Defeated and trapped. Young look on in despair at The Kingdom of the Boomers

MrRee_2

It's NOT an article about HPI anyway ... it's about ASPIRATIONS!

And my points remain valid.

mayonnaise

Percy1983 wrote: »

As its been mentioned HPI has helped people move the housing ladder by increasing there equity and therefore there next deposit.

So rather than working harder and saving/payingdown more equity they could just get the bigger house with no work and no saving for it...

Hold on.
You mean HPI has made it easy moving up the housing ladder?

In the other thread you claim the exact opposite;

Percy1983 wrote: »

I just don't see how its ever profit, ie if I round my purchase up to £100k and the house I really wanted was £150k (so £50k difference), then if prices double yay my house is now worth £200k I can afford that £150k house I wanted... oh wait thats now £300k so I now have to find find £100k to move up the ladder .

chucky

mayonnaise wrote: »

Hold on.
You mean HPI has made it easy moving up the housing ladder?

In the other thread you claim the exact opposite;

Haha busted for exactly what he is...

chucknorris

Percy1983 wrote: »

Interesting thought:

As its been mentioned HPI has helped people move the housing ladder by increasing there equity and therefore there next deposit.

So rather than working harder and saving/payingdown more equity they could just get the bigger house with no work and no saving for it...

Which generation wanted it now with no work again?

That is only your interpretation Percy, I would have read 'helped' as partly contributing, i.e. also partly obtained by working hard and/or saving.

purch

This "Boomer" generation thing is a moving target.

We are now at anyone born before 1980 being a boomer according to this latest drivel.

At this rate it won't be long before my 19 yo qualifies as one :eek:

chucky

chucknorris wrote: »

That is only your interpretation Percy, I would have read 'helped' as partly contributing, i.e. also partly obtained by working hard and/or saving.

Chuck, the story changes each time with Percy.

Those that take the risk instead of complaining about house prices on Internet forums usually don't regret bettering themselves and being more financially stable.

Fella

GeorgeHowell wrote: »

They want equality of outcome, as opposed to equality of rights and opportunities.

In fact they want far more than that. They want equality of outcome, on a limited basis, i.e. only for people living in one of the world's richest countries.

Equality of outcome on a global basis would soon see them whining even louder.

Generali

Loads of Gen Yers at my work.

I love working with them. They're motivated, highly educated and don't believe that learning stops at 18 or 21. They don't have the arrogance that a degree entitles them to something as my Generation (x) did. They also don't really care about hierarchy so much so people with great ideas that are several levels below me will happily pitch an idea to me in the kitchen.

That means I can help run our business much better.

de1amo

Grandad and granny will have a chance to 'rob' their pensions to buy/put a deposit on their grandkids new homes.......recycling

Jason74

de1amo wrote: »

Grandad and granny will have a chance to 'rob' their pensions to buy/put a deposit on their grandkids new homes.......recycling

And for those whose grandparents (or parents for that matter) aren't homeowners ?. . . . . . .and there of course lies the big issue here. Going back to the 60s-70s, young people with no family history of wealth had a realistic opportunity of getting together a deposit for a house, accumulating wealth, and ending their working lives significantly richer than their parents based on their own efforts. My parents started just that process when a newly qualified electrician's wage enabled them to buy a 3 bed house in an unfashionable but pleasant London suburb as 21 yr old FTBs in 1976. All without a penny from their parents, who simply had no funds to help them in that way.

For someone starting their working life now, they could work as hard as my parents did, have the same work ethic, be just as successfyul in their jobs, and have the same education as my parents, but would have no chance of acheiving the level of wealth that my parents (or I for that matter) have been able to acheive independently.

It's nothing to do with "wanting it all without working for it", or a "lack of work ethic" or anything of that ilk. Generali's excellent post gives that lie to that idea, as does a recent survey of teachers that suggests that the young generation now are actually more engaged with social issues than previous generations. It comes down to the simple fact that the ever increasing cost of housing has gradually closed off the ability for people to build their own wealth (and more importantly, security). The 20 year old version of my parents now would have to pay somewhere between 12 and 15 times his annual income to buy what my parents bought in 1976 for about 3.5-4 times my Dad's salary. And that's before you even start on inequalities like inferior pension options for young people compared to their predecessors.

That is what has changed. Going back 40 years, if your worked hard and were moderately successful, you'd end up building a secure level of assets for yoursefl and your family, even if you had no family history of assets. Now, the point in the income scale where that is a realistic option is much higher than it was previously, and is continuing to rise.

The 20 year old version of my parents now would probably be facing a lengthy spell of private renting before home ownership was a possibility. If they managed to eventually buy a home at all (and at current prices, that is by no means certain), it would be significantly lower down the scale than the property that they bought in 1976. No less hard working, no less industrious, and every bit as willing to roll up their sleaves as my parents were 40 years ago. But the opportunities jut aren't there in the same way any more.

That is the reality of the currrent situation, and why it's clear that something needs to change. However, it perhaps suits some older people (not my parents I hasten to add, who freely acknowledge that they had opportunities based purely on their age that younger people today do not) to refuse to acknoweldge this reality, as it then absolves them of responsibility to do anything about it.