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I've never really understood how someone who can pay £x per annum for rent is not deemed credit worthy enough to secure a mortgage that costs the same. If this government were truly serious about home ownership, then why not legislate that once you have proved your credit worthiness by renting for say 12 months or 2 years, mortgage companies have to give you a 100% mortgage which costs the same as the rent you paid.Originally Posted by Eric Cartman
It's because older people have used them for investment purposes, they can outbid youngsters and drive the price up, this should be looked at by every UK Government and should be addressed. It's been good for them and bad for their children, they will go down this year or next though.
This is a bit of an oversimplification. For some people at the low end of the pay scale having a regular, secure income is essential. They may have initiative but they also have to balance risks as they have financial commitments and responsibilities but may not have savings. Working for yourself can pose challenges with intermittent gaps in work and also suppliers paying late. It's not really as straightforward as just telling people to use their initiative and go it alone.
Yes, most companies wouldn't touch that with a barge pole
In fairness I would agree it's true, but not an every day situation, maybe it's harder to get cleaners in Porthcawl with loads of caravans needing cleaning and an old population?
The point is people can get on if they really want to, in the past their have been employment gaps with well paid vacancies Plumbers, HGV drivers, Train drivers, and they'll come again, so people need to look out for them and try and find ways to earn more money.
oh make no mistake, I agree that house prices have outpaced inflation. My point was that its not all as bleak as people think, because the cost of borrowing has reduced by as much as a quarter. In 1970 a £50k house would have cost you around £5k per annum in interest, whereas the same £200k house today would cost you say £8-10k, so almost double. Ergo in real terms the interest charge today forms a lower percentage of an individuals income, given pay has more than doubled in the last 50 years.
its no wonder 60% of businesses fail in the first 3 years
I can almost guarantee it will never go down to a level where it is affordable for young people.
True good point its definately not for everyone, I think most people need to take risks though, most of the very wealthy have taken the greatest risks, if you are risk averse, it can keep you down.
Unfortunately I think you are right, it would take massive changes, supply and demand there are far too many people trying to buy every single house that comes on the market. If the population in the country continues to increase it can only make it worse.
But you can't take risks if you have no money. If you don't have guaranteed income, you can't pay for food or rent/mortgage and very quickly, you are homeless and then you can't get a job.
It won't continue to increase forever
Many industrialised nations are going to start to see population declines over the next century, starting with Japan.
It will bring its own set of challenges.
Survivorship bias.
Many of the wealthy take big risks and won, what you don't see is the people who took the risks and lost.
Partly agree, ideally you try and do it before you get in that position, but once you there you may have take some risks and change jobs to one with better prospects, the alternative is stay as you are, I appreciate it's not easy.
Yep it's not a guarantee!
Following this post if theres one tip I would give is for anyone who's kids are about to take their GCSE choices and A levels, sit them down go on google and see what jobs pay what, if they can select the right subjects and focus at that age it will give them a far greater chance.
The same with university, for example if an optician pays well, you can plot the path from an early age to make sure they do a degree that will almost guarantee a job rather than a generic one. There is nothing worse that studying for 16 years and realising your degree won't get you any better job than leaving school at sixteen.
If your kids aren't academic look for a trade or apprentiship, don't just let them do whatever they want with no guidence, it's probably the last time they will listen to you if your lucky, and they already don't listen to you lol
Most people in these jobs are never out of that position. That’s the point.
Good luck finding a trade or apprenticeship
Yes, but the very wealthy may be risking money they can afford to lose. People on the breadline may be risking their home, ability to pay bills, feed their kids etc. There's more to it than just saying take risks if you want to improve your lot.
How does a person train to be a plumber which is a minimum of three years with a placement, and in doing so, have to take time off work to do so, putting themselves in further poverty and debt. Maybe the government should give them 90 grand for the three years while they train in whatever it is that they want to do in order to improve their standing in life. Sadly, that money would have to be found somewhere, Tax increase maybe, although that would make us all poorer while these people prosper. It's a conundrum, that's for sure.
Why on Earth should someone be disadvantaged for being risk averse? Some would call it a virtue. Just how many gamblers have been left penniless and desolate over the years?
it can be done via " intensive courses " at skills centres ( as we ( both you and I ) used to know them as )
Lv 1
10 days in a skills centre
this would certainly open the world of being employed as a plumbers mate ( as we used to call them ), they start every few weeks, so could be done with taking 2 weeks holidays
https://www.ytatraining.com/plumbing...umbing-course/
its certainly doable, I looked at it for training to be a " sparky " only last year
People in poverty don't have £1100 lying around.
I didn't read that as being disadvantaged. The comment was about taking risks can get you ahead of the game. Taking risks is not for everyone, but as you miss 100% of the shots you don't take, if you don't take risks, you cannot complain when others do and reap the rewards.
This does appear to be a difficult issue for some to grasp.
government help via a Grant
Local councils offer help with training costs
I guess it must work for some
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