They also had jobs for life, booming economy and big fat final salary pensions.
Does anyone still think the housing market isn't broken?
- Thread starter Uther
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They also had jobs for life, booming economy and big fat final salary pensions.
Maybe just kill yourself then, rather than taking us all down with you in your apathy, huh?
Soldato
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- 17 Jun 2012
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The situation seems to have flipped 180 degrees.
Talked to both my Grandad (before he passed away years ago) and my Dad about this many years ago, back in the day it was difficult to get on the housing ladder but for different reasons. It wasn't the money side of things but actually getting the mortgage, you needed to be of good standing and deemed a reliable sort, along with needing a reference from an employer or someone in the community of good standing to speak for you.
My Dad was earning good money in the late 60s when he got his first mortgage, he'd already bought himself a new car outright and still had to take my Grandad with him to see the bank manager for his mortgage, even then they had a right grilling. The mortgage repayments were paltry and my Dad reckons he sometimes used to spend more going out on a weekend than his monthly repayment was.
Fast forward today and it's bang opposite, people are giving out mortgages willy nilly to folks who can barely afford the repayments. We've gone very wrong in such a short space of time, sadly I don't think the genie can be put back in the bottle now.
Talked to both my Grandad (before he passed away years ago) and my Dad about this many years ago, back in the day it was difficult to get on the housing ladder but for different reasons. It wasn't the money side of things but actually getting the mortgage, you needed to be of good standing and deemed a reliable sort, along with needing a reference from an employer or someone in the community of good standing to speak for you.
My Dad was earning good money in the late 60s when he got his first mortgage, he'd already bought himself a new car outright and still had to take my Grandad with him to see the bank manager for his mortgage, even then they had a right grilling. The mortgage repayments were paltry and my Dad reckons he sometimes used to spend more going out on a weekend than his monthly repayment was.
Fast forward today and it's bang opposite, people are giving out mortgages willy nilly to folks who can barely afford the repayments. We've gone very wrong in such a short space of time, sadly I don't think the genie can be put back in the bottle now.
Didn't know I was that powerful to bring you all down? lol. It's not apathy I think we should just get on with less moaning.
do you think they were saving much with morgate rates at 15%?
Well they all have 6 bed detatched properties and finally salary pension schemes. I'm sure they're going to be fine.
Well my parents haven't, generalise much?
Pot. Kettle. Black.
lol
it's all too easy to tar everyone with the same brush.That's life.
When I was born it was at 17%.
Mortgage was 2 week wages..........which is less than what I was paying on my last house
Is it moaning to worry about climate change when it has the potential to make life irrevocably worse for basically everyone?
And now they're getting similar investment returns on property. Bonus!
Exactly. My parents bought their house in the early 80s for around £18k (£65k with inflation). How much is that house worth now? Just under £500k
Now compare that to the average wage back then of £6k (£21k with inflation) and the average wage of £27.5k now.
So at the time they (and many like them) scrimped and saved to raise the 4x one income. Their children on the other hand now need to save 20x one income to be able to afford the exact same house.
I’m sure plenty of young people would be quite happy if their interest rates were 16% for a short period, if they could get the same deal on the house in the first place.
So to sum up, even if millenials stopped buying coffee and other “luxuries”, sold all their cars and belongings and lived off baked beans for a decade they’re never going to be able to afford to buy the same house their parents did at the same stage in their lives.
That’s not in London by the way, that’s a non descript commuter town in northern Hertfordshire. I can only assume the denial of this issue and claims of “millenials wanting the world on a stick” are either from the older generation not realizing just how big a problem it actually is, or people living up north and not realizing how ****** the system is in the other half of the country.
As an individual I’m lucky. I have a good job and a girlfriend with a good job. Both of us had a good amount of savings to put down a large deposit on the house we wanted, so we can afford a more than average house in an expensive part of the country and still have a relatively small mortgage (about 2x our combined income). Most of the people my age that I know are not that lucky unfortunately.
Oh the system is completely ****** but then so is every system that involves money. There isn't a bottomless pit of money and there won't be the wealth generation there has been in the past forever. People complain about inheritance tax and having to pay for their care when they get older. People want to buy houses cheaply yet have them appreciate massively in value. Basically everyone is a massive hypocrite and wouldn't think twice about being on the right side of any system that makes them wealthier at the expense of others. People want everyone to have a nice house and lifestyle regardless of their work ethic and we all want an NHS that is amazing in spite of the general population treating it like a punch bag.
Oh and I know its not the sole reason people can't get on the property ladder but anyone who eats out 4-5 times and month, spends £10/day on lunch and basically ****** money up the wall has no right to complain about house prices. Yes our parents have been fortunate but they also saved their asses off.
Oh and I know its not the sole reason people can't get on the property ladder but anyone who eats out 4-5 times and month, spends £10/day on lunch and basically ****** money up the wall has no right to complain about house prices. Yes our parents have been fortunate but they also saved their asses off.