how are first time buyers meant to get the capital to buy?

[redhead23]

it seems impossible to buy a new house if your a first time buyer , do you think there will ever be a chance that house prices come down ?
or will they keep increasing , it will take years to save !!

[grumpii]

Stop blowing all your cash on lemonade!!! On all these new modern appartments that are going up you can buy 50% and increase your steak when you can afford it. good luck.

[Pippa68]

This is in the wrong section. B&S is not the only section here, y'know ;o)

[redhead23]

oi grumps lol its a serious question, pip , i know but people tend to answer more on ere , they get scared to look in other topics i find

[Joe_the_Lion]

1) Work harder to get a better income

2) Be thrifty with money

3) Be astute with any investments. If a paper boy/girl from the age of 14 gave �5 to a stockbroker a week until they were 16 then �15 a week when they are 16 from their Saturday job. Then 50 percent of their summer jobs.

By the time they were 21 and finished all higher education etc, then I am confident they will have a healthy deposit.

4) Inheritance

5) A bit of luck (sadly not always)

Many, many ways.

I have never had a great paying job. In fact I have only had one career and upon leaving wasn't even paying a higher tax bracket.

Yet thanks to not drinking, gambling, squandering and smoking my money away, I have a very healthy property portfolio, retired at 33 and never have to work again. All due to the property market.

It can be done, trust me.

[Skreecheeboy]

Joint mortgages seem to be the only possible way to do it, short of being rich, pretty impossible, they don't seem to be building any more socially affordable housing. Basically the half the country that own houses is getting rich off all us poor people, takes the p1ss doesn't it? Apparently house prices can go down as well as up but it's complicated, if that were to happen we'd possibly be in a recession and everything would be more expensive compared to our means so we'd probably still not be able to afford one anyway! Or they'd get round it by increasing the interest rates. I was thinking about starting a housing coop but I've ground to a halt on that plan for the time being as I'm working 2 jobs at the moment and haven't had time to research it.

[redhead23]

thanks all ! does seem to be getting more and more impossible , its scary the average house prices in 19995 were 59,000 now ud be lucky to get anything like that anymore !

[Joe_the_Lion]

Look in Lincolnshire. Cheapest property in England.

Buy one, rent it out to cover the mortgage. Wait a year, remortgage the property and use as a deposit for your next venture. The lower end of the market WILL catch up.

Do this for 5 properties, and NEVER sell, even if the market is up.

On your 5th property sell one (but maybe two) and buy out the one you want to live in. This will give you a mortgage free home forever.

Sounds easy, but if you have the deposit and a decent place to rent for 5 years, it can be done.

Joe's advice

1) Never buy a flat (unless you have a realistic chance of buying the freehold)

2) Never buy land without planning permission

3) Never buy a place with more than 49 percent council ownership

4) If the place is poorer, look for skips and scaffolding. A great sign that the area has new money poured in to the area. Skips=property rises

5) Try to have six months mortgage cover in your bank. This will cover all eventualities if anything goes wrong.

6) Choose letting agents carefully.

Easy peasy japaneesy.

[redhead23]

thank u joe!!! a very detailed explanation there ! thank you you have obviously been very succssesful , with your dealings in house ownership !x

[whiffey]

Joe's advice is sound if you have loads of capital already - but can you see a struggling 25yo couple buying their FIFTH property to rent out ? 6 months' mortgage cover as a standby ?
I can't. Probably the only realistic way these days is for Mum and/or Dad to help with as large a deposit as possible.

Yes it does sound good, and easy, but that's all it is - sounds.

[redhead23]

its just not fair surely the goverment will have to step in at some point , not everyone want to rent we all want investments

[Joe_the_Lion]

My parents did not help me out one bit. I inherited from my Grandfather a long time after I had a foot on the property ladder.

The only advantages I may have had is I always had free (ish) digs whilst in the forces and NO kids to support.

It can be done, I have done it. I do not have a buisness management degree nor any inside information.

One thing is true though, the more money you have, the more you make.

Your future is a long long time. If needs be live in a camper van for 6 months. That is nothing compared to a lifetime of relative prosperity and never having to worry. I can assure you I have lived in worse places!!!!

It can be done, and small sacrifices have to be made. Rome wasn't built in a day and a rolling stone gathers no moss.

Look after the pennies and the pounds will take care of themselves.

I do not know where you live, but here in Sussex there are streets and streets and villages absolutely crammed packed with houses worth well over half a million. Are all these people doctors, dentists, lawyers, company directors, film stars, footballers etc etc. NO, they are hard-working people who with a sound mind have moved quickly up the ladder!!!!

[whiffey]

Very good advice Joe, and a reassuring way forward for the struggling first-time buyer. The poster wants to know how people are supposed to get on to the ladder in the first place. Young people with not much money will benefit a lot from your empty platitudes.

[sleepyj]

hello red just do what you have been doing for last few years sell your body your house must be really posh now . all the money you have made lol

[redhead23]

lol - SLEEPY heellloooo !!! you just come on >>>>>
how ya feeling today >>>

[sleepyj]

no im not on LOL
my day has been a bit stressful again . im going to have a lovely big glass of baileys soon with ice chill me out ,house prices are so expensive . i own my house but as i have split up with other half it needs to be sold .i cant afford to buy anything . council flat here i come . :0

[Joe_the_Lion]

redhead as you can clearly see, I try not to be nasty or just damn right argumentative in my replies unlike whiffey.

My advice is sound. I really do not brag on here, contrary to popular belief, or people insisting I lie. But you can take my advice, that of a 34 year old millionaire (on paper!!!!!) driving a car worth more than the average two bedroomed house and never having to work again

OR take the advice from a transexual hairdresser who lives above his rented salon in Croydon.

Mmmm tough choice to make.

Good luck redhead. As I said luck does play a small part in life, perhaps which I was fortunate. I shall not respond to the thread again unless you need any clarification or further advice. Sadly, jealous trannies like whiffey spoil it for the majority when they turn otherwise decent threads in to a slanging match.

[-Z-]

steel it

[whiffey]

You have to give Joe his due, a true Cambridge graduate (college never stated LOL)

Yes, I whiffey am a trans-sexual hairdresser, with a small salon-c-hotel in Purley.

Minter couldn't go 2 intellectual rounds with me. He is an obese council-estate fibber. p.s LOL how's the Bentley old chap ?

[redhead23]

Joe thanks mate
i DID appreciate your comments and im sure others did too
ignore any comments that made you feel upset etc
i welcome comments from all , but i also agree in things should not get nasty or bring others down
cheers !