Re: They'll grow up
most minimum wage jobs are zero hour contracts these days
http://researchbriefings.files.parliament.uk/documents/CBP-7735/CBP-7735.pdf
https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/earningsandworkinghours/articles/contractsthatdonotguaranteeaminimumnumberofhours/september2017
So we can see that not only are you fundamentally wrong with your assertion, even assuming that all zero hours contracts pay minimum wage, but further, even if everyone on zero hours contracts is a millenial, "the number of people employed on “zero-hours contracts” in their main job, during April to June 2017 was 883,000, representing 2.8% of all people in employment." 2.8%....
Now let this sink in "People on “zero-hours contracts” are more likely to be young, part-time, women or in full-time education when compared with other people in employment." So, tell me again, when students have ever bought houses? Or part time workers? That'll be never then.
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.
And yet that seems a lot less risky than also losing your job and having rent to find. Rent that the landlord will keep increasing. Especially given the government will pay the interest on your mortgage up to £200,000 - https://www.gov.uk/support-for-mortgage-interest/what-youll-get
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.
You're going to find that has always been the case and yet other generations somehow managed to weather the storm.
Buying a flat is not really a purchase.
Fundamentally untrue unfortunately.
You will never own the property, they tend to be on a 99 year lease.
Fortunately lifespans tend to be less than that, so what you have there wouldn't be a problem, even if you couldn't renew or extend the lease, which you near universally can. The next but one town over to me is mostly leasehold at 999 years.
Add to that the additional expense on top of the mortgage of ground rent and service charges for the upkeep of the building.
You'll find that whatever home you buy requires upkeep and repair work. Your rent isn't only the landlords coke & hookers money.
You've basically posted a fact free response without a single citation or accurate calculation. You've made a lot of assumptions readily provable as false with 30 seconds work on google. Its no wonder you think your life is hard if you can't do 30 seconds work to seperate fact from fiction.
Facts people, use them to form opinions, your feelings however deeply held simply don't count for shit.