I've been lucky enough to end up owning a large detached house, but if I'd had less luck I could have been struggling to find somewhere to live in my old age and making do with a run-down flat in some seedy neighbourhood.
In my twenties I was living in a run-down flat in London and wondering how on earth I could afford somewhere more desirable. I was saving money but although I had about enough for the deposit on a flat, a mortgage was quite unaffordable.
I was lucky enough to run into Jenny and between the two of us we were able to buy a tiny flat. As a result of rapidly rising property prices we were able to sell up at a profit and move into a bigger flat.
When we moved to Belfast in 2000 we sold our London flat for an even larger profit and were able to buy a house here for cash, as local house prices are much lower than in London.
Then with a large windfall from my mother we were able to buy our present house, where we've lived for almost 15 years.
But I'm always aware of the many thousands of youngsters who aren't as lucky as us and are desperate for a decent home of their own. The politicians seem unable to control the endlessly rising rents and house prices and just let them get higher. Now only the seriously wealthy can afford a sizeable house in the big cities.
Home sweet home? Only if you're lucky enough to have one.
Nick , we own a quite big house , but as I told already we kept two rooms for us and offer the others rooms to refugees and actually as it is very cold also to 4 young homeless persons. Here it seems nearly impossible to buy a flat ( only for rich people) and to rent is really difficult. Flats are incredible expensive. So young people rent a flat together , we even heard about students who put their tent on a balcony. All this is just not normal. Money reigns the world. And maybe people who live in great properties should reduce a bit their space. We have a friend who lives alone in 240m2 which is too much in my eyes.My father always said, you can sit only on one chair at a time. Saïd grew up in such poor conditions that a bed for him was like a big gift.
ReplyDeleteHannah
Hannah: I'm very impressed that you offer your rooms to desperate people. Jenny and I are both introverts so we wouldn't be comfortable with permanent company. Two hours or so of company is quite enough! As you say, money rules the world. Private house builders just want to get as big a profit as possible, while local authorities don't get big enough government grants to build all the houses and flats that are needed.
DeleteNick, our families survived in dark times because persons with a big heart and humanity helped, so we just try to give back a little. It makes us happy and thankful how persons who count for no one open their hearts . So much to learn. But of course we are all different and that's ok .
DeleteHannah
Hannah: I know, we really should be opening our house to people in need but it truly wouldn't work out. You probably see us as a bit hard-hearted but as you say we're all different.
DeleteNick not at all. I respect your way of life and I'm sure you and Jenny have a good heart. I think Saïd and I saw so much misery ,that we just feel we can help in some way. For us it's a benefit in our life.
DeleteHannah
Hannah: Thanks. Yes, I can see why you felt you had to "give something back".
DeleteI’m wondering when the bottom is going to fall out again like it did here around 2008. People’s mortgages were higher than what their houses were worth. We paid significantly less for our house in 2012 than what the previous owners had paid in 2006. Sometimes, you just have to be patient.
ReplyDeleteBijoux: Yes, I keep thinking the housing bubble must burst sooner or later but it doesn't and prices keep escalating. Good that you got such a brilliant deal on your house.
DeleteAnonymous Fly. Inflation was good to me....my earnings rose enough to allow me to pay off the mortgage...not the case for today's young people. Thanks to Thatcher's refusal to allow councils to use the money from the sale of houses to invest in building programmes we have a shortage of affordable housing and housing associations are not the answer as they have a way of selling off property in good locations and sending their tenants to properties miles away from their work and schools.
ReplyDeleteFly: Absolutely, the housing problem started when councils weren't allowed to use all the money raised from right-to-buy to build replacement flats and houses. The right-to-buy scheme was a big mistake in the first place. And now housing associations are getting a bad name for the appalling conditions in some of their properties.
DeleteIt's a crisis everywhere and the unhomed stats are staggering. Grandgirl and partner make very good money but have resigned themselves to never having a home they own unless they move to a remote area. Capitalism run amok and the crash is inevitable.
ReplyDeleteXO
WWW
www: People have been forecasting a crash for a long time, but property prices keep leaping up. And yes, surprise surprise, the number of homeless people is also leaping up.
DeleteMy daughter and I live together because she can't afford her own place either. Housing prices are so high here too it is so crazy.
ReplyDeleteMary: Every big city now seems to suffer from soaring property prices. It's crazy that the prices are simply beyond your daughter's reach.
DeleteWe lucked out in that we sold our last house at the top of the bubble. We now rent using, in part, the money we made upgrading our houses through the years.
ReplyDeleteOur daughter and her husband bought a remote fixer upper in Montana and they are happy with it.
We don't have grandkids so don't know what's happening in the housing market now.
Linda
Linda: You obviously lucked out with the housing market in the same way as ourselves. Fixer uppers are fine if you're prepared for a lot of time and effort and stress to get your house as you want it, but Jenny and I ruled that out very early on.
DeleteThere is no solution to the housing crisis short of another recession.
ReplyDeleteJoanne: Unfortunately you might well be right.
DeleteNick, I'm sure you are aware that it is not only younger folks who are finding it difficult to afford their own home, but people of all ages. Although, we now live in an apartment we have considered becoming home owners again. However, the stories we have heard about price wars and over bidding have kept us as apt dwellers. We refuse to over pay for any home when that $ could be used for upgrades, maintenance, etc.
ReplyDeleteIt's good to read that things worked out so well for you and Jenny.
Beatrice: True, buying a home nowadays is hard whatever your age. Bidding wars are scandalous, they should be outlawed. But politicians seem powerless (or act as if they are) to prevent the soaring property prices and soaring rents.
DeleteAlso, thanks very much for your well wishes comment on my recent blog anniversary post. I am glad to read that you enjoy our blog as I also enjoy yours, Nick.
ReplyDeleteBeatrice: The blogging community is great fun. What did we do before the internet?
Delete