Generation Rent pushed to breaking point as London prices double

ruggedtoast

http://www.dailymail.co.uk/news/article-2418546/House-prices-double-London-years-Young-adults-buying-house.html

• Two out of five young adults have no interest in buying a house as they are priced out of the market as prices in London DOUBLE in eight years
• Central London house prices up by 116% on 2005
• More than half of Brits 35-and-under live in rented home
• Number of renters across UK up 58% in eight years
• Almost all 55- to 75-year-olds - 93% - say owning a home an 'ultimate goal'

An Englishman's house may be his castle - but buying his own could be becoming as much a thing of the past as knights in shining armour.
New figures reveal nearly half of young Brits are no longer interested in owning their homes - bucking a trend that is more akin to French and German renting culture.

Today's figures come alongside news that house prices in parts of central London have rocketed by 116 per cent in the past eight years - with Mayfair homes outstripping this at a staggering 139 per cent increase in value.
This outpaces the retail price index by 86 per cent, while the average UK house price has dropped by 19.3 per cent in real terms over the same period.

And while an overwhelming 93 per cent of Brits aged between 55 and 75 said they still saw owning their own property as the 'ultimate goal', just a third of under-35s felt the same way.

Just over half of Brits aged 35 and under live in a home they do not own, according to the survey by financial protection specialist LV=..
And found 42 per cent of them are simply not bothered about owning their own home.

With half of under 35's forced to rent how many of the older, so called 'Boomer Generation' are sitting on property goldmines staffed by toiling Millennial and Gen X dwarves, desperate to unlodge a nugget but finding every shiny grain they find goes into their landlords' pockets?


Working for the Man. Millennials wont see much of the money they make after its been converted into corporate welfare and used to promote landlordism

Ronaldo_Mconaldo

If you put the amount of effort into working and building up that deposit as you did into complaining about your parents then you'd be well on your way to owning your own dream mansion.

Rinoa

447 properties in Burnley, all for less than £60,000

Stop dreaming and get on your bike Rugged.

http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^252&maxPrice=60000&radius=1.0&includeSSTC=true&_includeSSTC=on&googleAnalyticsChannel=buying

HTH

Loughton_Monkey

ruggedtoast wrote: »

....staffed by toiling Millennial and Gen X dwarves, desperate to unlodge a nugget but finding every shiny grain they find goes into their landlords' pockets?

... called grumpy, renty, namby, pamby, boomy, gloomy, and woe.

You will have more effect if you complain to Snow White instead of on here.

Hi Ho

ruggedtoast

Rinoa wrote: »

447 properties in Burnley, all for less than £60,000

Stop dreaming and get on your bike Rugged.

http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=REGION^252&maxPrice=60000&radius=1.0&includeSSTC=true&_includeSSTC=on&googleAnalyticsChannel=buying

HTH

I dont want to live in Burnley. I would have to commute for about 14 hours a day to get to my job, and according to the internet it is a:

"Grim. Run-down, poverty-stricken Lancashire mill town that scuppered its own best chance of economic progress and regeneration by playing host to the BNP and, inevitably, race riots. Avoid."

http://uk.answers.yahoo.com/question/index?qid=20110111085014AAaV43S

And I also own a property already, thank you and good day.

ruggedtoast

Loughton_Monkey wrote: »

... called grumpy, renty, namby, pamby, boomy, gloomy, and woe.

You will have more effect if you complain to Snow White instead of on here.

Hi Ho

I suppose Rude, Callous and Mean live too close to home.

[Deleted User]

I can't say i've got a great deal of pity for someone 34/35 if they're not on the property ladder. They got their university education free. If they had a job, they would have been 28 before the 'house price bubble' of 2006 - a decent age to have saved a deposit.

CLAPTON

It would be good to have a proper debate about London prices which are truely remarkable.

ruggedtoast knows it's because of all the Boomers in London; presumably there aren't any boomers in Burnley which explains the low prices there.

CLAPTON

It would be good to have a proper debate about London prices which are truely remarkable.

ruggedtoast knows it's because of all the Boomers in London; presumably there aren't any boomers in Burnley which explains the low prices there.

ruggedtoast

ringo_24601 wrote: »

I can't say i've got a great deal of pity for someone 34/35 if they're not on the property ladder. They got their university education free. If they had a job, they would have been 28 before the 'house price bubble' of 2006 - a decent age to have saved a deposit.

Of course it is always easy to sit on the sidelines and cackle and mock like a vulture ready to swoop on those less fortunate than oneself isn't it?

kabayiri

It really does seem that London and the close vicinities are a special case.

It's not hard to empathise with the plight of FTBs down there. Krusty and Phil had a couple on recently paying a shade under half a mill for what looked like an average size flat to me. Nothing special either.

The same frenetic pace of house frenzy can not be attributed to places like NW.

Rather than Scottish independence, shouldn't we be considering London independence? It would make more sense.