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The younger generation and the future cost of housing?

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Comments

  • BobQ
    BobQ Posts: 11,181 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Combo Breaker
    You really do take a dislike to the younger generation, don't you!

    On the other thread discussing whether wealthy pensioners should get winter fuel allowance, you turn it into the young people victimising the vulernable (whereas the actual idea comes from the Lords....not that you care a jot).

    On this thread you insinuate no young person wants to care for their family as they are too busy with facebook.

    I do not dislike "the younger generation". I insinuate nothing. You may infer this from my words but you are incorrect. Inevitably we are speaking about generalised cases. I agree there are young people who are very caring and that there are some older people who when they were younger showed little respect for their elders.

    Your experience may be different, but mine is that compared with say 30 years ago there is a greater proportion of the younger generation who think of their elderly parents as someone else's problem until of course they die when they have their hands out. But I am not saying all young people think like this.
    Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.
  • The_J
    The_J Posts: 1,250 Forumite
    edited 9 June 2012 at 3:28PM
    When you say the cost of living is so high in London.... could you explain?

    How much do you pay for milk? Bread? Baked beans? Are they like a fiver each?

    Is gas more expensive? Electricity? Water? I know council tax is cheaper because I have lived there.

    Just post a basic budget planner:

    Net Pay
    Rent/Mortgage
    Bills (Gas, electricity, council tax, water, phone, tv etc.)
    Food
    Transport to and from work
    The J is a Financial Advisor-This site doesn't check anyone's status and as such any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Always seek professional advice.
  • BobQ
    BobQ Posts: 11,181 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Combo Breaker
    drc wrote: »
    I find it really patronising when older generations lump all young people (teens to 30s) into one homogenous group - all my younger friends do not have any spare money and they are not wasting it on the things you suggest, ...............

    I think it is more the case of that 25+ years ago there were less gadgets but you could buy a terrace home in London for £15k. My parents bough their home for around that much and they were able to pay off their mortgage in 5 years with very basic jobs. Besides, the cost of most of the gadgets you mention are less than £1k altogether whereas a deposit needed on a property these days runs in to the tens of thousands, so I completely disagree.

    Generalisations are always difficult because not everyone behaves in the same way but there has been a trend over the past 25 years in which people increasingly regard consumer goods as essential when they are not.

    These less that £1K items acually add up when you are saving for adeposit of that size. The assumption they can be ignored is flawed, hence the old expression "look after the pennies and the pounds will look after themselves".
    Few people are capable of expressing with equanimity opinions which differ from the prejudices of their social environment. Most people are incapable of forming such opinions.
  • Itismehonest
    Itismehonest Posts: 4,352 Forumite
    edited 9 June 2012 at 4:06PM
    BobQ wrote: »
    The assumption they can be ignored is flawed, hence the old expression "look after the pennies and the pounds will look after themselves".

    There are youngsters who will also agree with this & have managed to become home-owners by doing just that.

    We can't generalise but neither can the young generalise about how easy it was for the older generation. Property may have been cheaper but, as with everything else purchased, it was saved for & paid for with what were often low wages (no NMW); without any in-work benefits or State payments for childcare; by working more than one job, not taking holidays etc. Even Credit Cards (unheard of when I was in my 20s) were originally something for the rich ..... which was probably just as well seeing how they were subsequently used by many when they became widespread.

    It was no more easy then than it is now. It was just different.
  • Sapphire
    Sapphire Posts: 4,269 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Debt-free and Proud!
    Another thing was that no one I knew considered it essential to own property as the pinnacle of achievement before the age of around 30. People were much more into enjoying life with others (in various ways!) and personal development (in many cases) before they settled down with huge (for those days) loans to pay back.

    Buying property just wasn't such an issue as it is now, in this much more materialistic culture.
  • silverchair
    silverchair Posts: 937 Forumite
    500 Posts
    BobQ wrote: »
    Maybe we will see a resurgence in people looking after their elderly parents instead of consigning them to be looked after by strangers in care homes?

    Or does the idea of families looking after their own seem far fetched. Would their be time between facebook sessions?

    Most families now have to work longer and longer hours (without even factoring in commuting time) so its not always an option to be a carer and look after elderly parents. It may not be possible financially to give up your job either. Even if you have kids most mums have to go back to work as its not always financially possible for one of you to be a stay at home parent or even go part time unfortunately.
  • silverchair
    silverchair Posts: 937 Forumite
    500 Posts
    I have to agree that its very much a buy everything on credit society. Its usually spent on bits of rubbish anyway large TV, flashy car, "child's best Xmas" even though younger ones are more interested in the box the toy came in etc.

    However, most of my friend's are like me money wise. They save until they can afford it or buy it in the sale.

    However, despite that the cost of living in this country is ridiculous. You work really long hours & its only until you're in your mid 30s that you're able to have a decent deposit to put down on a house & that's years of saving. Some of my friends have lived at home until their mid 30s to help save for a deposit which isn't really an ideal situation for either parties (this also includes those already with a family of their own).
  • 3cardMonty
    3cardMonty Posts: 19 Forumite
    To the OP, while there are many factors in play, I SERIOUSLY believe one of the reason the younger gen cant get a deposit is the lifestyle they leed.

    Plasma TVs? Sky/cable TV? iPhones/mobile contracts? Laptops/computers? Games consoles - and games to play on them?, cars?, designer/named clothing? etc etc etc

    25+ years ago we didnt really have most of that. Figure out how much money is spent on these items - which are after all LUXURIES and not actual REQUIREMENTS of life, and see how long it would take to save a deposit if that money was saved instead of spent.

    While things like cars WERE around back then - most "younger" people had bangors or didnt have their own car. Clothes - while fassion was there - were not in the same "must have" league.

    Add to that other factors - such as throw away items. Back when, items lasted 10-15-20 years and could be repaired if they broke fairly easily. Now its all "throw away and buy another one". My parents for instance had one TV for 15 years. I know people in their 20s that are already on their 3rd.


    Maybe you are right but one way or another if there are not enough first time buyers for whatever reason (being bad with money) then prices have to fall until there is someone who can up with the funds.
  • ukcarper
    ukcarper Posts: 17,337 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 9 June 2012 at 7:55PM
    drc wrote: »
    Well, we are renters (although in our 30s) and we don't have Sky tv, no Iphones, no games consoles, no designer clothing and a very old car. We live in London, husband is on a good wage but we are unable to put much aside because the cost of living is so very high here and the price of homes is very very high (an average terrace 'family' home is £600k plus). Yes, we could leave London but the sector my partner works in is all based in London so it's questionable whether he would be able to find work. Besides, all our friends and relatives live here.

    I find it really patronising when older generations lump all young people (teens to 30s) into one homogenous group - all my younger friends do not have any spare money and they are not wasting it on the things you suggest, if anything they are struggling just to get by (transport to and from work costs many of them more than £1k per year!). I don't think you realise how expensive housing is these days, both to rent and to buy.

    I think it is more the case of that 25+ years ago there were less gadgets but you could buy a terrace home in London for £15k. My parents bough their home for around that much and they were able to pay off their mortgage in 5 years with very basic jobs. Besides, the cost of most of the gadgets you mention are less than £1k altogether whereas a deposit needed on a property these days runs in to the tens of thousands, so I completely disagree.

    I’m not sure £15k would have bought a nice terraced house in London 25 years ago I sold a 2 bed terrace in Woking for £43K in 1985. I couldn’t afford to buy in London in the early 70s and had to move out and commute. A yearly season ticket from where I am is £3250 and you can get a nice terraced for less than £200k.
  • olly300
    olly300 Posts: 14,738 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    The_J wrote: »
    When you say the cost of living is so high in London.... could you explain?

    How much do you pay for milk? Bread? Baked beans? Are they like a fiver each?

    Is gas more expensive? Electricity? Water? I know council tax is cheaper because I have lived there.
    Council tax is not necessarily cheaper it depends what borough you live in.
    The_J wrote: »
    Just post a basic budget planner:

    Net Pay
    Rent/Mortgage
    Bills (Gas, electricity, council tax, water, phone, tv etc.)
    Food
    Transport to and from work
    What is definitely more expensive in London is rent/mortgage.

    Transport can be more expensive it depends on how you get to work, where you work and what transport you need for you work.

    If you use the tube and bus it's cheaper than outside London. However the trains aren't cheaper and neither is car insurance. (And you aren't allowed to take bikes on lots of rush hour trains.)

    I was doing some work for a charity last year and they lost lots of volunteers as people got made redundant and the only jobs they could find where in the Home Counties. This meant their commuting costs went up as well as their commuting time. They couldn't move because they had children in school plus partners.
    I'm not cynical I'm realistic :p

    (If a link I give opens pop ups I won't know I don't use windows)
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