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DonJop12

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Everything posted by DonJop12

  1. Mine isn’t quite as impressive. I think I could last 18 months. I was woefully under-prepared for the last recession. I think I’ll be ok this time around.
  2. I always thought the only way we would see lower house prices was a recession. I just hope I come out of this in a strong position. I remember being interviewed by an insurance firm in London having just graduated at the peak of the last recession. A boomer hiring manager was aghast at a two-month CV ‘gap’ at a time when unemployment was at c. 2.5m. The one thing I remember from the last recession is the sense of stigma. I’ve built a five-figure emergency fund for this time around. I feel sorry for those that have not prepared.
  3. Excellent news. As an aspiring FTB with 40k ready to use the prospect of BTL gammon getting into difficulty (and perhaps even exiting the market) puts a wide smile on my face. I’ve been waiting for this moment for years.
  4. 1. My parents had me relatively young, so I am likely to be in my late 50s before their demise assuming they reach the average expectancy. An inheritance would be more useful to my own children at that point. 2. They might have social care costs. Among my peer group a definite factor in achieving homeownership is whether an inheritance is ‘lost’ to social care or ‘protected’ by say a death from cancer or heart disease. 3. There might not be any money left in any case. A couple of inheritances and right-to-buy gains have caused a general lack of financial discipline.
  5. The Government have managed to get an 80-seat majority without the need to address inter-generational inequality. Unfortunately, I am at an age where I can't wait twenty years for the boomers to die. It will be Gen Z that will benefit the most from the Boomer exodus.
  6. Yes, that has caused me to be a bit quiet on here. GE2017 gave me reason for optimism. While the electorate was sharply divided by age it looked as though a tipping point was approaching when politics would shift away from the interests of boomers. Clearly GE2019 has torpedoed that thesis. There was a political realignment but not quite the one I was expecting.
  7. Merry Christmas to all…apart from boomers ? Every day must feel like Christmas Day when you are a boomer.
  8. As someone born in Essex the first article did not come as a surprise. The gentrification of East London has meant lots of people moving into Essex to get better value for money. The benefit cap has also resulted in London Councils dumping lots of poor people in South Essex. All a bit ironic – a Tory welfare policy resulting in lots of poor people from inner-city London being dumped on their doorstep. The changing ethnic makeup if the most noticeable change. My hometown is a lot more diverse than it was a decade ago. I’ve had to reassess my goals. My deposit (35k) would get me onto the bottom rung of the ladder, but I don’t think I would be getting value for money. Moving up North (eventually) has changed from being something forced upon me to something I now positively embrace.
  9. It is going to take a long time. Couldn’t attach a graph of the age breakdown but here it is for the 2019 election: https://twitter.com/georgeeaton/status/1205535498065846272 Intergenerational inequality is still the defining feature of UK politics although there is now the added issue that Labour are struggling to appeal to their traditional working-class supporters. If Labour can’t win in places like Blyth Valley, then I fear it isn’t a case of waiting for the boomers to die.
  10. Just woken up to the miserable news. However, to quote Theresa May ‘nothing has changed’. There is still a party (and an electorate) hostile to my aspirations for home ownership. As a Millennial, this vote has only confirmed that political solutions to intergenerational inequality will not be forthcoming all that soon. I will continue to save and will reign in Xmas spending.
  11. This is also my sense as to where we are at. The boomers still have demographics on their side and that is not going to change any time soon. This is the first year for me where inter-generational inequality has really affected by Xmas spending. I’ve been saving so hard in an attempt to compete with BTL boomers that I feel I’ve lost the ability to engage in discretionary spending.
  12. I’m a Millennial. I’m offended by EVERYTHING. ?
  13. This is a rather crass post given the economic exploitation of Jews during the Holocaust. In contrast, boomers are often guilty of economic exploitation rather than being exploited themselves e.g. the use of BTL to price me out of home ownership.
  14. People are a product of their own experiences. My Mum recently explained to my brother (currently saving for a deposit) that she 'went to the Council' when starting out with Dad. The Council awarded a lifetime secure tenancy to the childless couple in their early twenties who both worked. It is a different world now.. I used to be a CAB adviser and remember one client bewildered by the fact that a council tenancy could not pass through three generations like it was the family silver. Succession rights for council tenancies was a topic I became very familiar with as they were often disputed between siblings.
  15. Indeed. With payday on Friday I'll be up to a 30k* deposit which puts me in a very good position to buy a flat in Northern commuter town. While I'm pleased it has only been achieved by living out of my childhood bedroom for a couple of years. There is a social cost when some of my peer group are updating Facebook with wedding photos. *Including a 2k LISA bonus from HMRC - I've only recently started to think of this as my money as opposed to tax-payers.
  16. The article was a bit too close to home (if you will excuse the pun). I'm on course for a £30,000 deposit pretty soon but there is undoubtedly a social cost in terms of relationships when some of my peers are engaged or even married.
  17. Indeed. I understand the props have increased house prices by a greater amount than the 1k pa you can 'make' via a LISA. The LISA has therefore moved me further away from home ownership but I would be in an even worse position for not using one! It is a bit of an illusion. I am only 'better off' in comparison with a FTB who does not have a spare 4k pa to put away. The only problem being I am not actually in competition with other FTBs but with Boomer BTLers who were given the moon on a stick by the Government of the day and as such are near impossible to compete with.
  18. I've already gained £2,000 of taxpayers money from my LISA. The problem the Tories have is they need to build more to create new Tory voters but that annoys their base. Ultimately these people seem to value house price equity more than the possibility of their children being able to achieve home ownership. It seems a very strange attitude to me.
  19. The prospect of a No Deal Brexit risks my job security so I have been cutting back significantly.
  20. I'll be tightening my belt. The scenes are very reminiscent of Lehman Brothers. I sense something is around the corner.
  21. It is difficult not to be bitter. I spend a lot of time on the MoneySavingExpert website and I feel that I’ve now reached the point where I cannot make any more efficiencies. I’m on course for a 30k deposit by Xmas which means I will be in a good position to get a mortgage up North. I’ve come to accept that I was born a generation too late to achieve living in a Home Counties suburb. It is strange how Millennials can be labelled “entitled” for desiring what once would have been a sign of conformity – a desire to live in a semi in the suburbs. I've saved so hard I've become a very boring person.
  22. My generation is supposed to be “entitled” but as a Millennial I would be more than happy with just one house…
  23. As a potential FTB my instinct is to continue to save. I’m up to 25k or 27k including LISA bonus and can see myself moving up North in the next five years. I will continue to save, and I am hopeful Brexit will lead to some correction although ultimately, I think it will take another decade for boomers to lose their electoral power.
  24. I can see this happening with my parents. There is no chance that myself or my siblings will be able to buy in the South East. My 25k deposit does not cut the mustard. What happens in 25 years-time when the parents are in their mid 70s and need someone doing their shopping. I’ll be living hundreds of miles away.
  25. I think it will take a few more electoral cycles before my generation have the whip hand. I look on MoneySavingExpert and do not know what more I can now do to compete with these boomers. I take a packed lunch to work every day. I’ve put my money into accounts with the best interest rates. I have both a HTB ISA and a LISA. I recently changed my sim only mobile plan to save a colossal £30 a year.
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