Home Ownership Among Young Adults has Collapsed

[Fence]

19 hours ago, goldbug9999 said:

The young are their own worst enemy, they have chosen to be more concerned about trump, refugees and EU fruit pickers than about their own prospects of jobs and homes.

Indeed.  Or so the narrative goes.  Now the really interesting bit - If indeed so, who and/or what got them to think like that and why?  And not exactly the product of an education system that boasts about turning out thinkers rather than robots!

Edited February 17, 2018 by Fence

[Sugarlips]

19 hours ago, apom said:

The young's worst enemy is the Government.

Heard a good song lyric the other day from today's yoof:

"Don't vote for politicians, it only encourages them"

https://genius.com/Tiny-little-houses-entitled-generation-lyrics

[Fence]

19 hours ago, goldbug9999 said:

The young are their own worst enemy, they have chosen to be more concerned about trump, refugees and EU fruit pickers than about their own prospects of jobs and homes.

Indeed.  Or so the narrative still goes.  Another perspective would be what else can you worry about if you're priced out of houses and the like so there's no point thinking about them?  The intellectual equivalent of the craze for Japanese kids sprinkling gold dust on their food in the 1980's because the good money they had was not enough to buy a home.  Prices did come down though, but so did jobs.

Edited February 17, 2018 by Fence

[rollover]

Quote

 

The figures, by the Institute for Fiscal Studies, found just over quarter of those aged between 25 and 34 earning between £22,200 and £30,600 - the middle 20 per cent of the income scale - own a home. That is compared with 65 per cent of the same age group in 1995-6.

According to the research, average house prices have risen seven times faster than the average incomes of young adults: while UK house prices adjusted for inflation grew 152 per cent between 1996 and 2016, the average mean after-tax income for those aged between 25 and 34 has risen just 22 per cent.

For 90 per cent of millennials, average house prices are more than quadruple their average after-tax income, while for 40 per cent, prices are more than 10 times their income.

Not surprisingly, home ownership has plummeted in the South East, dropping 32 percentage points in 20 years. Across the rest of the UK, it has fallen more than 10 percentage points.  City AM

 

 

[GregBowman]

1 hour ago, Fence said:

Indeed.  Or so the narrative still goes.  Another perspective would be what else can you worry about if you're priced out of houses and the like so there's no point thinking about them?  The intellectual equivalent of the craze for Japanese kids sprinkling gold dust on their food in the 1980's because the good money they had was not enough to buy a home.  Prices did come down though, but so did jobs.

Not sure Fence, most of my roles involve working with younger generations and goldbug’s comments do ring true. Not saying it would achieve anything but get your priorities right - as my Dad said ‘The poor can’t help the poor or the weak the weak’ focus on improving your lot first 

[GregBowman]

10 hours ago, TonyJ said:

The motive of governments so far, both Conservative and Labour, has been to get re-elected by giving voters the phoney feel-good feeling they get through seeing the value of their home increasing. Unluckily, that cunning plan has also meant making an increasing proportion of the population feel bad. I doubt Corbyn and McDonald will stick to the script, whether intentionally or unintentionally.

Oh they will - as the Who sang new boss, same old boss

Thats why I don’t have a lot of sympathy for upper end of the younger generations say 30+ who should really see through their red flag swinging heroes 

[Mikhail Liebenstein]

21 hours ago, spyguy said:

Well .. how do they do that when the houses dont sell and OOs are not subject to CGT?

I think most government primary aim is to avoid having their dead corpses hung, upside down, from a lamppost. Everything beyond that is up for grabs.

The UK is in a total mess.

Debt rapidily approaching 100% GDP - levels associated with a Trumpian shithole.

Vast unfudned pensions buills about to land on the door mat.

Most families 25->45 on tax credits/benefits rather than working in their peak eanrings period.

Even wrose-  laods of EE families also on tax credits/benefits too.

All down to Brown. And then Gidiot not moving faster to shut  it down and trying to vcover it up by creating a mini house price boom.

It’s called continuity of Government.

The policy most likely to result in discontinuity is Brexit.

When it all goes wrong, it will be the politicians fault. Remainers will queue up to hang the Brexit backers for the economic damage they have done, and Brexiters will queue to hang those who failed to deliver the unicorn they demanded.

 

[PopGun]

Check out the comments.

Oh look more we had double didgit interest rates, move to stabsville, not prepared to start with a do it upper, negative equity, stop wasting money on smart phones and advacardo diatribe trolling apologising for sky high prices.

Another trend now is the claim that because all the boomers own all the property, their kids stand to inherit it all, so should stop whining. No mention if these same houses are MEWed, still mortgaged, or will be sold off to pay for the care home..

They seem to be more in force than ever. Personally I think this is a good indicator. The ruse is getting called and their cosy gifted privilege is in mortal danger.

[winkie]

......each will blame each other......

[PopGun]

43 minutes ago, Mikhail Liebenstein said:

It’s called continuity of Government.

The policy most likely to result in discontinuity is Brexit.

When it all goes wrong, it will be the politicians fault. Remainers will queue up to hang the Brexit backers for the economic damage they have done, and Brexiters will queue to hang those who failed to deliver the unicorn they demanded.

 

Brilliant 

[Bruce Banner]

Digby Jones was on one of the TV news channels, yesterday, saying that the young can't afford houses because they spend their money on holidays and other things .

[winkie]

I don't know who they think will be buying their houses off of them and how?........ prehaps they will rent it out innit.

[spyguy]

18 minutes ago, Bruce Banner said:

Digby Jones was on one of the TV news channels, yesterday, saying that the young can't afford houses because they spend their money on holidays and other things .

There was a comment of Dogbert on FTAV:
https://ftalphaville.ft.com/marketslive/2018-02-13/

A useless bellend of the highest order:

Bad cutnpaste:

Currently everywhere.

11:02 am

BE

My question is simple: who is he?

BE

I mean, I know he's never off the telly as the voice of British industry.

Manxish ah, lord FWit

BE

And I know he very occasionally turns up at the Lords: https://www.ft.com...-9a86-4d5a475ba4c5

Soundbuy Morning - the prompt start threw me!

11:03 am

BE

I know he was minister for trade and investment within Gordon Brown's Big Tent experiment.

BE

And previous to that, of course, the DG of the CBI.

BE

I know about his long list of noddyships.

11:03 am

BE

I also know, because of his time as an iSoft noddy, that his approach could be seen as rather laissez-faire, non-interventionist and .... well ..... noddy. https://www.ft.com...-9a94-00144feabdc0

BE

But what about before all that?

BE

His vanity website says he was Royal Navy from 1974 and 1977 then did 20 years at Edge & Ellison, a smalltime Birmingham lawyer.

Grouchmonkey Morning. Late today, but it's my turn.

11:04 am

BE

(Y2K, the year Lord Digby joined the CBI, was the same year Edge & Ellison merged with Leeds's Hammond Suddards, incidentally.)

BE

http://www.digbylo...com/biography.html

BE

...... so, did he run a company in those missing three years?

11:05 am

BE

Or maybe even just work for one?

BE

Because if not, that'd look an awful lot like zero corporate experience.

BE

But perhaps I'm missing something.

11:05 am

BE

Because he certainly talks like someone who has certainty in his own experience.

[Switch625]

Just looked through comments section, best one - 

"jimble675 Those cocky millennials, walking around as if they rent the place"

 

Brilliant! 

[honkydonkey]

13 minutes ago, Switch625 said:

Just looked through comments section, best one - 

"jimble675 Those cocky millennials, walking around as if they rent the place"

 

Brilliant! 

haha, yeah I laughed at that one.

[Dorkins]

On 2/16/2018 at 10:17 AM, goldbug9999 said:

The young are their own worst enemy, they have chosen to be more concerned about trump, refugees and EU fruit pickers than about their own prospects of jobs and homes.

Yawn, give it a rest with the "the young are all brainwashed SJWs" bolleaux. They're just people like any other generation who are trying to work and make their way in the world. After a few years of trying to stand on their own two feet they know perfectly well that housing costs are ridiculous and wages are going nowhere. The young decimated the Lib Dems in 2015 as punishment for promising to help them and then going back on their word within weeks of entering government. Also in 2015 the young destroyed the Blairites and Brownites who had run the Labour party for over 20 years because they could see those groups were not going to help them. In 2017 the young denied the Tories a majority because they are doing nothing to help them.

The young are coalescing around Corbyn's lot because they seem to be the only people in British politics who are serious about trying to help them. If the Tories/Blairites/LibDems want to compete for the votes of the young they are more than welcome to do so. It's not the fault of the young that those groups seemingly couldn't care less.

Edited February 17, 2018 by Dorkins

[Toast]

1 hour ago, TonyJ said:

Presumably they think the actual ability to sell is irrelevant. The wealth effect holds as long as boomers keep on believing their house is worth as much, so they feel they are wealthy and feel they can go out and spend the money they don't have. It's a win for boomers and a win for the government.

I'm sure Galbriath referred to this sort of thing as a new unit of currency: the bezzle. This is the closest quote I can find:

"In many ways the effect of the crash on embezzlement was more significant than on suicide. To the economist embezzlement is the most interesting of crimes. Alone among the various forms of larceny it has a time parameter. Weeks, months or years may elapse between the commission of the crime and its discovery. (This is a period, incidentally, when the embezzler has his gain and the man who has been embezzled, oddly enough, feels no loss. There is a net increase in psychic wealth.) At any given time there exists an inventory of undiscovered embezzlement in – or more precisely not in – the country’s business and banks. This inventory – it should perhaps be called the bezzle – amounts at any moment to many millions of dollars. It also varies in size with the business cycle. In good times people are relaxed, trusting, and money is plentiful. But even though money is plentiful, there are always many people who need more. Under these circumstances the rate of embezzlement grows, the rate of discovery falls off, and the bezzle increases rapidly. In depression all this is reversed. Money is watched with a narrow, suspicious eye. The man who handles it is assumed to be dishonest until he proves himself otherwise. Audits are penetrating and meticulous. Commercial morality is enormously improved. The bezzle shrinks."

[jiltedjen]

Labour are a sure fire win come the next election. 

the conservatives know this. 

really it all depends on the mortality rates on the boomers moving forward. the younger fecked over generations are continually growing as the oldies die off.

the last election almost was the pivot point, if it were not for wall to wall labour bashing in the main stream media labour could of won it, thankfully labour are now being taken seriously, and also labour are capitalising on social media etc. 

the tories moral arguments just do not stand up against any real criticism. society is broken. That’s why they can’t break open social media, they just get shot-down. 

The tories really need to be asset stripping the boomers right now to have a chance in the next election, but instead they are going down the ‘delay inevitable failure as long as possible’ route to keep the Conservative party from just imploding due to its extensive vested interests. 

which is an understandable although immoral tactic. 

I think sadly that for most here on HPC the housing mess will be sorted out in about 10 years times, and for anyone on here other than 18 year olds, that’s far too late. 

i myself will probably end up buying a place next year, being ripped off by some boomer. then find myself paying high taxes to labour as the younger generation fecks me over also. I’m 30 this year. 

the sandwhich generation won’t be defined by age, but the cohorts who either benefited from a HPC or those who were most fecked over by the timings. 

 

Edited February 17, 2018 by jiltedjen

[Toast]

14 minutes ago, Dorkins said:

Yawn, give it a rest with the "the young are all brainwashed SJWs" bolleaux. [...]

Thank you Dorkins, that's the most optimistic thing I've read in a long time.

[Dorkins]

12 minutes ago, jiltedjen said:

I think sadly that for most here on HPC the housing mess will be sorted out in about 10 years times, and for anyone on here other than 18 year olds, that’s far too late. 

i myself will probably end up buying a place next year, being ripped off by some boomer. then find myself paying high taxes to labour as the younger generation fecks me over also. I’m 30 this year. 

Too late for what? I'm 35 now and fully expect to wait until at least the mid 2020s to see value in house prices.

[macca13]

3 hours ago, Mikhail Liebenstein said:

It’s called continuity of Government.

The policy most likely to result in discontinuity is Brexit.

When it all goes wrong, it will be the politicians fault. Remainers will queue up to hang the Brexit backers for the economic damage they have done, and Brexiters will queue to hang those who failed to deliver the unicorn they demanded.

 

The countries doomed Brexit or no Brexit.. economy is screwed and imigration has turned parts of the country into the third world.. 7000+ cases of FGM last year, estimated 23’000 terrorists living in the U.K. 

All remainers care about is money, not failing services, community cohesion or what sort of sh!thole the country has become.. just money.. even though since mass imigration everyone except the rich is poorer than ever.. 

yet fail to see mass imigration, 0 hour contracts are making the entire country poorer.. globalisation is the enemy of the poor/middle class not the solution to riches.. 

[Up the spout]

I had avocado on toast for the first time yesterday, can't see what all the fuss is about.

[leonardratso]

12 minutes ago, Up the spout said:

I had avocado on toast for the first time yesterday, can't see what all the fuss is about.

did you sprinkle it with gold dust? thats where the cost comes into it, you can quite easily go through several troy ounces of gold in a weeks worth of breakfasts.

[longgone]

14 minutes ago, TonyJ said:

The boomers have had the economy rigged for their pleasure for so long now, and have become so complacent that I doubt they appreciate that it is possible for their hegemony ever to decline. If the Conservatives understood the precariousness of their position, wouldn't they now be trying to persuade the boomers that an older generation can never win a generational war? 

it is ironic that the boomers will never abandon their defining identity that they are the new, young, modern, shiny and deserving generation that has replaced the outdated rule of the wartime generation. 

until they are pushing daisy's 

[oatbake]

3 hours ago, jiltedjen said:

Labour are a sure fire win come the next election. 

the conservatives know this. 

really it all depends on the mortality rates on the boomers moving forward. the younger fecked over generations are continually growing as the oldies die off.

the last election almost was the pivot point, if it were not for wall to wall labour bashing in the main stream media labour could of won it, thankfully labour are now being taken seriously, and also labour are capitalising on social media etc. 

the tories moral arguments just do not stand up against any real criticism. society is broken. That’s why they can’t break open social media, they just get shot-down. 

The tories really need to be asset stripping the boomers right now to have a chance in the next election, but instead they are going down the ‘delay inevitable failure as long as possible’ route to keep the Conservative party from just imploding due to its extensive vested interests. 

which is an understandable although immoral tactic. 

I think sadly that for most here on HPC the housing mess will be sorted out in about 10 years times, and for anyone on here other than 18 year olds, that’s far too late. 

i myself will probably end up buying a place next year, being ripped off by some boomer. then find myself paying high taxes to labour as the younger generation fecks me over also. I’m 30 this year. 

the sandwhich generation won’t be defined by age, but the cohorts who either benefited from a HPC or those who were most fecked over by the timings. 

 

I don't think you're right here. I think many voted for Jezza as a protest vote. I don't think many will do the same next time.

A vote for Jezza will be a vote for bailing out homeowners who will find they cannot afford their mortgages as interest rates start to rise (after all who would have predicted that rates could go up from a historic low at some point?).

These people will be bailed out with your money. 

I do think that landlords will probably have a hard time under Jeremy (and that at least would be a good thing) but I just remember the previous Labour government's contribution to the Private Rental Sector: an explosion in buy to let and diddly squat improvement in tenants' rights.

The Tories are far from perfect bit at least they have brought in section 24 which, judging by the amount of whinging on landlord forums, is going to be very painful for the sort of BTLers who've been hoovering up FTB-type homes.

I think there are a lot of problems in today's society but I really don't think socialism is the answer...