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B B C - News Reel On The Baby Boomers And House Prices

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I was fortunate enough to catch this 10 minute peice on BBC News just after 9.00am this morning. I never thought I'd see a report like this from the BBC, it could have been written by any one of us over here on HPC.

I can't find it on the BBC website just yet, but the jist of it was that the baby boomers have coined it in over the past 40 years with average house prices going from £2,000 to £162,000. A rise of 273% when calculated in real terms. Basically, said that house prices should be around £40,000.

Had some old chap who's trying to downsize by flogging his 3 bedroomed house but it has been on the market for over a year with no buyers. Annoyingly, not once did the reporter put it to him that the price he's trying to get might be a bit too high. That really annoyed me.

Then they wheeled on Henry Pryor (housing expert) to discuss house prices and baby boomers further.

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I wonder how many have mew'd to excess with the plan being to sell and downsize?

Great plan if house prices only go up, not a clever plan if property values collapse and you can't sell to cover your debts.

Timing in life is everything.

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I was fortunate enough to catch this 10 minute peice on BBC News just after 9.00am this morning. I never thought I'd see a report like this from the BBC, it could have been written by any one of us over here on HPC.

I can't find it on the BBC website just yet, but the jist of it was that the baby boomers have coined it in over the past 40 years with average house prices going from £2,000 to £162,000. A rise of 273% when calculated in real terms. Basically, said that house prices should be around £40,000.

Had some old chap who's trying to downsize by flogging his 3 bedroomed house but it has been on the market for over a year with no buyers. Annoyingly, not once did the reporter put it to him that the price he's trying to get might be a bit too high. That really annoyed me.

Then they wheeled on Henry Pryor (housing expert) to discuss house prices and baby boomers further.

And did you see yesterday on the beeb the article about the bint from swansea who was trying to sell her flat. Its been on the market for 6 weeks, and not 1 viewing. The reporter suggested that maybe she should reduce the price,but she said that the price reflected what SHE FELT IS WAS WORTH.

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I saw todays bit, it was on at 0910 for about 9-10 minutes

I was seriously shocked to see the BBC even mentioning this, but as usual they put their positive spin on it, mentioning all the rises etc, but never mentioning the social problems high prices have caused, they never questioned why high house prices are percieved as being good and never once told the old chap that maybe his rundown house was on the market for too much money!

Good attempt, they're getting there slowly but core issues are still avoided. 5/10.

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I was fortunate enough to catch this 10 minute peice on BBC News just after 9.00am this morning. I never thought I'd see a report like this from the BBC, it could have been written by any one of us over here on HPC.

I can't find it on the BBC website just yet, but the jist of it was that the baby boomers have coined it in over the past 40 years with average house prices going from £2,000 to £162,000. A rise of 273% when calculated in real terms. Basically, said that house prices should be around £40,000.

Had some old chap who's trying to downsize by flogging his 3 bedroomed house but it has been on the market for over a year with no buyers. Annoyingly, not once did the reporter put it to him that the price he's trying to get might be a bit too high. That really annoyed me.

Then they wheeled on Henry Pryor (housing expert) to discuss house prices and baby boomers further.

Strangely I did my anual chocolate bar inflation index recently (ie calculating how many times a bar of chocalate retailing at 6d in 1970 has risen in price over the years).

The current price is round 50p which is a twenty fold price increase that translated into true inflation adjusted hosue prices rather than HPI mania figures would give you that £40000 figure.

However, I am not sure that boomers have coined in the money as you suppose as many of them are sitting on sizeable mortgages and other debts as the recent figures for over 60 insolvencies suggests.

Demographics and changes in the rates of household formation did underpin the HP boom but easy credit since the mid 1980s has been the main factor.

Now the cheap money has gone the market really depends on hope and fresh air.

Edited by realcrookswearsuits

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I saw todays bit, it was on at 0910 for about 9-10 minutes

I was seriously shocked to see the BBC even mentioning this, but as usual they put their positive spin on it, mentioning all the rises etc, but never mentioning the social problems high prices have caused, they never questioned why high house prices are percieved as being good and never once told the old chap that maybe his rundown house was on the market for too much money!

Good attempt, they're getting there slowly but core issues are still avoided. 5/10.

Glad you mentioned this, I tried to post it last night (I know how to celebrate new year's eve) but hasn't appeared yet:

BBC lunchtime news:

Sean (to Cardiff estate agent (the one you mention): what's the problem?

Cardiff estate agent: vendors need to set a realistic price.

BBC evening news - same scenario, but has been re-shot:

Sean to Cardiff estate agent: what's the problem?

Cardiff estate agent (now with unnatural Gordon Brown style leer): the banks are not lending enough money to buyers.

I kid you not. The words are approximate but the meaning is exact. What's going on here?

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And did you see yesterday on the beeb the article about the bint from swansea who was trying to sell her flat. Its been on the market for 6 weeks, and not 1 viewing. The reporter suggested that maybe she should reduce the price,but she said that the price reflected what SHE FELT IS WAS WORTH.

Was wondering if anyone else caught either of these. Yes also picked up on the bint (think it was Cardiff actually) saying the flat was was she felt it was worth. Loved how the presenter kept emphasising how she's not even had any viewings though! And was it just me or did the EA look p1ssed off and kept emphasising how many flats were on the market and how the market was 'price sensitive' ie for gods sake drop the price biatch!

Also, noticed on the report today that the beeb managed to find the least self-satisfied boomer I've ever come across with a relatively modestly priced house, oh and naturally he had a disability, with the subtext being - 'look you're depriving this poor man of the retirement he deserves with your reluctance to burden yourself with a massive debt - you swines!'....

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Strangely I did my anual chocolate bar inflation index recently (ie calculating how many times a bar of chocalate retailing at 6d in 1970 has risen in price over the years).

The current price is round 50p which is a twenty fold price increase that translated into true inflation adjusted hosue prices rather than HPI mania figures would give you that £40000 figure.

Try 65p more like (price for a Wispa in Blockbuster last night !!)

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Strangely I did my anual chocolate bar inflation index recently (ie calculating how many times a bar of chocalate retailing at 6d in 1970 has risen in price over the years).

The current price is round 50p which is a twenty fold price increase that translated into true inflation adjusted hosue prices rather than HPI mania figures would give you that £40000 figure.

How many people today would accept a 1970 house? Here on HPC it seems most people expect to keep it heated in winter, for instance - you'd need substantial modernisation on a 1970 house to keep it at 15o.

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Yes also picked up on the bint (think it was Cardiff actually) saying the flat was was she felt it was worth. Loved how the presenter kept emphasising how she's not even had any viewings though! And was it just me or did the EA look p1ssed off and kept emphasising how many flats were on the market and how the market was 'price sensitive' ie for gods sake drop the price biatch!

Found a little bit of what sounds like that broadcast, but doesn't include all of it sadly.

26 seconds in

http://www.bbc.co.uk/news/business-12101505

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Try 65p more like (price for a Wispa in Blockbuster last night !!)

The inflated price charged in BB is not a valid comparison

tim

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Shame I missed it. This is my favourite subject at the moment because I believe we are entering a great generational showdown right now, similar to the 60s. The Baby Boomer society was paid for by selling the family silver and then picking the pockets of future generations. It has now collapsed as a result of its ceaseless demand for unearned wealth. Just as the Boomers rejected the self restraint and conservativism of their own parents, so we need to smash the unsustainable, self-centred indulgence that characterises the Boomer mentality.

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Had some old chap who's trying to downsize by flogging his 3 bedroomed house but it has been on the market for over a year with no buyers. Annoyingly, not once did the reporter put it to him that the price he's trying to get might be a bit too high. That really annoyed me.

There was a similar piece on BBC news last night following the 'good' news about Nationwide positive figs for December.

reporter basically saying that although it was great that prices were rising (yea, right) it was frustrating for vendors who couldn't find buyers (damn those buyers for refusing to shackle themselves to a lifetime of debt slavery so I can offload my shoebox).

Absolutely no mention of maybe lowering the price to meet affordability.

Sigh.

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How many people today would accept a 1970 house? Here on HPC it seems most people expect to keep it heated in winter, for instance - you'd need substantial modernisation on a 1970 house to keep it at 15o.

I'd hate to have a 1970s house anything built after 1950 are mostly ugly and cramped. I'd much prefer something pre 20th century. Something with a bit of character a nice open fire or two, and a bit of history.

Luckily for me most people, especially the young want contemporary new build minimalist monstrosities so the demand for nice olde worlde houses is not as high as you might think. Especially the smaller < 3 terraced/semi types that I'm am after.

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Shame I missed it. This is my favourite subject at the moment because I believe we are entering a great generational showdown right now, similar to the 60s. The Baby Boomer Bankers society was paid for by selling the family silver and then picking the pockets of future generations. It has now collapsed as a result of its ceaseless demand for unearned wealth. Just as the Boomers Bankers rejected the self restraint and conservativism of their own parents, so we need to smash the unsustainable, self-centred indulgence that characterises the Boomer Banker mentality.

Corrected it for you.

You obviously know nothing of my peer group, you're just another shill for the blame game. One guy I talked to this year had lost 80% of his private pension to these Banksters. Not one of my peers wanted high house prices, except the aforementioned; and he was stuck between wanting his children to be able to afford to buy, and knowing he had 2/10ths of eff-all to live on in retirement, unless he could get a decent price for his house.

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Corrected it for you.

You obviously know nothing of my peer group, you're just another shill for the blame game. One guy I talked to this year had lost 80% of his private pension to these Banksters. Not one of my peers wanted high house prices, except the aforementioned; and he was stuck between wanting his children to be able to afford to buy, and knowing he had 2/10ths of eff-all to live on in retirement, unless he could get a decent price for his house.

Funny how your viewpoint changes, when I puzzled over high house prices 15-20 years ago, I thought it was because people had mostly what they needed to live, eg cheap TV's etc etc. And their 'spare' income went into playing around with property (out of boredom and shallow materialism).

Now as I'm in my middle age, I realise, that we have all been impoverished by the banks. Why didnt anyone see this coming and 'regulate' the market........

Seems obvious, could have been stopped, but the way human memory works (selectively!) and the VI's saw to that. Funny how Human beings seem incapable of learning...

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Corrected it for you.

You obviously know nothing of my peer group, you're just another shill for the blame game. One guy I talked to this year had lost 80% of his private pension to these Banksters. Not one of my peers wanted high house prices, except the aforementioned; and he was stuck between wanting his children to be able to afford to buy, and knowing he had 2/10ths of eff-all to live on in retirement, unless he could get a decent price for his house.

I wouldn't expect the boomers ever to take responsibility for their own actions. Why would they when there's always been someone else to pay or someone else to blame?

Not one of my peers wanted high house prices.

Pull the other one. It's still got Christmas bells on it.

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Funny how your viewpoint changes, when I puzzled over high house prices 15-20 years ago, I thought it was because people had mostly what they needed to live, eg cheap TV's etc etc. And their 'spare' income went into playing around with property (out of boredom and shallow materialism).

Now as I'm in my middle age, I realise, that we have all been impoverished by the banks. Why didnt anyone see this coming and 'regulate' the market........

Seems obvious, could have been stopped, but the way human memory works (selectively!) and the VI's saw to that. Funny how Human beings seem incapable of learning...

In harsher regimes the masses are point blank controlled. In libertarian regimes they're manipulated.

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How many people today would accept a 1970 house? Here on HPC it seems most people expect to keep it heated in winter, for instance - you'd need substantial modernisation on a 1970 house to keep it at 15o.

There is a lot to be said the Victorian/Edwardian terrace. Can be cosy despite lack of cavity walls.

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I wouldn't expect the boomers ever to take responsibility for their own actions. Why would they when there's always been someone else to pay or someone else to blame?

Pull the other one. It's still got Christmas bells on it.

Can't help your myopia. I'm afraid. One day you'll recognise that we are all swept along by forces we have no control over. Whenver did we manage to vote for any politician who didn't take the opposite course of action once ensconded in power? The general public, of all ages, had no say in the flow of easy credit, nor were they provided with any reason why they should refuse it. Free money! Come and get it! Lie on your applications, nobody will know (see ERIC PEBBLE).

It wasn't my generation, btw, who were caught, but people buying from 1990 onwards. However, it seems that there's a concerted effort to make us take the blame.

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Can't help your myopia. I'm afraid. One day you'll recognise that we are all swept along by forces we have no control over. Whenver did we manage to vote for any politician who didn't take the opposite course of action once ensconded in power? The general public, of all ages, had no say in the flow of easy credit, nor were they provided with any reason why they should refuse it. Free money! Come and get it! Lie on your applications, nobody will know (see ERIC PEBBLE).

It wasn't my generation, btw, who were caught, but people buying from 1990 onwards. However, it seems that there's a concerted effort to make us take the blame.

Easy credit enabled the transfer of incalculable wealth from the younger generations to the boomers (with the bankers, landowners and middlemen taking a healthy slice along the way). For boomers enjoying decades of rising house prices it really was free money, paid for by the ever-increasing indebtedness of younger entrants to the property market. I don't remember hearing any boomers complaining about it at the time. On the contrary, the politicians and the bankers gave the boomers exactly what they wanted, and now we're having to clean up the mess.

Edited by Orsino

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Easy credit enabled the transfer of incalculable wealth from the younger generations to the boomers (with the bankers, landowners and middlemen taking a healthy slice along the way). For boomers enjoying decades of rising house prices it really was free money, paid for by the ever-increasing indebtedness of younger entrants to the property market. I don't remember hearing any boomers complaining about it at the time. On the contrary, the politicians and the bankers gave the boomers exactly what they wanted, and now we're having to clean up the mess.

Not FREE MONEY, unless by some magic you could sell your home and buy an identical place for a lot less (you lose an awful lot to the legal industry buying/selling houses). I suppose you could borrow against it, but is that FREE MONEY? A lot were hoodwinked into thinking it was, for sure. There's only one mechanism by which it became FREE money, that was if you were lucky enough to inherit. Which rather favoured a particular socio-economic group (those whose parents were houseowners), than a particular generation.

It's the commission men who've caused all this misery, and those "facilitators" ever-ready to get you into more than you can handle with non-stop property porn, and the banks printing money and urging them on. Of course nobody complained, did I hear later generations complain that their electronic toys and trips to Ibiza were getting cheaper?

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The miserable truth is a lot of older people won't be as rich as they think they are, and a lot of younger people

won't get as rich as they imagine! :huh:

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Not FREE MONEY, unless by some magic you could sell your home and buy an identical place for a lot less (you lose an awful lot to the legal industry buying/selling houses). I suppose you could borrow against it, but is that FREE MONEY? A lot were hoodwinked into thinking it was, for sure. There's only one mechanism by which it became FREE money, that was if you were lucky enough to inherit.

The transfer of wealth from the young to the old is via property, both in the form of rents and rip off purchase prices. Today, people younger than 35 typically have no choice other than to rent as it it impossible to buy with such ludricous asking prices. They rent from those who were lucky enough to be born at a time when it was possible to buy at an early stage in their lives. When they're renting they aren't paying off their own property, the money goes to those holding the property, those older. It is money taken from the young and given to the old. It is free money. I don't blame those older from doing it, everyone thinks of themselves first and since eveyone is at it, it seems to be acceptable. The conscience is also helped of course by the vast majority not even understanding what they are doing to the next generations.

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  • 312 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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