Will the next generation be able to buy their own house?

John_Smith_2019

Davy_Jones_II wrote: »

Everyone seems very pessimistic here. I’m not seeing it myself. I was out in Canary Wharf at the weekend and the Christmas shopping was all going on while later on the bars and restaurants were quite full.

At the airport thus morning for my flight to work it’s as busy as ever, and the large extension is continuing to grow.

There are just some people who’ll always see doom. Get up each day, do your best, keep improving yourself, and life can continue to be just fine.

It does vary a lot within the UK. Away from the major cities, things are different.

You raise an interesting point though - to what extent does our everyday experience of what the economy looks like, influence our overall views?

If I walk around my town, I will see lots of people smoking, very few electric vehicles, Greggs will be really busy and most High Street shops will be empty.
Based on my own experience, I should buy tobacco stocks, oil company shares and Greggs shares. Then avoid retail commercial property REITs.

John_Smith_2019

Zero_Sum wrote: »

Nominal. So if I adjust for inflation it is actually worth less

And if you priced it in gold?
Or even US dollars?

Sapphire

All property would quite soon be nationalised under labour. It's what happened in other communist countries – relatives of mine even had their flat, owned outright by them, split into two, with someone else being gifted the other half. Or property taxes would be so high that most 'ordinary' people would be bankrupt and would be evicted (the wealthy would just leave the country, taking all their assets with them). I believe that's what happened during events such as the Great Depression. One can think of many other possibilities that fit with the ideological aims of corbyn/macdonald/momentum … Don't think it couldn't happen here – things can change very quickly in a country.

So no need to worry about property crashes. All property would be state owned, except that of the apparatchiks, that is.

A fine future for generations to come.

DannyGold

If the perma prop bulls are correct then property goes up permanently more than everything else and the will get further away from from everything else else so the next gen will not be able to buy their own place


Good thing the perma prop bulls are wrong and have always been wrong

MobileSaver

DannyGold wrote: »

Good thing the perma prop bulls are wrong and have always been wrong

That would be the perma prop bulls that don't exist or have you not yet realised that those voices you hear are only in your head? :rotfl:

https://en.wikipedia.org/wiki/Straw_man

It does take a special form of desperation to completely make something up in order to "prove" you were right all along.

westernpromise

Per that Wiki article it's actually a "hollow man" argument, isn't it?

A hollow man argument is one that is a complete fabrication, where both the viewpoint and the opponent expressing it do not in fact exist, or at the very least the arguer has never encountered them. Such arguments frequently take the form of vague phrasing such as "some say," "someone out there thinks" or similar weasel words

DannyGold

Let’s hope there are no perma prop bulls left, but then what’s the point of having this debate if everybody is in the camp of the property correction loooming?

westernpromise

None have ever existed. There's an important difference you haven't appreciated between people who doubt your ability to forecast the timing of corrections, and people who think there will never be one. The former group describes everyone here; the latter group does not exist.

HTH!

MobileSaver

DannyGold wrote: »

the property correction loooming?

It's interesting that even the HPC zealots are now changing their narrative.

I think they've finally realised the game is up and "price crash (50% off by Christmas)" has now been replaced by "price correction (hopefully 5% off in a couple of years.)"

DannyGold

All the house price corrections in the past decades have been a lot more than 5%

It all depends if the boom was way more than average