Quote:
Originally Posted by Dan1971
It does - especially as that will no doubt have caused issues as mentioned because the next insurance company will ask the " have you ever had insurance declined or cancelled" question, and up goes the premium !
Harsh world for young people these days - struggle to get car insurance and don't get me started on house prices and them being able to buy a house .....
I know I'm not the oldest on here - not far from though - but my first house was a 2 bed end terrace we bought in about 1995 for £60K. It was just a repossessed new build in an estate near Harlow so nothing special. That house is now £280K. Most mortgages these days require a 25% deposit whereas for me at the time I had to put in just 5%. How the hell is a 22/23 yr old gonna be able to stump up a 25% deposit on that (68K) .... ?.... I get the feeling that my boys, 17 and 14 now, will be at home for a long time unless I bung them a massive wedge from my retirement lump .... All well and good for me (and them) to be able to do that, but not everyone can give their kids a big handout.
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cancelled because he used the brakes - that's a joke... I know my buddy has a box fitted and he has penalty clauses if he gets a bad score at renewal time, but I didn't think they'd be able to cancel for avoiding an accident!
If it is in the ToC's then more depth of reading is needed for people I guess
I know a bit OT the house stuff, but it is a supply and demand market, and the fact rental income easily covers the mortgage even with new penalties, this problem in house value will rise and rise...
If there was a cap on rental prices fewer properties would be "buy to let" and thus there would be more property available for home owners. But the rules would have to be carefully done, as otherwise students or temp workers would struggle to find places to live.
I think it is also important to consider it is not that practical nowadays to expect as a young 20 something person to buy a house - get on the property ladder with a small flat, and work up... it's what I've done.