This would be funny if it wasn’t so much garbage. A mortgage free house is only a maybe as is a “lovely” one. And only a few so-called boomers have final salary pensions and rental properties - these are rich people as in rich in general terms, not just due to their age. Instead of whining and blaming your ills on a certain age group why not find the real cause to the issues facing young people today? Or is that too much effort?
And boomers wonder why millennials are bitter towards them..
- Thread starter Scam
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This would be funny if it wasn’t so much garbage. A mortgage free house is only a maybe as is a “lovely” one. And only a few so-called boomers have final salary pensions and rental properties - these are rich people as in rich in general terms, not just due to their age. Instead of whining and blaming your ills on a certain age group why not find the real cause to the issues facing young people today? Or is that too much effort?
Soldato
You realise you're also lumping a large number of millenials into that sweeping generalisation, who unsurprisingly have a concern about the property they've worked hard for suddenly being put into negative equity?
Boomer or millennial, you don't have a god given right for your property to go up in value. Like any other investment, it can do up or down. It's not a risk-free investment and nobody should expect it to be. The fact that the homeowner class believes they're entitled to risk-free growth shows how ****ed up this whole thing has become.
Prices going down doesn't affect the person's ability to live there either, mortgage payments remain the same and they can continue living there. It only hurts the investment angle of home ownership, which again, is not supposed to be risk-free.
It must be by far the best time to have lived.
No world wars.
Great opportunities with housing while having an easy life.
Great pensions
So lucky. I wish I had lived through that age.
Would I swap with a boomer?
Would most boomers swap with millenials? Probably not!
Why do people think that converted shops into homes in the heart of the high street are going to be anywhere near affordable when the surrounding homes generally are the most expensive due to the location.
Theres are large number of of jobs on the low end of the scale that are flexi/0 - 8 hour contracts so good luck getting a rental/mortage on that.
Also I like the condescending stop being poor, git gud narrative like its that easy.
Theres are large number of of jobs on the low end of the scale that are flexi/0 - 8 hour contracts so good luck getting a rental/mortage on that.
Also I like the condescending stop being poor, git gud narrative like its that easy.
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so,ermm???
Just saying. I'm envious of the 'easy' opportunity. It would have suited me much better!
Not bitter. I'm however bitter about my life choices!
Soldato
It doesn't hurt your ability to live there, but it does hurt your ability to move, which in turn can hurt your employment prospects. Particularly if tighter controls are put on BTL which makes it unfeasible to rent out the property if you need to move elsewhere.
And actually it can hurt your ability to live there and your mortgage payments can increase significantly. Good luck getting a decent mortgage deal with a negative LTV...
Personally I don't care if my property increases in value (or decreases (to a point) as long as all other property decreases proportionally). I haven't bought it as an investment or to make money, I've bought it as a home for me and my family. However, we are hoping to move in the next few years, and will be mightily ****ed off if there's a crash, putting us in negative equity, and all the sacrifices we have made to get to this point were for nothing.
In some ways HACO is right.
Life isn't easy. I guess we've got used to things getting better. But we're going to have to accept as a culture the good lucrative times are over.
Just like being born in UK or Sudan, its luck.
Boomers got lucky. We have a harder time.
Buying a house has been ingrained into us as a 'property always goes up'. And it's basically a no brainer.
Compromises will have to be made by a lot of people for example...
A-less spending on luxuries
B-not having kids
C-sacrificing you're retirement by living for today
I'm on option B
Life isn't easy. I guess we've got used to things getting better. But we're going to have to accept as a culture the good lucrative times are over.
Just like being born in UK or Sudan, its luck.
Boomers got lucky. We have a harder time.
Buying a house has been ingrained into us as a 'property always goes up'. And it's basically a no brainer.
Compromises will have to be made by a lot of people for example...
A-less spending on luxuries
B-not having kids
C-sacrificing you're retirement by living for today
I'm on option B
Soldato
Undoubtedly future generations will be saying the same about you.
So, rather than moan about how easy it was for others, why not enjoy how lucky you are to be living in these times which future generations won't have?
True. We are very lucky. Especially in terms of the world.
Is a shame consumerism is drilled into us and we are so greedy.
Hard not to get sucked up into it.
Might help if the beach wasn't lockdown at the moment and summer has ended as of yesterday!
Buying an house isn't risk-free. The only reason people see it that way is because they feel like they're entitled to property value growth.
If you want to move, your next house will be cheaper too. The delta will be less, compared to growth. I agree if it drops into negative equity it becomes a problem, but again, you bought an asset and you're not entitled to growth. You took a risk and risks sometimes don't pay off.
Renting doesn't build equity, but you don't worry about property prices and moving around is a lot easier and faster. You made the choice to buy instead of renting. Sorry, I have absolutely no sympathy for people who buy a home and complain that their properties are in negative equity. You're not entitled to have risk-free growth on borrowed money. Leveraged investing is risky. You made that choice. I also don't have sympathy for those who borrow money to invest in the stock market and then their investments go down so they're out of pocket. They weren't entitled to growth either.
It's quite important to enjoy the blessings in your life and also have some perspective (we're all super lucky to live in a safe and developed country, I wasn't born in one so I know this well). But also, it can't be used to say people can't focus on why there are inequalities and unfairness in the society and how those can be addressed.
Finally, judging a generation who undoubtably are having a much more difficult time than you did is very annoying. And that's what makes this whole thing even worse. If we get old and do the same to younger generations, we deserve to be criticised.
Soldato
I don't expect any sympathy, as I agree completely - just pointing out that it isn't all rosy for homeowners. It is also for the same reasons that I have no sympathy for those who have made the choice to rent instead of buying. They have the flexibility and none of the risk - worst case scenario, you just stick all your stuff in the back of a van, drop the keys through the letter box and walk away, you lose a couple of £k from your deposit at most.
You make your decision and make the best of it. Don't **** and moan at those who made a different decision and it happened to be the right one.
Soldato
If I'd worked my whole life to be able to comfortably retire I wouldn't want anyone taking it either!
It's not all rosy, you'll find people such as yourself who weren't lucky but in general and on average, the property market in this country has massively outgrown the wages, making it more difficult to buy for millennials than boomers, much much more difficult. Home ownership used to be "get any stable job, save a little for a couple of years and you'll be able to buy a family home", and it's become "two people have to save every last penny for 10+ years and maybe, maybe, maybe, they're able to get something on 95% LTV".
You keep talking about a choice. Most of us never made a choice to rent, we had no choice. Renting isn't a choice for millennials, it's the only way to have a roof over our heads. This is why millennials are upset by attitudes like yours. Complain that home ownership is difficult, negative equity (which has been extremely rare in recent years) and maybe moving up in houses isn't easy, while government doing everything to benefit you with stamp duty holiday and schemes to keep prices inflated, and then you come back and say it's a choice that millennials are renting.
Maybe it's the millennials fault who made a decision to not be homeless
Maybe it's the millennials fault who made a decision to not be homeless
Just think how much of a deposit you could save if you slept rough for a few years, you just aren't prepared to put the effort in
Soldato
Yeap, and far too many of todays <30's look at the >60 folks with jealousy without knowing all the hardships and sacrifices that were made to be able to buy a starter house 50 years ago and slowly build-up over the years - so that meant no big TV's, no Netflix subscription, no mobile phones, no tablets, no PC's, no foreign holidays, no clubbing every weekend, no 2 car households etc and buying the cheapest thing they could.
In the end the absolutely brutal truth is that it's a choice you have to make as an adult and it's a very hard choice - if you want to get on the property ladder and you don't earn much then you have to ditch EVERYTHING and effectively live like the 60+ folks did when they were <30 and you buy the cheapest house you can afford, not the biggest, not the nicest but the cheapest, even a do-er up-er will do.
However as said, giving up everything to own a house is a bloody hard choice for most but there's still some who won't give up all their "modern" privileges yet still expect a house like their parents own.