And boomers wonder why millennials are bitter towards them..

[Tuppy_Glossop]

In the event of a repossessions-driven house price crash, there are plenty of people with enough cash to outbid these low-paid workers who are expecting to be able to buy. The cash-rich will hoover up second, third, and fourth properties before the low-paid can get their first place.

The net effect will be that the housing stock will be in even fewer hands.

 

[FoxEye]

In the event of a repossessions-driven house price crash, there are plenty of people with enough cash to outbid these low-paid workers who are expecting to be able to buy. The cash-rich will hoover up second, third, and fourth properties before the low-paid can get their first place.

The net effect will be that the housing stock will be in even fewer hands.

Would be an excellent time for overseas "investors" to hoover up everything. And since we're all too willing to sell anyything to anyyone, nobody will bat an eyelid.

 

[Stu999]

In the event of a repossessions-driven house price crash, there are plenty of people with enough cash to outbid these low-paid workers who are expecting to be able to buy. The cash-rich will hoover up second, third, and fourth properties before the low-paid can get their first place.

The net effect will be that the housing stock will be in even fewer hands.

Unless there are some punitive tax measures introduced to prevent a return to the current position.

 

[Scam]

Unless there are some punitive tax measures introduced to prevent a return to the current position.

lol, @Stu999 meet the government *shakes hands*. Government meet @Stu999

What @Tuppy_Glossop has described is exactly the reason why the home-owning class are getting richer whilst the tenant's class are getting poorer. And exactly the reason why the argument of "it's just supply and demand" does not work. Any additional supply gets hoovered up by the BTL class, further increasing prices, further putting FTBs out of the picture. Until we absolute ruin landlordism in this country we won't get anywhere. And that simply won't happen with any government in this generation.

 

[Mr Oblong]

Unless you're selling your house, the price going up does pretty little for you and can even hurt you. If you want to buy a house on the next 'rung', what was a £30K step up some years back has now become a £60K step up. If everything's gone up, where's the benefit unless you're selling without re-buying?

 

[Mr Oblong]

House prices relative to earnings are out of control.

it’s £1.5m for a poor quality 3 bed mid Terrace house around where I live. I make six figures but with the IR35 rules and the Absolutely punitive Taxes even that is unaffordable without putting down a massive deposit.

I’ve said it many times before but High house prices have really destroyed our society and everyone quality of life

Is the rental market more reasonable? Some places just see daftly priced for ownership.

 

[Deleted User 234324]

What do you think will drive the house prices to crash? If anything, the market (outside of London/major cities) will be bigger than ever.

Influx of repossessions leading to a huge increase in rental prices and people being unable to afford even basic rental properties, likely resulting in loads of empty houses burdening the "investors" with additional costs and no "income".

I also think it's about time councils across the country started charging higher rates of council tax for second homes. Clearly if someone can afford multiple homes, they can afford to pay a little extra in council tax.

 

[Scam]

I also think it's about time councils across the country started charging higher rates of council tax for second homes. Clearly if someone can afford multiple homes, they can afford to pay a little extra in council tax.

It's literally insane this doesn't happen. In fact, the government do the complete opposite by letting off someone like Dominic Cummings in £30k+ of unpaid council tax on his second home. Literally insane

 

[Mr Oblong]

It's literally insane this doesn't happen. In fact, the government do the complete opposite by letting off someone like Dominic Cummings in £30k+ of unpaid council tax on his second home. Literally insane

The rules don't apply to him, though

 

[elmarko]

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

1. Too many MPs have multiple properties & would directly lose out on the change.
2. The grey vote, who are incredibly active in voting will certainly vote against any measure to reduce house prices (as they are not looking to buy & do not want to see the value drop).
3. Generally, people who need this change are less likely to vote on average.

What you would need is a landslide win for Labour/Lib-Dems (it's not even in the mindset of the party for Conservatives) - with a strong leader who can sell it to the population as the greater good. The chance of that is about 1 in 20 million. The only saving grace is that local demand changes as a result of remote working will make house prices stabilize across the UK. With drops in the south and modest rises in the north. The side benefit of this is it makes building in areas with much cheaper land more viable, but that still needs a push for more house building (houses, with 3 rooms+ and gardens that is - not flats or rabbit hutches 'houses').

 

[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")

 

[stockhausen]

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

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

This has entirely predictably set the scene for profiteering by builders and property speculators - some of whom may not be Boomers - or even British (https://www.theguardian.com/uk-news...ed-sheikh-khalifas-5bn-london-property-empire).

 

[Scam]

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.”

 

[Lopéz]

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

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

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

Well that's because it's true. Change is inevitable.
ps - I'm not a "Boomer" and I'm not a homeowner either.

 

[Greebo]

Unless you're selling your house, the price going up does pretty little for you and can even hurt you. If you want to buy a house on the next 'rung', what was a £30K step up some years back has now become a £60K step up. If everything's gone up, where's the benefit unless you're selling without re-buying?

The benefit comes at the end of the step up chain when you sell it and then rent or downsize.

Or if you do it right by when you step up by moving into up coming areas and do a few home improvements.,

I have a friend who bought his first modest terraced house in Haxby, did it up a bit, sold it a few years later for double what he paid, then moved 20 miles to a village and bought a 3 bedroom house there, did it up a bit and prices started to rocket in the village so sold that and moved to another "cheap" village. Bought an even bigger detached house, lived in it for 10 years and the prices rocketed in the area (doubled) and he sold that and managed to then buy a 5 bedroom hose in the local town and pay off his mortage and still had £100k cash in the bank.

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

 

[Mr Oblong]

The benefit comes at the end of the step up chain when you sell it and then rent or downsize.

Or if you do it right by when you step up by moving into up coming areas and do a few home improvements.,

I have a friend who bought his first modest terraced house in Haxby, did it up a bit, sold it a few years later for double what he paid, then moved 20 miles to a village and bought a 3 bedroom house there, did it up a bit and prices started to rocket in the village so sold that and moved to another "cheap" village. Bought an even bigger detached house, lived in it for 10 years and the prices rocketed in the area (doubled) and he sold that and managed to then buy a 5 bedroom hose in the local town and pay off his mortage and still had £100k cash in the bank.

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

I get the example but yeah- if you don't rent or downsize, you're not benefitting. But if you want to keep climbing, your steps are becoming bigger too, so the accumulation isn't free.

 

[413x]

The benefit comes at the end of the step up chain when you sell it and then rent or downsize.

Or if you do it right by when you step up by moving into up coming areas and do a few home improvements.,

I have a friend who bought his first modest terraced house in Haxby, did it up a bit, sold it a few years later for double what he paid, then moved 20 miles to a village and bought a 3 bedroom house there, did it up a bit and prices started to rocket in the village so sold that and moved to another "cheap" village. Bought an even bigger detached house, lived in it for 10 years and the prices rocketed in the area (doubled) and he sold that and managed to then buy a 5 bedroom hose in the local town and pay off his mortage and still had £100k cash in the bank.

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

Skill luck or a bit of both?

Thats pretty impressive

 

[moon man]

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,
Do the home work, move to areas with potential, do some work to the house Boom
Or just sit and complain how you have no chance of getting on the ladder yet spend. A. Fortune on cars and going out and holidays
Most wil choose the latter,

 

[413x]

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,
Do the home work, move to areas with potential, do some work to the house Boom
Or just sit and complain how you have no chance of getting on the ladder yet spend. A. Fortune on cars and going out and holidays
Most wil choose the latter,

Impressive. Makes me feel right stupid for buying with the heart. In 10 years I'll still have 10 years of mortgage to repay. That's of everything goes well.

 

[ci_newman]

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,
Do the home work, move to areas with potential, do some work to the house Boom
Or just sit and complain how you have no chance of getting on the ladder yet spend. A. Fortune on cars and going out and holidays
Most wil choose the latter,

Nice broad stroke of the paintbrush there. In 2007 when I bought my first 2-bed terrace home it was £180k in a rough part of my local town (£180k was the national average house price in 2007 too).

You're right, if my house was only £44k I'd have cleared my mortgage in a couple of years at most and I'd be in the same situation as you.

I was born in 1985 and am one of the first millennials of that generation. I bought my first home at age 22, with average house prices already at £180k. You're utterly deluded to think that millennials just don't save up enough when your first house cost was literally less than 1/4 of what mine cost.