Boomers at my work boasting of property wealth

Running_Horse

ruggedtoast wrote: »

it's already been proven that's it's mathematically impossible for Gen X and Y to amass the wealth of the boomers through property.

So what's the problem? They'll be dead in a few years and everyone can feel satisfied that we are all equal now. Except, someone else will be owning and living in those properties. Probably hardworking immigrants or just people who got lucky.

Will the next generation whinge distastefully about how unfair it is they don't have instant access to someone else's house? Or will they do what people have always done; pull their socks up, work hard, and make the best of the opportunities life has to offer.

lawriejones1

Inter-generational conflict just means we ignore the fact that we're all being shafted. Most of my friends (early/mid 30s) are home purchasers through a combination of diligence, luck, surprise windfalls and the bank of ma and pa.

It can be done, but you need to work hard. I have two jobs which sees me work every day and into the evening, but I am both willing and able to do this now to build solid savings and a good future.

I'm neither envious or angry about the house price windfalls enjoyed by my parent's generation. They did !!!!!! all to generate it, but were beneficial through circumstance. BTL is more challenging, particularly when considered a get rich scheme rather than a business, but if I had the money and the time I would consider it.

lisyloo

and make the best of the opportunities life has to offer

The opportunities are not the same - look at the opportunities for graduates as an example. You can't just walk into a career job anymore.
This is because now 50% of the population get to go to uni, which some would see as an improvement.

It can be done, but you need to work hard.

You have ALWAYS had to work hard excepting a few lucky people.
Working conditions in the past were much worse certainly for women.
My in-laws tell me they used to get ONE day off per year. I bet geT can imagine that life now.
Loads of things have improved and are taken for granted for example surviving simple infections.

GunJack

moneyistooshorttomention wrote: »

I was seriously advised to get pregnant in order to get given a Council property:eek:. I obviously wasn't going to do that.

Neither would right-minded, sensible people...

However, there was once a famously-reported comment made by a Tory politician whilst touring the second-worst council estate in the country for single-parent (almost exclusively women under 25) occupancy that "no-one would go and deliberately get pregnant just to get a council house"...

... Oh yes they bloody-well did (and I believe still do), there's evidence of this is most if not all larger council estates, certainly the case around here over the last 20-30 years, these girls (and yes, around here they were mainly between 15-19) who thought they'd hit the jackpot by getting knocked-up and given a house that the rest of us paid for, with virtually no way of ever getting them out of it again, even if they did go on to co-habit with someone other than the kid's father and by then could afford to buy/rent privately...

sorry, rant over, but this is one subject which really gets my goat :mad:

Broken_Biscuits

sometimes people miss opportunity by not realising the opportunity is there to be taken.

what i cant understand is how the original post can spend most of their free time writing about how house prices will keep rising but do nothing about it.

being a graduate i have to assume you have a decent salary. If owning a property is so important, then make some sacrifices now and get a deposit together.

im 33 and 15 months ago bought my first home. I could have done this sooner and enjoyed more increase in value. This is no one elses fault other than my own. Same with anything else that happens or doesn't happen to me. I have choices, as did previous generations and as will future generations.

i saved and then bought in an area perhaps i wouldn't choose if money was not an issue.

stop spending your time moaning. Stop spending your money on things you don't need. Get a deposit together so we can look forward to a new wave of threads dedicated to moaning about how much it costs to repair and maintain your newly bought home as you took for granted what your previous landlord did for you when you were renting.

no doubt when im retiring some of the generation following me will moan about lack of options. Let them moan. I hope i raise my children to be doers who will find their way in life as i am slowly starting to and as my parents before me had to.

moneyistooshorttomention

I will admit that I don't quite understand what the point is of telling us this again...and again...and again....and again....

Is there a point and I am missing it?

Many of us (most of us?) do have problems in getting ourselves sorted out for suitable housing. In my generation (yep...those Boomers) my personal housing problem boiled down to I was single was the main reason for it (ie no 2nd income to help buy a house - higher at that...because I'm a woman).

So I do understand and sympathise.

Personally, I've recently been caught out again by that single status - as, if I'd been married all along (ie found Mr Right in my 20s) then, by now, we would be sitting pretty in a "top of housing ladder house" (ie detached/with garden/in decent area) in my home area. But, in my own case, it was just sheer pure bad luck that I never met Mr Right and therefore the starter house was 10 years late and I have recently had to move quite a distance across the country in order to get the Forever Home (that detached/with garden/in decent area) one.

But there is no point in me sitting here cursing my bad luck in never meeting my Mr Right - so its been one heck of a sight harder (a LOT harder) because of that single status. It is what it is and the only way to look at it and "stay sane" was to tell myself "At least I had the good luck of that window of opportunity to get into public sector housing and then it went from there" and that is a more positive way to look at it than "It didn't go according to plan = starter house in 20s and Forever Home no later than 40s".

I don't know how many people have things go According To Plan and I guess that (somewhere along the line) the vast majority of us have had to do some sort of trade-off of it being the case that Summat Major Bad was going to happen to us in our life and it boiled down to a question of "What would we object to most?" out of Bad Stuff. My own personal answer to that question is "Bad health" and therefore my Bad Stuff was = never meeting Mr Right and getting landed with a lot worse housing situation than I would have had if I had met him.

The thing is = we ALL (well 99% of us) get Summat Major Bad in our lives and that simply is not fair by any reasonable persons definition and that Not Fair item is our own personal Major Bad Item/burden to carry and it doesn't seem to be possible to have a life on Planet Earth without some sort of Major Bad Item Burden or other and it boils down to avoiding the ones we would hate most iyswim.

So - OP - try looking at it as "Yes...this IS obviously your own personal Major Bad Item Burden". However, if you didn't have this particular one, then you would probably have some other one instead (eg major health problems).

None of us seem to get through our lives without some major issue or other - darn it....

EDIT: Quoting the example I know best. My own parents duly got the Forever House bang on time - ie in their 40s - and in their Home Area. The downside of that, however, is they both have appalling health. One of them has had such bad health for so many years that I personally would not have lived with it and now the other one has also had health so bad I wouldn't live with it for some years. Would I have their "get the Final House at the correct time" on cue situation or my own of "I'd got to my 60s and was still in the Starter House - but don't have major health issues" situation. Both situations are bad and not fair etc etc - but my own is the better one of the two.

Life never promised us a Rose Garden (s*d it!!!!!) and I doubt very many of us at all get one.

carefullycautious

Loughton_Monkey wrote: »

You never give up, do you? Yet another post clearly steeped in jeaousy and or ignorance comparing chalk with cheese.

Why would anybody go through a thought process that involved adding up how long a few young so-called 'graduates' would have to work to pay cash for a house owned by someone who has worked for 40-odd years longer?

Us boomers didn't do anything special at all. We had incomes which in real terms today would have people running off to DWP for benefits. We also 'drooled' at the houses occupied by people even less than a generation older than us. But we did a couple of really key things. Like recognise that we must try to get on the property ladder early. Like never go entering commitments like children/renting 'decent' properties because in doing so, you are permanently denying yourself an opportunity to buy. Like saving as if there were no tomorrow, and then buying any sh[thole that we could afford. And move in with a second hand bed and one kitchen table as furniture. Like getting married at a cost nearer to £300 rather than the £30,000 Caribbean wedding of today.

After that, ordinary house price inflation takes care of the rest, together with the odd up-sizing.

There is nothing in that behaviour that today's younger people cannot emulate. There is nothing to say that HPI will not follow the same track for the next 40/50 years as for the last.

Wealth is cumulative. Particularly property wealth. It doesn't get destroyed. It passes on. To postulate that any generation - on average - is going to be worse off than the one before them defies any rational mathematics. It defies common sense.

Each 'boomer' has been through 3 or 4 recessions/bad patches. So will your generation.

There are rich boomers, there are poor boomers, and there are very rich boomers. The reasons for this [for any one person] will easily be traced to things like education, choices, lifestyle, and financial behaviour over 40-odd years. When all of us are busy turning in our graves, your generation will reach retirement, and I can guarantee you will discover the reality of a wealth profile far higher than today's boomers enjoy.

With your attitude and totally unrealistic perceptions of 'how wealth works', I can make my own predicitions about where in that wealth spectrum you might sit. But I'll keep it to myself.

Spot on :beer:

cns06

The way I see it is it does not really matter if you only own one house. Some guy in his late 50s owning a house outright that he paid £50k for in the 90s and now its worth £500k. Big whoop. You cant sell it because you will have no house. You can sell it and down size, maybe pull £150k out of the house but really, that's no big deal given you have 20+ years on him. You could sell it and rent, but its a risky move with 25 years to eat all your gain at current rentals.

What you should be doing is figuring out a way that you can be in his position when you are in your late 50s but have 2 or more houses!! This way you can sell the surplus home(s) and pocket the profits.

thequant

audigex wrote: »

The fact is that the person renting is paying more towards their landlord's next house, than they are towards their own. If I can save £200 a month towards my house, and am paying my landlord £800 a month, he can outbit me every single time.

So not only can I not afford to save for a house, because I'm renting from Fred, I also can't afford to outbid him. So he gets to buy a new house to sell to me.

Can someone explain me to this "outbid" nonsense? why would an investor try and outbid someone, i.e. overpay for an asset they want to make money out of ?


I believe I read somewhere that in property circles, investors tend to avoid trying to compete with those seeking to buy a place as a home as it will mean they will end up overpaying for a property.


Likewise, if you are fed up with being outbid, why not lower your expectations and go and outbid someone else on a lower value property?


Me suspects, all these people who are constantly being outbid, are still trying to offer last years prices.

Aberdeenangarse

thequant wrote: »

Can someone explain me to this "outbid" nonsense?.

It's a bit like this how much did your house make last month / year nonsense.

https://forums.moneysavingexpert.com/discussion/5131270

https://forums.moneysavingexpert.com/discussion/5055695

I'm sure you'd agree?