05-12-2021, 12:08 PM
It isn't that young people spend money frivolously that is stopping young people from buying homes, it is the fact the house prices are on an exponential curve, so what what could easily be bought by a young couple on minimal wages with some money lent/gifted (say $16k) for a deposit by their parents is now far far out of reach.
To say that young people now days want a luxury mansion for their first house these days is a red herring. Young people these days would be very pleased to get a rough and ready small house for their first home. Noone is expecting to buy a giant mansion with all the trimmings.
When we bought our first house in 2008, it was real easy, if we were in the same position now (young, apprentice and office junior wages with a little money lent by parents) we would be stuffed. The house prices are out of control. What this country really needs is for a housing market crash, with the house values to drop by at least 50%. It would be better for society as a whole.
To say that young people now days want a luxury mansion for their first house these days is a red herring. Young people these days would be very pleased to get a rough and ready small house for their first home. Noone is expecting to buy a giant mansion with all the trimmings.
When we bought our first house in 2008, it was real easy, if we were in the same position now (young, apprentice and office junior wages with a little money lent by parents) we would be stuffed. The house prices are out of control. What this country really needs is for a housing market crash, with the house values to drop by at least 50%. It would be better for society as a whole.