The ever-excellent Michael Deacon
http://www.telegraph.co.uk/news/2017/11 ... easy-tips/Quote:
On Wednesday, the Chancellor Philip Hammond is expected to use his Budget to help young people get on the property ladder. But should this really be the responsibility of the State? Isn’t there more that the young could do to solve their problems themselves?
Here we present seven simple tips for millennials on how to buy a house.
Be born earlier. All too many young people today didn’t get round to being born until the late 1980s, or even the 1990s. As a result of their tardiness, they were much too late to take advantage of low house prices. Those who had the foresight to be born in the 1950s and 60s, by contrast, have been justly rewarded for their “get-up-and-go”. If you were born too late, be sure not to make the same mistake again.
Inherit wealth. Inheriting wealth is an excellent way to pay for that first big deposit. Increasing numbers of young people, however, commit the textbook error of growing up in a poor family. Carry out a detailed assessment of your parents’ income. If it’s less than £250,000 per annum, are you sure they’re the right parents for you? Shop around for the best deal. Ideally, look for parents approaching retirement with no other offspring and a medium-sized buy-to-let portfolio.
Make sacrifices. To help you save for a deposit, avoid wasting money on trivial inessentials, such as foreign holidays, new iPhones, nights out, taxis, coffees, takeaways, alcohol, clothing, heating, rent and food.
Make your savings work harder. With interest rates low, high street banks are currently delivering little for savers. Instead, try funnelling £20million into an offshore tax haven.
Boost your earning power. Struggling financially? Consider making some extra cash on the side by becoming a 1960s rock star, Russian oligarch, chief executive of Walmart or monarch.
Club together. If you don’t have enough money to buy a property on your own, think about buying jointly. A two-bed flat in London Zone 4 should be well within your reach if you pool resources with just 60 of your closest friends.
Be patient. Remember that property prices can fall as well as rise. At some point in the next 18-24 months, an economic disaster of unimaginable magnitude should bring houses down to a much more affordable level – and, thanks to your youth and superior physical fitness, you’ll be in an excellent position to fight off competitors in the desperate looting of banks, supermarkets and high-street shops. Good luck!