Boomers at my work boasting of property wealth

gfplux

Property has always been unaffordable for some.
Growing up in a rented house that to buy it at £175 a few years before I was born, was too expensive for my parents (one parent in full time employment) to afford. Growing up my ambition was to buy a similar house but at that time the £2000 price tag was just a dream. However head down, hard work, commitment, saving like crazy I bought my first home, it was what I/we could afford, not what we wanted.
It takes sacrifices and it depends how many sacrifices you are prepared to make.
There was no feeling of entitlement only "if you want it enough, you can do it"

MrRee_2

Us old farts have seen the same arguement over and over again.

Fact is this, buy a house as soon as you can and you - too - will be wealthy beyond your wildest dreams in 40 years time.

Housing has ALWAYS been a struggle to buy, always.

Housing has always been too expensive for some and they can never buy, for whatever reason.

Housing has, generally, been in the grasp of the majority to own ... the boomers trying desperately to get some return on their hard earned savings are, yes, buying the cheap end of the property market. This is the single difference today than what happened historically.

Once IR's rise then the economics swing towards the young first time buyer. For the simple reason that most old farts would rather have their money in cash earning 6% than in a property earning 7%.

This mass sell off by the BTL Boomers will see prices drop for the young first time buyers.

In the meantime, every single person here - given the savings of the elderly - would buy up the cheap properties and rent them to the young. So, come on, give the boomers some slack - they are just trying to make ends meet!

lisyloo

Once IR's rise

That won't be happening any time soon.
There is far too much debt.

Gingernutty

Many home owners count their chickens before they hatch.

As far as I can see it, if they've still got a mortgage, then it's something that's costing them money.

Once they've got the cash in their hands, then they're rich.

However, they're going to have to part with most of that cash again if they want somewhere else to live.

As far as most homeowners are concerned, they will never see the benefit of their "investment".

Their beneficiaries will....

MFW_ASAP

purch wrote: »

Have you seen his posting history :eek:

Those who can DO, those who can't WHINGE

It's a shame though that 'those who can DO' get slated if they report it on here. Certain people don't like to hear about success stories.....

lisyloo

As far as I can see it, if they've still got a mortgage, then it's something that's costing them money.

Not always.
Some of us have such tiny rates that we're making a profit (I don't approve of boasting but felt the need to correct you comment).

As far as most homeowners are concerned, they will never see the benefit of their "investment".

Someone who owns their own home and isn't paying a mortgage, benefits every single month, by not paying rent'/mortgage for somewhere to live.
Over a long period this is extremely significant and in retirement it's very helpful.

There are three ways of releasing capital. Downsizing to a smaller property (possibly a good idea for those who can no longer do DIY or cleaning as well as they used to), downshifting (to a cheaper area or even coutry) or equity release.
You seem quite ill-informed about property if I may say so.

audigex

ukcarper wrote: »

Property prices in relation to earnings were the lowest they have been between 1991 and 2001. The youngest Gen Xer would have been about 20 in 2001 but the oldest 40.

So how about us Generation F'ers?

You know, those born between 1980 and 2000, paying twice as much on rent as their landlord's mortgage and who couldn't save for a deposit even if they could find a house for 4.5x their combined salary.

I don't think everyone should have an automatic right to buy a house, it just doesn't make sense for everyone: but the fact is that a couple both working full time should be able to afford to buy a house, and they shouldn't be prevented purely by others eating up the low end housing market and renting it back to them.

I'm well ahead of most of my friends on the career curve, having had a couple of fortunate jumps early on and a natural talent in my chosen area, and I'm still only just tickling the bottom end of the property ladder with unexpected help from family.

I'm sure you can guess what the F stands for.

[Deleted User]

If you're born 1980s-2000ish you're a 'Millennial' or Gen Y... And as someone born in 1980, i've been a home owner (in Outer London) for almost 9 years now. The first thing I did when I graduated and got a job was set about saving for a deposit. No holidays, no car, living in grim house shares in London/Cardiff.. took a few years but I got there. The availability of 95% mortgages in the mid 00's was pretty darn useful.

I look at the house prices in the North and laugh at people telling me houses are too expensive.

My house has gone up in value by 80k in 3 years, which is far more than what my 'boomer' parent's house (in the north) has gone up by. In your face northern boomers!

F? Fretful?

Aberdeenangarse

ringo_24601 wrote: »

The first thing I did when I graduated and got a job was set about saving for a deposit. No holidays

Really?

https://forums.moneysavingexpert.com/discussion/164171

https://forums.moneysavingexpert.com/discussion/193535

:rotfl:

[Deleted User]

Aberdeenangarse wrote: »

Really?

https://forums.moneysavingexpert.com/discussion/164171

https://forums.moneysavingexpert.com/discussion/193535

:rotfl:

Well, ok, 1 holiday (first in 4 years) and 'signing away my grannies inheritance whilst she's still around to see me spend it'

Ended up with a 180k of mortgage 4 months after that post, on a two bed terrace out in zone 6.