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Mary Ann Sieghart: House Prices Are Finally Falling. Good

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The journos are really getting on the sanity bandwaggon, maybe one day in ten years time they will realise he true extent of the econmic danage done by aa housing market that has not only priced out entrants to it, but priced out the furutre job prospect so of the young as well by wiping out most of the prductive industrial base.

http://www.independent.co.uk/opinion/commentators/mary-ann-sieghart/mary-ann-sieghart-house-prices-are-finally-falling-good-2053554.html

Mary Ann Sieghart: House prices are finally falling. Good

What the housing boom has done is redistribute wealth to the middle-aged and old from the young. People of my age are waking up from this baby-boomer selfishness

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What the housing boom has done is redistribute wealth to the middle-aged and old from the young. People of my age are waking up from this baby-boomer selfishness

Take a look at the Savills forecast for house prices, and you'll see thunderclouds with rain for this year and next, followed by sunny intervals in 2012 and then bright blue skies. It's a neat visual shorthand, and it's easy to see why an estate agent would want house prices to rise. But, for many of the rest of us, shouldn't it be the other way round?

I – like much of my generation – have spent most of my life cheering rising house prices. Each time a newspaper reported another breathtaking leap in the value of my home, I would calculate how much money I had "made" simply by contemplating the sitting-room wall. In many years, it was more than my salary. But unless I planned to sell up and live in a tent for the rest of my life, it wasn't real profit.

When I first got on the housing ladder, way back in 1982, I bought, with my brother, a four-bedroomed house on the then rather grotty Islington/Stoke Newington border. We filled it with friends, and their rent helped to pay our mortgages. Nearly 10 years later, when we sold it, it was worth three to four times what we paid for it, but that was still only enough to buy a similar four-bedroomed house on the Islington/Stoke Newington border. In other words, I was relatively no better off.

But first-time buyers were much worse off. Instead of the £72,000 that my brother and I had to raise and borrow to buy a house, they had to find £250,000. Today, there's a house for sale in the same street for a staggering £1.65m.

Full article here:

http://www.independent.co.uk/opinion/commentators/mary-ann-sieghart/mary-ann-sieghart-house-prices-are-finally-falling-good-2053554.html

Excellent article - you could imagine one of us had written it.

Edited by The Masked Tulip

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Excellent article - you could imagine one of us had written it.

Nice article. Interesting dates in there too.

1982 was a bit of a turningpoint - and that £72k contrasts to an average wage in the £6k ballpark at the time - she was clearly a b***** rich FTB!

My first job in 1983 left me unable to afford to buy even a piddling one-bed flat. My team leader in that job had graduated just two years earlier, bought himself a flat in Willesden for something under £20k, and was sitting back to enjoy HPI. A critical difference.

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Nice article. Interesting dates in there too.

1982 was a bit of a turningpoint - and that £72k contrasts to an average wage in the £6k ballpark at the time - she was clearly a b***** rich FTB!

My first job in 1983 left me unable to afford to buy even a piddling one-bed flat. My team leader in that job had graduated just two years earlier, bought himself a flat in Willesden for something under £20k, and was sitting back to enjoy HPI. A critical difference.

Yes but that was 12 times average salary, it is now 66 times, put things into perspective!

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What the housing boom has done is redistribute wealth to the middle-aged and old from the young. People of my age are waking up from this baby-boomer selfishness

There it is in black and white. British people eat their own young so they can cling onto money they never earned forcing their offspring into a life of serfdom. We should be ashamed of ourselves...

Edited by MrFlibble

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Nice article. Interesting dates in there too.

1982 was a bit of a turningpoint - and that £72k contrasts to an average wage in the £6k ballpark at the time - she was clearly a b***** rich FTB!

My first job in 1983 left me unable to afford to buy even a piddling one-bed flat. My team leader in that job had graduated just two years earlier, bought himself a flat in Willesden for something under £20k, and was sitting back to enjoy HPI. A critical difference.

In 1982 I had what I would describe as an average job - I was earning about 12k.

I was working in London at the time and I had just given up contracting to take a permanent position. Which (I guess) is why I noticed and remember the boards outside the recruitment offices up there. Office temps were being offered £5 an hour and I remember thinking there wasn't much of a differential between what they were getting and what I was getting (before I went permanent).

Which is a point I have been making on this board for some years now - wage inflation for those in semi-skilled jobs (like office admin, driving etc.) have hardly gone up in what is now approaching 30 years. I remember the adverts on the backs of buses in the early 80s - become a bus driver and earn £240 a week.

I saw an advert not long ago on the back of a bus in Reading - wages were £320 as far as I can remember.

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The journos are really getting on the sanity bandwaggon, maybe one day in ten years time they will realise he true extent of the econmic danage done by aa housing market that has not only priced out entrants to it, but priced out the furutre job prospect so of the young as well by wiping out most of the prductive industrial base.

http://www.independent.co.uk/opinion/commentators/mary-ann-sieghart/mary-ann-sieghart-house-prices-are-finally-falling-good-2053554.html

Mary Ann Sieghart: House prices are finally falling. Good

What the housing boom has done is redistribute wealth to the middle-aged and old from the young. People of my age are waking up from this baby-boomer selfishness

Wow. Ex yuppie discovers that more is less and joins boomer bashers. Blaming the beneficiaries of the policies of Politicians and financiers over the past 30 years will change nothing. Sure boomers have benefitted from reckless lending policies but blaming them for the problem will do nothing to stop it happening again. The journo, like other boomer bashers is falling into the trap that they have set you.

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Love how she pointed out that articles are edited by the middle-aged who have a vested interest. Could the younger generations now be coming into more powerful roles, able to point out the ills we've faced without the restriction of the boomers?

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I'm just hoping that with the recent spate of positive articles in the MSM extolling the merits of lower house prices we're begining to see a cultural shift where the average view on here generally becomes the view of the average person on the street.

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It's a pity that the 40 something journalists couldn't have championed lower housing costs as a national good thing without the whiff of vested interest that's colouring their "opinion" pieces. It's only now that Olivia and Harry are leaving Nottingham and Bristol with a £25k debt and nowhere to live and are suddenly asking Mary-Ann and her ilk, not for a 5 grand loan, but a 40 grand loan just for the deposit on a scrotty flat that they are waking up to the problem. Better late than never I suppose.

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Excellent article - you could imagine one of us had written it.

This sort of news (cheering HPC) seem to be global now. ..maybe it is a sign that the demographic changeover is happening.

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Excellent article - you could imagine one of us had written it.

Thanks for this. A really thoughtful statement that seems genuine and a voice that address the forgotten generation.

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This sort of news (cheering HPC) seem to be global now. ..maybe it is a sign that the demographic changeover is happening.

Maybe it's also society at large finally making a start on the road to recovery from the HPI government?

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On BBC Fivelive this morning they were talking about stories in today's papers and someone read out a headline about house prices falling... and someone chipped in that it was a good thing that house prices were falling....

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On BBC Fivelive this morning they were talking about stories in today's papers and someone read out a headline about house prices falling... and someone chipped in that it was a good thing that house prices were falling....

BBC 5 Live is increasingly becoming the bear station of choice. :lol:

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Excellent article - you could imagine one of us had written it.

How on earth could anyone afford 72K back in 82? I was on around 5Kpa back then (with intermittant unemployment) along with just about everyone I knew at the time (all aged early to mid 20's) bum jobs at the time were paying 40-50 per week. The thought of even a 20K mortgage was beyond comprehension. Max loan myself and GF at the time would have been able to conjure would have been around 15K max, however they would also have expected you to have saved a considerable deposit with the same BSoc/Bank over a couple of years. 72K sounds cheap now but most certainly was the preserve of the upper middle class spoilt brats back then. This was the Rosie Millard set, not real people. Yes it was easier than today but not easy, now you may as well say it is impossible until things change (and they will)

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What the housing boom has done is redistribute wealth to the rich Asians from the poor Westerners (via the banksters). People of my age still haven't a f*cking clue what's going on in the name of globalisation.

Corrected for hard of thinking journo who's just realised something is going on but can't quite get her pretty little head around it.

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  • 150 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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