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Unusual piece for The Guardian!Except:The media has decided to constantly bombard millennials with poor-quality and largely unwanted advice on buying property. We should eat fewer avocados, some warn. We should stop going out or paying for Netflix. According to one article last week, millennials are frivolously spending on cleaners rather than saving for a deposit.
Almost every bit of financial advice to millennials is framed in terms of a deposit – but for those living in London, this could be absolutely terrible advice. Quite a lot of millennials have given up on buying altogether, a decision that for many of us makes absolute sense.
There are a number of good reasons not to buy a house right now: job security is not what it used to be, and more of us than ever are self-employed or freelance.Houses are also less affordable than ever before: in 1990 houses cost just under 3.5 times the average salary; today it’s more than five times the typical salary, rising to more than 10 times in London. That’s not sustainable: anyone buying now risks hitting the top of the market and losing their money.
So why does the Guardian support S24 which reduces rental stock which is needed by those who don't wish to buy!
It must stick in the craw of the Guardian that many don't want to buy.
But the Guardian is trying to reduce consumer choice by encouraging bonkers taxes like S24 and to abolish S21.
All seems counter intuitive to what a major part of GR wants.
" Abandoning the hope of home ownership represents freedom for many millennials: it frees up cash that would otherwise go towards buying an asset into living in the present. That can mean renting a more comfortable room (or flat) in a nicer area, it can mean the difference between having enough money to go out or not, and it can even mean hiring a cleaner to make the overpriced rented flat a good deal nicer. "
Is that what the Govt. wants though? It keeps pubs and restaurants going, but there's nothing long-term mentioned in the article that I noticed.
They covered it in this article (The other generation rent?)
People eat avocado on toast, what's all that about?
Learn something new every day!!
Yes, yes, JohnA, keep up!
And they have robotic cleaners to pick up the crumbs whilst they're busy reading the Guardian!
You're clearly not an under-35 year old middle class socialist, are you?!
Author of The Complete Guide to Property Strategies and The Complete Guide to Property Investing SuccessLearn more at http://www.completepropertysuccess.co.uk
I also post property updates on my Facebook Page
"It is the small decisions you and I make every day that shape our destiny" Anthony Robbins
Ha, I'm 36 so must be just over the threshold, therefore I'll stick with my full English breakfast!