millenials can't afford houses because they're brunching (or not)

I agree RAF that the media seem to take delight in whipping up bad feelings between the generations. It is NOT the fault of individuals in general the way the housing market has spiralled out of control over the decades. It has plenty to do with banks, estate agents and others with their mucky little fingers in the money pot.

Also some of what I'm reading here is confusing me. I was never eligible for a 100% mortgage and worked in the public sector nearly all my life? We lived 'up north' but managed to sell our house for far more than we paid for it 10 years ago and move south to the Midlands and our new house has increased in value by a considerable amount since we bought it.

None of this is within my control. I asked for a fair price for my house in the housing market that existed ten years ago.

Yes, it is hard as my two 'children' have had to pay a fair whack to get on the housing market here. But they and all their friends have managed to do just that. It's not easy and of course it depends very much on how much you earn, the area you live, good advice, being frugal and to many other things to mention.

Aaaahhh, I see now. You had to be a public sector worker to get one of these 100% mortgages. No wonder the people I knew who worked in the town hall etc. all live in the most expensive houses in town. They were able to buy early with no deposit while the rest of us (less important ones) couldn't afford to save for the deposit. Funny that isn't it ? Or rather not.

Houses are a fair bit cheaper "up North" Nelliemoser but it is relative. They cost less and are ultimately worth less and the average earnings are considerably less too. My DH and I bought a house in 2003. Despite carrying our many improvements etc. We sold in 2011 for less than we paid for it. We downsized to the house we are in now in 2011 and if we were very lucky we might get what we paid for it. Apologies for going off subject.

I agree Eloethan there was so much less to buy in the 1970's than there is today. It has nothing to do with how much you earned it is the percentage of income v percentage cost of rent/mortgage that counts.

I find some of these remarks very mean spirited. I think life is much more difficult for younger people than it was forty or so years ago. There is a massive housing shortage, incredibly high rents, in many cases stagnant wages, and many people in their thirties and forties are really struggling, particularly if they have children.

It is difficult to compare the experiences of people born in the 30s/40s/50s with those born later. There were fewer foreign holidays then, no mobile phones or computers, etc. etc., much less access to credit and and much less sophisticated marketing of products.

We found it quite a struggle then but I would rather be back in the position we were in as a young married couple in the 1970's than to try and manage today. Even though my husband was a poorly paid student nurse and I took a couple of years off work when I had my first child, we were able to eat reasonably well and properly heat our rented hospital house (though we didn't have a telephone). I don't think that would be possible today on one low wage.

We also got a no deposit mortgage as employees of a local authority within the GLC area when we bought our first house. We still had to pay for it though.

We just did well by moving North in 1987 where properties were much cheaper.

Jeez penstemmon that documentary tonight made me so angry. One doctor (who only got the information via "freedom of information" )said that they could run 2 hospitals every year on the amount of money wasted in consultancy payments. No wonder the NHS is in the state that it's in. Actually PWC's name came up several times in the program.

Oh Gilly when I worked for a council they paid mega bucks to Price Waterhouse to come and tell them how to be more efficient and save money..you couldn't make it up!

I am in a bad mood after watching the documentary tonight about the public sector employing "consultants" to write pathetic little papers at the cost of billions per year.

Off topic I know. Sorry.

100% meant we did not need a deposit! We bought a maisonette for £8,000 and the GLC loaned us the lot! We had to promise to work for them for at least 3 years or pay back a %age. We worked in London for years..we were very grateful!

Yes exactly penstemmon and what is that £63 a month today? What on earth is a 100% mortgage when it's at home?

We were 'lucky' too Deedaa as we were able to get 100% mortgage from the GLC as 'key workers' but could only buy a property that building societies were not likely to offer a mortgage on i.e. pretty run down! Except for 4 years when I had two tots at home I have worked all my life as has DH. We worked in the school holidays to make ends meet. £63 each we earned ..a month!

But it is always inferred granjura. I didn't have a tv, central heating, a car, a carpet, a sofa ..... etc in which cae the young ones shouldn't expect those things either. Please don't pretend you don't know what I mean.

Well I think I was lucky. We were able to find a very cheap house and had saved enough for the deposit (I think it was about £150!) and we could afford the repayments. I had a job where I was paid as much as the men which helped. When we had children we were able to cope on one income and I didn't go back to work until they were both at secondary school. Now we are retired the house is paid for and so far we are managing fairly comfortably.
DD and SIL are doing quite well considering the price of housing round here now, but it means them both working full time in demanding jobs and a lot of stress. DS and DIL are much worse off. Privately rented flat at exhorbitant rent, only one wage coming in and the Council has just decided they've been paid too much Housing Benefit and want it back. If it wasn't for "lucky" Mum and Dad helping financialy they'd be on th street.

Saving hard, living frugally is how they have done it. DDs partner will only have a state pension and his savings to live on. He is a self employed builder so as he approaches 50 next month , though he is generally fit, he knew he wanted to pay off his mortgage as a priority as the house is really his pension.

How does one manage not to have a mortgage at 40 - unless parents give you money or you win the Lotto? Or it is through buying and selling many time? Lucky them.

That pendulum never stops swinging!

I think 'the millennials' ie those who came of age in 2000, do have a different attitude to those who are even slightly older ie the 40 somethings.

And some 20 year olds seem to have a different attitude again - rejecting university in favour of trying to get a job with training (leading to a degree and chartered status in some cases - without debt) and saving for a house deposit and into a pension scheme. Perhaps some have seen the millennials' attitude and thought better of it!

Fortunately both DDs (40/38) have both been able to buy their own homes. DD1 & her partner still have a mortgage but DD2 is in the extremely fortunate situation of not having a mortgage any more. However her partner is 12 yrs older than her, is an exceedingly hard worker and hates to be in debt. They live comfortably but not 'wastefully' within their means.

DD1 and her DH also work very hard and plan carefully if they want to do any home improvements etc. but do have a livlier social life than DD2!
I know loads of people who have worked hard all their lives but have, due to all sorts of situations beyond their control, always struggled to make ends meet and never managed to raise a deposit for a home to buy. I find it sad that some home owners can be critical of those in rented homes, especially council/housing association homes, having holidays, meals out etc. An odd attitude in my mind!

Yes, we most of us had it tough in our day, scraping and saving to 'get where we are today', but I do feel sorry for the youngsters - life for them is very tough now. I was lucky to get a grant for university; many now will be paying off their student loan for the rest of their lives and many will be forced to take low paid/zero hours work - even if they have a degree. In addition, most jobs do not seem very secure these days (even without Brexit!). The housing market has been skewed by the drive to get foreign investment. It seems ridiculous that some people are paying two or three times as much to rent a property as they would if paying off a mortgage.

All being well, fingers crossed etc I hope that the DC may have some money one day when we pop our clogs/cross the bar as long as we don't have to sell the house to pay for care.

And, to be fair, I never criticise the youngest DC who goes out for meals frequently, out all the time, away for little hols, never has any money - because her older sister does that! (the one who is careful with money but has a nice house.)

Looking at our extended younger family, there are several who are good with money and a few who are absolutely hopeless.

gillyb ' I don't think its right to think that young people should struggle just because you had to . Why don't we all go back to the dark ages then ? '

no-one, but no-one has said that, at all.

There is quite a large element of media involvement in this, the papers and media generally seem to be whipping up resentment between the generations that wasn't there before. Both sides are portrayed as selfish, but I hope they are not truly representative of the real feelings of each.

There are a lot of hard working young people who will , no matter how many takeaways they deny themselves, how many holidays they don't have, how many posh meals out they don't eat ... Will never enjoy owning their own homes. Pensioners of today ( no matter how poor) are quite lucky really considering there will probably be no retirement age at all when our grandchildren get old ( unless they are the very lucky few with nice private gold plated pensions) there will undoubtedly be no free bus passes, winter fuel allowances etc. Either.

I can see both sides but I don't think its right to think that young people should struggle just because you had to . Why don't we all go back to the dark ages then ?

My post is not directed at anyone btw.

My DS and DDiL live well within their means. They both still have student loans being paid off and they're buying my late DM's house from me, so count that as a mortgage.
They have no credit cards, if they want something they save for it, but.......
One night last week they ordered pizza to be delivered, one pizza, one garlic bread and one 1.5 litre bottle of Coke......£25-00!
They both work hard, in high pressure jobs (DDiL is presently on maternity leave) and deserve a treat every so often, but all I can think of is the number of pizzas I could have made for £25-00!

Exactly, you beat me to it. They are totally free to make their choice/s - but just as long as they don't blame us as above, and they don't contantly complain and moan about it ...
both ways.

OK. We won't criticise them for spending their money on what they want now instead of saving it, if they promise not to criticise us for having decided to save ours so as to be able to put down a deposit and get a mortgage.
Tolerance has to work both ways.