He isn't. Although I'm opposed to most of Barry's views, he could well be right here.
I bought my first home at the end of 1960, deposit was 25%, the morgtage was 5.3 times salary and was at 6.5%. That was a bungalow for my parents, I had no intention of living there since my own plans on where I was going to settle weren't decided, so I was renting nearer where I worked.
Seven years later I bought my small flat, all I wanted. Thankfully the deposit was only 5%, leaving it at 4.2 times salary, but because I was already lumbered with one full mortage and mortages were very difficult get to get back then, my only option was a commercial mortgage through the Property Owners Building Society. That was at 9%, so the mortgage payments were well over those for the bungalow.
Nobody has paid mortgage rates remotely like those for decades, there's been many assisted purchase schemes which never existed in the past and there are areas with low house prices, compared with the premium ones.
Where Barry is most right is that young people are not prepared to sacrifice to achieve these days. Each of those first two property purchases I made both took immense sacrifice for a while on my part, living at barely existence levels. I even ran out of food one Christmas holiday period.
Many more young people could have got on the property ladder now by similar harsh self deprivation for several initial years with an eye on their future as he and I did each time, but they won't. They want to be able to continue running a car or using public transport instead of walking or riding a bike, buy high end i-Phones or Galaxies, wear branded fashion clothes instead of buying off market stalls and other low cost sources, get fast food delivered because they are too lazy to learn how to cook good but low cost food.
That's their foolish choice, to end up later in life when less able to cope with ever increasing rent, poor living standards and often no more car ownership.
The wiser choice Barry and I made was the opposite, in my case 30 years of early retirement so far with an income far in excess of outgoings, living in more luxury than most without ever having to look at a price before buying and owning six new cars paid for by cash during that 30 years.
Ironically in the present discussion context, perhaps a bit like Covid-19. Take the hit early to benefit substantially later!
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