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2005

My Dad Knows

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OK I have about my dad's wisdom before (but I cant find the thread now).

He is 72 and basically I had a conversation about him about house prices a couple of weeks ago (the first time ever) and without prompting he told he house prices were insane and he had even thought of STR !!because he know they were going to crash...but decided not to because of his age.

Anyway. I have just had a conversation with him this evening and mentioned that I think the economy may not be too healthy. At which point he says..."oh god it's not..we could be going into recession..all the signs are there"

Now I think my dad is clever..but he isn't educated.. he was "upper skilled" and I suppose we were raised as 'upper working class'

My point is if my dad can see it why can other parents not. There can't be a person over 30/40 years in this country that hasn't seen a HPC and dire times. So when all these young kids are stretching themselves with high mortgages are their parents not warning them or are they encouraging them?

There is a growing body of literature about organisation with/without memory....what about a society with memory? why do people never learn? why do they let their own kids make the same mistakes?

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People learn the best when they make their own mistakes.

You can tell somebody black isn't white until you are blue in the face, but until it smacks em in the face they won't be convinced.

Granted, house purchases are normally the biggest financial step most of us take, but even on this who listens?

I've always tried to learn from my mistakes, but I also try to learn from other's mistakes. Not many people do this, and this is what sets the majority on here apart from the rest of the populace.

NDL

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Guest Charlie The Tramp
He is 72 and basically I had a conversation about him about house prices a couple of weeks ago (the first time ever) and without prompting he told he house prices were insane and he had even thought of STR !!because he know they were going to crash...but decided not to because of his age.

All my friends of our generation 60+ were saying the same as myself a year ago.

Whoops, here we go again. What the hell are these lemmings playing at, there is no free and easy ride, you can only spend what you earn. To spend your next year`s earnings this year is financial suicide. :(

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All my friends of our generation 60+ were saying the same as myself a year ago.

Whoops, here we go again. What the hell are these lemmings playing at, there is no free and easy ride, you can only spend what you earn. To spend your next year`s earnings this year is financial suicide. :(

sadly, there seem to be a lot of parents in their 50s & 60s encouraging, nay, urging, their offspring to buy a house ASAP... indeed, as mentioned on here frequently, many have MEWed to allow this to happen. Some of my colleagues are in this age group, or at least old enough to have experienced the last crash (I work in London for my many sins) and they are similarly blase about the prospects of a crash

I can only assume that, in the case of those that bought in the 60s & 70s, the crashes that happened to them did not manifest in terms of NE (because of the inflationary aspect eroding the debt) therefore they are quite sanguine about such things. And this boom has been so massive that at this moment in time, anyone who was struggling with NE (but survived) in the 90s has seen this reversed and more... so they probably feel quite vindicated by it.

I guess anyone who really got punished in the last crash has either "redeemed" themselves or keeps very quiet about it. The only person I am aware of is my g/f's mother, and she has never owned since selling up in 98 (just before she would have finally moved out of NE - oops!)

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Guest Charlie The Tramp
sadly, there seem to be a lot of parents in their 50s & 60s encouraging, nay, urging, their offspring to buy a house ASAP... indeed, as mentioned on here frequently, many have MEWed to allow this to happen.

Ask these same parents about economic cycles explain to them boom & bust and you will get a blank look.

Ask them about the latest soaps and they will tell you in detail who is s******g who.

Luck has shone on them and they don`t know it believing they are financially astute. :)

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Guest growl

My point is if my dad can see it why can other parents not.

A possible reason may be inheritance. In other words your freinds parents who are in their 60's or seventies may have inherited their property. Also years ago most people did not own their homes untill they were middle aged. Owning property in your twenties or early thirties is a modern phenomenon.

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id take what he says with a pinch of salt.

after all, his WAS the generation that thought we would be all travelling along air skyways to glass domed metro citys and jet packs and the like. they thought we would have lazer guns and be living in space stations and that future households would be staffed by robots.

best just let him have his say, then pick a nice photo album for him to look at.

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years ago most people did not own their homes untill they were middle aged. Owning property in your twenties or early thirties is a modern phenomenon.

In fact the opposite is true. Years ago you were much more likely to be a homeowner in your twenties than you are now.

http://www.findaproperty.com/story.aspx?storyid=2942

Research published by the Halifax today shows that first-time buyers are growing old waiting to get a foot on the property ladder and fewer manage to make it as far as the first rung...

In line with this declining trend, the average first time buyer is now more likely to be a thirty-something than a twenty something. In 1974 the average age was 29 years, by 2001 it had risen to 34. The most telling trend has been the reduction in homebuyers in the under 25 age group, which has fallen from 32% in 1988 to 11% in 2001.

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id take what he says with a pinch of salt.

after all, his WAS the generation that thought we would be all travelling along air skyways to glass domed metro citys and jet packs and the like. they thought we would have lazer guns and be living in space stations and that future households would be staffed by robots.

You clearly haven't seen an UrbanSplash building or encountered their sales people, have you?

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id take what he says with a pinch of salt.

after all, his WAS the generation that thought we would be all travelling along air skyways to glass domed metro citys and jet packs and the like. they thought we would have lazer guns and be living in space stations and that future households would be staffed by robots.

best just let him have his say, then pick a nice photo album for him to look at.

I'd be the first to put my hands up and say 'we screwed up' and it is the next generation that is paying.

Throughout history, when enough people have felt aggrieved enough, they have done something. Your generation seems to have no bolleaux, no get up and go, no backbone. Maybe bringing you up hunched over your playstations and never letting you out to play was all part of the plan.

I know, let's bring up a generation of wimps and force them into mortgage slavery for the rest of their lives to make sure our houses are worth a packet and we have a comfortable retirement.

I see someone from Alliance and Leicester this morning justifying the way mortgages are now calculated (on AFFORDABILITY :lol::lol: ) - all part of an article saying lending restrictions are being relaxed to allow up to 5 times joint income.

When, oh WHEN, are you lot going to revolt?

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As an oldie of 54 i have lived through two recessions one caused by Labour and the other

Conservatives.

Yes its different this time - the bigger the boom the bigger the bust.

Start of full blown recession Oct 2006.

I hope people can see it.

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When, oh WHEN, are you lot going to revolt?

Perhaps because they look back to the "revolts" of the last century and think "what changed".

I'm thinking of the 60s, the "Hippies", the 70s, the "Punks".

Sure, some things changed but a "better World"?

When some of the symbols of revolution, like rock stars end up rich and with titles you know the "system" is capable of adapting and absorbing much protest.

Look at the current NL lot in power, many were in CND and could now carry out what they once marched for.

I'm not saying whether they should or not, just pointing out the position.

The rich get richer, the poor get poorer.

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  • 301 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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