And boomers wonder why millennials are bitter towards them..

[Scam]

It's a problem I doubt any of our potential leaders would even attempt to resolve. (snip)

Exactly. I've been saying this for years. There's no political will to change the status quo because they all have fingers in the pie. Even those who claim it's all the Tories, well go and count how many properties the Blair's have in their portfolio *spit* (I'll save you the Google, it was 39 properties in 2019 worth £35m )

And here's another good article today about the boomerang trend of late;

Research found nearly two-thirds of childless single adults aged 20-34 in the UK have either never left or have moved back into the family home because of a combination of a precarious job market and low wages, sky-high private sector rents and life shocks such as relationship breakups.

So, back in the Eighties boomers were buying their first houses with about 1-2 years worth of deposit, at an average age of 28. Nowadays, well young people in their mid-thirties can't even afford to rent let alone save to buy.



(This is the point where all the boomers come in and say stuff like "well the world changes, expectations have to change trollolol")

 

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I suspect that some of them might ask why you are blaming (all of) them for the disappearance of Social housing.

Well they did vote for Thatcher and everyone has seemed perfectly ok with right-to-buy to continue…

or even British (https://www.theguardian.com/uk-news...ed-sheikh-khalifas-5bn-london-property-empire).

This is a totally different argument. That our government has allowed unfettered access for shell companies to buy prime property across the country (not just London) is absolutely disgusting. The UK is well known across the world as a great place to launder money through property and this is another big issue which needs resolving… https://www.wired.co.uk/article/money-laundering-hmrc-tax-update

The small numbers contrast with the vast scale of money laundering in the UK. “We have a huge problem, particularly in London with property,” explains Kyle Phillips of Fieldfisher. Until recently, UK legislation is unique, allowing people to buy property in the name of a company, rather than an individual. “If you’ve got money in whatever country – China, Russia or Saudi Arabia, for example – and you want to make that money legitimate, you buy that property in the UK in the name of the company.”

That can turn illicit money into clean money through the value of the property and selling it on, or earning money through rent on the property. “It’s an easy way for them to launder money,” says Phillips. “They’ve put it through the UK property system, and all of a sudden it’s clean.”

 

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What kind of jobs have these people in their mid 30s got where they are unable to afford rent?

It's probably less a case of physically affording the rent, more of a sensible economic decision. Why pay extortionate rent for a shared house or a tiny flat when you can live in your boomer parents big house ( ) with less aggro from 'housemates', less aggro from a horrible landlords, probably more space, and more money to save (or enjoy).

Well that's because it's true. Change is inevitable.

I'll remember that second sentence when the crash comes, lol.

So after 20 years he had a house which he bought and owns mortgage free for £395k and £100k savings,

Yeah.. all totally doable for young people nowadays… That is the very point of this thread. My neighbours 'made' £700k on one house. It 'earned' £70k/year for 14 years whilst they lived there. That is the point of this thread.. pointing out that your average nobody years ago could be lucky and make a small fortune on their house without really being clever, or trying. It's like winning the lottery. Absolutely none of that will happen again for generations, especially no in the next 5-10 years.

Yeh mines put down to luck in this thread, 44k house in Yorkshire to 250k plus and room for another property in garden and mortgage free (neighbour did this)
All on low wages and in a decade.
Both open to millennial buyers as not that long ago but obviously too busy been bitter,

Is this the part where people start listing 40k houses in some no-hope town with no jobs and a population of crackheads? We haven't done that for at least 3 pages by now..

 

[Scam]

Well that's a choice. You don't want to live with housemates (you don't have to), you want to live in your parent's big house, you don't want to deal with horrible landlords (I've had zero interaction with mine in four years, did I get lucky?), and you want more money.
You could sacrifice some of those things and rent a house.

"Can't afford rent" is not the same as "don't want to pay that amount in rent"

That doesn't make any sense. I'm saying that in an expensive rental market (which is everywhere, btw) the person's earnings may not cover comfortable (or at all) their rent and money for food, utilities, bills etc. If you earn £1500pcm but average rent for a 1 bedroom flat is £1200 then you'd struggle to make it work. That's common sense. Obviously in that case the person would be looking at houseshares but I'm sure I've no need to go into the maths of that to finish my point..

Maybe check out some of the stats which show why this is much more common than it used to be; Twenty years ago, the average rent accounted for about 30% of the average income in England – now, it's a lot higher.


Even in the 'cheap' North East rent now accounts for more than 30% of earnings. In London it's three quarters, lol Even areas like the South West (hello people that's not anywhere near London!) it's approaching 50%. Mental.

 

[Scam]

I'm not sure where your figure of £1200 for the average cost of a 1 bedroom flat comes from

I made it up, I'm not here to find you the official figures on everything you know…

My point still stands. Average wages are inflated by high earners, there's millions of people on minimum wage in this country yet I bet they live in areas where the average rent is £700pcm+. Minimum wage is £1400pcm so in many areas you're looking at paying 50% of your take home pay on your rent. Add to that the usual bills (I dunno £250pcm), plus food (a conservative £50pcm), travel/car (£50pcm), and you're looking down the barrel of having barely £200 as a slush fund for socialising and having some sort of life.

but don't make out your hand is being forced.

But people's hands are forced. By the very simple reality of living and working in an area where you can only get a minimum wage/low wage job, yet average rent is £700-800pcm you're quite quickly running into trouble. Why can't you see that? This is the reality for millions of people in our country and you're very naive if you don't understand that.

 

[Scam]

Ah, cool. I didn't realise we were debating real life matters with made up information. Who needs facts? You can prove anything with facts. Making it up is much easier than basing your argument on something real!

I already gave you the facts. Shall I quote myself for you?

Maybe check out some of the stats which show why this is much more common than it used to be; Twenty years ago, the average rent accounted for about 30% of the average income in England – now, it's a lot higher.

You can argue individual cases all you like, but you can't validate an argument by trying to conjure up particular set of circumstances wherein people could 'rent a cheaper house'. If you want to do that for every single tenant in the UK then go ahead, but you'll be wasting your time..

If you aren't earning "average" wage then it's unrealistic to expect to be able to afford "average" rent.
If you are a low earner you have to make one or more of the sacrifices I mentioned above.

I think you'll probably find most 'average' rents for an area are not far above the lowest available. This would be because landlords are in a position to ask for as much as they can squeeze out of the market, and a higher proportion of renters are probably in smaller dwellings (flats), rather than houses. If a tenant wants cheaper rent, they'll have to weigh up additional cost on their commute, costs to move etc. Feel free to find some stats on that, if you will.

 

[Scam]

I'm left with <£100 a month for entertainment/social things and that basically goes no where with todays prices

According to @Lopéz you just need to

• Rent a cheaper house
• Move to a cheaper rental area
• Get a better job
• Houseshare

Simples…

 

[Scam]

What's so unreasonable about those?

1 - Why don't we ask @MadMossy ?
2 - They're not arguments against the fact that rent is increasingly unaffordable in this country, which is what @Lopéz was trying to prove. It's exactly like pointing to the stats that show how earnings to house prices have shot up from 3x to 9x in the last few decades and someone turns around and says 'well move somewhere cheaper'. It's not a solution, it's a sticking plaster on a very serious problem. The affect of this problem is that many people in their thirties are actually making the economic decision to move back in with their parents.

Honestly I don't know why people feel the need to argue against what is a very clear housing issue in this country. It's widely reported on all sides of the media, it's common sense that earnings to housing affordability is massively going in the wrong direction and young people are struggling. What exactly are you trying to prove by disagreeing with that?

 

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You can either wait and hope it all gets better, or do one or more of the things Lopez suggests.

What makes you think I'm not doing anything else about my personal situation. As I've said many times in this thread I'm actually not in a bad position at all, I just don't like the unfairness of what the younger generation have been dealt when it comes to housing and the economy.Not-only is it unfair much of the younger generation have to spend just for a roof over their head, but in doing so we are watching the boomer generation get richer and richer. It's the polar opposite of how society should work.

I'm not sure it's a crisis

Then you're naive or at worse ignorant. You can Google 'housing crisis' and get 3 different mainstream newspapers calling it that, plus all the other sites. It is a crisis whether you think so or not, all the media agrees.

I just don't see what 3) is giving you. Wandering about, telling anyone who will listen how unfair it all is... just seems like a complete waste.

Again, just because I moan on here doesn't mean I've not done plenty to remedy my own situation. I'm doing everything from saving hard, cutting my own costs… to lobbying my MP.

 

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and it'll happen eventually if you keep going at it.

For sure we'll get there. Like I've said the point of this thread is just to point out the ridiculousness of things like my neighbours' house "earning" them £700k over 14 years!

This made me laugh, cheer up everyone it's almost the weekend.. https://www.thedailymash.co.uk/news...ont-want-to-give-you-a-deposit-20201022201741

 

[Scam]

So not really anything to do with Boomers and Millennials then; just venting about the fantasy of reasonably priced and social housing?

The thread is explaining why millennials feel bitter towards boomers when they were a generation that were afforded cheap housing*, which has shot up in value over time and made many ordinary folk millionnaires through no foresight or action of their own. This is something that simply will not happen to young people now, hence the bitterness.

*Amongst other things like decent pensions, free further education etc.

@Scam what would you like to know?

I have looked elsewhere and even in the North I am very unlikely to find to a similar sized property (2 bed flat) for the money I pay, it's already 30-40% below the market rate for my area, and it certainly wouldn't come with a coastal view like I have.

I 100% agree with you. I was playing devils advocate on @Lopéz 's stupid idea that all people need to do is try harder.. or something. I feel for ya.

 

[Scam]

(stupid pic here)

That meme is total nonsense. Rising property prices do not make a good economy..

I'll just leave this here, I think some people need to take it on board;
Inheritance, not work, has become the main route to middle-class home ownership

At a time when many ordinary homes appreciate by more each year than what the average employee can expect to earn, employment by itself is less and less able to serve as a route to middle-class status. In that sense, we are seeing a return to the days when wage-labour was a condition of social marginality, condemning people to a life of day-to-day survival and excluding them from building up a stake in society.

The millennial generation is the first to experience this reality with full force.