Generation rent? Nope, buy!

[Anna1985]

Just reading the news - re Boris generation rent to become generation buy.

Could somebody please explain to me how is it going to help a currently furloughed travel agent?

[Berlingogirl]

I've no idea! I suppose if you're not travelling to work, and not having to wash any shop uniform you might save some money. And if you live up North that's an advantage. Houses are cheapish - you could get a 2 bed terraced for £80k. I think 95% mtgs are available now.

[jpucng62]

And when you buy your property with a 95% mortgage and discover that you need to do £5k of work, where is that money coming from?

[Anna1985]

Gosh, you would be lucky to if it is 5k of work

[Neelix]

Everybody under 30 needs to either build a huge pension pot to pay for rent in retirement or buy a home and also a sensible pension pot for their retirement.

When this Covid thing is behind us people need to wake up about their futures .......

As for 95% mortgages , that's only any good if you have a large enough income - around here £200K will buy a 1 bed flat - so a mortgage of £190K needs a salary of around £40K - how many first time buyers are earning £40K and then if you need a larger home the numbers get more frightening

[Anna1985]

We need a bigger house and yes the cost is just mind blowing.

[jpucng62]

We need a bigger house and yes the cost is just mind blowing.

Move to a cheaper area?

[islandgirl]

Its (not) grim up North....

[ExpertInAField]

The biggest issue I have found for saying that someone should move up north (which don't get me wrong, is lovely) is that it really doesn't take into consideration the persons personal circumstances.

It's great if you are a single 20 something with all the options of the world open to you. But if you are a family, potentially with children you are now taking this family away from their friends and possibly family. They would have to find a new job and there's less of those up there (and they pay less). Any children you have are moving school and leaving all their friends behind. If schools are anything like what they were when I was going, you better hope your child doesn't have a different accent from everyone else.

I would much rather homes become affordable in all areas of the country.

[Berlingogirl]

Its (not) grim up North....

Hey! Don't tell everyone!

[Neelix]

We need a bigger house and yes the cost is just mind blowing.

extension ? Loft conversion

both far cheaper than moving

[Anna1985]

extension ? Loft conversion

both far cheaper than moving

We live in a flat... I am happy to move, but my work does require me to commute and I would take a 20k pay cut to move out of London.

And then the there is a small issue of children and their hobbies and availability of options outside London.

[jpkeates]

I moved from London to the West Midlands many years ago.
It was the best move I ever made.

Got paid less, but everything was cheaper.
And not living in London is worth a lot on its own.