Over-55s have a financial 'annus horribilis'

ruggedtoast

ukcarper wrote: »

Who pulled up the ladder all the boomers who have lived in the same house for the last 20 years like me and most of my friends or the younger people bidding up houses that did come up for sale?

What's the average age of a buy to let landlord I wonder.

Itismehonest

Apparently in 2007 it was 46 http://www.residentiallandlord.co.uk/news974.htm
A third of all landlords then being 36-45.

I happen to believe that too many BTLs are not good for the FTB market as they often go for the sort of property that FTBs would, finance allowing, buy.
Blaming boomers for the lack of housing is like tarring all youngsters with the lazy wastrel tag. Untrue & bigotted.

Davesnave

Itismehonest wrote: »

Blaming boomers for the lack of housing is like tarring all youngsters with the lazy wastrel tag. Untrue & bigotted.

Blaming whole groups, or making wild generalisations about them isn't new.

However, Boomers are a safer bet these days than Jews or non Caucasians.

seven-day-weekend

ruggedtoast wrote: »

This fails to mention that these boomers have robbed the younger ones blind with the cost of housing. Most of these have houses worth hundreds of thousands and they will squeeze every nut to get every penny from a poor ftb.

My house has just been valued at £115.000. And I have owned it since 1976 soI don't see has I've 'robbed' anyone.

Back on topic, I'm the right age,but not one of the statistics, thank goodness.

ukcarper

ruggedtoast wrote: »

What's the average age of a buy to let landlord I wonder.

I don't know do you I know two people letting out houses 1 is a boomer and 1 is in his 30s.

ruggedtoast

seven-day-weekend wrote: »

My house has just been valued at £115.000. And I have owned it since 1976 soI don't see has I've 'robbed' anyone.

Back on topic, I'm the right age,but not one of the statistics, thank goodness.

And how much did you pay for it?

RenovationMan

Out of interest, does anyone know any baby boomers who have University Degrees?

I always thought Uni was more elitist in those days, and certainly there were less Univeristies to choose from. It seems the people who benefitted weren't the working classes that seem to be geting the stick on here, but the toffs who went to Grammar schools. I'm happy to be corrected though.

yorkshirekev

I've been thinking about the situation and trying too understand it from all sides. I'm 28 and my Dad is 66, so by talking to him when I visit, I manage to get a glimpse into the baby boomer side of things. Ultimately I think that I have to remove the chip from my shoulder and just get on with things.

Housing costs are probably kept artificially high by low interest rates and lack of house-building. But we need to focus on maximising our incomes and career as those who are in their 20's and 30's have many years of productive living still to come. Pay consumer debt down as quickly as possible, forego the need to purchase non-essentials and enjoy life within a reasonable budget.

Yes rental costs are high, mortgages are going to be expensive, pensions are likely to be non-existent. However these are the conditions and we need to change our approach to meet this challenge. Not to do so is (excuse the cricket analogy) like going out to a test series in India with five pace bowlers and expecting to take wickets. Things are going to be tough, but they always have been. Each era brings it's own challenges.

Surround yourself with people you love and care about. Enjoy your time outside of work and give generously of your time to those who enrich your life. If you keep the professional side of things on an even keel along with the personal, then hopefully you have a chance to improve your standard of living over the next 30 years.

Apologies if this all comes across as rhetorical nonsense. All I am trying to say is my generation has work to do and it is not too late, no matter what the situation. Home ownership is not necessarily the meaning of life. Broaden your mind, travel and do the best you possibly can in whatever you do. That is certainly my intension.

ukcarper

RenovationMan wrote: »

Out of interest, does anyone know any baby boomers who have University Degrees?

I always thought Uni was more elitist in those days, and certainly there were less Univeristies to choose from. It seems the people who benefitted weren't the working classes that seem to be geting the stick on here, but the toffs who went to Grammar schools. I'm happy to be corrected though.

I am a boomer who like the vast majority failed the 11+ and from that moment I had almost no chance of going to university. Only one person from my year at school about 100 pupils went on to take A Levels (I don’t know if he went to university) in fact the majority left at 15 and didn’t take O levels. I don’t know what percentage of people went to university in the 60s but it was quite low. I’m not a fan of selection at 11 but I will admit if you were one of the lucky ones you could benefit enormously from Grammar school and it was really the only chance you had of getting to university if you were working class.

Davesnave

RenovationMan wrote: »

Out of interest, does anyone know any baby boomers who have University Degrees?

I always thought Uni was more elitist in those days, and certainly there were less Univeristies to choose from. It seems the people who benefitted weren't the working classes that seem to be geting the stick on here, but the toffs who went to Grammar schools. I'm happy to be corrected though.

I have one. I also went to a grammar school, along with quite a few kids from the local council estates, most of whom left with their 'O' levels at 16, because that was enough to get someone a 'good job' in a bank, insurance co, or whatever.

I stayed on and took A levels, then got a job in the Civil service, because that was the height of my aspiration at the time. Two years later, with my eyes much further open, I left employment and went back to studying for 4 more years.

By the time I'd gone through the university process, most of my former friends with bank jobs etc had 'done well' and were on the property ladder. Some were already on their second house. I didn't envy that, because I kept being told that with my qualifications I'd "soon make up the difference."

The predictions were wrong, but I think the years of study were worth it in other ways. I had opportunities to make more money and turned them down, so there's no bitterness. Everyone's responsible for the choices they make. Unlike a lot of people, I was able to do something I enjoyed, which is reward enough.