It is true Pete. When I get home from a demanding job I start on my own business. Some days I can work 18 hours +. My choice.. But I'm happy to put he hours in as I want to retire early, and to be honest, I quite enjoy a lot of it.
Things could be worse though as propety prices in your area are certainly not high. But you've missed my point entirely. The graduates you refer too won't have been working very long. But if they're serious about getting on the property ladder they will. Like I said "
It may take a while, it may be extremely hard work, but it's being done every day."
And property development, buying and selling at the right time is not alll luck. You're deluded if you think it is. A lot of research and risk has to be underaken when making money in the property game.
As for BTL (And ours really ain't that crappy if you don't mind) ownership, well yes I do want to leave something behind for others. My kids and ultimately their kids. It's not being greedy, investing in BTL's is a pension plan also. Seeing as our state pensions won't be worth jack by the time I reach 66 (Or will it have increased to 102 by the time I get there) I think it's quite sensible to plan for the future. After all I'd rather support myself through old age than be a burden on anyone, the state or otherwise.
But I do believe people have unrealistic expectations. If a couple can't afford a property in the area they want to live in they can always move. Find work elsewhere. I can assure you others manage it elsewhere.
This is not about how hard you or i work. i earn ok work hard etc i also have my own business, get up at 4 before kids up to write reports etc big deal you dont know what i do i dont know what you do and frankly its irrelevant ( we both have time to surf the net on a friday night, not something i would admit to 10 years ago)
You say people can work hard and get on the ladder but it wont be a ladder for them at 6x income it will be a never ending tread mill unless we get wage inflation (cant see it at the mo) or house price inflation (cant see it at the mo) many families will be trying to raise kids in flats while pensioner couples live in 3-4 bedroom houses. my village is full of 3-4 bed houses with crap cars outside and only using 3 rooms to keep the gas bill down. this is because their poperty is worth £500 k but as they were a school teacher or middle manager and the wife raised the kids then they are only wealthy by virtue of their property capital not their graft. the prices are crippling young couples and forcing mothers to work when they could and should be looking after the kids, not farming them out to some nursery. the gaduates we have work damn hard and if i were them im not sure i would given that life is subsistence rather than onward and upward.
the luck in timing is about people that buy houses as shelter not investment then assume massive profits are down to graft. Im not totally naive about the housing market. I would suggest now is not a good time to buy if you are expecting a capital appreciation.
regarding btl,if your kids work "their backsides off" then you will not have to hoard property on their behalf . but i suspect you know as i do that even if they work as hard as you, harder even, then they may not get the same rewards as you. i have a coleague whos dad has a 20-30 property portfolio and she cant afford to get a house. she complains about her BTL landlord and his greed without a hint of irony. her dad thinks its scandelous too, what a tool
"I'm not convinced that BTL is as socially devisive as you claim" I believe it is but hopefully those overexposed will get burnt
"people have such unrealistic expectations of what you can get for your money these days" says the couple who bought their house for 50% less than they are asking 2 years before.