about 5 years early as well. By any stretch of the imagination, someone in the current times with a single income household and 2 kids would have an utterly miserable time of things. They would be lucky to retire at retirement age and they wouldn't have a house, let alone an expensive one. Their retirement would be meagre. You're rewards for hard work and frugality in the past were massive for most people who weren't desperately unlucky. Your reward for hard work and frugality in an average job are now miserable.
I've known since I was about 20 that I'd be waiting until my dad pops his cloggs before I can buy my own house. I'm 40 now, only have to wait another 20+ years...
But, you are at the age where you are qualified and have plenty of work experience, and there are affordable houses in different parts of the country. You could move anywhere, and would also bring valuable experience with you.
Totes, tbh I cant stand coffee would rather have a cuppa tea but I do that at home, and I don't like avacados and I dont pay for any subscription services, wheres my home? So out of touch thinking these trivialities would make the difference in someone being able to afford a property...
Pefect example of "we're so into shorterism its frightening" and I don't think any of them said that neither. Most realised why there was a problem, but you keep sticking with someone over a certain age has it easy.....remember when those people bought a house for 10 thousand the previous generation bought a house for 2 thousand. Its nothing new.
house prices boomed under blair and brown's light touch regulation to such an extent that it brought the banks down. admittedly, cheered on every single year and every single step of the way by the tories - that goes without saying. when the banks collapsed idiotic house prices were heading for the ground and when the banks were bailed out idiotic house prices were preserved - all thanks to labour.
Drinking £5 pound coffee each day for 16 years and I can afford average house deposit of £30000, thanks gradpa! ...but then average house price increase is £17000 a year , then there is a stamp duty, report survey costs, solicitor costs, moving in, furniture ...so yeah if I don't drink £5 coffee for 50 years I'll get on that property ladder
It’s not just the coffee it the whole attitude. To spending desire vs need. 11:58 Coffee twice at work (5x5x52) 3 deliveroos (3x20x52) Buying work lunch (10x5x52) I saved £7020 by not being a lazy pig, before actually trying to save. That’s £7k bonus by doing nothing.
My partner and I are both immigrants. We rented 1 bedroom flat for 10 years and prior to that I rented a room in shared house. I used to buy a coffee a day for £2.5, we never had take aways and I bought my lunch maybe once a month. It took us 10 years to save deposit for house , every year prices jumped by £10,000 it was like a dog chasing its tail...so no, saving let say £600 a year was not a miraculous saving grace. My lovely parents gave me some money which eventually led to buying a house. And there are tons of other expenses associated with buying house not just deposit.... solicitor fee, repair fee, moving fee, survey fee, stamp duty for first time buyers was eye watering £6000!!! We bought a house but it needs tons of work and price of labour is absolutely ridiculous. It's much harder than previous generations had it!
@@jackieOAT its not about wether its harder or not mate. people just like to cry but the more they cry the less they change about theire situation. it is a fact that bad spending habits in western civilization is one of the biggest problems right now. yes it sucks that houses cost more, but instead of whinning about it people need to do something to achieve it anyway. the biggest way to success is learning how to reduce spending and increasing income. sitting around thinking about how unfair life is doesnt do either one of those things.
I came from a working class background, bought my first house in 1992 for £78.0000 sold it ten years later for £370.000 as we had the advantage of cheap mortgages and interest rates, accessible dental care, low hospital waiting lists, good schools etc and so did my parents have even better advantages. My eldest daughter rents a two up two down with her partner for £1500 a month in the south east. People who say it was more difficult back then are lying or deluded. Things are ten times worse now, and I’d be happy to pay more tax or have a cut to the value of my house to help younger people get on the housing ladder. And I’d support a party that put real effort into building much more affordable housing but I know this current lot wouldn’t do that as mass house building would lower house prices in Tory areas and we can’t have that now, can we?
Talking nonsense. The 90's were expensive mortgages and high interest rates. If you could afford a £78k house in 1992 then you were in the upper middle classes. Millenials have had access to the cheapest rates ever with modern monetary theory. NHS only came along in the 50's and it was beyond terrible. The vast majority of schools were crap post war and nowhere near the standard of todays schools. Technology and modern medicene is a milliion times better.
@@PaulWilkinson-o1e high interest rates were massively offset by the MIRAS scheme meaning you could get income tax relief if you had a mortgage. It would help young people enormously these days if reintroduced.
Just do the maths yourself. Just try paying 15% on the current average property price of £280k. I am sure it will a shoe box not enough for a family to live in. For that you would have to pay £3300 that is if you can manage a 10% deposit. Please refrain from ridiculous comments like rates were worse while you stay in a mortgage free house. The fact is house prices are 10 times average prices and it is unaffordable.@@PaulWilkinson-o1e
I’m 29 and I live in north Norfolk. Everything that that woman said about young people having nothing to do, no opportunities, and the general vibe of there being no chance is real. I have 2 degrees (with debt ofc), I rent, I work in a job that pays me less than 27k a year and feel stuck. The issue is so wide spread (nationally) and it’s about wages, ridiculous rent prices and house prices, cost of living crisis and so much more. I’m lucky compared to most, but it would take me around 5 years to get any sort of deposit right now…
Perhaps your expectations are a bit too high though. I've just left a local authority job, at age 61, that paid less than £27,000pa, and I have 3 degrees and a lifetime of career experience. Fortunes go up and down in life, and we just have to make what changes we can. There seems to be a mismatch between expectations and reality for many younger people. You are young, and can make all sorts of changes in your life that can improve your circumstances. You don't have to stay in north Norfolk, for a start!
@@amandahunter4034 Your £27k in 1980 is now the equivalent of over £140k .... Value of £27,000 from 1980 to 2024 £27,000 in 1980 is equivalent in purchasing power to about £145,099.28 today, an increase of £118,099.28 over 44 years. The pound had an average inflation rate of 3.90% per year between 1980 and today, producing a cumulative price increase of 437.40%. This means that today's prices are 5.37 times as high as average prices since 1980, according to the Office for National Statistics composite price index. A pound today only buys 18.608% of what it could buy back then. The inflation rate in 1980 was 17.99%. The current inflation rate compared to last year is now 3.90%. If this number holds, £27,000 today will be equivalent in buying power to £28,053.00 next year. You had 20 years of wages with purchasing power before now, I've had 20 years of stagnate wages and exploding prices
@@jungleboy1 National Min wage is due to increase to £11.44/hr. Based on a 40 hr week and 52 full weeks work you still don't break £24k/hr. Doesn't sound right but it is in fact the case
My mother bought her house for 23k working part time at sainsburys as a cashier and being a single mother with 3 kids, it's a 3 bed terraced house in a small northern town, its now valued at over 220k. I'm 30 years old and worked as an engineer for most of my twenties and unless i split the bill with a partner or get a roommate i will never be able to afford a place of my own. This is what was stolen from us, my mother had her own home at 21 years old working a "non skilled" job with only the qualifications she got from school, meanwhile i have a degree, have a far better job and am stuck in the cycle of living almost penny-less paycheck to paycheck, i haven't been able to treat myself to a holiday or anything luxurious in over 6 years, and no its not because i'm buying avacado toast and coffee everyday for £20 from some poncey cafe. I don't smoke/vape, i don't drink, i don't gamble, i don't buy top brand clothes, i enjoy simple pleasures like long distance running and cycling/hiking (generally inexpensive hobbies) i am a typical saver, don't have a credit card and never have and even i am struggling. It all just feels so pointless i want to scream. what is the point in working non stop 50 hours a week just to never be able to escape the rat race and retire when your body is too broken to enjoy the little time you have left before the grave. I'm so tired of it all and every year it just seems more and more bleak.
Have you considered moving abroad? I am an engineer and I am thinking of saying fuck this country and moving away, it’s family ties that have kept me here. Engineers are paid like shit in this country although the IET are always saying there is a shortage of engineers in the UK and blaming the government whilst engineering companies pay shit wages.
If as an engineer for the last 10 years you have not been able to save a penny for a deposit on the wages you would be earning working 50 hours a week whilst do literally nothing to spend any money then you are a liar. Cut your cloth to suit.
@@markdraycott3974 I'm not absolutely destitute but i certainly don't ever seem to have any disposable income to actually enjoy life with, everytime i have a bit of a nest egg saved up something seems to happen like the car can't pass it's MOT and it's get a new one or dump all my savings into fixing that one so i can continue to go to work to live and continue the cycle of being a worker drone and not really living. I want to work so i can live, not live so i can work. is that such a crazy thing to want? we live in one of the most affluent countries in the world, it shouldn't be this hard. The next election is looking like a landslide for a labor government so hopefully things will improve but to fix the economy will take many more than 4 years i fear.
6:10 the best description of life on this video. You can't throw away the best years of your life just so you can hopefully afford a house 20 years from now.
Well some of that was infuriating as you might expect, but it was lovely to see the lady who had sold her house with 2 acres of land being equally baffled about the value increase since she bought it. She seemed acutely aware of the issues that young people face and knows that it's very little to do with coffee, avocados and takeaway food!
She was shocked as to how crazy the housing market is@@sirrebelpaulc3439, which I thought was refreshing to hear, rather than some from the older generation who say that young people just need to work hard and save up their pennies.
There is nothing baffling about it. She wanted to sell and some greedy prick estate agent told her she can get £650k for her house and instead of being a decent human and thinking that's far to much and she doesn't need £650k because she has no mortgage on it. She happily took the money and upped the prices more. And there was actually some stupid prick willing to pay that amount because that 2 acre garden will soon become a new housing development and they never cared about the original house. Its almost impossible to find a decent little house with land now because every dickhead boomer has sold the gardens of for building on. This entire problem comes down to greedy estate agents pushing up more prices and developers buying houses to ruin and build on the gardens. I had great fun pissing of estate agents when I was looking at houses because they couldn't answer any of my questions, they know fuck all about the buildings they are selling and they talk shit. I embarrassed plenty of them. I'm mortgage free at 36 and I have done it because I don't listen to other people who are trying to earn money from me.
That coffee talking point is fucking infuriating, i don't even drink coffee. why don't they say the price of coffee should be reduced. so young people can enjoy their coffee and have an easier time saving. they won't say that. because they're happy to be complicit in this bullshit system because it benefits them
We can enjoy coffee, I take an aeropress and flask of hot water to work everyday, whilst guys I work with will pay £4 for a coffee and spend 15mins to go and get said coffee.
@@bobaverage Even if you buy a coffee at £5 a day, over a year that only equates to under two grand Which is f all for a house deposit. Yeah in ten years you’d have under 20 grand which still wouldn’t be enough for a deposit on a house or flat in most places. So this is a rubbish argument from those old timers However* Your point is a good one and I can agree that taking your own food and drink to work is a great money saver 👍🏼
@poyzer No pal, not at all just pointing out the bleeding obvious which you are clearly too thick to see. 😂 This affects everyone even you! I’ve done really well over the last 40 years had 4 properties and only another 5 years to go before a nice retirement with job related pension. 👍🏼 enjoy the rest of your life 😘
Some pretty reasonable points of view by the folk of North Norfolk. Just frustrating to hear the army fella say there's not enough houses and not enough money when there's approximately a million properties vacant in England and there's recently been the PPE scandal and countless examples of companies posting record profits during a cost of living crisis.
@@lilygaming_ Sure, we need to build more council houses. But there are also around 257,000 so-called 'second homes' or 'furnished empties’ according to the Action on Empty Homes website. It’s not enough to simply build more assets for landlords and investors to snap up.
@@user-ue6iv2rd1n I don't get taxed at all cause I don't own any empty properties. But thanks for informing me of this, I can sleep easy tonight now you've enlightened me. Quick question, do you really think paying up to four times the amount on council tax each year is something the top 1% even notice? cheers
Yeah just last week I spend £34,000 in Starbucks and thought, "house? Naaaahhhhh. I much prefer to gain zero equity and spaff money direct into the bank account of a private landlord." The ratio of house prices versus average incomes is now about 8.5 times, a situation that's worse than any time since 1876. But yeah, I think it's definitely my fault that I spend my pittance on having minor joys in my life like food and a telly.
well it is! don't forget this generation got up at 3am to work 100 hours a day and never drank/smoked/bought a nice car/socialised in any way so they could save, like the responsible people that they are.
There are a lot of workaholic old timers. They wake up like 4am in the morning, prepare their own breakfast and food for lunch, commute to office via public transport, don't really care what's the latest fashion etc. Meanwhile, there's a lot of youngsters waking up late in the morning, no time to cook so they'll order takeout breakfast, coffee, lunch, ride a cab to work, online shopping during breaks. Not to mention eating out for dinner once or couples of times a week. Subscribed to a phone plan, streaming services etc. I'm a millennial and I'm guilty that sometimes I spend more than what's necessary but I've seen youngsters with very wild spending habits.
@@louieg7676 it's always been the prerogative of the young to have fun, but the majority of teachers, nurses, social workers etc are people in their 20s-40s, not "old timers" and they work their asses off. But it's no surprise that depression is on the rise, what's it all for? Once you could work hard but when your shift was up you would go back to your home. Now you don't, you go back to a tiny rental that you don't own and never will, you don't cook because you're tired and your rental kitchen is crap and you are expected to be available for work on your device at all hours of the day and night, and at the end of the day there's not light at the end of the professional tunnel. A lot of the situation younger people are in is due to decisions that have been made at a policy level for the last 3 decades, but they're masking them with the usual bs "young people are lazy"
@@Paul-yk3qw My comment didn't really mean or imply that people in their 20s-40s are lazy as you were saying, but it is more of a comparison of lifestyle. Old timers or old people had their time in the sun. They were once young and adventurous but most of the ones you see owning houses (except for those who were born rich) lived a somewhat frugal lifestyle while they were earning during their younger years. They had no internet bills, no phone plans, no streaming services and other subscriptions to pay. They made their own lunches and coffee (or at least buy an inexpensive cup of coffee, nothing fancy). Meanwhile, younger people of today's generation are bogged down by bills, some of which are just for convenience. Internet plans, phone plans, streaming services (netflix, disney+, hulu, spotify, YT premium etc.), fancier drinks, takeout lunches etc. Almost everyone is trying to sell some subscription-based service or promote a trendy lifestyle through influencers. Heck, you even need to pour money if you're using dating apps if you want better results. You can just shop through your phone.These bills eat away a certain percentage of your income. We're living in a highly commercialized society and younger people are more inclined to handover their hard-earned money just to be up to date.
@@louieg7676 yeah, young people these days really dont understand that its about them not about the world. the only person that can decrease spending and increase income is yourself.
I bought my first place in 1998. It was easy, i was an apprentice welder and saved the £3000 deposit in less than a year. Even after the mortgage, i could still afford a car and two nights drinking. It is so much harder (imposdible) for young people now
Nicely put Steve, I mainly hear that apparently it wasn’t easy in your day, but of course we know that it was! So thanks! My wife’s parents were given a house without the need for a deposit in the late 90s!
Ive noticed that since Thatcher and the Big Bang in the City houses and flats etc have become mere commodities. That plus the posh boys that run Britain means that things can only get worse unless we get rid of the posh boys and get some Socialism in the works.
@@Bringon-dw8dxprobably spends too much and was determined by the bank not to be able to service the loan. It's not just about what you earn, but where the money goes once it's in your hands.
My wife and I bought a house for 27,500 a year ago with a 110% mortgage at a fixed rate of 2.5% for the full duration of the mortgage (15 years). Before you ask we left England shortly after the referendum and now live in France. From everything I see since Brexit we definitely did the right thing.
A cup of coffee 7 days a week is 150 dollars a month. Which is 1800 a year you can save which if you saved for 12 years is 21,600. Which if you did that for another 12 years which would 43,200. So in 22 years of saving coffee money you cant afford a house still. So 1 year of coffee money is 1 month of rent.....with room mates
Hmmm yeah but the older generation, particularly men, had tjeir own habits. Hitting the pub after work weeknights, smoking etc. every generation has its vices.
You could get drunk down the pub on a pound back then. If things were equivalent cost now, we would be able to get drunk for a tenner. It's not just that things have inflated, they are more expensive relatively too.
Rent in Los Angeles = $1600/m Daily coffee = (5x30)= $150/m Coffee cost everyday for an entire year = $1,825 Average single family house cost in LA = 1.2 million (2024) Down payment @20% = $240,000 Down payment in years of coffee = 131 Down payment In years of coffee with avocado toast = 50 Yo bro, just like, grind harder bro … … …
If the coffee and avocado toast cost $20, you would save $7300/year. Invest that in an S &P 500 index fund at 11%. In 15 years, you'll have $251,159.12. I'll bet you could find a whole lot more money that you piss away- Doordash, Amazon, subscriptions, iPhones, etc. It all adds up. Also, the avg price in LA is under $1M, and you don't have to buy avg or higher- buy something well below avg in cosr
For me, buying a cup of coffee is the new " going out". In my teens, 20s and 30s it was still common to go to the pub with your mates, 2x a week, and a club for dancing at least once a month. By the Millennium that was getting less affordable, now the clubs are mostly gone. I'm over 50, never a big earner, now all my simple pleasures are gone bar a coffee out less than once a week. The sooner the younger generation realise this nation is kaput and make alternative plans for themselves the better. Short of a revolution, community self build, community land trusts, living in a caravan or investing in a derelict place with your mates are the few options available to get out of paying high rent the rest of your life.
I dunno, I stopped buying a £5 cup of coffee a day, and after a few measly 19 years, wouldn't you know, I had that £34,000 deposit. Now of course, by the time you'd save that £34,000 it'd still have just been eroded by inflation and house price increases, but that little factor doesn't really matter.
@@bertiewooster3326 I did. That's why it's still not enough. As I said, that would take about 19 years. Here's the problem; presuming you started at 18, you'd then be 37. And inflation and house price increases would've eroded all value of the deposit away. Look at 19 years ago, house prices have over doubled since then. This is also not acknowledging that people don't buy a £5 coffee a day, and that coffee isn't £5 either.
@@Patrick-y4d1z I appreciate that it is difficult but the only advice I give younger folk is.... Live with your parents and save save work work..... don't get married young...... don't under any circumstances have kids ...the latter will bugger up any chance you may have to get on the housing ladder.
The last guy to speak, interviewed with whom I assume was his wife, had it spot on. He didn't do soundbites or trite phrases picked up from the media; he'd thought it through and gave a pretty good summary of the situation that showed insight and empathy.
Funnily enough, I take coffee or tea with me to work because I can't afford to pay for take away coffee. These old people are clueless, much like the millionaires who govern over us. Even saving ten thousand for a deposit means you'll need to pay rent. As for 'affordable housing' you need around 20-30k deposit. For someone on a well-paid job (40k+ a year living with parents) that is still likely a 3-5 year mission. Introduce health problems, children, pets, and unexpected incidents and that timeframe creeps upwards. This is without including savings for furniture, etc... no wonder people on good jobs can still go into their 30s living with parents having lived a frugal life of saving! No wonder some young people think F&ck it and buy that coffee.
People forget the deposit is literally step 1 before signing your life away to a 200,000 self-enslavement contract all for a mediocre house on a mediocre street in a mediocre neighbourhood.
sounds like girl math: "If you make £40,000 a year living in United Kingdom, you will be taxed £9,119. That means that your net pay will be £30,881 per year" so 30881/year*5 years= 154 405. according to you, you need 20 000 as a deposit, which means you have 134 405 left / 5 years = 26 881 per year left, or 2 240/month. so your not paying rent, since youre living with your parents... what are you spending 2240/month on? it cant be just essentials. there are a lot of coffees in there...
@@MrNukedawhales Oh, hold on, the edgy libertarian teen who has never actually had to work and pay their own way yet somehow is a financial expert has logged on.
The last guy, what he said was absolutely correct. It will take decades to fix the housing market and it needs cross party support to fix it. We're too short sighted in this country.
Doesn't help that the whole country is tribal and treat politics like it's X factor or big brother, or simply voting against their own interests to spite others. All coloured rosettes are essentially the same once in power. You'd have to be a lying narcissist to even get in that game.
£5 coffees... do me a favour! I don't drink coffee. I don't run a car. My phone is as basic as I can get and most of my clothes are several years old and starting to fall apart. I work full time in a warehouse, I take home approximately £1,600 per month. I rent privately. When I moved in, 2022, rent was £825 a month. Its now £950. THAT is the problem. THAT is why so many of us are struggling. Its got naff all to do with coffees I don't buy and everything to do with living costs increasing beyond worker's wages.
Amen to that. I’m on roughly the same wage and just like you, I don’t drink coffee, eat avocado or drive. My rent is £1050 per month (I’m not in London) and that doesn’t include any other bills like council tax and electricity. My bus pass alone (to get me to work) is £80 a month. How am I meant to save for a housing deposit?
@@Celandines Aye, and something else so rarely considered by the folks who just tell us to stop spending on anything but the barest of essentials... how does a capitalist consumer economy, such as ours, continue to function when less and less people are actually able to "consume"? I'm no economist but I'd imagine it simply doesn't.
Yup!! when I lived in the UK I got 7.30 per hour wage (minimum at the time) I don't drink alcohol, nor coffees, I didn't drive, I don't smoke/use drugs, I didn't have a TV, I didn't have netflix or stuff like that subscriptions, there was quite literally nothing I could cut out to save money from. It's absolutely ridiculous that people expect you to be able to save up for a deposit for a house with that.
I love the old lady, probably the oldest one, who understands the precarious condition of the younger generations. The other interviewees apparently seem to understand the UK is in dire straits but still express some prejudicial ideas...
I have a Starbucks at most twice per week. Usually once. For arguments sake lets say twice. That means in 67 years i could save 35k for a deposit. Wow...amazing advice. Why didn't i think of that.
Young people are simply being priced out of the market. Back in the 50s to probably mid 90s, you could reasonably be assured that if you and maybe your partner worked, you could afford a mortgage.
I could afford to pay a mortgage, I just can't get one for 300k. Many people could afford the payments but you can't take out a mortgage either through bad credit or because you can't take one out for 5x your annual salary, even if you can afford it.
No, Jeffrey. It takes an average of thirteen years for the typical wage earner to save up enough money for a deposit anywhere outside London and an average of thirty years inside London. Yes, that's right: thirty years. Do you want to know the last time the disparity between incomes and property prices was this high? I'll tell you. The 1870s. I'd love to know how 'hard done by' your generation was, with your free higher education and three-bed townhouses in central London being snapped up by semi-skilled workers. Now two doctors earning £80k a year each can't afford to buy a flat in the same location even though they work down the road in a hospital treating entitled, Daily Mail-reading mugs like you. @@jjefferyworboys8138
@@jjefferyworboys8138 yeah mate my home town my mum bought our house for £60k in and now that same house 20 years later is £400,000. me and my partner of 6 years cant buy a house and we both work 35-40hrs a week [not including breaks]. i get paid now what my mum did when she bought my childhood home. i cant afford to live in the county i was born in anymore. i'm being relocated by an apathetic government.
@@jjefferyworboys8138 You're missing the point I'm trying to get across to the original poster. The man in the interview got a mortgage at 18, he didn't own a house, he had a mortgage for one.
Honestly quite refreshing to see a lot of these people understanding the challenges of buying a house these days. It seems like a lot of people have been misled of this idea that cutting back on some luxuries will solve the problem of unaffordable housing.
The mere fact you refuse to accept the young need to change their bad habits just about sums it up. The young today are mindlessly entitled and expect 4 bed houses for their first home without saving a penny. They want everything and that is why they are where they are
@@James_36 Some people can't afford a house primarily because they are bad at saving money. Many people may benefit slightly from better spending habits. But many people are unable to afford a house because of things out of their control. House price increases have massively outgrown wage increases. Inflation and the cost of rent/food/other frequent costs have also outgrown wages. In some cases, these two factors mean it takes someone a lot longer to save up for a house than it would have a decade ago or earlier. In other cases, it makes it impossible for someone to ever have a large enough deposit for a house. The scenarios that allowed many people to buy houses decades ago, for far less money and far earlier in their lives, just aren't feasible for really anyone but a very fortunate few these days.
I bought my first house in 1982 at the age of 29, it cost me £25.000 and I paid cash, which I saved up in seven years, in those days interest for savers was 10-16%/annum. In those days rent was 10-20% of wages, now it's 50-60% of wages. This is what Tory greed did to this country. I sold that house in 2003 for £130.000 and bought a 2-bed retirement flat for £38.000 at the age of 50. Only Rent controls for a long period of time and a massive affordable house building program are going to give youngsters a chance of home ownership today. First step .... get rid of the greedy Tories !!!
I was at university in my twenties and as a tenant saw how shoddy and expensive the private rental market had become in the early noughties. By the time I graduated there were few employment opportunities so I traveled abroad. 15+ years living and working in Vienna, Austria: There’s no shortage of quality, affordable rental accommodation - indeed only very few people buy - and there is no compulsion for people to own. The city of Vienna owns a staggering amount of property and there is strict rent control which assures tenants long term security and stability. From outside looking in, it’s clear that Britain has allowed too much profiteering from basic social necessities, from greedy landlords to powerless local authorities unable to help with an aging population and ridiculous challenges for first time buyers… it’s a hot mess. Whilst Thatcher’s sell off of council houses back in the 80s was a quick fix solution to balancing the books, the generations since are paying a huge price for a basic standard of living and the future looks bleak.
Vienna is such a poster child for how housing should be done, I also have friends there and was so impressed with the level of housing they have compared to the UK cities of similar size. Crazy what a government can do if it really wants I guess…
@@hiitstechsupport1100 yes, there was even a radio4 documentary about Vienna’s social housing broadcast recently, it’s leading the world in showing how a modern capital city cares for its residents. There seems to be a knee jerk reaction in the UK against bureaucracy and red tape, but here in Vienna everything is regulated in favour of the broad population, rather than business interests. This promotes a society free of poverty with opportunities and amenities available to everyone. Indeed the tax burden is higher than most other developed countries, but a well funded public infrastructure is totally worth paying for.
So when I was saving up for my first house in 2000ish, I drank a lot of coffee, and proportionately it still costs about the same if you add inflation. A luxury - and I was able to save. I was earning about 20K full time BEFORE tax, so maybe 15K a year take home, which was less than the average single person income, but pretty good for your average 24 year old. Average house price in late 90s was about £90K but that's because London wrecks every attempt to make sense of the housing market, it was closer to 50K everywhere else. My deposit for the £35K terrace house (in a poor area of a northern city) I bought only needed to be £1500 for a 5% deposit. I kept drinking coffee and saved up 10% so as to get a smaller mortgage. That house was just over twice my take home pay. And at 4% interest as it was at the time, I struggled to pay it. I did pay it, but it was a struggle - had to cut down on the coffee for a few years, sure. So an average house then was already (thanks to labour at the time having done nothing to alleviate the housing crisis caused by Right to Buy) pushing 4 times my takehome pay - a mere five years earlier had I been earning the same a house would only have been 3x my takehome pay. As it was, northern city, poor area, I did better than that. But I did it on my own. Solo. No other person in my life. I was only born in the late 70s I'm hardly a boomer, I was in my very early 20s in 2001. ON MY OWN. In a bog standard office job 2 rungs up from casual admin assistant. Because houses were increasing in price but were *actually* affordable, unlike whatever the crazy out of whack definition of affordable is now. Cos now: - The average UK household income nationally now - AFTER TAX - is about £35K. That's from NAO figures. That's household income, not individual income. 2 people. - The average price of a house in England now is £288000, or about £250K outside of London (it drops off sharply if you want to muscle in on the similarly-housing-starved locals in the other countries) . - That cheap house I bought in 2001 is now worth about £150K, more if its well appointed. Still a northern city, still a poor area. So that's either: 7x the average two person salary for a national average house in England. I still don't live in one of those. I'm not complaining about that, just pointing out that the fortunate timing of my start in life still only got me so far before the escalator stalled. 4x the average two person salary for that same house I saved up for and mortgaged on my own on less than national salary, in that same 'less desirable' location. Or closer to 6-7x the average single salary. ...It's not really any wonder the kids choose caffeination. Heck, I am now mid 40s, earning a managers wage - which comes out as take home pay *just less* than the national household take home. I'm still the sole earner for my household due to my wife's health, but I do have a household now, yay me. So hey that's pretty good, I'm earning nearly as much as two people do, go me, right? ....well, I'm in a property worth maybe £160K if you squint a bit because as much as the value of that first house has grown, the next rungs up the ladder have grown by more, putting them further and further out of reach, like galaxies and the expansion of the universe. A 300K house for me is well past the observable event horizon, I am basically stuck here because the next bracket up would mean putting another 50K on the mortgage and I can't possibly pay it. And I'm 25 years into my career with no complaints on my actual income - just the outrageous inflation of housing past the point where the only folk who can afford to buy are landlords who then make you pay more than the mortgage you would have had if only you could have saved up a 100K deposit. Somehow. After 10 years of cost of living crisis (it's not new! It's just affecting middle classes now so the papers have noticed). I'm doing *well*... and me/my family are still trapped, with no clue how on earth my son will ever manage to move out as and when he goes and comes back from uni. He's likely going to be stuck in one room in his parent's house until he can find a mate or lover willing to go in on a shared mortgage with him. So we're in a situation where no-one can get on the housing ladder, and people on the bottom rungs are stuck there and can't move on, freeing up the cheaper housing stock. The market is locked up... and prices keep going up monthly whilst wages only go up annually, if then. But Tories and Labour both are both talking about enabling mortgages that can be handed down when you die, and making it easier for two non-married/romantic partner people to get a shared mortgage! They both just seem to want to load everyone up with with more debt rather than apply any sort of controls to the clearly out of control housing market! This is what happened with Labour in the 90s - they didn't dare upset home owners so they just let the costs spiral upwards whilst pandering to everyone's ignorance by saying 'line go up = good". The Tories set the social housing stock on fire, and Labour just warmed their feet on the embers for 12 years going 'ooh, line go up!'. Tossbags. I was never fooled: in my life experience, Labour are Tory light. And the 'light' part is mostly only really that they don't actively hate the poor. They're otherwise still an authoritarian, profit-first establishment party. Proven over and over again and the current lot sound just like the last lot, so I fully expect that to be the case this time around also. They're NOT talking about how to get house prices down! They're NOT talking about european style mortgages with fixed rates for decades, they're not talking about rent control and deposit support, they're not talking about repossession protection or social housing they're only talking vaguely about 'affordable housing' without ever defining what they mean, and how to support people getting bigger and bigger mortgages. They just keep propping up the lie that you want to be on the property ladder because "line go up and line go up = good". Encouraging people to see house price falls as desperately bad news indicating political failure, when at a strategic level it's the exact opposite. Housing is not a high return investment in anything approaching a sane market. Average HOUSEHOLD income is £35K. Even if we said 'no-one may buy a house alone, everyone must be paired up', that should mean affordable housing on average outside london should be between £105-£175, or 3-5x salary, the conventional wisdom that prevailed for basically hundreds of years until the 80s when the rot set in. If we take the average solo salary like we used to, of abotu £25K take home, then houses should be more like £75-£125K Think on that and realise, we are being set up - not deliberately, but by total lack of spine - for banks to own our homes in perpetuity if it carries on like this. Barclays, HSBC and the like will essentially be the new social landlords, because they'll own everything mortgage free since they own the debt, but without the commitment to look after the house which will still be on you. More social housing. Get people into low rent accommodation so they can save, increase the housing stock available so prices come down, and for god's sake let councils take the money they get by not being able to say no when a tenant wants to buy and let them build with it. And for the love of f**k can we PLEASE kill off first past the post so we can vote for something other than the hegemony. And for the love of f**king *f**k can people stop buying into the nonsense about "line go up = good".
@@jncg2311 gosh thank you that's a very nice thing to say. Sadly I don't think anyone's gonna pay for my insights. Christ work don't even want my insights and they pay me to have them!
It's a shame that everyone uses this media propaganda term 'cost of living crisis', which purposefully makes it sound like a temporary accident. It's a deliberate fleacing of the value of our labour. They'll blame it on various global factors to keep you subjugated. The reality is that the working classes have only ever had a very brief period of around 50-80 years where they could own property and have some determination on the fruits of their labour (holidays, luxuries etc). No money = no choices. It is not an accident.
This video shouldn't have surprised me but it actually did. Most of them were aware of their own good fortune and were able to emphasise with younger generations.
We emigrated in 2022 to Sweden. 20 years working in the UK, only seeing the prospect of home ownership get further and further away. It's remarkable to witness how much the UK has declined in that time period. Conversely, home ownership here in rural, southerm Sweden is normal and a tiny fraction of the price of the UK. The average deposit of £34k that Ed mentioned would buy you a house here.
@@SkinnyEMedia so what, people from fucking east africa can do it while being in danger of getting killed by pirates but its to hard for the soft lil anglo saxon?
When people make this argument, they also forget inflation. If someone had told them 50 years ago to stop spending 45p (which is the equivalent of a fiver today) on a coffee in order to be able to afford to buy a house, they would have laughed.
My kids still live with me in their late 20's, I don't charge them rent, so they can save for a deposit. I was a victim of DV, so ended up as a single Mum working in the NHS. I bought homes & renovated them after work. But, we still went out, had 2 holidays per yr( skiing & summer) cinema every wk, take aways on my day off. Yes, we had to move 5 times, but, I was mortgage free at 42yrs old. There was an opportunity & I had the skills to renovate. No, family support as they had passed away. Now, 52yrs old & still supporting them. I should be cruising the world, but, this Tory gov has annihilated their chances. Both kids have good jobs. One as a teacher the other working for the DWP. Work that out?
Could they buy homes and renovate them after work, you have worked very hard for success and a better life, more than just earning a living. I am successful too but I tell mine unless they put in a extra the will not get extra out, they will just earn a living and have to settle for that.
Sounds like you have worked very hard and have provided a better upbringing than some people do. I'm sure your kids will appreciate all the support and experiences you have given them. If not now (which they should at their age) but later in life. But it does sound like it would be a good time for them to take up the renovation business. Pass on the skills.
really dont think Labour would have have been able to change house prices, its a global problem. US, Oz, Germ, France, its everywhere. Politicians have long been just helpless puppets on macro global financial issues.
i am 58 and childfree, bought my home and don't have to fork out for kids. I can move anytime I want without having kids to tie me down. I think being a parent just adds so much financial stress. It is just not worth it.
As one person said most boomers were raised by the great generation that wanted the welfare state and got most of it after the war because their life sucked. Boomers then took their parents idea of self reliance and wrongly thought they pulled themselves up by their boot straps Forgetting they got Council houses NHS Free schooling Cheap university Their parents got s post war boom in industrial output They got the first wave of yuppy jobs in finance and oil jobs
@@Joe-og6br 9% for most, that's 41% of your salary gone (over £27k) before thinking about pensions (which we now have all the risk of, rather than given one) , rent/mortgage bills etc
You are not given a pension, you pay a percentage of your salary into your pension every month@@TheUnluckyGama . If its an NHS pension, for example, your contribution goes to the treasury and you are not guaranteed to get back what you pay in either. Unlike those in FSC regulated private pensions.
@joannagreaves7616 previous pensions people were either given or paid a small contributions towards. It was a guaranteed income for life after retirement age and all the risk lay with the Employer. Now pensions are entirely down to you with a small contribution by the employer, don't have enough in there that's your fault (I work in the industry mate, I know how workplace pensios work)
*Average houses being 10x the average yearly wage in some areas, with people saving for years and having to take out £200,000 mortgages with 5% interest* Solution... Just don't buy that £5 coffee that you're already not buying.
@MrMagicMert its annoying like who on a minimum wage is goner be able to Save more then maybe 4 or 5 k a year though? With current prices. So in 10 years you have 50k u need about 250k or 300k. So that's around 50 years it will take you if you save 5k a year and most people can't even do that. Say someones starts at 20 they will be seventy b4 ever owning there house.
One easement I had in my teenage years during the 60's was no mobile phone bills, no broadband or roaming charges and to do anything now you really do need to be online. Public phone boxes were available and in working order and a call cost a couple of pennies. Credit was impossible to get until you were 21 so you didn't get into debt and my bedsit room cost 37 shillings a week. My wage after tax? £13 a week which allowed me as a single man to be comfortable. What has happened to our young is a total disgrace. I was sacked from one job in the morning and walked into a lesser paid but liveable one 2 hours later. Looked around and was back earning the higher wage within a month. I'm not bragging or exaggerating just bloody mad at what kind of future my grandchildren face.
@@Neddie2k agree, but the real adaption occurs (or not) with age. My Grandchildren obviously have no memory of how my habits were formulated, and it is me who has to adapt in an attempt to understand their perceptions and values in today's world.
If you have absolutely no chance of buying a house, why wouldn't you buy nice coffee? Your life doesn't have to be *complete* misery. I'm fortunate enough to live in a place where property was reasonably priced AND have an online job. I bought in 2012, £125K for a 1970s 3-bed detached, but it needed gutting and I was prepared to live on a building site for four years - literally one bedroom and a downstairs loo with a hand basin. I could never have afforded anything, otherwise.
It WAS difficult for my parents to afford a house initially, but it got easier as time progressed. Originally however my dad as a teacher could afford to get a mortgage for a 3 bedroom house on his own income. The simple comparison is "can a newly qualified teacher get a mortgage for a 3 bedroom house?" and the answer is no, but it used to be possible 50 years ago. The 'do without coffee" brigade are utterly clueless.
Private landlords have ruined the UKS property market. A "landlord" on Twitter proudly showed his portfolio of properties to a journalist. He'd bought nearly a street of houses, then let the rooms separately (including half the kitchen and living room) "for maximum profit". When the journalist asked how he slept at night after buying the houses that could have gone to FTB, he replied that he had to think about his business. Sickening.
We need rental property, have you any idea of the human misery that would be caused if all the landlords disappeared overnight? What has ruined the UK property market is not enough building and mass immigration (the population grew by 745,000 last year).
However, if private landlord are buying everything, why the contruction companies are not building like crazy? If everything they build is going to bought no matter the prize?. I think that the main issue here is that regulation to build more houses are so restrictive that they dont allow the offer meet the demand, making very profitable to accumulate houses in the portfolio. Imagine the same in the food industry, where regulations wouldnt allow to open more dairy farms. The price of milk and product with milk will skyrocket. Basically is what is happening in the housing market.
@@juangomezfuentes8825 Developers make more money by drip feeding properties. Imagine a development of 500 properties in your town, if they all became available in a few months prices would drop, so they build and release them for sale gradually to keep prices higher.
I feel angry - and envious. But it's not these people's fault. Imagine buying a house at 18? a £2.5k deposit with inflation is less than 15k today. Crazy. These people were so lucky. I'm not angry at them, but it's not fair.
Glad to see that there were still a couple of empathetic people in the interview, I for one was able to buy a house at 26, but the things I had had to do to achieve that is something that I would not wish for anyone who wants to have a normal life. I worked as a carer in the morning and was also a cleaner in the evening, never went for holidays and never went for a night out unless its my birthday, that was the routine for over a decade while I dont regret losing my Youth to work I do feel for everyone that this is the kind of hurdle they need to go through to get their own place
In 1970/71 my father left Uni, got his first job and bought a flat for approx 2500. My mother was doing clerical work and they already had two kids to support but they could afford to BUY. The last house he sold here in the UK was sold for 36K in 1986. (100k adjusted) that house is now worth 300k plus. A 5 quid coffee is NOT the problem, nor is Avacado. The problem is decades of government belief that the free market is the answer and under investment in affordable housing. The Gini co-efficient here in the UK is inescuasable, and getting worse.
@@harryharry970 Sorry, what? Are you suggesting that any commercial enterprise limited by regulations and rules is NOT part of the free market? The free market is not a market free of rules and regulations... I mean, what?
@@dodgycamreacts-lyricsinabo5170 nevermind semantics, other markets are free by comparison Even converting a house to a HMO requires consulting the busy bodies at the council for permission. Housing is regulated to a much higher degree than most other industries. Government solutions are problems
Coffee & avocado is the problem.... If the only way you can afford a home is to do without, then the likes of Baristas will have to do without a job. Then, wherever they spent their wages... Anyone left with a job will have to cover the cost of their unemployment benefits.... and housing benefit to pay their rent.
@@harryharry970 What absolute nonsense. Post war the government built millions of homes, council homes like the one my miner grandparents lived in. A government solution to a societal problem. In the early eighties the Conservative government decided the free market and profit was the solution to every problem and sold off the vast majority of that real estate, without replacing it. This kick started a rise in housing that sees average house prices increase significantly higher than average wages over the last 40 years, resulting in fewer people being able to afford a house and fewer house available for people who cannot afford to buy one. With only a small amount of colour these are all facts. The government solution to a massive post war housing problem was to build and maintain houses to the benefit of the poorest parts of society. The government solution to post war health care was to create a health care system to the benefit of the poorest in society. The roads you drive on, the police that keep you relatively safe in your home, the infrastructure that allows you to make ill-informed and unconsidered comments on the internet are all products of government solutions. The government is not the solution to every problem and a cause of many of them, but the free market - capitalism without a conscience - causes more, and does it to the financial benefit of a very few, hence our Gini co-efficient being higher than almost all developed nations. Read the post again, the numbers in that post are simply facts, and the facts support what I have said here - flat line average wage, massively rising average house price, these are products of BAB government policy and a stubborn refusal to accept the free market, unregulated and conscience free, is no more the solution that in bad and unrestricted government. Oh, and the existence of rules, regulations and restrictions on 'trade' is just life, pretty much irrelevant to this discussion.
I don't have takeaways make my lunch and coffee sadly can't save as paying for a room at £650 a month working 60 hours a week to so irritates me when people say don't have a £5 coffee
£5 coffee per day for a year is £1,825 (including Christmas Day) Average UK house price is £284,950 5% deposit is £14,247 It would take nearly 8 years for those cups of £5 coffee to afford a mortgage deposit, then a further 733 years to pay it off (using the £5 coffee as a unit of measurement) The problem isn’t buying the coffee there old boy, the problem is with inflation. The problem is with the housing market. It’s ridiculous that a coffee even costs £5.
It’s a lot harder to buy now. I did a calculation with my parents. When they bought their first property they were paying 21% of their combined salary on their mortgage each month. If they were to be in the same situation financially now and buy the same property they would be paying 45% of their combined salary on the mortgage. Saying that, my wife and I found it very easy to buy a house. We simply did nothing for a while and were extremely frugal. It took about a year and a half to save £18,000. That was 6 years ago. Since then, we have renovated 2 properties and worked our way up. Now we have a 10 acre small holding in wales.
1) A national housing service. 2) work from home policy for non essential workers. 3) For essential workers how about a better work life balance including better pay, a meal and transport allowance in partnership with local businesses / providers, proper breaks like an hours lunch.
Yes...and then all the empty office buildings in town and city centres could be converted into affordable housing for essential workers so they don't need to commute or drive so far.
@@craftinghome Absolutely and well said 👍 You could even have work / business hotels too for workers on shift / hybrid employees. Something similar to those Premier Inn Hub places or capsule hotels they have in Japan.
The guy in the blue jacket seems like a very intellegent guy and seems like him and his wife are then ones that TRULY understand the severity of the housing problem for our gen-z.
@@computingananswer766 thanks for pointing it out, maybe you can give me spelling lessons since you don't have anything better to do than reply to random people on the internet about their spelling :D
Unfortunately skipping a coffee won’t make much of a difference when the average house price is 10 times your annual salary as opposed to when he was buying back in the 60s and 70s and it was roughly 3 times the annual salary….. no amount of putting the kettle on at home will help that simple fact.
I bought my first house two years ago in my mid 20’s after privately renting for 4 years. It is TOUGH and I agree unachievable for many people. I am fortunate to be in a relationship where have both contributed. If I was single, no chance.
I purchased my first house in 2000, it cost £36,000. It's now worth £150,000, and that's not bad at all for Halifax. People today have no chance of owning a home, not since 2008 and wage stagnation. You'd need to earn nearer £60,000 to afford that.
Half the country today in the UK is poorer than the poorest US states of Mississippi and West-Virginia and has a quality of life which is about the same as Tennessee or Alabama. At the same time half the country today in the UK have the same standard of living as Australia. The problem with the UK is that half of the people here are poorer than the people living in the poorest regions of the USA, yet the other half of the people living in the UK just don't believe that (or worse: don't give a rats ass about it).
@adammitxhell2932 You dont know your history. Boomers were born before we had decent universal healthcare, had to start work at 14 to 16, did national service, didnt have indoor bathrooms, and had gas mantles not electric lights, no central heating, washing machines, dryers or dishwashers. Families of 8 lived in two or three rooms and their playgrounds were bomb sites. Baths were in a tin tub in front of the fire and ifvyou had them, heavy cotton sheets were boiled in a copper and wrung out with a mangle and weighed a ton to hang on the line, or you loaded up your pushchair and took the washing to the wash house because you didnt have the ability at home to get all the washing and drying done in front of your one fire. No fridges or freezers, no ready meals. Now the Boomers did have better wage to house price ratios than we have today, later in their lives, but believe me you probably wouldnt last 5 minutes in the world they lived in in their childhoods and teens. You are not wrong to be incandescent at the appalling situation we have between earnings and house prices now...I'm middle aged and in a pretty bad situation myself for a variety of reasons, and technically homeless living with my Mum, with no way to even buy a 1 bed flat near my family with the time I have left before retirement and no clue what the hell I am going to do once I retire with private rent to pay out of state pension. Scary as. It's a nightmare for 2 people with average wage to rent or buy...if you are single you have to be earning one hell of lot.
They aren't wrong I passed on my monthly avocado toast and using that 99p a month I have managed to secure a mortgage on a 4 bed semi detached house. Cutting back really works guys
At 22 my dad walked into a office at work called Housing. He said he wanted a house. They told him sign here. Within 2 weeks the showed him 2 plans & he had to choose one. Within 3 months his jobs housing program built him a brand new 2 bedroom house & took money out of his paycheck every month. My brother now works for the same company. They sold their Housing project for hundreds of millions to a bank. My brother at 30 went to that bank & said he wanted a house. They asked him how much deposit he had & worked out how much he qualified for. He had to go look for houses in that price range himself. When he found one the bank told him their insurance would not cover a house in that area. Long story short my brother is still renting. My dad is on his second house & Im inheriting it as the oldest.
Right because it’s young people filling out cafes and eating out all the time, old people spend like young people want to but because they’ve already worked their whole life they have deserved it. Except they haven’t worked their whole life…We will have to. Income to house price ratio is bonkers nowadays. We can’t afford houses like our grandparents bought whilst working the SAME jobs that we do now.
The irony is that you hear stories in media saying that millennials are killing the restaurant industry. Are we or are we not wasting our money on restaurants or cafes?
Just adding to the convo :) also Who on a minimum wage is goner be able to Save more then maybe 4 or 5 k a year though? With current prices. So in 10 years you have 50k u need about 250k or 300k. So that's around 50 years it will take you if you save 5k a year and most people can't even do that. Say someones starts at 20 they will be seventy b4 ever owning there house.
I bought my first house when i was 20, its went up in value by 5 times. Im back to doing the same job 28 years later and the wages have about doubled in the same time period. How on earth do young people stand a chance now.
60% of the local 'newly built' housing near me was purchased by private landlord conglomerations. The 'affordable housing' was not affordable by the time it reached locals because the landlord conglomerations pushed the price up so much. The councils could have force stopped the purchase of housing by preventing businesses from purchasing the housing but they didn't. Now the house prices near me have doubles in 5 years! How can private, small time, individulals compete for property prices when companies can afford to pay double to buy the same property because for them it's merely an 'investment' instead of a home.
city in kent i live in has started building old people only flats. no old widow is moving in and freeing up their kushy 3 bed house that only 1 person lives in and could be utilized by a young family. it's a nice idea but it feels wrong when you could quite simply build flats that are available to everyone.
The situation is exactly the same in America where people are crushed by the housing market over there as well, what happens is that massive investment companies like Blackrock buy up entire neighbourhoods and then put them on the market for astronomical prices. They’re really screwing people over in many countries.
I was expecting a bunch of tory gammons, actually most of these people were pretty well grounded in reality, especially the older lady and the guy with glasses
It's worth noting that £2500 in 1972 is equivalent to £28,346.27 in todays money adjusted for inflation. Not that it invalidates the difficulties of buying a house I have no idea what the real world wage difference is from then to now - that's what I would like to see
Just to add to this - the average wage in 1970 £5870 for a non-manual occupation working male £4,836 for a manual labourer The average house price was £4,378 So it took less than a years wages to buy a house before the thatcher.
Mortgages had much lower ratios then… the deposit is not really the best way to measure things. It was likely a 25% deposit. Earnings to purchase price ratio is better but no way to compare is perfect…
I hate that "£5 coffee" line. Like their generation didn't piddle half their pay check down the pub urinals while smoking like chimneys.
Exactly! Pubs are closing now because we can't afford to live how they did. Pubs weren't suffering in the 70s.
It's just old people doing what they've always done. Shitting on the young whilst forgetting what they used to be like. It's something that will unfortunately never end
Besides my own good parents and grandparents etc who worked hard, saved, lived frugal lives and knew real hardships, most people these days - including the elderly - are quims of the highest order. I found out this directly even more during Covid, the selfish coffin dodgers.
@@SagaciousFrank agreed! It went quite wrong with the Baby Boomers and they set the tone. I'm a millennial, just to clarify.
Thank you, spot on. A big difference from a £5 coffee compared to a £300k house.
To be fair, these old timers are absolutely right. I didn't buy a £5 coffee today and, would you believe it, I came home to find £34,000 in my bank account for a house deposit.
You need a Martin Lewis Money Makeover matey! :o)
It's jokes like these that don't help things. You should pick yourself up by your bootstraps and do what my parents did. Scrimp and save hard to buy a council house at a 90% discount.
@ £5 a day, you would need to forego over 18 and a half years of daily coffee to make that deposit...
It's not even bad maths on their part, its willful ignorance!
I find that hard to belive, you must have not bought avocado on toast either.
😂😂😂😂
The average house price in the UK is £300,000. That's 9 times the average salary. When I bought a house 30 years ago, a house cost 3 times the average salary. Skipping a few costa coffees is not gonna bridge that huge gap.
Wages in the last 30 years have gone up 20%. House prices have gone up 400 to 500%.
Brought my house in 2015 for £150,000, me and the Mrs saved like crazy but it was within reach.Now houses on my street are about £210,000 to £220,000.I want my house to stay the same price I brought it at.At least give the young generation a chance to buy.
@@gawa62 That is entirely up to you though. You can sell your house for £150,000, better than that I will buy it from you.
Agree the asset price/annual wage has widened all across the West. Do you think big financiers like Black Rock buying residential houses over the past 10 years has helped?
@@gawa62 virtue signalling doesnt help
Plenty of houses in the Uk for much less than £300k. Go where the opportunity lies. If you dont - your choice.
I stopped buying £5 coffee years ago, don't smoke, and don't drink alcohol. believe it or not, I still don't have a deposit for a house. I think the older woman who sold her home for £600k is really switched on and upto date on the real situation in this country.
As if £5 a day is going to make all the difference. So out of touch sure if you're saving best not waste money on Costa but when its a marthons distance out of reach cutting 5% of the distance doesn't help much its still really hard.
Don't smoke, drink, drive, have 1 take out a month. Still can't afford a house, not even half way!
@@gravemind6536 well, 5 a day, 50 in 10 days, 500 in 100 days, 1825 a year, 9125 in 5 years, 18250 in 10 years. every saving you make is money you have later. best way to save up money is learning to cook and never buying anything you dont need.
I own a house with my partner. Surprisingly the secret wasn't not drinking coffee, it was having 2 very high earning jobs and no kids.
@@mandi3891 Yep, you have to put in mad work in a decent paying job whilst maintaining low outgoings usually whilst living with parents. Thats the only way I've managed to get there and a meal deal or some fast food in town didn't stop me. My relentless work ethic did and my Mums support letting me live at home for a very low price.
Back in 1981, as a 19 year old hospital technician, I was able to buy my own home with a mortgage that was two times my salary. Fast forward to 2024 and my son, an academic at Oxford, has professional colleagues who can only afford to rent a room in a shared house. My son has only been able to buy an apartment because we helped him.
Your son should of been saving for his future whilst living at your gaff and if he had a decent side job would have easily been able to save and work his way up the ladder
@@HarleyN93 It's wild that we live in one of the most developed countries in the world and we are having to suggest that academics at the top universities live with their mam. Back in 1981 this person could support themselves on a high-school level education. Now we can't even do it with a postgrad-level education.
Understand that career progression for a lot of people isn't about money, the idea of delaying the personal and academic development that university offers just to save up some money is unthinkable to many. You also have to consider human factors like mental health -- it can be damaging to remain couped up at home as a young adult, even if it is economically more sensible. There's also a massive push at schools do get kids sent out to universities ASAP from A-Levels, which means a lot of kids feel like failures leaving school if they are having to work a job while their peers are partying and enjoying themselves.
I agree@@HarleyN93
He chose to work in Oxford right? I have £250k cash from house sale and I would still not choose Oxford, I would go somewhere a bit cheaper like Gloucester or Milton Keynes.
I agree. A lot of ppl would like to work in Oxford but have to pick, say Birmingham just to afford everything.@@pwbandwidth
The lovely woman at 4:52 in navy coat and scarf who commented on young people, especially single parents "who don't have avocado on toast, they would be lucky to afford a piece of toast" is spot on. Every question she answered and comment she made, was well measured and compassionate, fabulous woman ❤
Maybe they shouldn’t have ended up single mothers? That’s their poor decision making and failure.
@HibeeMcbee or maybe the fathers should of been a man and stepped up and not run away like a pathetic coward!
@@HibeeMcbeesometimes people change or become ill
What on earth are you talking about 😂 you must be perfect lmao. This system doesn't have to be like this, where if your circumstances don't fit it you suffer? Don't you see how wrong that is? Smh @@HibeeMcbee
Navy coat lady is the star here, empathy, understanding and a grip on reality. More of her
This woman saying that years ago, people had to save their money to afford a deposit, immediately after saying that she only got her first home because her mother passed away. It's absolutely mind boggling.
Of course they saved ffs
How do they think people get a deposit now? 🤣
She wasn't talking about herself; she was talking about people in general. I hope I've helped in some small way to unboggle your mind.
@@gio-oz8gf can you get a loan for salary under 60k plus 130 k deposit.get in real world looney right live on planet brainwashed. Eat lies and put on their blinkers to real life.
in the 60s my dad bought their house brand new on an apprentice's wage. you would need to be earning 60k+ to buy that now now. too many boomers dont grasp this.
01:57 - In case anyone is wondering: £2,500 in 1972 corresponds to £28,337 in 2023. (Source: Bank of England)
that is true but its a lower percentage of the annual average income. and her house was obviously way above the average house
Nice comment. Isn’t going to help you become an adult and actually take control of your life though. Work hard man!
Interesting…You have the first part of that equation…So why didn’t you add in the second and probably more important part. The part that tells you that we don’t just measure with inflation. You also factor in average wage vs average cost of living. If you had done that you would of realized that the average wage against cost of living has had a steep drop. You can also match the years this started happening in relevance to home ownership.
Yes if someone Is spending 28.337£ on coffee Is insane
Thanks, I estimated it would be around there. Very important contextual info.
Blue jacket man is the voice of moderated reason here. Recognises the incongruence between his virtues and reality. Very refreshing to see
He has to be the reverend Richard Coles brother!!
It's nice to hear some older people understanding the difficulties faced by younger people. Cutting out the few things that bring some joy in life because it costs £5 or however much every now and again is asinine and indicates how some of these older people can't see past their nose when it comes to wages and the cost of life the moment.
The lady in the dark blue quilted coat has a really good understanding of what's happening as well, especially when it comes to the whole "just get a better paying job." There aren't enough jobs out there that don't pay the absolute minimum they can get away with. And the minimum wage isn't enough to get by.
The man should become an MP. Clearly knows what he's talking about.
@@MrSmith_ Westminster doesn’t want people like that!
His comment about short term thinking is spot on. Even when one party in power for 14years they are planning long term but till the next general election.
The other impact on planning had been Brexit. Irrespective of how people voted the amount of time spent on the subject has been enormous. Cameron comes to power and wants to renegotiate existing EU terms which they EU said anything material will not happen, this then throws us into a referendum and Cameron stands down, May tries to deliver the undeliverable, then Johnson promises something that in reality was not an oven ready deal, and Sunak was trying to repair EU relationship over the Northern Ireland Agreement. The sheer amount of wasted time to achieve what? Yet other problems like housing, renting, NHS, schools etc. are not dealt with….
I work 40 hours a week for £20k. I don't run a car or ever get coffee, let alone eat out. It is still mathematically impossible for me to ever afford a deposit on a house. These people don't have a clue.
Assuming you are over 20 years old. 40 hours a week for £20k is below minimum wage.
@@Harv16498At £10.42 an hour it works out at that.
@@Harv16498actually check you math, 40hr week, 48 weeks, 20k is about 10.5.
Thanks though I now know how to do this maths.
You half had me convinced I was close to minimum wage.
@@Harv16498 £21k is 40hrs a week but that's with no pension/other deductions. Don't be so pedantic
@@Harv16498not if you include tax
That old lady is so sweet. In fact, most of the people interviewed showed a great deal of compassion, which was refreshing to see
Yes it was pleasantly unexpected
Things were more affordable back then, these baby boomers getting on the property ladder, they have had the best life and could very easily get on the property ladder, seems like we've left with the crumbs, I don't buy many Costa coffee maybe once a fortnight, its bills and food shopping etc , iam having to build up from losing everything and I want a car to open up doors for eventual employment etc, I can't see it happening though
Most spoilt generation, most ignorant, most racist, on average a baby boomer has taken a net minus a quarter of a million pounds from society, only ones who have a fantastic pension, most homophonic, a house in 1971 cost just over a years average salary, today it's 10 X average wage,they destroyed the planet and left us Fxxx all... I hate Conservative baby boomers... Move over and let the world repair...
@@angelofchrist4494Have you thought about researching for a room in a private house with the house owner present? Many are advertising and competing by lowering rents and benefits to win over a lodger! I realise if you currently have your own independence it may not sound appealing, but can certainly help with savings and you may find a nice place and person to stay?
Another option is buying a property with another person or even two other individuals which Is now allowed by law! If only 3 names were on the Mortgage and you may want a 3 bed property! Usually, at least one bedroom is the largest, but arrangements can be adjusted to suit all! OR even X 3 Sets of Couples but only 1 from each couple is named on the he mortgage!
Nice to see that old lady being interviewed who nailed the situation. Just shows how there's still smart people out there.
The one who got a home when her mom died?
@@geeksworkshop Think they're referring to the lady who sold her house for a lot after inflation. She's based haha
@@kieranstorrie9361She doesn't care what others think? How do you know?
@@user-vp6cq4sv3d - well, she did matter off fact disagree with the interviewer. Not rudely, but just with plain-speaking
Please protect the lady with the navy coat and blue scarf. She gives me hope that there are older generations out there that do understand our situation.
agreed. she understood it perfectly
The family elder we all need - switched on and sympathetic
Most I've spoken to do understand, but will still vote Conservative every time
Oh many of us do. We had it so much better, and you guys deserve that much better. I'm ashamed of what my generation has left you.
@@OliverTurnerMScwhat did Labour do between 97 and 2010 to make housing affordable? Blair invested in property and presided over the longest and largest housing boom imaginable. All the b*starts in blue did was continue the same strategy. Both parties have been equally terrible.
Some older people really are clueless, but you did a good job in showing that many are understanding and thoughtful.
Just the same as younger people being clueless, only difference is the subscribers on this channel treat old people as one big monolith but young people all have their own thoughts.
@@MrHennoGarvie I hope you can see the irony in your just having depicted the subscribers to this channel as a homogeneous mass. I think the point you might have been making is that some people can be more thoughtful or insightful than others, regardless of their age. If so, then I agree with you.
@@lanodramallama I do but we may as well all be hypocrites together. Yes that was my point though.
Thats 'cos the clueless ones are right wing
Yeah stop interviewing all the based boomers who have a heart and a brain, interview some batshit senile old salty fools who pulled up the ladder after buying their house in cash on an apprentice chimney sweep wage by age 9.
We bought a house in 1983, it was 12k. I was 18 and factory worker and my husband to be a decorator age 21. Neither on top wages. We were still able to eat well, dress well, have a modest social life etc. Things are not that damn easy these days. All our friends could buy a home. I feel terrible about the world we've left, I'm Gen X and we should bloody pray we stay 'forgotten'! Stopping drinking coffee and saving up from a pittance wage is NOT going to make any difference. Only a fool or the wilfully ignorant could think it.
That is wild in my mind. I’m a doctor, a traditionally middle class profession, with my current projections (including that my parents kindly let me live at home) I will be able to afford a 1 bedroom flat just before I turn 30. My parents were on their 3rd property jump in the ladder with children at 30!
It's no generation's fault except for the people in the economic establishment. It's absolutely sick how channels like have got different age groups at each other's throats
@@OnlineEnglish-wl5rp I can assure you that my opinions have nothing to do with current RUclips channels.
@@madoldbatwoman Your narcissism then. "You" don't have anything to feel terrible about since you're not responsible. We live in countries where neoliberal economics rule - that's the root issue. The power of international markets over our countries is such that democratically elected governments are constrained in numerous ways. That's the fault of the people who benefit from that
For you to blame an elderly person who's comments have been edited by a channel with an axe to grind says more about you than it does them
@@OnlineEnglish-wl5rp I’m not sure I’d say people are at each other’s throats but we must address the issues. We need to talk it about and we shouldn’t ignore it. A lot of the frustration comes from the perceived wilful ignorance because not buying a coffee a couple of times a week isn’t going to get you anywhere near what you need for a deposit. But enough people are shut off to the issue as they perceive people aren’t “trying” hard enough then the people who are able to change it aren’t going to do anything as it’s not a priority for enough people for them to bother.
The guy in the blue jacket had both a brain and empathy. Good man.
We all cannot be Gates, Zuckerburghs, Trumps, and Musks.
Which one I saw 3 blue jackets 😂
and he looks like that vicar who used to be in the communards
What is a House ? Isn't it a large Box with roofing and sheathing ? How different is it from the Sheds people buy at the Lumber stores ?
@@Skiskiski All of whom were born in to wealth.
That old lady is an absolute gem.
She's very wise.
My ex landlord owns over a 200 houses. He bought them back in the 80's when housing was cheap. Now he rents them all out. He's a multi millionaire and flies around in a helicopter. There should be a limit to how many houses people can buy to rent.
Agreed.
It's almost as if they should be rented out by the council to keep the rents low. 😮
Who would determin the limit? You? Or the guys with the guns?
@@andyscottow2250 Guys with guns?
@@andyscottow2250 the same people that take 30% of my salary every month, who else?. Maybe if they took 30% of the rent I pay my landlord they could build some cheap housing, better roads, some hospitals and some schools or something? The downside is there would be a few less billionaires in helicopters flying so maybe you're right..
My sister is considered a key worker. She earned £35k in 2014. Tried to get a mortgage, and couldn’t because the deposit was too high. But she couldn’t save up more because of rent. In the end, she moved abroad to various countries to teach. Free accommodation and was able to save up enough to come home 5 years later and get a deposit. The fact she had to do this, as a key worker as well, was and is ridiculous.
I'm considered a key worker. I earn £20-22k a year. I got a mortgage. Its a poser isn't it?
Wouldn't have even bothered coming back to be honest
@@harry508 alas she was stuck in China lockdown, and some parts in the hospital which was basically a prison. She had had enough by the time china opened up again.
@@ennbee2051 lucky you
@@ennbee2051
You earn £21,000, then your mortgage would cap at about £94,500.
For that, you can't even buy a 1 bedroom flat in half the country. The average first home is closing in on £300,000.
So unless you happen to also save a casual £200,000, your mortgage is literally meaningless to most people who don't live in squalor.
"Cut down uhh 3 takeaways a week and you'll be fine" the level of detachment from reality is palpable
Is it wrong though? Most people I know my age (30s) eat take out daily.
It’s absolutely wrong. There’s a major housing shortage in many areas of the developed world, and not drinking expensive coffee does nothing to change that. It’s basic supply and demand
@@MrMagicMertit's absolutely wrong. House prices have skyrocketed faster than wage rises for years. Childcare is expensive & more people have student debt thanks to tuition fees. It's not feelings it is empirical facts.
I have takeout once a week. I realised it adds up to almost £1000 a year. I decided to cut down to once every 2 weeks. I can't imagine 3 days a week or everyday. It's not wrong to say people live above their means.
@@blahbleh5671nor is it wrong to conclude that £1,000 per year isn't going to give you a massive leg up climbing the property ladder. Which is the point of the discussion, not "I am able to cut my expenses and can therefore fantasise about other people who overspend."
I have paid over £50,000 in rent to the same landlord and he refuses to fork out for even the most basic of improvements to the house we rent from him. He has never even seen the house we lets to use, and has never once been to the property. Millionaire with loads of properties treating his tenants like assets. We are trapped with high cost of rent unable to save, both earning well but still trapped, service the mortgage for a millionaire. Something needs to be done.
Something needs to be done, but by who? I dont know if you realise but our so-called representatives in Parliament are in the same boat as your landlord, so why would they change course? It works for them which is exactly why nothing is ever done about this. It's not a bug, it's a feature. It's a big club and we ain't in it.
The property is an Asset,Good Tenants are hard to find,If the rent is paid on time,You should look after your Tenant and Treat them respectfully,Maintenance of the property should be dealt with,There are Bad Tenants and Bad landlords remember this.
Or do you need to change ???
What you don't realize, is that you still saved 30 % to 60 % from a landlord who takes good care of his homes. Like in Belgium, people spend even more of their income on homes.
You could blame the local government for permitting the property to be rented out
That old lady is a legend. Smart and understanding of real world issues and situations. Government are to blame - there is no concrete plan for social housing anymore!
C est partout pareil. Vous avez vue en AMÉRIQUE. C EST HONTEUX LES PEUPLES VIVENT DEHORS
To achieve social housing, the government will need to tax everyone more and still not be able to house everyone. The days the British government pillaged the rest of the world to build council houses is over.
Someone deleted my comment, no one wants to drink coffee, it’s not the government job to house people. In 3rd world countries, every houses themselves.
Some of these people - it’s like watching someone who started monopoly with 10x the amount of cash explain that they won it based on skill.
hahhahaha ThISsssd THIS
not really the ones who were the most clueless were the ones without their own houses. So its like they started with 10x and still lost but are more interested in what the daily mail has to say about others who lsot
actually spot on
Lottery of birth. The solution is to introduce a rule that caps someone's wealth when it hits a certain level. It exists in reality, it's called taxes and for whatever reason (greed, corruption probably) it's not implemented well in most countries.
@@harrismazari5484@MrMagicMert Who on a minimum wage is goner be able to Save more then maybe 4 or 5 k a year though? With current prices. So in 10 years you have 50k u need about 250k or 300k. So that's around 50 years it will take you if you save 5k a year and most people can't even do that. Say someones starts at 20 they will be seventy b4 ever owning there house.
The last man on there was spot on about short termism, it all goes back to Thatcher, she was the architect of the short termism we see today.
@@thetruth9210 She destroyed whole swathes of our industries and sold the rest of to her buddies. Industries which took centuries to build up so they're not going to appear overnight - even with the money and will to bring them back.
Lol why do you think this is just in the UK 😂 it's an inevitable consequence of capitalism, which is founded on the idea that the state should regulate the system and try to avoid monopoly, but this doesn't happen because OMG THAT'S COMMUNISM and that's why we have people who have zero houses and people who own 7
The way that the older generation try to put blame on younger people for the hospital pass they’ve handed us is laughable. Cancelling Netflix, buying coffee, takeaways, avocado etc! The fact they can’t get away from is that we’re the first generation in history to experience a tougher life than our parents, especially when it comes to having a roof over our heads. It’s shameful
those ordinary people in the 70's who bought their council house with big discount from our former dear leader Maggie Thatcher, mostly did ok, but like anything there is always a hidden price to pay, and the young of today are paying it!
It depends on what kind of parents you have.
@@tonivaripati5951 that and these are the same people who complain about house building. Nobody is talking about this - that generation not only bought all the housing stock, they now sit in positions of power in various village and town councils, merrily rejecting mass house building projects. All because it will mean that one field in their town where they used to play as a kid will have houses on it. The end result is NIMBYs reducing the supply, meanwhile pumping kids out, pushing demand up which ultimately leads to higher prices.
The generations that came of age just as the two World Wars started also had it pretty tough to be fair.
In history?
And they say survivors of the Plague had it bad.
Too many properties are used solely for investment purposes. In November 23 there were over 260,000 empty properties in the UK.
But people on boats take all the homes...... /s
Remember these are the people who aren't hiding the fact that their house is empty. How many more are sitting empty but obfuscated and hidden for tax/personal reasons.
@@TheRapierTheBetteran awful lot, and many owned by Chinese/Russian etc investors.
Going to be more to as more & more landlords bail out.
@@joperhopDo you have any evidence to back that up?
“They don’t have avocado on toast. They’re probably lucky to get a _piece_ of toast.” Well done that lady.
Compare to “What are you paying for a cup of coffee? A fiver? Whatever, I don’t know.” No mate; you don’t.
I walked from a place in Winchester a few weeks ago that wanted £5.50 for a Flat White
@@AdamBuckley1964Takeaway coffee for me is from McDonalds. Less than two quid for a large, but then again I don’t go for syrups, whipped cream etc.
McDonald’s coffee is actually quite good for the price.
You can’t put a quart in a pint pot , an old saying but as relevant today as it’s always been , immigration kill standards of life on every metric.
b3nefits are probably a bit more generous than she realises...
The guy at 6:13 is spot on. Why should we have to spend almost our whole working lives eating beans on toast and drinking water, not having a life, not having kids (can't raise them in a flatshare), and missing out on any kind of meaningful experiences? We live in a first world country in the 21st Century. What's the point of capitalism if it's led us here?
Also, it's good to know there are a lot of older people out there with some compassion.
Just cancel netflix. £30k will appear in your bank the next day. 👍
@@sonictelephone1526 Can confirm. I'm now a billionaire shareholder now as I decided to skip a morning coffee for a week.
From my experience, the Capitalist would most likely respond to yoyr comment by saying that in reality our system isnt a truely capitalist or ffree market economy; the rising influences if figures like keynes and the like are usually blamed. How would you respond?
Nice to see not all taken in by the Daily Mail crap
Depressing to see a good chunk still are though
It's getting to the point where it's no longer a young person problem. My wife and I and many of our peers are approaching 40 years old and STILL have very little hope of buying a house.
ive gave up hope buyina house 10 years ago myself - i hope one day you can
Its been a young person problem for so long that those young people are now coming towards middle age...
The problem some of the older generation seem to really struggle with is the idea that just because youngsters are spending more money on luxuries, doesn't mean they not absolutely screwed. My parents are a good example. They never spent a penny they didn't have to on things when we were younger. We didn't have takeaways, my dad took lunch to work every day and cycled and my mum was part time as a hairdresser.
They have both retired, my mum with barely a state pension and my dad with an alright pension from his government job and his state pension as well now. They own their house outright which is worth probably £400k (bought for £20k, ex-council) and they go on holiday for probably 3 months of the year. My dad retired about 5 years early as well.
By any stretch of the imagination, someone in the current times with a single income household and 2 kids would have an utterly miserable time of things. They would be lucky to retire at retirement age and they wouldn't have a house, let alone an expensive one. Their retirement would be meagre. You're rewards for hard work and frugality in the past were massive for most people who weren't desperately unlucky. Your reward for hard work and frugality in an average job are now miserable.
I'm 47 and gave up hope of buying a house years ago.
I've known since I was about 20 that I'd be waiting until my dad pops his cloggs before I can buy my own house. I'm 40 now, only have to wait another 20+ years...
But, you are at the age where you are qualified and have plenty of work experience, and there are affordable houses in different parts of the country. You could move anywhere, and would also bring valuable experience with you.
Yes, it's Millennial's fault because coffee. As out of touch as the Tories that made the situation.
Totes, tbh I cant stand coffee would rather have a cuppa tea but I do that at home, and I don't like avacados and I dont pay for any subscription services, wheres my home? So out of touch thinking these trivialities would make the difference in someone being able to afford a property...
@@kaira9094 with the cost of living such as it is, if I were paying the same rent as I was 10 years ago, I'd be forced to relocate.
Well tbf? £5 for a cup of coffee is a rip off.
Pefect example of "we're so into shorterism its frightening" and I don't think any of them said that neither. Most realised why there was a problem, but you keep sticking with someone over a certain age has it easy.....remember when those people bought a house for 10 thousand the previous generation bought a house for 2 thousand. Its nothing new.
house prices boomed under blair and brown's light touch regulation to such an extent that it brought the banks down. admittedly, cheered on every single year and every single step of the way by the tories - that goes without saying. when the banks collapsed idiotic house prices were heading for the ground and when the banks were bailed out idiotic house prices were preserved - all thanks to labour.
Drinking £5 pound coffee each day for 16 years and I can afford average house deposit of £30000, thanks gradpa! ...but then average house price increase is £17000 a year , then there is a stamp duty, report survey costs, solicitor costs, moving in, furniture ...so yeah if I don't drink £5 coffee for 50 years I'll get on that property ladder
they said you are tauth-headed as hell and I didn't believe them dude!
It’s not just the coffee it the whole attitude. To spending desire vs need. 11:58
Coffee twice at work (5x5x52)
3 deliveroos (3x20x52)
Buying work lunch (10x5x52)
I saved £7020 by not being a lazy pig, before actually trying to save. That’s £7k bonus by doing nothing.
My partner and I are both immigrants. We rented 1 bedroom flat for 10 years and prior to that I rented a room in shared house. I used to buy a coffee a day for £2.5, we never had take aways and I bought my lunch maybe once a month. It took us 10 years to save deposit for house , every year prices jumped by £10,000 it was like a dog chasing its tail...so no, saving let say £600 a year was not a miraculous saving grace. My lovely parents gave me some money which eventually led to buying a house. And there are tons of other expenses associated with buying house not just deposit.... solicitor fee, repair fee, moving fee, survey fee, stamp duty for first time buyers was eye watering £6000!!! We bought a house but it needs tons of work and price of labour is absolutely ridiculous. It's much harder than previous generations had it!
@@jackieOAT its not about wether its harder or not mate. people just like to cry but the more they cry the less they change about theire situation. it is a fact that bad spending habits in western civilization is one of the biggest problems right now. yes it sucks that houses cost more, but instead of whinning about it people need to do something to achieve it anyway. the biggest way to success is learning how to reduce spending and increasing income. sitting around thinking about how unfair life is doesnt do either one of those things.
You get it wrong.. it's about your lifestyle..
I came from a working class background, bought my first house in 1992 for £78.0000 sold it ten years later for £370.000 as we had the advantage of cheap mortgages and interest rates, accessible dental care, low hospital waiting lists, good schools etc and so did my parents have even better advantages.
My eldest daughter rents a two up two down with her partner for £1500 a month in the south east. People who say it was more difficult back then are lying or deluded.
Things are ten times worse now, and I’d be happy to pay more tax or have a cut to the value of my house to help younger people get on the housing ladder.
And I’d support a party that put real effort into building much more affordable housing but I know this current lot wouldn’t do that as mass house building would lower house prices in Tory areas and we can’t have that now, can we?
Talking nonsense. The 90's were expensive mortgages and high interest rates. If you could afford a £78k house in 1992 then you were in the upper middle classes. Millenials have had access to the cheapest rates ever with modern monetary theory. NHS only came along in the 50's and it was beyond terrible. The vast majority of schools were crap post war and nowhere near the standard of todays schools. Technology and modern medicene is a milliion times better.
@@PaulWilkinson-o1e absolute rubbish! Don’t try to gaslight me I was there! Clown. 🤡
@@PaulWilkinson-o1e high interest rates were massively offset by the MIRAS scheme meaning you could get income tax relief if you had a mortgage. It would help young people enormously these days if reintroduced.
@@PaulWilkinson-o1eyou’re wrong and he’s right. Now F off.
Just do the maths yourself. Just try paying 15% on the current average property price of £280k. I am sure it will a shoe box not enough for a family to live in. For that you would have to pay £3300 that is if you can manage a 10% deposit. Please refrain from ridiculous comments like rates were worse while you stay in a mortgage free house. The fact is house prices are 10 times average prices and it is unaffordable.@@PaulWilkinson-o1e
I’m 29 and I live in north Norfolk. Everything that that woman said about young people having nothing to do, no opportunities, and the general vibe of there being no chance is real. I have 2 degrees (with debt ofc), I rent, I work in a job that pays me less than 27k a year and feel stuck. The issue is so wide spread (nationally) and it’s about wages, ridiculous rent prices and house prices, cost of living crisis and so much more. I’m lucky compared to most, but it would take me around 5 years to get any sort of deposit right now…
Perhaps your expectations are a bit too high though. I've just left a local authority job, at age 61, that paid less than £27,000pa, and I have 3 degrees and a lifetime of career experience. Fortunes go up and down in life, and we just have to make what changes we can. There seems to be a mismatch between expectations and reality for many younger people. You are young, and can make all sorts of changes in your life that can improve your circumstances. You don't have to stay in north Norfolk, for a start!
£27k a year doesn't sound right. Cant believe there is so much wage disparity around the country.
@@jungleboy1 £27k is a high-wage round here (Stoke on Trent). At my old job we were being paid £20-22k with master's degrees and experience.
@@amandahunter4034 Your £27k in 1980 is now the equivalent of over £140k ....
Value of £27,000 from 1980 to 2024
£27,000 in 1980 is equivalent in purchasing power to about £145,099.28 today, an increase of £118,099.28 over 44 years. The pound had an average inflation rate of 3.90% per year between 1980 and today, producing a cumulative price increase of 437.40%.
This means that today's prices are 5.37 times as high as average prices since 1980, according to the Office for National Statistics composite price index. A pound today only buys 18.608% of what it could buy back then.
The inflation rate in 1980 was 17.99%. The current inflation rate compared to last year is now 3.90%. If this number holds, £27,000 today will be equivalent in buying power to £28,053.00 next year.
You had 20 years of wages with purchasing power before now, I've had 20 years of stagnate wages and exploding prices
@@jungleboy1 National Min wage is due to increase to £11.44/hr. Based on a 40 hr week and 52 full weeks work you still don't break £24k/hr. Doesn't sound right but it is in fact the case
My mother bought her house for 23k working part time at sainsburys as a cashier and being a single mother with 3 kids, it's a 3 bed terraced house in a small northern town, its now valued at over 220k. I'm 30 years old and worked as an engineer for most of my twenties and unless i split the bill with a partner or get a roommate i will never be able to afford a place of my own. This is what was stolen from us, my mother had her own home at 21 years old working a "non skilled" job with only the qualifications she got from school, meanwhile i have a degree, have a far better job and am stuck in the cycle of living almost penny-less paycheck to paycheck, i haven't been able to treat myself to a holiday or anything luxurious in over 6 years, and no its not because i'm buying avacado toast and coffee everyday for £20 from some poncey cafe. I don't smoke/vape, i don't drink, i don't gamble, i don't buy top brand clothes, i enjoy simple pleasures like long distance running and cycling/hiking (generally inexpensive hobbies) i am a typical saver, don't have a credit card and never have and even i am struggling. It all just feels so pointless i want to scream. what is the point in working non stop 50 hours a week just to never be able to escape the rat race and retire when your body is too broken to enjoy the little time you have left before the grave. I'm so tired of it all and every year it just seems more and more bleak.
I Bought a Tent!
Have you considered moving abroad? I am an engineer and I am thinking of saying fuck this country and moving away, it’s family ties that have kept me here. Engineers are paid like shit in this country although the IET are always saying there is a shortage of engineers in the UK and blaming the government whilst engineering companies pay shit wages.
If as an engineer for the last 10 years you have not been able to save a penny for a deposit on the wages you would be earning working 50 hours a week whilst do literally nothing to spend any money then you are a liar. Cut your cloth to suit.
@@markdraycott3974 I'm not absolutely destitute but i certainly don't ever seem to have any disposable income to actually enjoy life with, everytime i have a bit of a nest egg saved up something seems to happen like the car can't pass it's MOT and it's get a new one or dump all my savings into fixing that one so i can continue to go to work to live and continue the cycle of being a worker drone and not really living. I want to work so i can live, not live so i can work. is that such a crazy thing to want? we live in one of the most affluent countries in the world, it shouldn't be this hard. The next election is looking like a landslide for a labor government so hopefully things will improve but to fix the economy will take many more than 4 years i fear.
Props to your mother I can’t imagine being that strong to raise 3 children on my own 😩
6:10 the best description of life on this video. You can't throw away the best years of your life just so you can hopefully afford a house 20 years from now.
Well some of that was infuriating as you might expect, but it was lovely to see the lady who had sold her house with 2 acres of land being equally baffled about the value increase since she bought it. She seemed acutely aware of the issues that young people face and knows that it's very little to do with coffee, avocados and takeaway food!
I liked her too, what a sweatheart!
"baffled about the value increase since she bought it" Oh no free money! How unfortunate!
She was shocked as to how crazy the housing market is@@sirrebelpaulc3439, which I thought was refreshing to hear, rather than some from the older generation who say that young people just need to work hard and save up their pennies.
There is nothing baffling about it. She wanted to sell and some greedy prick estate agent told her she can get £650k for her house and instead of being a decent human and thinking that's far to much and she doesn't need £650k because she has no mortgage on it. She happily took the money and upped the prices more. And there was actually some stupid prick willing to pay that amount because that 2 acre garden will soon become a new housing development and they never cared about the original house.
Its almost impossible to find a decent little house with land now because every dickhead boomer has sold the gardens of for building on.
This entire problem comes down to greedy estate agents pushing up more prices and developers buying houses to ruin and build on the gardens.
I had great fun pissing of estate agents when I was looking at houses because they couldn't answer any of my questions, they know fuck all about the buildings they are selling and they talk shit. I embarrassed plenty of them.
I'm mortgage free at 36 and I have done it because I don't listen to other people who are trying to earn money from me.
Why was it infuriating? Why do people insist that we have it harder than they did and get angry at any suggestion otherwise lol.
That coffee talking point is fucking infuriating, i don't even drink coffee. why don't they say the price of coffee should be reduced. so young people can enjoy their coffee and have an easier time saving. they won't say that. because they're happy to be complicit in this bullshit system because it benefits them
We can enjoy coffee, I take an aeropress and flask of hot water to work everyday, whilst guys I work with will pay £4 for a coffee and spend 15mins to go and get said coffee.
aye but with the cost of the aero press and your coffee beans + grinder you're probably spunking £3 a coffee...so swing and roundabouts @@bobaverage
@@bobaverage
Even if you buy a coffee at £5 a day, over a year that only equates to under two grand
Which is f all for a house deposit.
Yeah in ten years you’d have under 20 grand which still wouldn’t be enough for a deposit on a house or flat in most places.
So this is a rubbish argument from those old timers
However*
Your point is a good one and I can agree that taking your own food and drink to work is a great money saver 👍🏼
Awh getting angry at old people are you because you can't save? 😂
@poyzer
No pal, not at all just pointing out the bleeding obvious which you are clearly too thick to see. 😂 This affects everyone even you! I’ve done really well over the last 40 years had 4 properties and only another 5 years to go before a nice retirement with job related pension. 👍🏼 enjoy the rest of your life 😘
Some pretty reasonable points of view by the folk of North Norfolk. Just frustrating to hear the army fella say there's not enough houses and not enough money when there's approximately a million properties vacant in England and there's recently been the PPE scandal and countless examples of companies posting record profits during a cost of living crisis.
To be fair a lot of the vacant houses aren't livable or near places with jobs. All the more reason to build more affordable housing.
@@lilygaming_ Sure, we need to build more council houses. But there are also around 257,000 so-called 'second homes' or 'furnished empties’ according to the Action on Empty Homes website. It’s not enough to simply build more assets for landlords and investors to snap up.
@@smburton8338 no disagreement here, just adding some context
@@smburton8338 You get taxed heavily on having empty property's.
@@user-ue6iv2rd1n I don't get taxed at all cause I don't own any empty properties. But thanks for informing me of this, I can sleep easy tonight now you've enlightened me. Quick question, do you really think paying up to four times the amount on council tax each year is something the top 1% even notice? cheers
wow thanks. i stopped buying coffee from the coffee shop and i now have a 1200 square meter mansion.
thanks old man. you saved my economy.
Yeah just last week I spend £34,000 in Starbucks and thought, "house? Naaaahhhhh. I much prefer to gain zero equity and spaff money direct into the bank account of a private landlord."
The ratio of house prices versus average incomes is now about 8.5 times, a situation that's worse than any time since 1876. But yeah, I think it's definitely my fault that I spend my pittance on having minor joys in my life like food and a telly.
well it is! don't forget this generation got up at 3am to work 100 hours a day and never drank/smoked/bought a nice car/socialised in any way so they could save, like the responsible people that they are.
There are a lot of workaholic old timers. They wake up like 4am in the morning, prepare their own breakfast and food for lunch, commute to office via public transport, don't really care what's the latest fashion etc.
Meanwhile, there's a lot of youngsters waking up late in the morning, no time to cook so they'll order takeout breakfast, coffee, lunch, ride a cab to work, online shopping during breaks. Not to mention eating out for dinner once or couples of times a week. Subscribed to a phone plan, streaming services etc. I'm a millennial and I'm guilty that sometimes I spend more than what's necessary but I've seen youngsters with very wild spending habits.
@@louieg7676 it's always been the prerogative of the young to have fun, but the majority of teachers, nurses, social workers etc are people in their 20s-40s, not "old timers" and they work their asses off. But it's no surprise that depression is on the rise, what's it all for? Once you could work hard but when your shift was up you would go back to your home. Now you don't, you go back to a tiny rental that you don't own and never will, you don't cook because you're tired and your rental kitchen is crap and you are expected to be available for work on your device at all hours of the day and night, and at the end of the day there's not light at the end of the professional tunnel. A lot of the situation younger people are in is due to decisions that have been made at a policy level for the last 3 decades, but they're masking them with the usual bs "young people are lazy"
@@Paul-yk3qw My comment didn't really mean or imply that people in their 20s-40s are lazy as you were saying, but it is more of a comparison of lifestyle.
Old timers or old people had their time in the sun. They were once young and adventurous but most of the ones you see owning houses (except for those who were born rich) lived a somewhat frugal lifestyle while they were earning during their younger years. They had no internet bills, no phone plans, no streaming services and other subscriptions to pay. They made their own lunches and coffee (or at least buy an inexpensive cup of coffee, nothing fancy).
Meanwhile, younger people of today's generation are bogged down by bills, some of which are just for convenience. Internet plans, phone plans, streaming services (netflix, disney+, hulu, spotify, YT premium etc.), fancier drinks, takeout lunches etc. Almost everyone is trying to sell some subscription-based service or promote a trendy lifestyle through influencers. Heck, you even need to pour money if you're using dating apps if you want better results. You can just shop through your phone.These bills eat away a certain percentage of your income. We're living in a highly commercialized society and younger people are more inclined to handover their hard-earned money just to be up to date.
@@louieg7676 yeah, young people these days really dont understand that its about them not about the world. the only person that can decrease spending and increase income is yourself.
I bought my first place in 1998. It was easy, i was an apprentice welder and saved the £3000 deposit in less than a year. Even after the mortgage, i could still afford a car and two nights drinking.
It is so much harder (imposdible) for young people now
Nicely put Steve, I mainly hear that apparently it wasn’t easy in your day, but of course we know that it was! So thanks! My wife’s parents were given a house without the need for a deposit in the late 90s!
My mate just got rejected with a 50k deposit… fml (in the SE)
Ive noticed that since Thatcher and the Big Bang in the City houses and flats etc have become mere commodities. That plus the posh boys that run Britain means that things can only get worse unless we get rid of the posh boys and get some Socialism in the works.
Harder? Sort of. Impossible? No.
There has never been an easier time to make extra money. Uber. Airtasker. Ebay.
@@Bringon-dw8dxprobably spends too much and was determined by the bank not to be able to service the loan.
It's not just about what you earn, but where the money goes once it's in your hands.
My wife and I bought a house for 27,500 a year ago with a 110% mortgage at a fixed rate of 2.5% for the full duration of the mortgage (15 years). Before you ask we left England shortly after the referendum and now live in France. From everything I see since Brexit we definitely did the right thing.
27,500? Surely you mistyped?
@@RBTVNprobably not. You can buy a village in France for that!
Righto....
Likely true. Houses much cheaper there and don't go up much.
@@RBTVN gotta be missing a zero. Otherwise why would you go with a 15 year mortgage?
A cup of coffee 7 days a week is 150 dollars a month. Which is 1800 a year you can save which if you saved for 12 years is 21,600. Which if you did that for another 12 years which would 43,200. So in 22 years of saving coffee money you cant afford a house still. So 1 year of coffee money is 1 month of rent.....with room mates
yes
Hmmm yeah but the older generation, particularly men, had tjeir own habits. Hitting the pub after work weeknights, smoking etc. every generation has its vices.
You could get drunk down the pub on a pound back then. If things were equivalent cost now, we would be able to get drunk for a tenner. It's not just that things have inflated, they are more expensive relatively too.
I like how one of the women said "they're lucky to get toast, let alone avocado on toast"
i think she has an overly dickensian view of how ppl live in the uk..
When I walk past our Costa in town it’s full of oap, the only youngsters are the baristas.
Agree, the coffee shops are full of them.
Rent in Los Angeles = $1600/m
Daily coffee = (5x30)= $150/m
Coffee cost everyday for an entire year = $1,825
Average single family house cost in LA = 1.2 million (2024)
Down payment @20% = $240,000
Down payment in years of coffee = 131
Down payment In years of coffee with avocado toast = 50
Yo bro, just like, grind harder bro … … …
It adds up though
If the coffee and avocado toast cost $20, you would save $7300/year. Invest that in an S &P 500 index fund at 11%. In 15 years, you'll have $251,159.12. I'll bet you could find a whole lot more money that you piss away- Doordash, Amazon, subscriptions, iPhones, etc. It all adds up. Also, the avg price in LA is under $1M, and you don't have to buy avg or higher- buy something well below avg in cosr
@@libertarian4323 way to name yourself something stupid so we all know.
@@aredub1847 What are you babbling about?
For me, buying a cup of coffee is the new " going out". In my teens, 20s and 30s it was still common to go to the pub with your mates, 2x a week, and a club for dancing at least once a month. By the Millennium that was getting less affordable, now the clubs are mostly gone. I'm over 50, never a big earner, now all my simple pleasures are gone bar a coffee out less than once a week. The sooner the younger generation realise this nation is kaput and make alternative plans for themselves the better. Short of a revolution, community self build, community land trusts, living in a caravan or investing in a derelict place with your mates are the few options available to get out of paying high rent the rest of your life.
I dunno, I stopped buying a £5 cup of coffee a day, and after a few measly 19 years, wouldn't you know, I had that £34,000 deposit.
Now of course, by the time you'd save that £34,000 it'd still have just been eroded by inflation and house price increases, but that little factor doesn't really matter.
£5 coffee x 365 days= you do the maths etc etc
@@bertiewooster3326
I did. That's why it's still not enough. As I said, that would take about 19 years.
Here's the problem; presuming you started at 18, you'd then be 37. And inflation and house price increases would've eroded all value of the deposit away. Look at 19 years ago, house prices have over doubled since then.
This is also not acknowledging that people don't buy a £5 coffee a day, and that coffee isn't £5 either.
@@Patrick-y4d1z I appreciate that it is difficult but the only advice I give younger folk is.... Live with your parents and save save work work..... don't get married young...... don't under any circumstances have kids ...the latter will bugger up any chance you may have to get on the housing ladder.
@@Patrick-y4d1z Life is up to you to shape you can be given advice but you alone must do the leg work betterment is not going knock on your door.
The last guy to speak, interviewed with whom I assume was his wife, had it spot on. He didn't do soundbites or trite phrases picked up from the media; he'd thought it through and gave a pretty good summary of the situation that showed insight and empathy.
Funnily enough, I take coffee or tea with me to work because I can't afford to pay for take away coffee. These old people are clueless, much like the millionaires who govern over us.
Even saving ten thousand for a deposit means you'll need to pay rent. As for 'affordable housing' you need around 20-30k deposit. For someone on a well-paid job (40k+ a year living with parents) that is still likely a 3-5 year mission. Introduce health problems, children, pets, and unexpected incidents and that timeframe creeps upwards. This is without including savings for furniture, etc... no wonder people on good jobs can still go into their 30s living with parents having lived a frugal life of saving! No wonder some young people think F&ck it and buy that coffee.
People forget the deposit is literally step 1 before signing your life away to a 200,000 self-enslavement contract all for a mediocre house on a mediocre street in a mediocre neighbourhood.
The government arent clueless, they know exactly what theyre doing, its just what they are doing isnt in your best interest, its in theirs
sounds like girl math: "If you make £40,000 a year living in United Kingdom, you will be taxed £9,119. That means that your net pay will be £30,881 per year" so 30881/year*5 years= 154 405. according to you, you need 20 000 as a deposit, which means you have 134 405 left / 5 years = 26 881 per year left, or 2 240/month. so your not paying rent, since youre living with your parents... what are you spending 2240/month on? it cant be just essentials. there are a lot of coffees in there...
@@MrNukedawhales Oh, hold on, the edgy libertarian teen who has never actually had to work and pay their own way yet somehow is a financial expert has logged on.
@@RBTVN so youre telling me you NEED 2240/month after rent?
The last guy, what he said was absolutely correct. It will take decades to fix the housing market and it needs cross party support to fix it. We're too short sighted in this country.
Doesn't help that the whole country is tribal and treat politics like it's X factor or big brother, or simply voting against their own interests to spite others.
All coloured rosettes are essentially the same once in power.
You'd have to be a lying narcissist to even get in that game.
£5 coffees... do me a favour!
I don't drink coffee. I don't run a car. My phone is as basic as I can get and most of my clothes are several years old and starting to fall apart.
I work full time in a warehouse, I take home approximately £1,600 per month. I rent privately. When I moved in, 2022, rent was £825 a month. Its now £950.
THAT is the problem. THAT is why so many of us are struggling. Its got naff all to do with coffees I don't buy and everything to do with living costs increasing beyond worker's wages.
Amen to that. I’m on roughly the same wage and just like you, I don’t drink coffee, eat avocado or drive. My rent is £1050 per month (I’m not in London) and that doesn’t include any other bills like council tax and electricity. My bus pass alone (to get me to work) is £80 a month.
How am I meant to save for a housing deposit?
@@Celandines Aye, and something else so rarely considered by the folks who just tell us to stop spending on anything but the barest of essentials... how does a capitalist consumer economy, such as ours, continue to function when less and less people are actually able to "consume"?
I'm no economist but I'd imagine it simply doesn't.
@@django3422 good point!
Yup!! when I lived in the UK I got 7.30 per hour wage (minimum at the time) I don't drink alcohol, nor coffees, I didn't drive, I don't smoke/use drugs, I didn't have a TV, I didn't have netflix or stuff like that subscriptions, there was quite literally nothing I could cut out to save money from. It's absolutely ridiculous that people expect you to be able to save up for a deposit for a house with that.
I love the old lady, probably the oldest one, who understands the precarious condition of the younger generations. The other interviewees apparently seem to understand the UK is in dire straits but still express some prejudicial ideas...
Exactly
No avocado latte for me today, now I own half of Grosvenor Estate.
It's not even 5PM so will be buying the rest of London over the weekend, CHEERS!
Can I rent an attic room from you in exchange for anti immigration rhetoric?
I have a Starbucks at most twice per week. Usually once.
For arguments sake lets say twice. That means in 67 years i could save 35k for a deposit.
Wow...amazing advice. Why didn't i think of that.
Young people are simply being priced out of the market. Back in the 50s to probably mid 90s, you could reasonably be assured that if you and maybe your partner worked, you could afford a mortgage.
They want to live in areas they simply can't afford, understandable but unrealistic.
@@jjefferyworboys8138 ahhh, the tory simp is back i see.
I could afford to pay a mortgage, I just can't get one for 300k. Many people could afford the payments but you can't take out a mortgage either through bad credit or because you can't take one out for 5x your annual salary, even if you can afford it.
No, Jeffrey. It takes an average of thirteen years for the typical wage earner to save up enough money for a deposit anywhere outside London and an average of thirty years inside London. Yes, that's right: thirty years. Do you want to know the last time the disparity between incomes and property prices was this high? I'll tell you. The 1870s. I'd love to know how 'hard done by' your generation was, with your free higher education and three-bed townhouses in central London being snapped up by semi-skilled workers. Now two doctors earning £80k a year each can't afford to buy a flat in the same location even though they work down the road in a hospital treating entitled, Daily Mail-reading mugs like you. @@jjefferyworboys8138
@@jjefferyworboys8138 yeah mate my home town my mum bought our house for £60k in and now that same house 20 years later is £400,000. me and my partner of 6 years cant buy a house and we both work 35-40hrs a week [not including breaks]. i get paid now what my mum did when she bought my childhood home. i cant afford to live in the county i was born in anymore. i'm being relocated by an apathetic government.
Who can buy a house at 18 what a different place we are in now 😂😂
Getting a mortgage for 25 years at 18 is not the same as buying a house at 18. He will have been 43 when he paid it off.
@@dannybowden5296 Unlikely as most peoples circumstances change over time and they trade up repaying one mortgage and taking on another.
@@dannybowden5296thats still amazing
@@jjefferyworboys8138 You're missing the point I'm trying to get across to the original poster. The man in the interview got a mortgage at 18, he didn't own a house, he had a mortgage for one.
@@dannybowden5296 That's somehow no better than the current situation of 43-year-olds getting their first mortgage?
Honestly quite refreshing to see a lot of these people understanding the challenges of buying a house these days.
It seems like a lot of people have been misled of this idea that cutting back on some luxuries will solve the problem of unaffordable housing.
The mere fact you refuse to accept the young need to change their bad habits just about sums it up. The young today are mindlessly entitled and expect 4 bed houses for their first home without saving a penny. They want everything and that is why they are where they are
@@James_36 Some people can't afford a house primarily because they are bad at saving money.
Many people may benefit slightly from better spending habits.
But many people are unable to afford a house because of things out of their control.
House price increases have massively outgrown wage increases.
Inflation and the cost of rent/food/other frequent costs have also outgrown wages.
In some cases, these two factors mean it takes someone a lot longer to save up for a house than it would have a decade ago or earlier.
In other cases, it makes it impossible for someone to ever have a large enough deposit for a house.
The scenarios that allowed many people to buy houses decades ago, for far less money and far earlier in their lives, just aren't feasible for really anyone but a very fortunate few these days.
@@badgercode nonsense, 2 people working when a moderate salary can get a house it is a simple fact.
I bought my first house in 1982 at the age of 29, it cost me £25.000 and I paid cash, which I saved up in seven years, in those days interest for savers was 10-16%/annum. In those days rent was 10-20% of wages, now it's 50-60% of wages. This is what Tory greed did to this country. I sold that house in 2003 for £130.000 and bought a 2-bed retirement flat for £38.000 at the age of 50. Only Rent controls for a long period of time and a massive affordable house building program are going to give youngsters a chance of home ownership today. First step .... get rid of the greedy Tories !!!
I was at university in my twenties and as a tenant saw how shoddy and expensive the private rental market had become in the early noughties. By the time I graduated there were few employment opportunities so I traveled abroad.
15+ years living and working in Vienna, Austria: There’s no shortage of quality, affordable rental accommodation - indeed only very few people buy - and there is no compulsion for people to own. The city of Vienna owns a staggering amount of property and there is strict rent control which assures tenants long term security and stability.
From outside looking in, it’s clear that Britain has allowed too much profiteering from basic social necessities, from greedy landlords to powerless local authorities unable to help with an aging population and ridiculous challenges for first time buyers… it’s a hot mess.
Whilst Thatcher’s sell off of council houses back in the 80s was a quick fix solution to balancing the books, the generations since are paying a huge price for a basic standard of living and the future looks bleak.
Vienna has it's fair share of mosques too all funded by Saudia Arabi.
@@ExoticDollnothing strange about that, no different than any other capital city.
@@ExoticDoll
Yeah, have you seen London?
Vienna is such a poster child for how housing should be done, I also have friends there and was so impressed with the level of housing they have compared to the UK cities of similar size. Crazy what a government can do if it really wants I guess…
@@hiitstechsupport1100 yes, there was even a radio4 documentary about Vienna’s social housing broadcast recently, it’s leading the world in showing how a modern capital city cares for its residents.
There seems to be a knee jerk reaction in the UK against bureaucracy and red tape, but here in Vienna everything is regulated in favour of the broad population, rather than business interests. This promotes a society free of poverty with opportunities and amenities available to everyone. Indeed the tax burden is higher than most other developed countries, but a well funded public infrastructure is totally worth paying for.
So when I was saving up for my first house in 2000ish, I drank a lot of coffee, and proportionately it still costs about the same if you add inflation. A luxury - and I was able to save.
I was earning about 20K full time BEFORE tax, so maybe 15K a year take home, which was less than the average single person income, but pretty good for your average 24 year old. Average house price in late 90s was about £90K but that's because London wrecks every attempt to make sense of the housing market, it was closer to 50K everywhere else. My deposit for the £35K terrace house (in a poor area of a northern city) I bought only needed to be £1500 for a 5% deposit. I kept drinking coffee and saved up 10% so as to get a smaller mortgage. That house was just over twice my take home pay. And at 4% interest as it was at the time, I struggled to pay it. I did pay it, but it was a struggle - had to cut down on the coffee for a few years, sure.
So an average house then was already (thanks to labour at the time having done nothing to alleviate the housing crisis caused by Right to Buy) pushing 4 times my takehome pay - a mere five years earlier had I been earning the same a house would only have been 3x my takehome pay. As it was, northern city, poor area, I did better than that. But I did it on my own. Solo. No other person in my life. I was only born in the late 70s I'm hardly a boomer, I was in my very early 20s in 2001.
ON MY OWN. In a bog standard office job 2 rungs up from casual admin assistant. Because houses were increasing in price but were *actually* affordable, unlike whatever the crazy out of whack definition of affordable is now.
Cos now:
- The average UK household income nationally now - AFTER TAX - is about £35K. That's from NAO figures. That's household income, not individual income. 2 people.
- The average price of a house in England now is £288000, or about £250K outside of London (it drops off sharply if you want to muscle in on the similarly-housing-starved locals in the other countries) .
- That cheap house I bought in 2001 is now worth about £150K, more if its well appointed. Still a northern city, still a poor area.
So that's either:
7x the average two person salary for a national average house in England. I still don't live in one of those. I'm not complaining about that, just pointing out that the fortunate timing of my start in life still only got me so far before the escalator stalled.
4x the average two person salary for that same house I saved up for and mortgaged on my own on less than national salary, in that same 'less desirable' location. Or closer to 6-7x the average single salary.
...It's not really any wonder the kids choose caffeination.
Heck, I am now mid 40s, earning a managers wage - which comes out as take home pay *just less* than the national household take home. I'm still the sole earner for my household due to my wife's health, but I do have a household now, yay me. So hey that's pretty good, I'm earning nearly as much as two people do, go me, right? ....well, I'm in a property worth maybe £160K if you squint a bit because as much as the value of that first house has grown, the next rungs up the ladder have grown by more, putting them further and further out of reach, like galaxies and the expansion of the universe. A 300K house for me is well past the observable event horizon, I am basically stuck here because the next bracket up would mean putting another 50K on the mortgage and I can't possibly pay it.
And I'm 25 years into my career with no complaints on my actual income - just the outrageous inflation of housing past the point where the only folk who can afford to buy are landlords who then make you pay more than the mortgage you would have had if only you could have saved up a 100K deposit. Somehow. After 10 years of cost of living crisis (it's not new! It's just affecting middle classes now so the papers have noticed). I'm doing *well*... and me/my family are still trapped, with no clue how on earth my son will ever manage to move out as and when he goes and comes back from uni. He's likely going to be stuck in one room in his parent's house until he can find a mate or lover willing to go in on a shared mortgage with him.
So we're in a situation where no-one can get on the housing ladder, and people on the bottom rungs are stuck there and can't move on, freeing up the cheaper housing stock.
The market is locked up... and prices keep going up monthly whilst wages only go up annually, if then.
But Tories and Labour both are both talking about enabling mortgages that can be handed down when you die, and making it easier for two non-married/romantic partner people to get a shared mortgage!
They both just seem to want to load everyone up with with more debt rather than apply any sort of controls to the clearly out of control housing market! This is what happened with Labour in the 90s - they didn't dare upset home owners so they just let the costs spiral upwards whilst pandering to everyone's ignorance by saying 'line go up = good". The Tories set the social housing stock on fire, and Labour just warmed their feet on the embers for 12 years going 'ooh, line go up!'. Tossbags. I was never fooled: in my life experience, Labour are Tory light. And the 'light' part is mostly only really that they don't actively hate the poor. They're otherwise still an authoritarian, profit-first establishment party. Proven over and over again and the current lot sound just like the last lot, so I fully expect that to be the case this time around also.
They're NOT talking about how to get house prices down! They're NOT talking about european style mortgages with fixed rates for decades, they're not talking about rent control and deposit support, they're not talking about repossession protection or social housing they're only talking vaguely about 'affordable housing' without ever defining what they mean, and how to support people getting bigger and bigger mortgages. They just keep propping up the lie that you want to be on the property ladder because "line go up and line go up = good". Encouraging people to see house price falls as desperately bad news indicating political failure, when at a strategic level it's the exact opposite. Housing is not a high return investment in anything approaching a sane market.
Average HOUSEHOLD income is £35K. Even if we said 'no-one may buy a house alone, everyone must be paired up', that should mean affordable housing on average outside london should be between £105-£175, or 3-5x salary, the conventional wisdom that prevailed for basically hundreds of years until the 80s when the rot set in. If we take the average solo salary like we used to, of abotu £25K take home, then houses should be more like £75-£125K
Think on that and realise, we are being set up - not deliberately, but by total lack of spine - for banks to own our homes in perpetuity if it carries on like this. Barclays, HSBC and the like will essentially be the new social landlords, because they'll own everything mortgage free since they own the debt, but without the commitment to look after the house which will still be on you.
More social housing. Get people into low rent accommodation so they can save, increase the housing stock available so prices come down, and for god's sake let councils take the money they get by not being able to say no when a tenant wants to buy and let them build with it.
And for the love of f**k can we PLEASE kill off first past the post so we can vote for something other than the hegemony. And for the love of f**king *f**k can people stop buying into the nonsense about "line go up = good".
Really wish I could give this more than a simple thumbs up.
You should write professionally, this was quality, entertaining.
@@jncg2311 gosh thank you that's a very nice thing to say.
Sadly I don't think anyone's gonna pay for my insights. Christ work don't even want my insights and they pay me to have them!
It's a shame that everyone uses this media propaganda term 'cost of living crisis', which purposefully makes it sound like a temporary accident. It's a deliberate fleacing of the value of our labour. They'll blame it on various global factors to keep you subjugated. The reality is that the working classes have only ever had a very brief period of around 50-80 years where they could own property and have some determination on the fruits of their labour (holidays, luxuries etc). No money = no choices. It is not an accident.
By far the BEST ever explanation of UK housing political and economic history told through the lens of lived experience. Thank you!
This was an excellent read 👍
This video shouldn't have surprised me but it actually did. Most of them were aware of their own good fortune and were able to emphasise with younger generations.
We emigrated in 2022 to Sweden. 20 years working in the UK, only seeing the prospect of home ownership get further and further away. It's remarkable to witness how much the UK has declined in that time period.
Conversely, home ownership here in rural, southerm Sweden is normal and a tiny fraction of the price of the UK. The average deposit of £34k that Ed mentioned would buy you a house here.
great if u can work from home, not practical otherwise
@@jonathanjonathan7386 just learn swedish and get a job there
Good one on you. However due to Brexit immigration to EU nations is now a harder ordeal for all Britons unless you're educated, rich or have EU family
@@SkinnyEMedia so what, people from fucking east africa can do it while being in danger of getting killed by pirates but its to hard for the soft lil anglo saxon?
A £5 coffee 5 days of the week each month would be £100, times 12 would be £1200.
Hardly even a fraction of what you need for a deposit nowadays
How many £5 coffees do they think people drink in one day? 😳
When people make this argument, they also forget inflation. If someone had told them 50 years ago to stop spending 45p (which is the equivalent of a fiver today) on a coffee in order to be able to afford to buy a house, they would have laughed.
So ten to fifteen years for a good deposit...
It is a 15% deposit for a up todate terraced house in North Norfolk.
@@lewisg7614nope because after ten years you need twice that deposit
My kids still live with me in their late 20's, I don't charge them rent, so they can save for a deposit. I was a victim of DV, so ended up as a single Mum working in the NHS. I bought homes & renovated them after work. But, we still went out, had 2 holidays per yr( skiing & summer) cinema every wk, take aways on my day off. Yes, we had to move 5 times, but, I was mortgage free at 42yrs old. There was an opportunity & I had the skills to renovate. No, family support as they had passed away. Now, 52yrs old & still supporting them. I should be cruising the world, but, this Tory gov has annihilated their chances. Both kids have good jobs. One as a teacher the other working for the DWP. Work that out?
Could they buy homes and renovate them after work, you have worked very hard for success and a better life, more than just earning a living. I am successful too but I tell mine unless they put in a extra the will not get extra out, they will just earn a living and have to settle for that.
Sounds like you have worked very hard and have provided a better upbringing than some people do. I'm sure your kids will appreciate all the support and experiences you have given them. If not now (which they should at their age) but later in life.
But it does sound like it would be a good time for them to take up the renovation business. Pass on the skills.
really dont think Labour would have have been able to change house prices, its a global problem. US, Oz, Germ, France, its everywhere. Politicians have long been just helpless puppets on macro global financial issues.
How did you buy homes and renovate them while paying as a single parent on an NHS salary?
Calling BS.
i am 58 and childfree, bought my home and don't have to fork out for kids. I can move anytime I want without having kids to tie me down. I think being a parent just adds so much financial stress. It is just not worth it.
We built their houses in the 1940s and 50s, they got them cheep and are pulling up the ladder.
As one person said most boomers were raised by the great generation that wanted the welfare state and got most of it after the war because their life sucked.
Boomers then took their parents idea of self reliance and wrongly thought they pulled themselves up by their boot straps
Forgetting they got
Council houses
NHS
Free schooling
Cheap university
Their parents got s post war boom in industrial output
They got the first wave of yuppy jobs in finance and oil jobs
They didn't have to pay University Fees either. Which is an additional 7% tax once you earn over 25k.
@@Joe-og6br 9% for most, that's 41% of your salary gone (over £27k) before thinking about pensions (which we now have all the risk of, rather than given one) , rent/mortgage bills etc
You are not given a pension, you pay a percentage of your salary into your pension every month@@TheUnluckyGama . If its an NHS pension, for example, your contribution goes to the treasury and you are not guaranteed to get back what you pay in either. Unlike those in FSC regulated private pensions.
@joannagreaves7616 previous pensions people were either given or paid a small contributions towards. It was a guaranteed income for life after retirement age and all the risk lay with the Employer. Now pensions are entirely down to you with a small contribution by the employer, don't have enough in there that's your fault (I work in the industry mate, I know how workplace pensios work)
Where do these people get these ideas from? Young people today generally can't afford to eat takeaways 2 or 3 times a week or £5 coffees.
a lot of them do, you can see from the takeaway boxes on recycling day, some people cannot cook or have little time and don't do batch cooking
*Average houses being 10x the average yearly wage in some areas, with people saving for years and having to take out £200,000 mortgages with 5% interest*
Solution...
Just don't buy that £5 coffee that you're already not buying.
Don't forget that avocado toast you're not buying either!
Makes my blood boil.
@MrMagicMert its annoying like who on a minimum wage is goner be able to Save more then maybe 4 or 5 k a year though? With current prices. So in 10 years you have 50k u need about 250k or 300k. So that's around 50 years it will take you if you save 5k a year and most people can't even do that. Say someones starts at 20 they will be seventy b4 ever owning there house.
One easement I had in my teenage years during the 60's was no mobile phone bills, no broadband or roaming charges and to do anything now you really do need to be online. Public phone boxes were available and in working order and a call cost a couple of pennies. Credit was impossible to get until you were 21 so you didn't get into debt and my bedsit room cost 37 shillings a week. My wage after tax? £13 a week which allowed me as a single man to be comfortable. What has happened to our young is a total disgrace. I was sacked from one job in the morning and walked into a lesser paid but liveable one 2 hours later. Looked around and was back earning the higher wage within a month. I'm not bragging or exaggerating just bloody mad at what kind of future my grandchildren face.
Good to see an old person who understands!
Oui, vous avez raison
Every generation has its own challenges and has to adapt.
@@Neddie2k agree, but the real adaption occurs (or not) with age. My Grandchildren obviously have no memory of how my habits were formulated, and it is me who has to adapt in an attempt to understand their perceptions and values in today's world.
If you have absolutely no chance of buying a house, why wouldn't you buy nice coffee? Your life doesn't have to be *complete* misery.
I'm fortunate enough to live in a place where property was reasonably priced AND have an online job. I bought in 2012, £125K for a 1970s 3-bed detached, but it needed gutting and I was prepared to live on a building site for four years - literally one bedroom and a downstairs loo with a hand basin. I could never have afforded anything, otherwise.
Maybe pensioners should stop buying coffee and then they have no problem with paying their electricity bill
It WAS difficult for my parents to afford a house initially, but it got easier as time progressed. Originally however my dad as a teacher could afford to get a mortgage for a 3 bedroom house on his own income. The simple comparison is "can a newly qualified teacher get a mortgage for a 3 bedroom house?" and the answer is no, but it used to be possible 50 years ago. The 'do without coffee" brigade are utterly clueless.
Private landlords have ruined the UKS property market. A "landlord" on Twitter proudly showed his portfolio of properties to a journalist.
He'd bought nearly a street of houses, then let the rooms separately (including half the kitchen and living room) "for maximum profit". When the journalist asked how he slept at night after buying the houses that could have gone to FTB, he replied that he had to think about his business. Sickening.
It's not a 'business' it's a racket
We need rental property, have you any idea of the human misery that would be caused if all the landlords disappeared overnight? What has ruined the UK property market is not enough building and mass immigration (the population grew by 745,000 last year).
However, if private landlord are buying everything, why the contruction companies are not building like crazy? If everything they build is going to bought no matter the prize?. I think that the main issue here is that regulation to build more houses are so restrictive that they dont allow the offer meet the demand, making very profitable to accumulate houses in the portfolio. Imagine the same in the food industry, where regulations wouldnt allow to open more dairy farms. The price of milk and product with milk will skyrocket. Basically is what is happening in the housing market.
@@juangomezfuentes8825 Developers make more money by drip feeding properties. Imagine a development of 500 properties in your town, if they all became available in a few months prices would drop, so they build and release them for sale gradually to keep prices higher.
@@ridethelakes This!
I feel angry - and envious. But it's not these people's fault. Imagine buying a house at 18? a £2.5k deposit with inflation is less than 15k today. Crazy. These people were so lucky. I'm not angry at them, but it's not fair.
Glad to see that there were still a couple of empathetic people in the interview, I for one was able to buy a house at 26, but the things I had had to do to achieve that is something that I would not wish for anyone who wants to have a normal life. I worked as a carer in the morning and was also a cleaner in the evening, never went for holidays and never went for a night out unless its my birthday, that was the routine for over a decade while I dont regret losing my Youth to work I do feel for everyone that this is the kind of hurdle they need to go through to get their own place
In 1970/71 my father left Uni, got his first job and bought a flat for approx 2500. My mother was doing clerical work and they already had two kids to support but they could afford to BUY. The last house he sold here in the UK was sold for 36K in 1986. (100k adjusted) that house is now worth 300k plus. A 5 quid coffee is NOT the problem, nor is Avacado. The problem is decades of government belief that the free market is the answer and under investment in affordable housing. The Gini co-efficient here in the UK is inescuasable, and getting worse.
Its not a free market, you need documents and comittee meetings to make changes to or build new property
@@harryharry970 Sorry, what? Are you suggesting that any commercial enterprise limited by regulations and rules is NOT part of the free market? The free market is not a market free of rules and regulations... I mean, what?
@@dodgycamreacts-lyricsinabo5170 nevermind semantics, other markets are free by comparison
Even converting a house to a HMO requires consulting the busy bodies at the council for permission. Housing is regulated to a much higher degree than most other industries. Government solutions are problems
Coffee & avocado is the problem....
If the only way you can afford a home is to do without, then the likes of Baristas will have to do without a job. Then, wherever they spent their wages... Anyone left with a job will have to cover the cost of their unemployment benefits.... and housing benefit to pay their rent.
@@harryharry970 What absolute nonsense. Post war the government built millions of homes, council homes like the one my miner grandparents lived in. A government solution to a societal problem. In the early eighties the Conservative government decided the free market and profit was the solution to every problem and sold off the vast majority of that real estate, without replacing it. This kick started a rise in housing that sees average house prices increase significantly higher than average wages over the last 40 years, resulting in fewer people being able to afford a house and fewer house available for people who cannot afford to buy one. With only a small amount of colour these are all facts. The government solution to a massive post war housing problem was to build and maintain houses to the benefit of the poorest parts of society. The government solution to post war health care was to create a health care system to the benefit of the poorest in society. The roads you drive on, the police that keep you relatively safe in your home, the infrastructure that allows you to make ill-informed and unconsidered comments on the internet are all products of government solutions. The government is not the solution to every problem and a cause of many of them, but the free market - capitalism without a conscience - causes more, and does it to the financial benefit of a very few, hence our Gini co-efficient being higher than almost all developed nations. Read the post again, the numbers in that post are simply facts, and the facts support what I have said here - flat line average wage, massively rising average house price, these are products of BAB government policy and a stubborn refusal to accept the free market, unregulated and conscience free, is no more the solution that in bad and unrestricted government. Oh, and the existence of rules, regulations and restrictions on 'trade' is just life, pretty much irrelevant to this discussion.
I don't have takeaways make my lunch and coffee sadly can't save as paying for a room at £650 a month working 60 hours a week to so irritates me when people say don't have a £5 coffee
They just don't want you to have any joy left in your life.
Sadly wasn't an option for me otherwise I would have
@@ryan-nr5wl 650 room robbery in white day
£5 coffee per day for a year is £1,825 (including Christmas Day)
Average UK house price is £284,950
5% deposit is £14,247
It would take nearly 8 years for those cups of £5 coffee to afford a mortgage deposit, then a further 733 years to pay it off (using the £5 coffee as a unit of measurement)
The problem isn’t buying the coffee there old boy, the problem is with inflation. The problem is with the housing market. It’s ridiculous that a coffee even costs £5.
It’s a lot harder to buy now. I did a calculation with my parents. When they bought their first property they were paying 21% of their combined salary on their mortgage each month. If they were to be in the same situation financially now and buy the same property they would be paying 45% of their combined salary on the mortgage. Saying that, my wife and I found it very easy to buy a house. We simply did nothing for a while and were extremely frugal. It took about a year and a half to save £18,000. That was 6 years ago. Since then, we have renovated 2 properties and worked our way up. Now we have a 10 acre small holding in wales.
1) A national housing service. 2) work from home policy for non essential workers. 3) For essential workers how about a better work life balance including better pay, a meal and transport allowance in partnership with local businesses / providers, proper breaks like an hours lunch.
100% agree!
This 🔥⚠️
Yes...and then all the empty office buildings in town and city centres could be converted into affordable housing for essential workers so they don't need to commute or drive so far.
@@craftinghome Absolutely and well said 👍 You could even have work / business hotels too for workers on shift / hybrid employees. Something similar to those Premier Inn Hub places or capsule hotels they have in Japan.
Amen! 🙏🏾
Housing is a human right ✅️
Is a lovely Instagram ready 3 Bed new build in a nice area also a Human right? Plenty of people have Champagne taste with Beer money
Housing requires labour and you do not have a right to the labour of others
The guy in the blue jacket seems like a very intellegent guy and seems like him and his wife are then ones that TRULY understand the severity of the housing problem for our gen-z.
That's what I thought to..great comments.
I am quite sure that he would be able to correctly spell the word 'intelligent' correctly too.
@computingananswer766 is not an issue as obviously you knew what the comment meant despite the typo.
@@computingananswer766 thanks for pointing it out, maybe you can give me spelling lessons since you don't have anything better to do than reply to random people on the internet about their spelling :D
Unfortunately skipping a coffee won’t make much of a difference when the average house price is 10 times your annual salary as opposed to when he was buying back in the 60s and 70s and it was roughly 3 times the annual salary….. no amount of putting the kettle on at home will help that simple fact.
I bought my first house two years ago in my mid 20’s after privately renting for 4 years.
It is TOUGH and I agree unachievable for many people. I am fortunate to be in a relationship where have both contributed. If I was single, no chance.
I purchased my first house in 2000, it cost £36,000. It's now worth £150,000, and that's not bad at all for Halifax.
People today have no chance of owning a home, not since 2008 and wage stagnation. You'd need to earn nearer £60,000 to afford that.
Thats what happens when houses and flats etc become mere commodities. We need a new ESTABLISHMENT.
They come from a generation where university was free and a house cost 3 times your yearly wage
Half the country today in the UK is poorer than the poorest US states of Mississippi and West-Virginia and has a quality of life which is about the same as Tennessee or Alabama. At the same time half the country today in the UK have the same standard of living as Australia.
The problem with the UK is that half of the people here are poorer than the people living in the poorest regions of the USA, yet the other half of the people living in the UK just don't believe that (or worse: don't give a rats ass about it).
These boomers would shrivel and die if they were to start over in todays market.
An entire generation of "fuck you, got mine."
This generational in fighting &. name calling solves nothing
@@franzgrosser go to hell
I make no apologies, that was the market at the time and I made the best of it trading up at every opportunity.
@@jjefferyworboys8138 at least you're honest. can't fault you for that.
@adammitxhell2932 You dont know your history. Boomers were born before we had decent universal healthcare, had to start work at 14 to 16, did national service, didnt have indoor bathrooms, and had gas mantles not electric lights, no central heating, washing machines, dryers or dishwashers. Families of 8 lived in two or three rooms and their playgrounds were bomb sites. Baths were in a tin tub in front of the fire and ifvyou had them, heavy cotton sheets were boiled in a copper and wrung out with a mangle and weighed a ton to hang on the line, or you loaded up your pushchair and took the washing to the wash house because you didnt have the ability at home to get all the washing and drying done in front of your one fire. No fridges or freezers, no ready meals.
Now the Boomers did have better wage to house price ratios than we have today, later in their lives, but believe me you probably wouldnt last 5 minutes in the world they lived in in their childhoods and teens.
You are not wrong to be incandescent at the appalling situation we have between earnings and house prices now...I'm middle aged and in a pretty bad situation myself for a variety of reasons, and technically homeless living with my Mum, with no way to even buy a 1 bed flat near my family with the time I have left before retirement and no clue what the hell I am going to do once I retire with private rent to pay out of state pension. Scary as. It's a nightmare for 2 people with average wage to rent or buy...if you are single you have to be earning one hell of lot.
They aren't wrong I passed on my monthly avocado toast and using that 99p a month I have managed to secure a mortgage on a 4 bed semi detached house. Cutting back really works guys
but for how long, these days it is hard to find cheap fixed rate mortgages and many go on until you are 70.
At 22 my dad walked into a office at work called Housing. He said he wanted a house. They told him sign here. Within 2 weeks the showed him 2 plans & he had to choose one. Within 3 months his jobs housing program built him a brand new 2 bedroom house & took money out of his paycheck every month.
My brother now works for the same company. They sold their Housing project for hundreds of millions to a bank. My brother at 30 went to that bank & said he wanted a house. They asked him how much deposit he had & worked out how much he qualified for. He had to go look for houses in that price range himself.
When he found one the bank told him their insurance would not cover a house in that area. Long story short my brother is still renting.
My dad is on his second house & Im inheriting it as the oldest.
Right because it’s young people filling out cafes and eating out all the time, old people spend like young people want to but because they’ve already worked their whole life they have deserved it. Except they haven’t worked their whole life…We will have to. Income to house price ratio is bonkers nowadays. We can’t afford houses like our grandparents bought whilst working the SAME jobs that we do now.
The irony is that you hear stories in media saying that millennials are killing the restaurant industry. Are we or are we not wasting our money on restaurants or cafes?
Just adding to the convo :) also Who on a minimum wage is goner be able to Save more then maybe 4 or 5 k a year though? With current prices. So in 10 years you have 50k u need about 250k or 300k. So that's around 50 years it will take you if you save 5k a year and most people can't even do that. Say someones starts at 20 they will be seventy b4 ever owning there house.
"I just sold it"
She sold the house twenty tears ago. Unbelievable concept of time there.
I laughed at the same thing.
@@KeepingWatchUK She probably thinks that 9/11 was last week
I bought my first house when i was 20, its went up in value by 5 times. Im back to doing the same job 28 years later and the wages have about doubled in the same time period. How on earth do young people stand a chance now.
“Don’t buy $5 lattes” says the boomers who are trying to sell their 150k homes for 450k. Yeah that’s the problem 🙄
60% of the local 'newly built' housing near me was purchased by private landlord conglomerations.
The 'affordable housing' was not affordable by the time it reached locals because the landlord conglomerations pushed the price up so much.
The councils could have force stopped the purchase of housing by preventing businesses from purchasing the housing but they didn't.
Now the house prices near me have doubles in 5 years!
How can private, small time, individulals compete for property prices when companies can afford to pay double to buy the same property because for them it's merely an 'investment' instead of a home.
city in kent i live in has started building old people only flats. no old widow is moving in and freeing up their kushy 3 bed house that only 1 person lives in and could be utilized by a young family. it's a nice idea but it feels wrong when you could quite simply build flats that are available to everyone.
The situation is exactly the same in America where people are crushed by the housing market over there as well, what happens is that massive investment companies like Blackrock buy up entire neighbourhoods and then put them on the market for astronomical prices. They’re really screwing people over in many countries.
I was expecting a bunch of tory gammons, actually most of these people were pretty well grounded in reality, especially the older lady and the guy with glasses
Stop calling people gammon. It’s juvenile racist nastiness.
@@aleph8888 I use the term and I’m white. Is that racist?
@wakeyskate yes lol
It's worth noting that £2500 in 1972 is equivalent to £28,346.27 in todays money adjusted for inflation.
Not that it invalidates the difficulties of buying a house I have no idea what the real world wage difference is from then to now - that's what I would like to see
Google it there is entire website with wages and basic prices of items in UK forgot what it was called but I was checking how much was 28£ in 71
Just to add to this - the average wage in 1970
£5870 for a non-manual occupation working male
£4,836 for a manual labourer
The average house price was £4,378
So it took less than a years wages to buy a house before the thatcher.
Mortgages had much lower ratios then… the deposit is not really the best way to measure things. It was likely a 25% deposit. Earnings to purchase price ratio is better but no way to compare is perfect…
@@AreMullets4AustraliansOnly Bank of England = 28,346.27
Mortgage for 2 bed house in 1972: ~£15,000
2 Bed in 2023: £250,000
Average wage in 1972: ~£5000
Average wage in 2023: ~£20000
I hope when I grow old, I'll be as emphatic as that older lady. She seems to have a good grasp on the world outside her own perspective.
1980s houses were 3.5 x salary.
2024 houses are 9 x salary.
Thatcher in the 1980s increased house prices by 300% due to her terrible Tory policies.