Buying a house (and renting)

Moggy wrote:Had 12 viewers today. Estate agent thinks there was a lot of positive feedback and he thinks there might be an offer or two tomorrow.

But more importantly we had an immediate offer today almost straight after a couple viewed. And they are cash buyers who seem very keen (and are aware of the problems).

It's £5k below asking, but for cash buyers that's pretty damn good!

poshrule_uk wrote:

Moggy wrote:Had 12 viewers today. Estate agent thinks there was a lot of positive feedback and he thinks there might be an offer or two tomorrow.

But more importantly we had an immediate offer today almost straight after a couple viewed. And they are cash buyers who seem very keen (and are aware of the problems).

It's £5k below asking, but for cash buyers that's pretty damn good!

Take it! Cash buyer is the dream

Britons' rent bill falling as Generation Z refuses to fly the nest

Renters paid £57.3bn to their landlords this year, but despite soaring rents the total bill has fallen.

A combination of younger people living at home for longer, the rise of remote working, and better lending conditions for first-time buyers mean there are fewer renters, according to estate agency Hamptons.

The total amount of rent paid by tenants in Britain fell by 8pc this year, down from a peak of £62.4bn in 2018. The national rental bill is now below 2015 levels, despite average rents paid per property having risen by more than 7pc in the last year.

The biggest share was paid by millennials, those born between 1980 and 1996, with a bill of £24bn. But as an increasing number of them buy homes, the rent bill paid by millennials has fallen from a peak of £33.3bn in 2017, to £24bn this year. This gap left in the market has not been filled by the next generation.

The amount of rent paid by Generation Z is growing at a slower rate than their millennial counterparts' ever did. Ten years ago 23pc of young people aged between 20 to 34 years old lived with their parents, but by 2020 this had risen to 28pc, according to the Office for National Statistics.

While the amount of rent paid by Generation Z may increase in value as more of this demographic reach adulthood, and rents become higher, the number of renters in this group is expected to fall in comparison to previous age groups. The pandemic has accelerated this shift, with fewer young people leaving home.

Aneisha Beveridge, of Hamptons, said: "While the pandemic is likely to have prevented many would-be first-time renters moving out of their parents’ home, mortgages for those with small deposits are far more widely available than they were in the five years after 2007.

"This has meant that more Generation Zs are likely to jump the renting stage and become homeowners, as opposed to millennials who have had to rent for much longer."

The longer Generation Z stay at home, paying little or no rent, the more savings they are likely to accrue for a deposit. Small deposit deals have also now returned to the mortgage market after lenders largely shut down this riskier business at the start of the pandemic.

First-time buyers are currently benefitting from a rate war between lenders and there are now hundreds of deals for borrowers with 5pc deposits to choose from.

Ms Beveridge also credited the rise of flexible working for helping younger people onto the property ladder at an earlier stage in life, by opening up cheaper markets outside city centres.

"Leaving home in the middle of a financial crisis, like most millennials did over a decade ago, made buying a home difficult and, collectively, Millennials are likely to have paid more in rent than any other generation," she added.

"But as the oldest millennials turn 40, their rental bill is now dropping sharply as they become less likely to be a tenant and more likely to own their home."

twitter.com/alexvtunzelmann/status/1439571483530076162

Kezzer wrote:Not really looking for specific advice, just trying to write down my thoughts and see if they make sence (so if you disagree or think I am stupid please let me know!)

I am considering skipping the renting together stage with my gf and just buying a house together as she recently was offered a job where she will need to drive and it is going to be next to impossible to find a flat with parking for 2 cars in Reading. However there is another little hurdle in that coming from an Asian family, they tend to frown uppon two people living together before Marriage. Her parents seem okay just now as "technically" we don't live together, she just spends 95% of her time with me in my flat.

Dual wrote:Time to lock her down then bro. Put a ring on it.

Kezzer wrote:
What is the done thing? is it:

* Get together > Married > Buy house
* Get together > Buy house > Married
* Mystical 3rd option ???

Moggy wrote:

twitter.com/alexvtunzelmann/status/1439571483530076162

strawberry float me.