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Property Boomers

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or to put it another way - 6 out of 7 boomers do not own at least another property :P and I would be interested to know how many of the 1 in 7 are in their fifties (boomers from the blair/brown years credit fest and BTL mania) and how many are in their 60s and 70s.

editted for grammar

Edited by olliegog

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Many will have hit the jackpot after buying decades before the start of Britain’s property boom.

In 1983, the price of the average home was £30,000. Today, the same property has rocketed in value to an average of £163,000, according to research by the Halifax bank.

In a cruel twist, their grown-up children are now facing a tougher battle than any other generation to get onto the property ladder.

With an average salary of around £20,000 for people in their twenties, few can afford to buy at current prices.

Provided you are in the haves camp and not the have-nots camp then it's all good, screw everyone else, including your own children...

Will this housing Ponzi ever end?

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Oh that is *at least* one other property, not just 1. You still think we need to build more houses?

1981-2009. 9% more population, 26% more houses. Yep, definitely a supply-and-demand thing like in Ireland, the US, etc.

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I wonder what the ACTUAL equity position is in these houses, once the market de-froths?

I still have the suspicion that they won't have a pot to p*ss in - scant pensions (with the odd exception), mortgages in 2 properties, cost of running 2 properties (or at least of subsidising tennants in 2nd one), savings piled into...property

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"One in seven couples in their fifties and early sixties owns a second home, official figures revealed yesterday. "

http://www.dailymail.co.uk/news/article-1379060/One-seven-couples-nearing-retirement-second-home.html

Oh that is *at least* one other property, not just 1. You still think we need to build more houses?

I would imagine those 2nd homes are largely in the property hotspots of Spain, Florida, Portugal & Greece :rolleyes:

I just hope they will be able to sell them some day :lol:

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"One in seven couples in their fifties and early sixties owns a second home, official figures revealed yesterday. "

http://www.dailymail.co.uk/news/article-1379060/One-seven-couples-nearing-retirement-second-home.html

Oh that is *at least* one other property, not just 1. You still think we need to build more houses?

Reading the comments section.

What a load of poisonous vitreol and bile.

I feel sorry for the younger generation, being made debt slaves, Britains got talent, etc etc.

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"One in seven couples in their fifties and early sixties owns a second home, official figures revealed yesterday. "

http://www.dailymail...econd-home.html

Oh that is *at least* one other property, not just 1. You still think we need to build more houses?

The report in the mail is rubbish. No one knows the position with ownership of second homes at the moment. That will change once the recent census forms are collated. For the first time they have required information on second homes. Figures on BTL are even more vague I wish they would tax second homes in the UK out of existence personally

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I would imagine those 2nd homes are largely in the property hotspots of Spain, Florida, Portugal & Greece :rolleyes:

I just hope they will be able to sell them some day :lol:

Very broadly speaking second home ownership splits 50:50 between property in the UK and abroad. And love affair with France pre-dated the costas. Some will be as you describe, but not the majority.

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1981-2009. 9% more population, 26% more houses. Yep, definitely a supply-and-demand thing like in Ireland, the US, etc.

What is the source of this information? TIA.

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there are around 1.3million BTL Loans out there...IIRC.

22million families.....one third being boomers....1 in 7 is easy.

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I wonder what the ACTUAL equity position is in these houses, once the market de-froths?

I still have the suspicion that they won't have a pot to p*ss in - scant pensions (with the odd exception), mortgages in 2 properties, cost of running 2 properties (or at least of subsidising tennants in 2nd one), savings piled into...property

When you analyse it the result is a mix but there are more than a few "odd exceptions". The market research survey I have on my screen suggests roughly 10% of the UK have a second home. Not all are in the top 10% of earners, however there is correlation with highly paid professional and managerial occupations, people who are able to save on a regular basis, and no (or low) mortgage.

So on the one hand there is the aspirational BTL brigade. And for many of these your description may apply.

On the other hand a fair number of second home owners own their main UK residence outright, have investments, private pensions, and substantial salaries from secure jobs. They will of course lose on the property, but it seems unlikely many will end up without a pot to p*ss in.

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"One in seven couples in their fifties and early sixties owns a second home, official figures revealed yesterday. "

http://www.dailymail.co.uk/news/article-1379060/One-seven-couples-nearing-retirement-second-home.html

Oh that is *at least* one other property, not just 1. You still think we need to build more houses?

...probably means they have large mortgages exposed to brick.... :rolleyes:

Edited by South Lorne

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Reading the comments section.

What a load of poisonous vitreol and bile.

I feel sorry for the younger generation, being made debt slaves, Britains got talent, etc etc.

+1

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On the other hand a fair number of second home owners own their main UK residence outright, have investments, private pensions, and substantial salaries from secure jobs. They will of course lose on the property, but it seems unlikely many will end up without a pot to p*ss in.

OK so lacking a pot to p*ss in is a bit of an exagerration, but many of the managerial classes, especially, besides property, have no other investments, at all, they did not partake in private pension schemes in many many (majority?) of cases, and since we are talking about poeple in their 50s and 60s, high salaried job security is less common than it was, many private sector managerial non-jobs coming a cropper. This issue was outlined by a PWC report a year or so ago, many in this generation who have had well paid private sector jobs have little net worth besides their house.

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or to put it another way - 6 out of 7 boomers do not own at least another property :P and I would be interested to know how many of the 1 in 7 are in their fifties (boomers from the blair/brown years credit fest and BTL mania) and how many are in their 60s and 70s.

editted for grammar

The biggest property owner I know is 70, he owns 6 outright.

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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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