Mainstream media article says it's not lending, its prices.

Percy1983

FTBFun wrote: »

You seem to be insinuating that the older generation gained an advantage purely through their age rather than hard work. I can tell you from my family's history that just isn't the case.

I have had this debate a few times and this thread indicates the point.

When you could buy a house on a single income you could live comfortably or both work for some extra pennies spending money. Now you don't both work for a few extra pennies, you both have to work to have a home.

Explain how not having to both work wasn't an advantage?

I know I can't change it put it would be nice if you just acknowledge its harder rather than keep telling us its not.

ukcarper

I don’t think many people are saying it isn’t harder but not as hard as some people try to make out and how does that translate to.

“Us boomers have took the wealth and are now closing the door on you” and “Buying up housing stock and expecting the young to pay the mortgage for you”

FTBFun

Percy1983 wrote: »

I have had this debate a few times and this thread indicates the point.

When you could buy a house on a single income you could live comfortably or both work for some extra pennies spending money. Now you don't both work for a few extra pennies, you both have to work to have a home.

Explain how not having to both work wasn't an advantage?

My parents are both baby boomers (late 1950s) and I can tell you straight up that when they were both living in council accomodation with my brother and I as children, that they both still had to work - not to buy a house but just for the additional income. It was only really RTB that helped them get on the housing ladder (I'll admit they got an advantage in that regard).

I know I can't change it put it would be nice if you just acknowledge its harder rather than keep telling us its not.

We're in a period of historically low interest rates, yet I expect most baby boomers were FTBs in a period of astonishingly high ones and pretty rapid HPI, along with unemployment problems which were more severe than they are now despite the headlines. I don't believe it is as clear cut as you make out.

Percy1983

Joeskeppi wrote: »

I know someone just like Percy, every failure they make is someone elses fault or because they didn't get the same opportunities as everyone else. Went as far as claiming that I earn more than him because my parents were better off than his. ANYTHING to detract away from his own shortcomings.

Any failures I make are my fault, I have made a few small errors but overall the plan is perfect and working. Despite not having the same opportunities I have got my self into a well paid profession will be buying a 3 bed semi (minimum) as my first home to which mortgage payments will be less than a quarter of or combined income. I already own 2 reasonably newish cars which are fully paid for and will be basically have a comfortable life.

As for the shortcomings the only real failings along the way, was overspending on credit when my income was very low in the early days of training and taking so long to find the perfect women, to which both problems are now sorted.

You see I still have a belief in right and wrong and will argue the point for many in my generation who are in much worse situations.

In short I could quite easily buy my home and probably a rental house too a bit later and sit back and laugh as more and more people get left behind while some poorer person pays my second mortgage.

Or I can continue down my current path of buying one home starting a familiy and continuing to donate my time to do vountary work to make my local community better.

ukcarper

Percy1983 wrote: »

Any failures I make are my fault, I have made a few small errors but overall the plan is perfect and working. Despite not having the same opportunities I have got my self into a well paid profession will be buying a 3 bed semi (minimum) as my first home to which mortgage payments will be less than a quarter of or combined income. I already own 2 reasonably newish cars which are fully paid for and will be basically have a comfortable life.

As for the shortcomings the only real failings along the way, was overspending on credit when my income was very low in the early days of training and taking so long to find the perfect women, to which both problems are now sorted.

You see I still have a belief in right and wrong and will argue the point for many in my generation who are in much worse situations.

In short I could quite easily buy my home and probably a rental house too a bit later and sit back and laugh as more and more people get left behind while some poorer person pays my second mortgage.

Or I can continue down my current path of buying one home starting a familiy and continuing to donate my time to do vountary work to make my local community better.

So what are you complaining about when I first bought in the early 70s house prices almost doubled in 2 years. I had to jump in and move 20 miles from where I worked, as I couldn’t save fast enough. We only had 1 fairly old car and it was further from where my wife worked and she had to commute by train. You might find this is hard to believe but our mortgage was over a third of our joint incomes.

Bullfighter

ultrawomble wrote: »

Most people that I know with kids (me included) don't have parents living nearby anymore.

Most would like to except the boomers now own huge enclaves of overpriced family homes (the suburbs) which means that their children are buying aspiration kennels on a shared equity basis in Stabsville.

Percy1983

ukcarper wrote: »

So what are you complaining about when I first bought in the early 70s house prices almost doubled in 2 years. I had to jump in and move 20 miles from where I worked, as I couldn’t save fast enough. We only had 1 fairly old car and it was further from where my wife worked and she had to commute by train. You might find this is hard to believe but our mortgage was over a third of our joint incomes.

Its not so much complaining but fighting a corner, I am not stuck in that corner but will fight what I believe to be right anyway.

As I say personally I am in a great position and do accept this, but I have had to work hard to get here, but this doesn't mean I turn by back on everybody else with the 'I'm alright Jack' attitude. The thing is I have friends and a brother who are struggling and it pains me to see and hopefully if my dad doesn't spend every last penny (looking possible, the cycle of max credit cards, secure against house is still going so the current mortgage is more than it started at 26 years ago) I will divert a higher percentage of the inhertance to my brother as long as it helps him get a stable home as my plan doesn't involve ever needing inheritance.

Percy1983

Bullfighter wrote: »

Most would like to except the boomers now own huge enclaves of overpriced family homes (the suburbs) which means that their children are buying aspiration kennels on a shared equity basis in Stabsville.

That is actually quite factual, I can see it in my local area of Oldham where up in the hills you have the nice parts like Saddleworth (full of nimbys I will add so nothing new gets built) where the youth are all coming down the hill to the less nice areas to buy as thats all they can afford.

shortchanged_2

My parents bought a house back in 1999 for £70,000, a 4 bed detached in a very good area where they live. The same house would now probably sell for around £250,000.

The point is, could I have bought that house on my income back then.........probably yes.

Could I buy that house now, even with wage increases...........definately not.

ultrawomble

ukcarper wrote: »

You might find this is hard to believe but our mortgage was over a third of our joint incomes.

I don't find it hard to believe at all. But remember, as you show in your post here, current mortgage outgoings for an average mortgage on an average wage are nearly 50% of monthly takehome.