Everyone else to blame as usual.

[regis80]

Suppose you are 18-21 years old, you don’t got to university because it’s not worth the debt that you’ll end up paying. You find work at an office/shop that pays the minimum wage (or even £15 an hour). You are still living with parents and work, meet a girl that you want to continue a further relationship with and want further privacy. You just about save some money in this current climate, mom and dad don’t have any savings to pass on.

You decide to move out to live with your partner.

A - do you rent a place to live in?, pay a landlord - (knowing this is money going to waste)

B - try to get a mortgage to buy a house (bearing in mind cost or housing let alone living)

C - continue to live with parents because you can’t afford the above.

Based on the limited info above, what do you do?

[mickd1961]

Suppose you are 18-21 years old, you don’t got to university because it’s not worth the debt that you’ll end up paying. You find work at an office/shop that pays the minimum wage (or even £15 an hour). You are still living with parents and work, meet a girl that you want to continue a further relationship with and want further privacy. You just about save some money in this current climate, mom and dad don’t have any savings to pass on.

You decide to move out to live with your partner.

A - do you rent a place to live in?, pay a landlord - (knowing this is money going to waste)

B - try to get a mortgage to buy a house (bearing in mind cost or housing let alone living)

C - continue to live with parents because you can’t afford the above.

Based on the limited info above, what do you do?

It’s always been the same Regis, it was no different for me back in 1985.

I was 23-24 and fed up of living at home and sh ag ing in cars and so without telling my dad I went and viewed a local property, a little 2 up, 2 down for around £24k.

I was only picking up around £60 to £80 a week at that time and I was paying £20 a week board and lodgings at home with parents.

I built my hopes up having seen the house and went home to discuss it with my parents.

My dad’s response……he burst out laughing and didn’t stop for some time.

He then pointed out the cost of not only the mortgage but also all of the other household costs and he basically told me to “get real”.

In truth, it wasn’t until I’d met my wife and she brought £13k of her divorce settlement to add to the £3300 redundancy money I’d saved that we were able to afford the deposit on our first house.

Rental wasn’t so prevalent in our day, you lived at home ( and paid rent ) or you bought a house.

Regardless of what you 40 and bellows seem to think, it was really tough sledding.

What I would say about the present situation is that the Tory’s have been lamentable in every aspect of the property market, especially rental.

1/ Removal of the 100% tax relief on Buy To Let mortgages, now down to just 20%.

2/ Making Council Tax payable on vacant property during tenancy gaps.

3/ Removing Section 21 “no fault” evictions has caused 35% of private rental properties to be sold off by landlords in the past 12 months leading to vast increases in rental prices.

4/ Not building enough council properties.

5/ More importantly, not investing in huge numbers of new build “rent to buy” and shared ownership properties.

When you consider the interest rate levels of the past 14 years from 2008 until 2022 it’s criminal that government didn’t borrow to build millions of these types of properties.

As an ordinary and average businessman I see so many missed opportunities that I have been advocating for years, the lack of nous and basic understanding of business across the complete political spectrum is breathtaking.

[DaveP67 is back!]

What gets on my tits is the bank *******s putting up mortgage rates but not doing the same to savings rates, no encouragement to save so people will spend which is the opposite of what the chancellor wants.

[westcountryvillain]

What gets on my tits is the bank *******s putting up mortgage rates but not doing the same to savings rates, no encouragement to save so people will spend which is the opposite of what the chancellor wants.

Spot on - saving disposable income helps to reduce inflation, helps those trying to get a large enough deposit for their first house and helps those who are retired & surviving on the paltry state pension with some modest savings.

More broadly - demand for consumer goods (phones, TV's and cars) is not driving inflation and the increasing interest rates have no effect on the majority who have a fixed rate deal. It is energy prices and food inflation, the former affects the latter, not demand driven as we haven't suddenly got hungrier however the situation in Ukraine has restricted the flow of wheat out of Odessa.

Gas - Liz Truss was influential in reducing gas storage, now according to British Gas we are increasing our reserves, buying really expensive gas! There is also the unwinding of printing money through a flawed furlough policy - it was obvious early on that the over 60's were the most at risk so no need to pay people to sit at home.

We've had low interest rates for a very long time which would cover all the formative years of many twenty-somethings now feeling the pinch, my kids are 15 & 18 but have never been the latest this & that and I haven't drummed that into them either. However, if as some have said there is a disconnect or have now pay later mentality then rapid re-education is needed?