Boomers at my work boasting of property wealth

ukcarper

audigex wrote: »

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.

In relation to earnings prices remained below long term average until 2003 and didn't pass previous highs until 2004. So I agree prices have got to high and it is hard for people born after 1980 although I'm not sure if it's a nationwide problem or just London, the south east and a few other high price areas. But the problem is not BTL but a shortage of properties.

audigex

A shortage of properties due to BTL, as far as I can tell. Certainly in my own experience.

kabayiri

ukcarper wrote: »

In relation to earnings prices remained below long term average until 2003 and didn't pass previous highs until 2004. So I agree prices have got to high and it is hard for people born after 1980 although I'm not sure if it's a nationwide problem or just London, the south east and a few other high price areas. But the problem is not BTL but a shortage of properties.

I think it's chickens coming home to roost. The effect of consistently not building enough houses for years has had more of an impact in the places you mention. The problem is exascerbated by the fact that a buoyant London/SE will naturally see a greater influx of workers, creating demand peaks.

There certainly isn't the same problem here in the NW. You can find a good spread of housing, from expensive to lower priced.

There is still plenty enough space in London/SE to build a lot more housing. It's just a matter of will. If we were able to see a dent in the £28bn housing benefit bill that would be an added bonus.

ukcarper

audigex wrote: »

A shortage of properties due to BTL, as far as I can tell. Certainly in my own experience.

What makes you say that property sales are normally restricted to BTL.

ukcarper

kabayiri wrote: »

I think it's chickens coming home to roost. The effect of consistently not building enough houses for years has had more of an impact in the places you mention. The problem is exascerbated by the fact that a buoyant London/SE will naturally see a greater influx of workers, creating demand peaks.

There certainly isn't the same problem here in the NW. You can find a good spread of housing, from expensive to lower priced.

There is still plenty enough space in London/SE to build a lot more housing. It's just a matter of will. If we were able to see a dent in the £28bn housing benefit bill that would be an added bonus.

According to Nationwide the average price in NW has increased from £8k in 1973 to £144k now an increase of 18x while in SE they have increased from £11k to £238k now an increase of 21x. According to measuring worth website earnings have increased 16x over same period.

London increased 31x.

kabayiri

ukcarper wrote: »

According to Nationwide the average price in NW has increased from £8k in 1973 to £144k now an increase of 18x while in SE they have increased from £11k to £238k now an increase of 21x. According to measuring worth website earnings have increased 16x over same period.

That really doesn't seem too bad then. It's interesting, thanks.

There are plans for 70K - 100K houses along the West Yorkshire corridor, plus a major bypass will extend the housing East of Manchester into the Peak. I think a lot is being done to make sure there is sufficient housing up here.

Broken_Biscuits

audigex wrote: »

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.

it seems im a generation f. And a home owner.
don't give up on yourself so soon.
you are on a site dedicated to saving money. Use its resources and get a deposit together.

as a renter you have a lot of freedom.
you could move to an area within walking distance of work. You could then if you choose sell the car entirely. You could drink a little less beer and eat out a little less. You could rent a room in a shared house rather than have your own flat. You could...

the list is endless.

then when you finally get there you can be proud that for the first few months you are eating your dinner off a box while sat on the floor. But at least you own the floor!

fast forward a few more months and you have, from charity shops, ikea and gumtree what resembles a home.

if you want everything right now but don't want to try too hard to get there... Well stick to complaining about what every else has got and you havnt on internet forums!

seven-day-weekend

ruggedtoast wrote: »

Two boomers at my work were boasting about their property wealth this lunchtime, loudly so the whole office could hear. One and a half million quid plus between them. Both on lower positions than me as they near retirement.

All the other boomers were nodding and smiling in satisfaction. Meanwhile the Gen X'ers and Millennials had their heads down, seething or just mulling over despair.

It would take every graduate in the room almost 4 years of pooling 100% of their net salary together to buy one of these blokes houses. And by then the price would have gone up again and it wouldn't be enough.

No amount of hard work will enable anyone else to catch up to the enormous handout the boomer generation have had from property. Mainly at the expense of the young who must scrape every penny to make rent.

I didn't do anything to make my house go up in value. Just paid the mortgage for twenty years like everyone does. It's still only worth £130k and we've just bought a do-er upp-er 'downsize' for £138k. So no huge lump sum for us.

Maz

God toastie, just stop whining for god's sake!

You can't change history. If you put half as much effort into planning your own future as you do moaning on here, you'd probably do OK.

My father was brought up in a huge house with servants. I didn't. Am I moaning? No. Do I see it as being deprived of this particular lifestyle due to my parents/grandparents greed? No.

We all only have to work with what is available in present circumstances whether they be advantaged or disadvantaged depending on your vision. Your vision seems to be totally self defeating and full of blame.

Stop whining for god's sake, others have had it just as bad if not far worse than you.

You really annoy me tbh. Previous generations only used the conditions that were prevelant at the time, they didn't have crystal balls.

Shut up, please.

ShAnE

Herzlos wrote: »

Fast forward 30 years until you're nearly retiring, and see how many graduates can afford your house.

See: Pyramid schemes