Houses are affordable!

Cakeguts

Baby boomers were born between 1946 and 1964 so the youngest are 53 and the oldest 71. I don't think that there actually are many over 60s taking out mortgages.

It is common to try to blame a different generation for problems but you have to remember that the war ended in 1945 and lots of people lost family members. Even in the 1970s single women had difficulty getting a mortgage on their own.

What I think you are saying is that the 1% is for people who bought in the 1990s and who now have a lot of equity in their house and have been promoted at work and earn more than they did when they started work?

Crashy_Time

https://www.propertytribes.com/are-we-to-blame-for-house-price-inflation-t-127631904.html

Planet_Switzerland

The reality is that throughout my life I've gone from seeing many people with very ordinary jobs get on the property ladder in their 20s to seeing many people in well paid jobs in their 30s who can't afford a property.


How easy or difficult it is depends on the individual, if you somehow earn 100k a year and live in Burnley it should be easy, if you earn 20k and live in the South East you're most likely to struggle.


Yes you have people who spend lots of money on holidays, iPhones etc but this isn't just people in their 20s. Different people have different spending habit's, you cannot say that literally millions of people like to waste their money on so called luxuries just because they happen to have been born in a particular time period.


At the end of the day somebody who wasn't born in the 70s will never experience being a first time buyer in the 70s, likewise a first time buyer of the 70s will never know what it's like being a first time buyer today.


If you managed to buy in the 70s or whenever you bought despite how much of a struggle you found it to be, well done, but there's no need to get on your high horse and say it's much easier today because in reality you'll never know what it's like.

ukcarper

Planet_Switzerland wrote: »

The reality is that throughout my life I've gone from seeing many people with very ordinary jobs get on the property ladder in their 20s to seeing many people in well paid jobs in their 30s who can't afford a property.


How easy or difficult it is depends on the individual, if you somehow earn 100k a year and live in Burnley it should be easy, if you earn 20k and live in the South East you're most likely to struggle.


Yes you have people who spend lots of money on holidays, iPhones etc but this isn't just people in their 20s. Different people have different spending habit's, you cannot say that literally millions of people like to waste their money on so called luxuries just because they happen to have been born in a particular time period.


At the end of the day somebody who wasn't born in the 70s will never experience being a first time buyer in the 70s, likewise a first time buyer of the 70s will never know what it's like being a first time buyer today.


If you managed to buy in the 70s or whenever you bought despite how much of a struggle you found it to be, well done, but there's no need to get on your high horse and say it's much easier today because in reality you'll never know what it's like.

Only a few people have said it’s easier today and I think a couple of them are to young to have bought in the 70s.

Having first bought in the 70s I think it is harder to buy now especially in the South East. Although to many people who were not around in the 70s seem to think it was very easy to buy in the past when that was not always the case. As you say it depends on person, where they are and exactly when they buy.

Crashy_Time

Many (most) people use credit for holidays etc., not their own money. If houses were affordable the PTB wouldn`t be tinkering around with stamp duty, but guess where they are going to look to make up the revenue shortfall......

amateur_house

GreatApe wrote: »

Well the way it tends to work is that if you have 2 kids they get half a house worth of wealth each. But most people partner up in life and their partner also gets half a house worth of wealth from their side. So overall the young couple get half a house each makes one whole house

And the data shows gifts and inheritance figures are still increasing and the savings rate is still positive so they will increase future. Maybe a long way down the road they might turn slightly negative but we are not close to that (if it ever comes). And it will be offset by the fact that the average uk born woman has fewer than 2 children




I am not saying it is a solution I am however pointing out that some 75% of people will inherit housing and I am pointing out the fact that roughly 1 million homes worth of wealth each and ever year are given from the old to the younger. Most youngesters dont need to worry about wealth they will get huge amounts of it from the boomers who cant take it to the grave.

Also you do not know what your future yet holds, you will at some stage partner up and perhaps get married so there are two sides you can possibly inherit from.

I do not have children yet but if I did and they were 25+ years old I would pass any inherited wealth straight to them. Assuming they were reasonable with money obviously not if they were gambling or alcohol addicts etc

Home ownership was less common in previous generations. My parents rented from the council so I had no inherited property. My children are now aged mid 20s-30 and can't afford to leave home. They will inherit a 1/3 share each of my house to use as a deposit for their own homes, but they could be waiting a good few years yet. It feels like catch 22, if the could afford to move out now this house could be sold sooner.