Baby Boomer vs Generation Rent

phlash

OK - I may have started something in another thread, which I should have left alone. But lets talk about it....

I'll start off with this article, which is an interesting read...

http://www.independent.co.uk/life-style/house-and-home/property/no-place-like-home-the-generation-who-cant-afford-to-buy-1921781.html

Is there a chance that there could be a serious risk of a generation growing up in resentment?

What would this do for the stability of pensions, and the provision of old age care in 30 years time?

This is a question for this board and not a debate about house prices, it's about what our expectations should be when we buy or sell a house...

Out,_Vile_Jelly

It's an interesting issue, but one that's discussed widely on the Debate House Prices and the Economy Board. People mainly use this one for advice on rental disputes and the process of house buying/selling.

phlash

I realise it was maybe a contentious board to post it on, but still believe it belongs here.

It strongly addresses the standpoint of both buyer and seller. Is it becoming harder to meet expectations from each 'generic' group?

It's entirely relevant to current house sellers and purchasers to understand one another, and therefore I'm encouraging this thread away from a typical house price debate, towards understanding each others position and mentality.

It should help with smoother transactions etc...

Fire_Fox

Many people can afford to buy, they simply cannot always afford to buy exactly where they want or they cannot afford to 'have it all'. Move to East London, the midlands or ooop north and you can afford far more than most of down south. If your parents could afford to buy and you can't, chances are you eventually inherit something.

To afford the large three bed Surrey semi and then four bed London link detached my parents both worked in education, a series of paying lodgers, friends over for dinner rather than going out, grew fruit/ chickens/ bred rabbits in the garden, had an allotment for vegetables, we camped for holidays, ran one cheap car, mum sewed some of our clothes and others were hand me downs, we had one TV and one computer. I don't think it was easy for them, I believe they worked damn hard to retire very comfortably indeed.

lincroft1710

This situation has existed for at least 3 yrs.

Only when there is no one able to buy a house will prices come down to an "affordable" level (whatever that is). Alternatively 40 yr mortgages, or even longer and when parents die, mortgage debt and property being taken on by children.

babyharry5

I agree totally with firefox - many people can afford to buy a property, but want what their parents have NOW

There are many 1/2 bed flats for sale in the county I live, but most youngsters seem to want the cottage in the country or penthouse pad in the city - they dont want to start at the bottom and therein lies the problem.

These are the same youngsters that drive around in sports cars with personalised plates, going out wining & dining every weekend, holidaying in exotic locations, wearing designer clothes, watches, sunglasses etc
I realise not all are like that, but I know many youngsters where I live, that expect the best of everything immediately ( like their elders) and are not prepared to wait and save.

There just seems to be an expectation these days that parents will stump up the cash, cars, clothes & house deposits.

Not sure if the expectation is from the child who feels the parent should contribute, or, the parent who wants to be seen by others to be the "ultimate parent" by providing these extras
hope that make sense

Running_Horse

phlash wrote: »

I realise it was maybe a contentious board to post it on, but still believe it belongs here.

No it doesn't.

This is pushing important discussions from people needing genuine help down the board.

phlash

Running_Horse wrote: »

No it doesn't.

This is pushing important discussions from people needing genuine help down the board.

Herein lies the problem.

This is an issue, albeit a forbidden one to talk about. Yet it will probably be something your Grandchildren will tell you about after a 13 year old history lesson as if it was blindingly obvious and why wasn't it dealt with?!

There are many sellers who believe it is their right (born out of watching the baby boomer generation) to sell at a nominal profit.

Buyers, as pointed out, expect to buy it now and pay for it later.

The problem is, extrapolate these mentalities forward 30 years and you could end up with a very sad state of affairs, and one in which resentment between generations could grow disproportionately, legitimately or not!

Who knows what effect that has going forward. Is it ridiculous that such mentalities could be the seeds of something entirely more dangerous, like civil war?

Invite the tin hat taunts, but these monstrosities always start out of something that at the the time was interpreted as benign.

princeofpounds

Interesting topic, wrong board. Put it on the debate board (where it has been discussed before in one form or another).

phlash

Ok ok, am I able to transfer it?

baby_boomer

As a counterweight to this - what about the advances in technology and lowering of technology prices which have always given younger generations greater quality of life and higher standards of living? Not to mention the new drugs, medical knowledge and treatments that will extend their lives still further than ours.

Perhaps these new arrangements may even out some of the inequalities between generations, whereas hitherto the younger generation has always been miles better off?

We'll know the answer in 30 years time.