Today's Bear food

wotsthat

p1212 wrote: »

I am talking about HOUSE prices, no flats included.
Average house prices are around 950K-1 million.

What price would you be willing to pay for a house in London?

The answer to that question would determine whether it's realistic to ever be a homeowner in London. Then, if home ownership was an absolute priority, you could decide to move away. On the other hand you might recognise that whilst life can be sub-optimal living outside London is a compromise too far.

None of this helps your awful first world problem of not being able able to afford a £1m house (like most of the rest of the population of the UK). However, determining the best decision based on the current situation might make you feel more positive.

Being angry, bitter and playing the victim probably isn't helping.

p1212

lisyloo wrote: »

There are a few periods recently when you could get a 125% mortgage that people might remember, but mostly it have never been easy.

The main difference I see for the young today is that they won't get a guaranteed good job with guaranteed career pay rises, which I got as a grad in the 90's.

In many places in the UK property is pretty cheap.
So a couple could buy a starter flat in Derby for £100K which is perfectly do-able for 2 ordinary wages.

London is a different story, but there are still flats in Luton circa £100K.
It's not the nicest place to live, but again if you want to live in the one of the best places in the world when you're starting out then you need to make one or two sacrifices.

As I said those I've observed who've been successful (including chuck), have got on with it and not sat about moaning.

Having access to a bigger mortgage is not a help to buyers. As people have access to more debt it pushes up prices.

Yes, you've spotted the difference well. A few years down the line your debt had been inflated away. Today we are fighting deflation, if you take on a huge mortgage, it will be with you in the foreseeable future.

Yes, in many places it is still cheap. But it is not chick norrises and other boomers privilege to live in london, they haven't done more than us, the younger ones.

Talk about hard work is cheap, especially when your debt got inflated away in a few years, your wages did rise substantially every year and you got millionaire due to capital gains and debt expansion, you got help from lower interest rates - on the next generations back. You can move to the worst areas like Luton into a one bed flat if you want, I won't.

Hard work instead of moaning? You mean like chick norris, who bought into London on interest only debt with zero plans on repayment at the absolute low (he couldn't take on repayment mortgage even at the lowest price level ever) and seen all the capital gains while doing nothing? Is that the hard work you talking about?

Boomers don't have the slightest clue about anything, they got lucky with all the inflation, wage inflation, capital gains, debt expanison and they think they've been clever/hard worker or something. Funny.

And they expect the next generation working harder and harder, taking on more and more debt due to their endless greed.

Do they really think youngs will pay out their nice profits? I have some bad news, they won't.

p1212

ukcarper wrote: »

How many boomers do you think are sitting in £1 million pound houses.

Lang registry data show average prices are considerable less than £1 million I fact average detached house price is £88k.

"Every boomer who's bought in London for peanuts is very close to being a millionaire."

You can read can you?

chucknorris

p1212 wrote: »

Having access to a bigger mortgage is not a help to buyers. As people have access to more debt it pushes up prices.

Yes, you've spotted the difference well. A few years down the line your debt had been inflated away. Today we are fighting deflation, if you take on a huge mortgage, it will be with you in the foreseeable future.

Yes, in many places it is still cheap. But it is not chick norrises and other boomers privilege to live in london, they haven't done more than us, the younger ones.

Talk about hard work is cheap, especially when your debt got inflated away in a few years, your wages did rise substantially every year and you got millionaire due to capital gains and debt expansion, you got help from lower interest rates - on the next generations back. You can move to the worst areas like Luton into a one bed flat if you want, I won't.

Hard work instead of moaning? You mean like chick norris, who bought into London on interest only debt with zero plans on repayment at the absolute low (he couldn't take on repayment mortgage even at the lowest price level ever) and seen all the capital gains while doing nothing? Is that the hard work you talking about?

Boomers don't have the slightest clue about anything, they got lucky with all the inflation, wage inflation, capital gains, debt expanison and they think they've been clever/hard worker or something. Funny.

And they expect the next generation working harder and harder, taking on more and more debt due to their endless greed.

Do they really think youngs will pay out their nice profits? I have some bad news, they won't.

I don't live in London (another incorrect assumption) and I haven't done so for over 11 years, when I did live in London I did work extremely hard.

I worked very long hours as a quantity surveyor, and after work spent most of my spare time (about half my evenings, every weekend on both Saturday and Sunday and holidays too, I only had one weeks proper holiday during that first 10 years) running my two businesses. I think the first 10 years in London I must have worked an average of about 75 hours per week.

PS: note how I didn't step down to your level with the name calling.

EDIT: What do you mean with no plans to repay? How many times do I have to tell you that my mortgages were covered with endowments?

Do you not know what an endowment mortgage is?

ukcarper

p1212 wrote: »

"Every boomer who's bought in London for peanuts is very close to being a millionaire."

You can read can you?

Did you not read how many boomers. You really have no idea and compare everything to the mid 90s as I said along with lots of people I couldn't afford to buy in London in the 70s.

lisyloo

your wages did rise substantially every year and you got millionaire due to capital gains and debt expansion, you got help from lower interest rates - on the next generations back

NO I DID NOT.
Stop making stuff up to suit yourself, it doesn't endear you to anyone.
FYI - I am not a boomer.

Do they really think youngs will pay out their nice profits? I have some bad news, they won't.

Young people, immigrants, and workers like me will carry on paying high rents in London - YES.
Have you been to a viewing recently?
We got our last flat in 2 days and called back straight way to say we'd take it because there were a couple in viewing straight after us.
If you have rented in London you'll know people are queueing out the door to pay rent.
Where do you think they'll all sleep if they all decide not to rent anymore?

lisyloo

"Every boomer who's bought in London for peanuts is very close to being a millionaire."

You can read can you?

I can read, but t isn't true.
I've seen plenty of flats for between £270K-£500K in London.


Why are you here if you don't want to listen to what anyone is telling you?

westernpromise

p1212 wrote: »

Having access to a bigger mortgage is not a help to buyers. As people have access to more debt it pushes up prices.

Yes, you've spotted the difference well. A few years down the line your debt had been inflated away. Today we are fighting deflation, if you take on a huge mortgage, it will be with you in the foreseeable future.

Yes, in many places it is still cheap. But it is not chick norrises and other boomers privilege to live in london, they haven't done more than us, the younger ones.

Talk about hard work is cheap, especially when your debt got inflated away in a few years, your wages did rise substantially every year and you got millionaire due to capital gains and debt expansion, you got help from lower interest rates - on the next generations back. You can move to the worst areas like Luton into a one bed flat if you want, I won't.

Hard work instead of moaning? You mean like chick norris, who bought into London on interest only debt with zero plans on repayment at the absolute low (he couldn't take on repayment mortgage even at the lowest price level ever) and seen all the capital gains while doing nothing? Is that the hard work you talking about?

Boomers don't have the slightest clue about anything, they got lucky with all the inflation, wage inflation, capital gains, debt expanison and they think they've been clever/hard worker or something. Funny.

And they expect the next generation working harder and harder, taking on more and more debt due to their endless greed.

Do they really think youngs will pay out their nice profits? I have some bad news, they won't.

I'm coming to the conclusion that you aren't poor because you're young and demographically disadvantaged. You're poor because you're just thick.

lisyloo

I don't think I'm the smartest person around here or anywhere (by a long shot), but I reckon I can get a bit smarter and wealthier by observing what the smart/successful people do. In general I don't think the likes of Richard Branson, Alan Sugar, Martin Lewis or Chuck when he was building his business, spent hours and hours on forums. They got on and did stuff.

chucknorris

lisyloo wrote: »

I don't think I'm the smartest person around here or anywhere (by a long shot), but I reckon I can get a bit smarter and wealthier by observing what the smart/successful people do. In general I don't think the likes of Richard Branson, Alan Sugar, Martin Lewis or Chuck when he was building his business, spent hours and hours on forums. They got on and did stuff.

I used to be a workaholic, mainly because I didn't really grow up until I was in my mid 20's, and I had left school with poor qualifications. So in my mid 20's I suddenly realised that I was getting nowhere in life fast, so at 28 I went to university as a mature student and graduated aged 32, but I felt that I was 10 years behind where I should be in life, and I was always trying to catch up. But after years of working hard, I really do value my leisure time now. I'm switching to a 20% fractional contract on January 1st, so one day a week from then on will give me plenty of leisure time. I had handed my notice in to retire, but they asked me if I would work one day a week, I think that it will actually be much better than being fully retired.

EDIT: Obviously I am way behind those 3 financially, but the important thing is that I am very happy with what I do have (unlike our recent troll).