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Imminent_plunge

How The Young Are Reacting To Hpi

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Reminds me of when I was a single 20 something except we didn't do the weekend splurging.

That'll explain the swinging sixties and the summer of love, the rise of consumerism and the teenager, and the emancipation of sex via the pill

Never happened

Glad you cleared that one up

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Caught up with my 22 year old daughter and she tells me of a growing band of young, single 20 somethings earning between 20-25k. They've given up the idea of ever buying a house. They rent the cheapest places available, even share rooms, eat Pot Noodle and baked beans during the week and then splurge at the weekends - the finest restaurants, hotels, designer clothes, festivals. Who can blame them?

I have slightly older friends that left Uni in the mid 90s and then, even if your pay was modest, you could buy a 1 bed flat if that was your thing. I know loads of people just 3 to 5 years older than me that did that.. A girl I knew was a retail assistant, had saved a little, and bought a flat for £42k in 1999 in an area close to London where they've now be £170k. I'm no longer in touch with her but, assuming she's still single and still living there, she'd be paying an almost negligible mortgage probably 1/3 of what some 20-something pays to rent a room in a shared house.

Now, shared house party living is kinda fun when you're in the early stage of your working life - feels like a sort of continuation of the Uni experience. But it's when there's no real avenue to leave it it's depressing.

The chalk-and-cheese experience of 20 somethings now compared to 15 years ago is so vast I'm surprised there hasn't been a revolution. In fact, the people most likely to be shafted by any manufactured mini boom from Home Buy and other schemes are supportive of them! One 37 year old teacher I know thinks the government have finally done something to help her.

Edited by CrashedOutAndBurned

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I'd say to these "growing band" live within your means. Don't live like you're on 75k when you're on 25k.

This is now new, there have always been people who don't have financial sense. Unfortunately with the growing globalisation it makes it worse than I remembered. There are too many objects if desire than one could afford.

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That'll explain the swinging sixties and the summer of love, the rise of consumerism and the teenager, and the emancipation of sex via the pill

Never happened

Glad you cleared that one up

All you describe happened but it was relative compared to what had gone before, small scale compared to recent years and was paid for with real money. Consumerism in it's current form only really started with the widespread use of credit and store cards in the 1980's. Btw the 'summer of love' had little to do with materialism/consumerism and i'm not sure how emancipation of sex fits into a discussion about attitudes to spending.

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This is a generational change. It will have quite a big impact in 10-20 years.

They are not hardwired to want to own a property like kids in 70s/80s were.

They are about to inherit a large basket of problems as previous generations have taken a mortgage out on their behalf and left them with no assets in return.

As soon as this gen gain power - they are going to raid those previous generations without any remorse:

- land and asset taxes

- CGT increases

- pension and pension allowance decreases

- removal of health care ("well you did it to our education")

- increase in pension age

- nationalisation of private pension funds

At the same time, they're not going to want to buy that property you've spent your life making sacrifices to pay for - at least not for the price you were expecting.

It's not just an age thing. The leaders of all three political parties come from incredibly elite backgrounds. They' simply don't represent the people they govern. We need people with real life experiences :

- the rental market the precarious lives of tenants. Letting agent sharks and indifferent landlords. Being forced to move around and delaying having children as a result;

- the jobs market and the energy zapping demoralisation of unemployment, having to deal with the private unemployment factories coining in government money for doing drecisely nothing to help jobseekers. The joy and flexibility of zero hours contracts and how 'free' it feels when you don't make enough to meet your monthly outgoings (most of which go to the landlord).

I could go on but you get the gist. What we're seeing from the electorate now is disengagement and apathy.

BTW, I was trying to organise a post graduation holiday with my daughter next year. I suggested September but she wants to make it earlier as 'it's highly unlikely I'll still be living in this country by then.'

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I have slightly older friends that left Uni in the mid 90s and then, even if your pay was modest, you could buy a 1 bed flat if that was your thing. I know loads of people just 3 to 5 years older than me that did that.. A girl I knew was a retail assistant, had saved a little, and bought a flat for £42k in 1999 in an area close to London where they've now be £170k. I'm no longer in touch with her but, assuming she's still single and still living there, she'd be paying an almost negligible mortgage probably 1/3 of what some 20-something pays to rent a room in a shared house.

Now, shared house party living is kinda fun when you're in the early stage of your working life - feels like a sort of continuation of the Uni experience. But it's when there's no real avenue to leave it it's depressing.

The chalk-and-cheese experience of 20 somethings now compared to 15 years ago is so vast I'm surprised there hasn't been a revolution. In fact, the people most likely to be shafted by any manufactured mini boom from Home Buy and other schemes are supportive of them! One 37 year old teacher I know thinks the government have finally done something to help her.

That's the 1975 birth year divide again

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I have slightly older friends that left Uni in the mid 90s and then, even if your pay was modest, you could buy a 1 bed flat if that was your thing. I know loads of people just 3 to 5 years older than me that did that.. A girl I knew was a retail assistant, had saved a little, and bought a flat for £42k in 1999 in an area close to London where they've now be £170k. I'm no longer in touch with her but, assuming she's still single and still living there, she'd be paying an almost negligible mortgage probably 1/3 of what some 20-something pays to rent a room in a shared house.

Now, shared house party living is kinda fun when you're in the early stage of your working life - feels like a sort of continuation of the Uni experience. But it's when there's no real avenue to leave it it's depressing.

The chalk-and-cheese experience of 20 somethings now compared to 15 years ago is so vast I'm surprised there hasn't been a revolution. In fact, the people most likely to be shafted by any manufactured mini boom from Home Buy and other schemes are supportive of them! One 37 year old teacher I know thinks the government have finally done something to help her.

Maths teacher is she?

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I'd say to these "growing band" live within your means. Don't live like you're on 75k when you're on 25k.

This is now new, there have always been people who don't have financial sense. Unfortunately with the growing globalisation it makes it worse than I remembered. There are too many objects if desire than one could afford.

I would argue that the ability to do that has now gone for the majority? The average young gun now just gets a mini on tick and tries to look like the boys/girls in the magazines while the Masters try to figure out ways to keep milking them :lol:

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. Btw the 'summer of love' had little to do with materialism/consumerism and i'm not sure how emancipation of sex fits into a discussion about attitudes to spending.

It involved no more than a rented caravan in Bournemouth and a £30 Mk1 Cortina as far as I was concerned. :lol:

There was some branded/ consumerism based around 50/60's youth cults from teddy boys to skinheads but it was all bought and paid for out wages. You saved to get your Stapress trousers and Ben Shermans.

..and the whole 60's Carnaby Street thing of course.

Edited by aSecureTenant

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  • 399 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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