Baby Boomers at it Again

grizzly1911

seven-day-weekend wrote: »

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.

Not that I will be here in a couple of generations but it will be interesting to see what happens as more and more of the wealth gets flushed out of the country through consumption, imports and profits of foreign companies operating our utilities here.

Boomers may have come from little, supposedly had it easy and are now minted. They are now having to help offspring in so many ways diluting assets once more.

If we take the fact that said offspring have to now provide for so much more as the state can no longer afford it there will not be a future buffer of mum and dad.

The country has milked as many as it can through debt, it is now milking assets of the prudent, what will it do when there is nothing left to milk?

It is good that there are so many prudent people as without them the country would have been further down the pan by now.

ruggedtoast

GeorgeHowell wrote: »

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.

Its lucky you're around to set the record straight George.

Linton

seven-day-weekend wrote: »

....

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.

.....

That is bound to happen once there are sufficient FTBers with wealthy parents/grandparents able to provide large lump sums. These FTBers will be able to outbid those who havent and so the price of "nice" houses will rise to the level that in general only people with such support will be able to afford to buy. This is just a repeat of what happened when it became normal for spouses to work - buying an acceptable house in general required two incomes.

seven-day-weekend

I hasten to add we are not 'wealthy', the lump sum that we gave our son came from the proceeds of the sale of our Spanish property, which originally had been funded largely from an inheritance and cost about £50k. My son's flat was £65k and had been for sale for two years. He did not 'outbid' anyone, no-one else wanted to buy it. We provided the deposit and he has a mortgage for the rest.

Linton

seven-day-weekend wrote: »

I hasten to add we are not 'wealthy', the lump sum that we gave our son came from the proceeds of the sale of our Spanish property, which originally had been funded largely from an inheritance and cost about £50k. My son's flat was £65k and had been for sale for two years. He did not 'outbid' anyone, no-one else wanted to buy it. We provided the deposit and he has a mortgage for the rest.

Yes but if you hadnt provided the money the flat may have sold later for perhaps £60K.

Dont get me wrong - I am not criticising those parents who perfectly reasonably want the best for their offspring. I am just pointing out that ultimately any assistance with buying property is self defeating - a rare generous gesture eventually becomes a necessity.

ruggedtoast

Modern Britain. If you haven't got rich parents don't bother expecting a home anywhere.

Jennifer_Jane

ruggedtoast wrote: »

Modern Britain. If you haven't got rich parents don't bother expecting a home anywhere.

More hyperbole, ruggedtoast. I am quite sure that 7DW is not "rich". She spends an awful lot of time helping people on this Forum, and nothing leads me to think she's "rich". Just prudently managing her money and probably little better off than some of us. I think of myself as "poor", but not in poverty, yet.

A "home" is not necessarily a house and mortgage is it.

And I repeat, come and buy in Stoke - a nicely maintained 3-bed semi-detached ex Council House with a garden and in a safe, leafy area, could cost you £90,000 or thereabouts. Right in the middle of the Country. An hour and a half into Euston.

Graham_Devon

GeorgeHowell wrote: »

Thank you.

Please tell that to the dimwitted, embittered age-warriors who infest this forum.

Well that appears to be you lot!

Have you actually read the slurs on this thread towards the young!?

ruggedtoast

Jennifer_Jane wrote: »

More hyperbole, ruggedtoast. I am quite sure that 7DW is not "rich". She spends an awful lot of time helping people on this Forum, and nothing leads me to think she's "rich". Just prudently managing her money and probably little better off than some of us. I think of myself as "poor", but not in poverty, yet.

A "home" is not necessarily a house and mortgage is it.

And I repeat, come and buy in Stoke - a nicely maintained 3-bed semi-detached ex Council House with a garden and in a safe, leafy area, could cost you £90,000 or thereabouts. Right in the middle of the Country. An hour and a half into Euston.

A home sure ain't a 6 month AST lady.

BobQ

Graham_Devon wrote: »

Well that appears to be you lot!

Have you actually read the slurs on this thread towards the young!?

Well any age-warfare on this thread started with characterising people as "boilers" and threats to "bite the hand", albeit in a light hearted way.

The comment that the baby boomers can be criticised for rearing a generation that has a higher proportion of people with the traits defined is I suggest fair comment.

Or did something else offend you?