Boomers' House Price Bonanza Barrels Onwards. Young Excluded and Forgotten

brit1234

seven-day-weekend wrote: »

We bought a terraced house just outside the city centre in 1976 when we were in our twenties.

We still live in that house now.

What exactly is wrong with being 'stuck on the first rung of the property ladder'? It's not compulsory to live in a four bedroom detached in a rural idyll!

For most even that first rung is now well out of reach.

Itismehonest

We all know it's harder for youngsters to get on the property ladder now but times were different then.

Maybe if those that moan gave up their mobile phone, internet, car, going out at night, possibly even their B/W TV &, dare I say it, waited longer to start a family then they'd appreciate what we were doing to afford our 1st home back then?

It wasn't as easy as RT seems to think. People had to make sacrifices even then & 1st homes were small flats or terraced houses (usually with downstairs bathrooms or outside loos) which so many seem to turn their noses up at now.

As PasturesNew said, blaming boomers is narrow-minded bigotry. Many boomers have lived in the same homes for decades. They aren't responsible for using property as a get rich quick scheme. That came with the 'property speculation on ridiculous credit' era long after most boomers had settled down.

seven-day-weekend

brit1234 wrote: »

For most even that first rung is now well out of reach.

Not round this area.

My son got a good size two-bed flat in a nice area for £65k in 2012. He does not have children but it is big enough to bring a couple of children up in and there is a nice communal garden.

You can get a terraced house for £90-100k in our area. (Although I agree with another poster who said that many people turn their noses up at a terraced house with a downstairs bathroom these days).

Not everyone lives in London and the Home Counties.

Loughton_Monkey

brit1234 wrote: »

For most even that first rung is now well out of reach.

No worries!

I looked at your signature data (below). Looks like they'll be as cheap as chips by Christmas.....

[er... I assume you can at least afford a few chips now and again?]

House Prices First Time Buyer Strike Member
Halifax..........: Sep -0.4% (MoM) -1.2% (YoY)
Nationwide....: Sep -0.4% (MoM) -1.4% (YoY)
Land Registry.: Sep 0.0% (MoM) -0.7% (YoY)
:exclamatiScams - Shared Equity, Shared Ownership, Newbuy

Percy1983

I will say this whooe idea FTBs are turning there noses up at terraced properties isn't without cause.

I also turned my nose up at these houses for a very simple reason, I was no longer <21. If it was possible to buy when I was 21 then I would have happily bought a terrace house.

But when we have to dsave longer or study longer on low incomes to get the later high incomes is it a suprise that those who are 26> have different priorities?

We went straight to the 3 bed semi so we could start a family if/when we wished and safe in the knowledge that if prices reduced we would be 'stuck' in a suitable home.

brit1234

seven-day-weekend wrote: »

Not round this area.

My son got a good size two-bed flat in a nice area for £65k in 2012. He does not have children but it is big enough to bring a couple of children up in and there is a nice communal garden.

You can get a terraced house for £90-100k in our area. (Although I agree with another poster who said that many people turn their noses up at a terraced house with a downstairs bathroom these days).

Not everyone lives in London and the Home Counties.

£400k in the outer areas where I live. Now I have saved £100k in ten years and I can't afford to buy as prices are too high. I guess I should simply give up food to save more.

I would personally love a 2 bed terrace, however it is unaffordable.

wotsthat

brit1234 wrote: »

£400k in the outer areas where I live. Now I have saved £100k in ten years and I can't afford to buy as prices are too high. I guess I should simply give up food to save more.

I would personally love a 2 bed terrace, however it is unaffordable.

Aren't you a policeman? Get a transfer and buy that 2 bed terrace you desire. Buy it with cash. Mortgage free and rent free - the rest is gravy.

itch_for_a_glitch

As a boomer I see no benefit from HPI, my kids though, they might.

OffGridLiving

I googled 'Hagley Island' (the protest used in the first picture) and found out that those protesters are campaigning against a 175 homes building program that would turn their village into a town.

Their concerns seem to be mainly centred around infrastructure:

"Objections, which centre around increased congestion and additional pressure on school places and facilities including the doctor’s surgery, are still being lodged by concerned residents on the council’s website. "

"She said the group now just wants to get as much investment as possible for the community.

As part of plans, which include office space, the developer would give £715,000 to Hagley Primary School, £86,000 to Hagley Surgery and £25,000 towards public transport.

It has also pledged to invest £1.2 million into improving the A456/A491 traffic island. "

Perhaps they are not quite the NIMBYS they are painted out to be. 175 homes are a lot for a small village to absorb without changes to roads, school, shops, etc. Suddenly the whole makeup of your village is changed and probably not for the better.

http://www.worcesternews.co.uk/news/bromsgrove/10635556.Hagley_homes_protesters_concede_defeat_as_decision_date_nears/

JencParker

itch_for_a_glitch wrote: »

As a boomer I see no benefit from HPI, my kids though, they might.

I agree, I can't get excited about HPI even though I have nearly paid off the mortgage. My kids may benefit after I'm gone, but all the only benefit will be that they will be able to get their foot on the first rung which they can't currently do. If they weren't so high, they'd be able to do that without waiting for me to kick the bucket!