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Baby Boomers at it Again
GeorgeHowell
Posts: 2,739 Forumite
The number of first time home buyers is the highest since the financial crisis, according to the Halifax First-Time Buyer Review.
216,000 got on the housing ladder in the past year, a 12% rise over 2011. The number of first time buyers rose faster than total house buyers and new buyers' share of the market increased from 38% to 40%.
House price affordability is close to it's best in almost a decade based on average price to average earnings, and mortgage affordability has improved.
There has been a significant increase in the first time buyers getting financial help from the "bank of mum and dad" in recent years, with 65% of FTBs being helped, compared with 31% in 2005. Those baby boomers certainly have something to answer for.
216,000 got on the housing ladder in the past year, a 12% rise over 2011. The number of first time buyers rose faster than total house buyers and new buyers' share of the market increased from 38% to 40%.
House price affordability is close to it's best in almost a decade based on average price to average earnings, and mortgage affordability has improved.
There has been a significant increase in the first time buyers getting financial help from the "bank of mum and dad" in recent years, with 65% of FTBs being helped, compared with 31% in 2005. Those baby boomers certainly have something to answer for.
No-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.
The problem with socialism is that eventually you run out of other people's money.
Margaret Thatcher
The problem with socialism is that eventually you run out of other people's money.
Margaret Thatcher
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Comments
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GeorgeHowell wrote: »The number of first time home buyers is the highest since the financial crisis, according to the Halifax First-Time Buyer Review.
216,000 got on the housing ladder in the past year, a 12% rise over 2011. The number of first time buyers rose faster than total house buyers and new buyers' share of the market increased from 38% to 40%.
House price affordability is close to it's best in almost a decade based on average price to average earnings, and mortgage affordability has improved.
There has been a significant increase in the first time buyers getting financial help from the "bank of mum and dad" in recent years, with 65% of FTBs being helped, compared with 31% in 2005. Those baby boomers certainly have something to answer for.
Perhaps this is were the care home fees are going?;)
That and subsidising university places more than ever before, whatever the rights and wrongs of "needing" to go."If you act like an illiterate man, your learning will never stop... Being uneducated, you have no fear of the future.".....
"big business is parasitic, like a mosquito, whereas I prefer the lighter touch, like that of a butterfly. "A butterfly can suck honey from the flower without damaging it," "Arunachalam Muruganantham0 -
We bow down to you for your sheer generosity.
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Graham_Devon wrote: »We bow down to you for your sheer generosity.
Thank you.
Please tell that to the dimwitted, embittered age-warriors who infest this forum.No-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.
The problem with socialism is that eventually you run out of other people's money.
Margaret Thatcher0 -
Would much prefer no handouts and the same development rights the boilers enjoyed thanks. Oh, and the same retirement age seeing as our life expectancies will be comparable.0
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Would much prefer no handouts and the same development rights the boilers enjoyed thanks. Oh, and the same retirement age seeing as our life expectancies will be comparable.
If you want the same retirement age, work harder, put more hours in, get promoted, save more, make sacrifices, the world owes you squat.No-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.
The problem with socialism is that eventually you run out of other people's money.
Margaret Thatcher0 -
Its amazing. More people who have the means to help their offspring get on the housing ladder, perhaps after subsidising their higher education and heaven knows how many other things, are doing so. Yet those on the end of this largess, still whine and whine still more.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.0
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Would much prefer no handouts and the same development rights the boilers enjoyed thanks. Oh, and the same retirement age seeing as our life expectancies will be comparable.
Well I certainly would have preferred to buy my house in a much more regulated market that stopped me paying double digit interest rates, prevented buy to let and second homes inflating house prices. Its your generation that is into unfettered markets and everyone being out for what they can get.
Equally I see no reason why your generation should not have had retirement at 65. However, it would have needed more regulation (compulsory pensions and compulsory employer contributions- which Australia introduced years ago I believe)) and employers being prevented from taking pension holidays (and I agree tax changes by Brown). But again much of this is due to an obsession with the unfettered market which much of your generation seem to favour.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.0 -
Its amazing. More people who have the means to help their offspring get on the housing ladder, perhaps after subsidising their higher education and heaven knows how many other things, are doing so. Yet those on the end of this largess, still whine and whine still more.
One thing that the baby boomers can legitimately be criticised for is bringing up this generation with such a high proportion of spoilt, whining, materialistic, pampered prima donnas with a sense of entitlement and chips on their shoulders because they can't have everything they want now, without putting in the effort nor building up their standard of living over time.
Most of the boomers were not brought up that way, but they thought they knew better than their parents. They didn't.No-one would remember the Good Samaritan if he'd only had good intentions. He had money as well.
The problem with socialism is that eventually you run out of other people's money.
Margaret Thatcher0 -
Don't worry George, once we get in power we will use all those traits against the hand that fed us.0
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My son was one of those first-time buyers mentioned in the article, in February 2012, with the help of a substantial deposit from the Bank of Mum and Dad.
Every single first-time-buyer I know of in the last few years has had help this way, or from the Bank of Grandparents, or a lump sum from an inheritance or in one case a hefty private income from the estate of a deceased rich relative.
It seems to be the norm these days as far as I see it.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0
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