SteveN8458

What?? with our defence, Oh dear 😞

Leasohold Reform Bill

Yes ‘cherry picking’ is common place on here for a few people. I guess you failed to understand that the figure of £210k came from a post by DLD when he mentioned a couple he knew. You would have made a stronger point if you had used that figure when you searched for Norwich properties, but then you would have found circa 100 on rightmove at that figure or LESS. With the cheapest @ £110k As for the average price of a mid-terrace being £270k, I guess that calculation included Rochester Court @ £3.5M and Harvard Court @ £2.7M which both come up when restricting the search to terraced properties only.

Point your buddy to here: HERE But if he was on a low rent for the property they can increase the ent above the 18% you mention.

All of your historical data/info is fine, but we live in ‘today’ NONE of the historical data helps pay TODAY’S bills. And YES I accept that it IS harder today. The couple that Dylan mentioned have a rent of £1100/m, which equates to roughly half their income (from memory) All that I have said is that I believe they had a choice, buy with a mortgage of £1100/m or rent at £1100m. I have no knowledge of where they live or the property prices in their area. So you can throw in that they live in London and hence the property costs are out of their reach, but the rent they are paying would not be £1100/m. But even if that were the case, they still have choices. However unpalatable they could move/relocate to say here in Norwich where properties are soo cheap! Those of you who have dismissed my reference to a mortgage with Halifax, have you actually checked their website? OR Coventry Now I’m not saying they would qualify for a mortgage from any of these lenders, but at face value they could at least ask. In this particular case, any very many like them, they have proved that they can pay the rent. So, for me, that proves they can afford the equivalent mortgage. A ‘real life stress test’ if you like. But, the financial ‘stress tests’ will most likely mean they can’t. And there stands the elephant, a condition introduced by government is blocking them.

I bow to ALL of your greater knowledge than I. What I fool I must be to have a different opionion than the 'experts' on here. PLEASE ACCEPT MY HUMBLE APPOLOGIES FO BEING SUCH A FOOL.

You are refering to where they are NOW, not when the chose to rent. So go back to my question So if the mortgage cost is the same as the rent, why rent?? genuine question. As for my daughter, yes her flat is in Norwich. She saved her deposit & chose a 40 yr mortgage so she could maintain her lifestyle. But your research shows there are properties available @ £110k, so did Dylans couple 'choose' not to go for a flat? As for: "I'm afraid you've just spouted a load of classic 'boomer' talking points that don't actually stand up to reality" I beg to differ, we do not know all of the relevant info for the couple, but with a rent of £1000/m I feel there were other options they chose not to follow, as is they right. But they CHOSE a route, not had one forced upon them because they had no other options. No more than that.

So if the mortgage cost is the same as the rent, why rent?? genuine question Halifax (other lenders available) do first time buyer mortgage for £210k property with 5% (£10500) deposit, 35 yr, £1k monthly.

My comment regarding 'expecting too much' is based on comments my wife makes based on the families at her school. Not based on any other evidence

Not sure where you live, but £1100/m will get you a 2 1/2 bed terrace in Norwich (circa £225k). or a 3 bed semi needing work https://www.rightmove.co.uk/properties/146202140#/?channel=RES_BUY Some of the children where my wife works (as a teaching assistant) come from Mile Cross It's all about choices, and yes they do have some. Example, my daughter has just bought her first home, a small one bed flat (she earns circa £17k/yr). The kitchen was rank, it had to go. She chose to buy a kitchen from fb marketplace for £30 second hand. It's best part of 40 years old, but been cared for. I am nearing the end of installing this into her kitchen. She is painting ALL of the doors, and wrapping (fablon for those who know 🙂 ) the worktops. Her total spend on the kitchen will be less than £150 all-in. Her flat cost less than half the cost of a terrace property. Now the couple you describe appear to be in a similar position to my wife & I all of 40+ years ago, where 50% of the household income goes on the house. The BIG difference is (guessing here) that they fail affordability tests for a mortgage, which did not exist when we bought our first house. And this for a lot of families is the elephant in the room. As I said earlier there are no (few) constaints on rent affordability unlike mortgages. They have chosen to rent, what we do not know is why they chose that route? Could they have afforded a mortgage on a similar property? What could they have afforded? Don't get me wrong, I do sympthise with the couple you refer to and ALL in their position.

Credit checks are optional, it is up to the landlord/agency to decide if they want them done (most do). Though how a credit check can tell if the renter can afford the current rent is beyound me. Renters in the private sector do have rights. If they have signed a Shorthold Tenancy Agreement the rent is fixed for the term of the tenancy, then they can sign a further S.T.A. or they move to a 'periodic' tenancy They have the right to challenge a rent increase, should one be proposed.

An interesting topic, my thoughts: Part of the problem is too many young families expect too much and are not prepared to for-go 'essentials/luxuries' to better themselves. Now before get lynched, by 'essentials/luxuries' I means holidays/latest Iphones (other makes available) multiple cars etc. When my wife & I were dating we bought our first house together. Her salary went 100% on the mortgage (circa 15% at that time) It was a 2 bed terrace, and we spent 18 months renevating before we got married & moved in. We had 1 car, an old Avenger, our honemoon was in the UK for 7 days. Every penny we had went on the house. When we moved, we again bought a property needing renovating. Our first holiday abroad was on our 10th aniversary. Feels a bit like a Monty Python sketch!! My wife now works part-time in an infants school. Most of the families have 2 holidays abroad each year. Christmas on the credit card. The thought of NOT having the latest mobile is painfull to them. Yet the complain when prices go up, inc the rent! They feel 'entitled' Now I agree that there should be more council houses available to rent, I was brought up in one. Nothing wrong with social housing, just there isn't enough. Why is there so few? Didn't a certain M.T. encourage people to buy their council house at a discount? Yet at the same time restrict councils from using the income this generated from building more social housing. The tories & labour both have-it-in for private landlords, yet if they didn't exist would the tenants they house be able to afford to buy the house?? would they pass the 'tests' to be offered a mortgage to buy the house? there are no tests to rent a property. My youngest son rented for a while. His rent was higher thatn a mortgage for the same property yet he could not get a mortgage as he failed the affordability test for the mortgage yet the rent for the very same house was £100+/month more than the mortgage. Then we have to consider those people who cross the channel in boats, once they have bee granted official entry into the UK they will need homes, where will these come from? Sorry need to get off the soap box 😞

Mc D's

Yes Please 🙂

Also just noticed, the house top right in the pic of the Nest is still there, though now painted Magnolia !!