I have to say I agree with most of the posters here. There is no such thing as an affordability crisis if FHBs would simply lower their expectations... no you can't have the big car and plasma TV and brand new high-end furniture, as well as the $500K McMansion as your first home.
I rented from when I left school at 17, until I bought my first house in my thirties, saving as much as possible for that first deposit during those years.
My parents first house was basically a two room barn way out in the countryside 40km from the nearest town, which they bought for 1000 pounds (a lot of money to them back then). The house had one bedroom upstairs, and one living area/kitchen at the bottom, and it was attached to a cattle shed, with no electricity, no phone and only one tap for running water (which happened to be outside the house!). I was born during their first 6 months in this house, and it was a full year before they got electricity or running water and two years before they got a phone! Those are the circumstances under which they had to raise a child! That is a true story.
So to all the FHBs who say it has never been so hard to get a first house, I would say just consider what type of first house your parents or grandparents had to make do with, and then consider downsizing your expectations.
Cheers,
Shadow.
I rented from when I left school at 17, until I bought my first house in my thirties, saving as much as possible for that first deposit during those years.
My parents first house was basically a two room barn way out in the countryside 40km from the nearest town, which they bought for 1000 pounds (a lot of money to them back then). The house had one bedroom upstairs, and one living area/kitchen at the bottom, and it was attached to a cattle shed, with no electricity, no phone and only one tap for running water (which happened to be outside the house!). I was born during their first 6 months in this house, and it was a full year before they got electricity or running water and two years before they got a phone! Those are the circumstances under which they had to raise a child! That is a true story.
So to all the FHBs who say it has never been so hard to get a first house, I would say just consider what type of first house your parents or grandparents had to make do with, and then consider downsizing your expectations.
Cheers,
Shadow.