Jump to content
House Price Crash Forum
Sign in to follow this  
OnlyMe

The New Home Owners Club Is Highly Exclusive

Recommended Posts

A stinging side swipe at the baby boomers, as they are replaced by younger journalists expect this stinging rebuke to turn to outright scorn (if the press owners let them).

http://www.timesonline.co.uk/tol/comment/c...icle6524134.ece

The new home owners club is highly exclusive

Even with the housing market stirring, the young are excluded. Maybe they should turn to Trollope and marry for money

Antonia Senior

In postwar Britain the happy-ever-after of all love affairs has involved housing. Youngsters fall in love, buy a flat, have babies, buy a house with a garden and a fence and a herbaceous border. But no longer. Choose love, or choose the house - only a lucky few will manage both. The changing face of the property market, and the lingering allure of ownership, will make mercenaries out of a disenfranchised generation of renters.

We are hurtling back towards an era of inherited wealth, of familial obligations and marriages made with an eye on incomes and equity stakes. The literary role models of younger generations will no longer be Jane Austen's genteel misses, embarrassed by maternal grasping. Trampling on the Bennet girls will be Trollope's Arabella Trefoil, with her relentless stalking of the titled and propertied Lord Rufford. Felix Carbury's ruthless, if useless, pursuit of the heiress Marie Melmotte will set the standard for the boys. Otherwise today's youth must kiss farewell to dreams of home ownership, and limply surrender their monthly wages to their landlords.

The baby boomers bought all the houses, then bought a few more to fund their pensions, and pulled up the ladder behind them. Only the exclusive Bank of Mum and Dad is willing to fund the gap between the property owners and renters. The nation is polarising into those with housing equity in their families, and those without.

The current mini-revival in the property market lays bare this divide. It is clear that the market is moving again. But cash is king. Between January and April this year the number of cash buyers rose 92 per cent. Mortgages deals are being struck, but only to those with a deposit of 25 per cent or more. Despite the price falls, only the already-propertied are buying in this market, out bargain hunting with bulging wallets.

Edited by OnlyMe

Share this post


Link to post
Share on other sites
We are hurtling back towards an era of inherited wealth, of familial obligations and marriages made with an eye on incomes and equity stakes.

Those that believe house prices have always averaged 3 x salary, haven't looked back far enough.... ;)

Share this post


Link to post
Share on other sites
Those that believe house prices have always averaged 3 x salary, haven't looked back far enough.... ;)

Those that believe they've stabilised at over 6 x salary have their eyes closed ;)

Share this post


Link to post
Share on other sites
If you can get me three fresh mammoth carcases, I'll give you one of my houses!!!!!! :lol:

One mammoth and a woolly rhino. Best offer*. Take it or leave it

*subject to a successful hunt – there’s not may around these days

Share this post


Link to post
Share on other sites
If you can get me three fresh mammoth carcases, I'll give you one of my houses!!!!!! :lol:

Breaking news:

Mortgage lending levels falling. Desperate buyers find new (and more fruitful) ways of funding their purchase.

Share this post


Link to post
Share on other sites

I'd agree with the OP, except for this part (in bold):

"The baby boomers bought all the houses, then bought a few more to fund their pensions, and pulled up the ladder behind them. Only the exclusive Bank of Mum and Dad is willing to fund the gap between the property owners and renters. The nation is polarising into those with housing equity in their families, and those without."

I was at a dinner party the other night. All boomers, and not one had bought a house for a pension. Nearly all had quite respectable company pensions, the others (me included) had paid into private pensions.

The conversation turned to house prices. There was palpable anger at how house prices had been allowed to get out of control - it benefited no-one in the room, as they all had adult children who were now priced out, not just of the local area, but out of housing completely. The conversation drifted around how to resist becoming the "bank of Mum and dad", to prevent the offspring making what we all could see would be an appalling financial mistake.

The conclusion was that house prices had been fed by easy credit and lax regulation; and that it was daily becoming more difficult to hold off supporting one's children.

Share this post


Link to post
Share on other sites
A stinging side swipe at the baby boomers, as they are replaced by younger journalists expect this stinging rebuke to turn to outright scorn (if the press owners let them).

http://www.timesonline.co.uk/tol/comment/c...icle6524134.ece

The new home owners club is highly exclusive

Even with the housing market stirring, the young are excluded. Maybe they should turn to Trollope and marry for money

Antonia Senior

In postwar Britain the happy-ever-after of all love affairs has involved housing. Youngsters fall in love, buy a flat, have babies, buy a house with a garden and a fence and a herbaceous border. But no longer. Choose love, or choose the house - only a lucky few will manage both. The changing face of the property market, and the lingering allure of ownership, will make mercenaries out of a disenfranchised generation of renters.

We are hurtling back towards an era of inherited wealth, of familial obligations and marriages made with an eye on incomes and equity stakes. The literary role models of younger generations will no longer be Jane Austen's genteel misses, embarrassed by maternal grasping. Trampling on the Bennet girls will be Trollope's Arabella Trefoil, with her relentless stalking of the titled and propertied Lord Rufford. Felix Carbury's ruthless, if useless, pursuit of the heiress Marie Melmotte will set the standard for the boys. Otherwise today's youth must kiss farewell to dreams of home ownership, and limply surrender their monthly wages to their landlords.

The baby boomers bought all the houses, then bought a few more to fund their pensions, and pulled up the ladder behind them. Only the exclusive Bank of Mum and Dad is willing to fund the gap between the property owners and renters. The nation is polarising into those with housing equity in their families, and those without.

The current mini-revival in the property market lays bare this divide. It is clear that the market is moving again. But cash is king. Between January and April this year the number of cash buyers rose 92 per cent. Mortgages deals are being struck, but only to those with a deposit of 25 per cent or more. Despite the price falls, only the already-propertied are buying in this market, out bargain hunting with bulging wallets.

It's a bit much to argue for era-level changes in patterns of economic behaviour based on house prices going up a bit during a crash. Classic cheap journalism.

Share this post


Link to post
Share on other sites

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • The Prime Minister stated that there were three Brexit options available to the UK:   288 members have voted

    1. 1. Which of the Prime Minister's options would you choose?


      • Leave with the negotiated deal
      • Remain
      • Leave with no deal

    Please sign in or register to vote in this poll. View topic


×

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.