Over 50's will bit hit by new mortgage regulations

ukcarper

ruggedtoast wrote: »

I was a teenager in 1995. At a time when the unemployment rate in recession hit Britain was at 8.4% nationally, and youth unemployment was drastically higher.

In what possible scenario was I meant to "benefit" from this state of affairs?

Gen Xers would be between 30 and 12 in 1995 so obviously the ones born earlier would have benefited so if we apply the same rules as you do to boomers some benefited so they all must have benefited. By the way it took until 2001 before prices in relation to earning reached the minimum level they were between 1972 and 1990 so even the 12 year would be 18.

Unemployment in 1984 11.9%

　

Loughton_Monkey

I simply don't buy this generational thing in the way it tends to be presented.

We are in a recession for god's sake! We've had the biggest financial global meltdown since I was born in 1949. Comparing financial life today with anything is simply perverse in the context of generations.

In my 63 years, I have obviously lived through good times, bad times, boom, and bust, and to equate my 63 years with the same period for my father, or what will turn out to be the experience of someone born in 1980-ish is simply a hotch potch of good, bad, and indifferent.

I happened to reach working life in early 1970's, a decade of massively high inflation peaking at 27%. Was that a good start? Of course it wasn't. But did I have compensating good times? Of course I did!

Whatever generation we belong to, we all [will] experience a complete mixture of opportunities and misfortunes. Good times and bad times. High house prices, low house prices.

The thing that does change over generations is behaviour. As far as I know, all generations alive today were born, went to school, worked, and then retired. They had an income, and they spent some of it and saved some of it. Everything in between is largely down to behaviour over one's lifetime.

ukcarper

Loughton_Monkey wrote: »

I simply don't buy this generational thing in the way it tends to be presented.

We are in a recession for god's sake! We've had the biggest financial global meltdown since I was born in 1949. Comparing financial life today with anything is simply perverse in the context of generations.

In my 63 years, I have obviously lived through good times, bad times, boom, and bust, and to equate my 63 years with the same period for my father, or what will turn out to be the experience of someone born in 1980-ish is simply a hotch potch of good, bad, and indifferent.

I happened to reach working life in early 1970's, a decade of massively high inflation peaking at 27%. Was that a good start? Of course it wasn't. But did I have compensating good times? Of course I did!

Whatever generation we belong to, we all [will] experience a complete mixture of opportunities and misfortunes. Good times and bad times. High house prices, low house prices.

The thing that does change over generations is behaviour. As far as I know, all generations alive today were born, went to school, worked, and then retired. They had an income, and they spent some of it and saved some of it. Everything in between is largely down to behaviour over one's lifetime.

It's no good getting all sensible on us now.

Thrugelmir

Loughton_Monkey wrote: »

I simply don't buy this generational thing in the way it tends to be presented.

We are in a recession for god's sake! We've had the biggest financial global meltdown since I was born in 1949. Comparing financial life today with anything is simply perverse in the context of generations.

In my 63 years, I have obviously lived through good times, bad times, boom, and bust, and to equate my 63 years with the same period for my father, or what will turn out to be the experience of someone born in 1980-ish is simply a hotch potch of good, bad, and indifferent.

I happened to reach working life in early 1970's, a decade of massively high inflation peaking at 27%. Was that a good start? Of course it wasn't. But did I have compensating good times? Of course I did!

Whatever generation we belong to, we all [will] experience a complete mixture of opportunities and misfortunes. Good times and bad times. High house prices, low house prices.

The thing that does change over generations is behaviour. As far as I know, all generations alive today were born, went to school, worked, and then retired. They had an income, and they spent some of it and saved some of it. Everything in between is largely down to behaviour over one's lifetime.

Good post. Historical events are useful to learn from. However bear little relation to the world today. Or for that fact tomorrow. As nothing stands still.

ruggedtoast

ukcarper wrote: »

Gen Xers would be between 30 and 12 in 1995 so obviously the ones born earlier would have benefited so if we apply the same rules as you do to boomers some benefited so they all must have benefited. By the way it took until 2001 before prices in relation to earning reached the minimum level they were between 1972 and 1990 so even the 12 year would be 18.

Unemployment in 1984 11.9%

　

Every boomer who is around now was around then too. Every single one, with equity and savings a plenty. Ready to take advantage. And take advantage they did.

ukcarper

ruggedtoast wrote: »

Every boomer who is around now was around then too. Every single one, with equity and savings a plenty. Ready to take advantage. And take advantage they did.

Did they I bought my house in 1985 when they were a lot higher in relation to earnings than the mid 90s.

ruggedtoast

ukcarper wrote: »

Did they I bought my house in 1985 when they were a lot higher in relation to earnings than the mid 90s.

Well, you could have rented cheaply, or enjoyed a council house until the mid 90s if you had so wanted; giving you plenty of time to build up a nice deposit and enough for a splurge in MFI and Rumbelows before the next boom as well.

the_flying_pig

Loughton_Monkey wrote: »

I simply don't buy this generational thing in the way it tends to be presented.

We are in a recession for god's sake! We've had the biggest financial global meltdown since I was born in 1949. Comparing financial life today with anything is simply perverse in the context of generations.

In my 63 years, I have obviously lived through good times, bad times, boom, and bust, and to equate my 63 years with the same period for my father, or what will turn out to be the experience of someone born in 1980-ish is simply a hotch potch of good, bad, and indifferent.

I happened to reach working life in early 1970's, a decade of massively high inflation peaking at 27%. Was that a good start? Of course it wasn't. But did I have compensating good times? Of course I did!

Whatever generation we belong to, we all [will] experience a complete mixture of opportunities and misfortunes. Good times and bad times. High house prices, low house prices.

The thing that does change over generations is behaviour. As far as I know, all generations alive today were born, went to school, worked, and then retired. They had an income, and they spent some of it and saved some of it. Everything in between is largely down to behaviour over one's lifetime.

oh, i get it. there's a magic inter-generational wash-up mechanism that makes every generation equally favourable to be born in. just like [for example] 1915 was exactly as good a time to be an 18 year old british man as, say, 1965. thanks for that little kidney stone of wisdom. hope it wasn't too difficult to, uh, pass.

ukcarper

ruggedtoast wrote: »

Well, you could have rented cheaply, or enjoyed a council house until the mid 90s if you had so wanted; giving you plenty of time to build up a nice deposit and enough for a splurge in MFI and Rumbelows before the next boom as well.

That world you imagine would be lovely pity it didn't exsist.

ukcarper

the_flying_pig wrote: »

oh, i get it. there's a magic inter-generational wash-up mechanism that makes every generation equally favourable to be born in. just like [for example] 1915 was exactly as good a time to be an 18 year old british man as, say, 1965. thanks for that little kidney stone of wisdom. hope it wasn't too difficult to, uh, pass.

It certainly wasn't bad to be born in the early 70s people who were born in the 90s look to have it pretty bad at the moment but we don't know what the future holds.