Re: They'll grow up
What an overly simplistic and completely unrealistic view of the housing market. Let's break this down a bit:
Guaranteed 40 hour working week - most minimum wage jobs are zero hour contracts these days. Even if you are lucky enough to have a full time contract there is no such thing as a stable job anymore. Companies will fire you in an instant if they can find labour cheaper or automate your job. Taking a mortgage is a serious risk in these conditions as at any time you can find yourself not only jobless but also homeless while still being tens of thousands in debt to the bank.
Where does your magical 10% deposit come from? Not everyone has parents who can get them started. Trying to save the 10% while paying rent/bills etc could take years and savings can be quickly and unexpectedly eaten up by one disaster such as the car which is needed to get to work needing repair.
Buying a flat is not really a purchase. At best it is just paying a lot of rent upfront. You will never own the property, they tend to be on a 99 year lease. Getting a cheap flat usually means that quite a lot of that lease has already expired. Selling the flat a few years down the line could not only result in struggling to get even the price you paid but could also end up being unsalable due to people not wanting to invest in a property doesn't have long enough on the lease. Add to that the additional expense on top of the mortgage of ground rent and service charges for the upkeep of the building.
Biting the hand that feeds IT
