How many of you young'uns (or middle aged?) still have aspirations to own your own house or have managed to do it recently?

I'm an old fart and bought my first house in 1977 when I was 23.

Things were very much different then.

It wasn't a struggle, plenty of houses on the market, I had a good job working for L&G who loaned me and the mrs the money at good rates, MIRAS (tax relief on interest payments) and I had saved a decent deposit (20% of house value).

These days it seems a struggle for someone in their 30's to afford to buy a house which cannot be good - I was always taught that paying rent was dead money and took my chance to buy as soon as I could.

What has changed the most and created this situation comparing 1977 to 2016.....?

The population of the UK has increased from approx 56M in 1977 to over 65M now and it will continue to grow unless we do something drastic now to halt this phenomenon.

Our membership of the EU means that currently our population is growing by over 300,000 people per year as ever more economic migrants come to work and live here. Obviously that ignores any illegal immigrants that have sneaked in unnoticed or visitors whose Visas have expired and are still here.

We are currently building houses at the rate of 120,000 per year (official data from Government in 2014 -latest available) and it is reckoned we need to build 250,000 to cope with the extra demand.

So every year we are building less houses than we need to keep up with demand and this has the effect of increasing house prices - ie simple economics of demand v supply.

Obviously there are other factors to consider, but for me the main problem is the rate our population is increasing will only make housing more expensive and therefore out of reach for most working adults from hereon in, unless we take steps to halt it.

If I was young and renting I would OUT for the EU referendum on that basis alone. Forget about all the other factors... if you want to own your own house you will be shooting yourself in the foot voting to stay in the EU.

I didn't say anything about "cashing in" or being envious of foreign people making a profit.

I am thinking of the current generation and their children not having the opportunity to even get on the ladder.

Yes, both you and I have benefited from increasing house prices but it doesn't make it right does it?

There always used to be a market correction for house prices (like other commodities) but this will never happen whilst demand outstrips supply and looks like it will continue to do so.

Edited by Hoof Hearted (04 Feb 2016 12.49pm)

Should hopefully be in a position to buy in the next couple of years. It's not just as simple as additional demand Hoof (you little scamp with your anti-immigration narrative ) unfortunately.

For me, one of the biggest barriers to stopping me having bought already is the size of the deposits required after the recession. Even with a healthy joint income between me and the missus (yes, she exists) you're looking at a crazy amount of money to have in the bank before you have enough for the deposit.

The cost of renting and living in London swallows so much of your take home pay each month that unless you become a hermit you slowly limp along to your savings goal.

The easy answer may be to move out of London but the stubborn part of me doesn't want to be forced out of my own city.

Edited by DanH (04 Feb 2016 1.33pm)

Empowered single women buying up millions of flats. That's the nub of it.

Stupid Emily 'look at me, look at me' Pankhurst.

My kids will never be able to afford to own in London which is a bit sad but they will get a decent size place in vibrant Exeter or similar for a quarter of the price if things pan out.

Big chest and massive boobs

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Bought a small flat in East Croydon when I was 29 - 5 years ago. 6 months ago bought a house in Riddlesdown, what I made on the flat paid for the deposit on my new house. Would never have been able to save the cash needed for a deposit on a house otherwise. Recommend that if you can get on the property ladder, even if it's a pokey little flat like mine was, then do it because you will make money on it which can go towards the house. Also, it's amazing what a paint job and tidy up can do to make a place look more attractive than it is, which really helped to sell my flat.

Edited by Frickin Saweet (04 Feb 2016 2.39pm)

You awful, awful b*stard.