winkie Posted July 19, 2014 Share Posted July 19, 2014 (edited) .... their economic aspiration in life is to have a basic but stable roof over their heads. The differences I can see between then and now is.....it was almost a forgone conclusion to secure a stable roof over your head if you held down a normal, average local job, there were plenty of them about and they paid for secured housing, be it local authority homes or a by purchasing a property at an affordable price, more often than not more it would be more expensive than renting because of the saved deposit required and the upkeep, greater responsibility was required to see the job continued to maintain the mortgage payments bills, taxes and maintenance costs.......greater personal responsibility in those days, there was no others to 'bail you out'.....anyway home-ownership was not such a huge desire/aspiration because of the extra cost, no increasing ongoing HPI, no BTLs, no re-mortgaging (borrowing the free equity made) to purchase cars, holidays and more property....... What we have today for very many more young people is a greater number of insecure forms of employment, insecure and higher rents and more people fighting for the available housing stock....they fight for it chiefly because they think it will always go up, and they think they will be saved if debt interest rate costs go up, and they think they can walk away if all fails at the end of the day.....the system, personal responsibility and attitudes have drastically changed over the years.....and not for the good for most working people. ...edited to make more sense. Edited July 19, 2014 by winkie Quote Link to comment Share on other sites More sharing options...
SpectrumFX Posted July 19, 2014 Share Posted July 19, 2014 Yes I heard that on the local radio station too although they added that the average age of a uk mother is now 30 making them the oldest in the world! If that doesn't start to tug on the conscience of a few boomers that say " it's always been hard" which is almost all of them, then nothing else will. They`ve not had kids because they've been spending all their time buying ipods . Quote Link to comment Share on other sites More sharing options...
Timak Posted July 19, 2014 Share Posted July 19, 2014 My parents bought their first house (3 bed semi) as newly qualified teacher newly-weds at the age of 23-24. They then moved to a 4 bed detached house when around 30 with 2 young children and my mum not working anymore. Same houses would now cost roughly 6x joint income and 10x.income respectively. And that is with teacher pay having gone up in real terms (real excluding housing!) Quote Link to comment Share on other sites More sharing options...
Venger Posted July 19, 2014 Share Posted July 19, 2014 I would be interested to see a graph that compares home ownership in these age groups by location. Even taking into account relative wage levels, housing has long been a good deal more affordable in some areas than others. Young relatives in Stockport and the Bolton area have been comfortably able to buy houses that our two (in Kingston) could not even think of at the same age, and with the same sort of money coming in. My nephew and his wife, both 40, married soon after uni and bought their first house (in a relatively cheap area up north) and had kids relatively young. They now have a 4 bed house paid off. Though I will admit that neither of our two had any thoughts of either buying or 'settling down' at the same sort of age. Bolton? Let them move to Bolton then? There are some areas of the UK more afforadable than others sensation, then and now. You could have had a house paid off in Bolton, buying in 1996. Wow. Doesn't stop Kingston and so many other areas, as well as even now Bolton, for what it is, being whacky with prices. One in ten pensioners 'is a millionaire'Number of retired millionaires has increased from 636,000 in 2006 to more than a million, official data indicates 18 Jul 2014 One in ten pensionable households can lay claim to a million pounds in assets, official figures indicate. The number of pensioner millionaires has risen sharply since 2006, when 636,000 people had assets of this level, to more than a million today. The figures were sourced by Prudential, which analysed data from the Office for National Statistics. The insurer found that the number of households with assets worth seven figures has leapt by 69pc since 2006. This rise is in part attributed to rising property values. Prices for houses owned by the typical retired couple have climbed by £10,000 since 2006, the data showed. A significant increase in the value of pension pots has also left retirees better off, with private pension assets increasing from £60,000 to £82,300 over the period. more: http://www.telegraph.co.uk/finance/personalfinance/pensions/10976087/One-in-ten-pensioners-is-a-millionaire.html Older winners know what's best, doffs cap. Nah, have a hard hpc instead of your better tenant rights from the landlord VI, house stock takers at higher prices. Time for older owners to be put in a position where they have to think more closely about their housing choices, including perhaps cashing in at lower prices. It's probably a combination of factors: 1. House prices to wages http://www.ons.gov.uk/ons/rel/family-demography/young-adults-living-with-parents/2013/sty-young-adults.html 2. Doubling of university graduates (pushing back the date entering work force) during the same period. 17% in 1992 to 38% in 2012 http://www.ons.gov.uk/ons/dcp171776_337841.pdf 3. Globalisation impact on job security, wages. 4. Mobility. Lower % ownership = increase in job mobility. There's an implicit assumption in the OP that higher rates of ownership are desirable. They may not be. Lower OO may in part reflect social changes towards a desire for increased mobility. e.g. Do 20-30s even want to be shackled to a mortgage when they have more opportunities to travel or work abroad comparared to boomers who might have started work at 16-18, got married early 20s, bought a house in their home town and worked most of the life for a local company. Quote Link to comment Share on other sites More sharing options...
1929crash Posted July 19, 2014 Share Posted July 19, 2014 4) Repeal the Town and Country Planning Act 1947 and all subsequent planing acts I don't want the countryside all built up - leave the EU and halt mass immigration. Quote Link to comment Share on other sites More sharing options...
winkie Posted July 19, 2014 Share Posted July 19, 2014 My parents bought their first house (3 bed semi) as newly qualified teacher newly-weds at the age of 23-24. They then moved to a 4 bed detached house when around 30 with 2 young children and my mum not working anymore. Same houses would now cost roughly 6x joint income and 10x.income respectively. And that is with teacher pay having gone up in real terms (real excluding housing!) .......maybe they don't want the majority of the population owning their own homes outright within 25 years....I wonder why, answers on a postcard. Quote Link to comment Share on other sites More sharing options...
wish I could afford one Posted July 19, 2014 Share Posted July 19, 2014 (edited) ... 1) Kill 2.5 million people. 2) Conjure 2.5 million new fulltime jobs (that won't impact on any other jobs already existing - i.e never going to happen. Even then, rents might just go up to a point where fulltime workers end up needing HB anyway.) 3) Build state housing and admit stopping it was daft and sent the bill for housing people spiralling. They can only pretend 2 is a realistic option for so long. I suspect this batch of Tories would rather implement option 1 than 3 sadly. We're due a good war. Only problem is I don't think the UK can afford it... Edited July 19, 2014 by wish I could afford one Quote Link to comment Share on other sites More sharing options...
19 year mortgage 8itch Posted July 19, 2014 Share Posted July 19, 2014 I would be interested to see a graph that compares home ownership in these age groups by location. Even taking into account relative wage levels, housing has long been a good deal more affordable in some areas than others. Young relatives in Stockport and the Bolton area have been comfortably able to buy houses that our two (in Kingston) could not even think of at the same age, and with the same sort of money coming in. My nephew and his wife, both 40, married soon after uni and bought their first house (in a relatively cheap area up north) and had kids relatively young. They now have a 4 bed house paid off. Though I will admit that neither of our two had any thoughts of either buying or 'settling down' at the same sort of age. And if a young couple left University this year, got married, got the equivalent jobs as your relatives, would they be able to repeat the feat 20 years later? Even up north where it's all whippets and flat caps? Quote Link to comment Share on other sites More sharing options...
Venger Posted July 19, 2014 Share Posted July 19, 2014 My parents bought their first house (3 bed semi) as newly qualified teacher newly-weds at the age of 23-24. They then moved to a 4 bed detached house when around 30 with 2 young children and my mum not working anymore. Same houses would now cost roughly 6x joint income and 10x.income respectively. And that is with teacher pay having gone up in real terms (real excluding housing!) And how are your parents-in-law, doing? There is only one type of BTL investor - those doing it for the money/profit. I'm sorry they only had a few £100Ks hanging around, after their own housing situation all sorted. Doffs cap, hoping for better tenant rights for younger people who don't really want to own in good areas, to help boost their position. There are different types of BTL investors. My parents-in-law would never have bought a BTL flat (indeed they were massively against it) however they had several hundred k sitting in a bank account earning 1%. If they'd shopped around they'd be getting 2% at best in a savings account (maybe slightly more) If they'd bought shares they might have gone up, maybe down and with dividends they'd be making maybe 4%. However in living memory the stock market has lost and recovered 50% of its value. With the flat they bought they get a yield of about 4% (after costs and contingency), price might go up or down (up about £50k so far) in the long term. Put it this way if they could get 4-5% in a savings account - like was common up to 2008 - there is no way they'd own a BTL flat. But as they want an income in retirement BTL is a sensible way of getting a BTL income. Quote Link to comment Share on other sites More sharing options...
notMyName Posted July 19, 2014 Share Posted July 19, 2014 I was born in 77, and leaving school at 16, in 1993, myself and most of the people I knew where just pushed onto YTS schemes, which were supposed to help you find a job, but there seemed to be a shortage of jobs at the time, so years were wasted straight away there. Things have seemed to just suck pretty much since, although I cant blame the government for everything I have just turned 37, and live in social housing. Although I would like to own a home, I am starting to think that renting is just simpler, as long as I can stay in socila housing. I wouldn't want the uncertanty of private renting to be honest, not with 2 kids in school. Quote Link to comment Share on other sites More sharing options...
Snozzle Posted July 19, 2014 Share Posted July 19, 2014 This is another meme in the iPods'n'trainers vein. Maybe some 16/17 year olds think they can be Zuckerberg, Beckham or Cheryl Cole, but when were 16/17 year olds ever sensible? Wind forward to age 24, and after a few years in brutal job and housing markets their economic aspiration in life is to have a basic but stable roof over their heads. If you have been to university, by the age of 24 you will still be very inexperienced in the world of work, and a long way from finding their limits. Quote Link to comment Share on other sites More sharing options...
Guest Posted July 19, 2014 Share Posted July 19, 2014 If younger people are aiming to be superstars it's because the alternative is to be in the gutter. Evening Standard (I think) property section the other day was full of 800k flats. A million pounds is no longer a fortune but instead seems like the bare minimum to be able to have simultaneously a job and a decent roof over your head (availability of jobs and cost of housing being very strongly correlated across the country). If a house cost 100k then maybe kids could aspire to be firemen, mechanics, train drivers, and teachers again. As it is, without inherited property wealth, those normal, average careers buy you nothing but a lifetime of being exploited by buy-to-let 'investors'. The UK has long since given up on stable capitalism - greed is good, remember? Quote Link to comment Share on other sites More sharing options...
Greg Bowman Posted July 20, 2014 Share Posted July 20, 2014 Yes I heard that on the local radio station too although they added that the average age of a uk mother is now 30 making them the oldest in the world! If that doesn't start to tug on the conscience of a few boomers that say " it's always been hard" which is almost all of them, then nothing else will. I think that is properly unrelated to HPC, we had our eldest in 1989 age 27/28 and around that age so did lots of our mates. Almost changed overnight as couples decided to stop marrying and stay partying in the 90's , the whole wife at home thing while she was young was considered almost trailer park trash So this trend wasn't related to house prices intiially it was part of: Less people marrying Women especially following careers and ignoring the fertility curve Single professional couples acting like kidults A country taking pride in being non religious Actually don't think much has changed except I see more youngsters getting married which is healthy Quote Link to comment Share on other sites More sharing options...
steve99 Posted July 20, 2014 Share Posted July 20, 2014 All nicely coincides with the deregulation of the banks etc. part of a long term right wing USA plot that started in the 1950's, Thatcher was the first british pm to carry out the agenda, ie banker freedom, individuals to take out debt rather than real pay rises, kill unions,, open up labour markets (globalisation as it turns out), etc etc Until this plot can be seen and who were the perpetrators then little with change except most people taking the easy option of blaming a generation or some other simple scape goat. Have you noticed that since M.Thatcher got in and set the process going, that nothing much has changed? Tory and labour following same/similar agenda, dito politicians born in the 1920s---right through to todays GenX govt all doing the same sh&t. This is crony capitalism at its finest and doing a good job too, getting the population back in its box as it was pre 1950's socialsim, you know the stuff, education for all, health for all, housing for all. What we now need is a modern version of this otherwise all the money earned by the majority working population will just carry on pooling at the top contributing nothing other than to pushing up house prices, buying out housing stock and owning the stock market etc. Time to start thinking and not just barking at the moon as most seem to do. Quote Link to comment Share on other sites More sharing options...
wish I could afford one Posted July 20, 2014 Share Posted July 20, 2014 (edited) ...A million pounds is no longer a fortune but instead seems like the bare minimum to be able to have simultaneously a job and a decent roof over your head (availability of jobs and cost of housing being very strongly correlated across the country). ... I'm obviously showing my age because I still think of £1M as a fortune that only a few in this world will ever see. Edited July 20, 2014 by wish I could afford one Quote Link to comment Share on other sites More sharing options...
brunobald Posted July 20, 2014 Share Posted July 20, 2014 What the graph doesn't show is 20 years ago most people were buying nice family homes as their first place now the same types of people are making do with much smaller homes or even flats as this is all they can afford. I know within my parents group of friends most of their first homes would be out of reach for them NOW if they were born at the same time as me and obtained the exact same career path as they did 20 or 30 years ago. Quote Link to comment Share on other sites More sharing options...
Dorkins Posted July 20, 2014 Author Share Posted July 20, 2014 What the graph doesn't show is 20 years ago most people were buying nice family homes as their first place now the same types of people are making do with much smaller homes or even flats as this is all they can afford. I know within my parents group of friends most of their first homes would be out of reach for them NOW if they were born at the same time as me and obtained the exact same career path as they did 20 or 30 years ago. It's a 2-fold effect. Younger people are now renting smaller properties than people at an equivalent point on the income spectrum were buying a generation ago. Quote Link to comment Share on other sites More sharing options...
Billy soy Posted July 21, 2014 Share Posted July 21, 2014 I think that is properly unrelated to HPC, we had our eldest in 1989 age 27/28 and around that age so did lots of our mates. Almost changed overnight as couples decided to stop marrying and stay partying in the 90's , the whole wife at home thing while she was young was considered almost trailer park trash So this trend wasn't related to house prices intiially it was part of: Less people marrying Women especially following careers and ignoring the fertility curve Single professional couples acting like kidults A country taking pride in being non religious Actually don't think much has changed except I see more youngsters getting married which is healthy Yes I admit there are other factors involved with the trend of women having children later in life. But the article from which this info is sourced states that housing costs are a factor too. For the most part, the majority of women having kids in the younger half of 20-29 are those that are socially housed or with Bomads subsiding. Quote Link to comment Share on other sites More sharing options...
porca misèria Posted July 21, 2014 Share Posted July 21, 2014 I'm obviously showing my age because I still think of £1M as a fortune that only a few in this world will ever see. I suspect it'll be usual amongst those of working age today. Already the word "billionaire" has replaced "millionaire" to describe the mindbogglingly-rich. For most of the '90s I got paid in the ballpark of £5M per month (pre-tax), and paid about a third of it in rent for a fairly shabby flat. It was disconcerting at first, and even after several years I found the use of £ for such very different currencies mildly amusing. Quote Link to comment Share on other sites More sharing options...
iamnumerate Posted July 21, 2014 Share Posted July 21, 2014 All nicely coincides with the deregulation of the banks etc. part of a long term right wing USA plot that started in the 1950's, Thatcher was the first british pm to carry out the agenda, ie banker freedom, individuals to take out debt rather than real pay rises, kill unions,, open up labour markets (globalisation as it turns out), etc etc Until this plot can be seen and who were the perpetrators then little with change except most people taking the easy option of blaming a generation or some other simple scape goat. Have you noticed that since M.Thatcher got in and set the process going, that nothing much has changed? Tory and labour following same/similar agenda, dito politicians born in the 1920s---right through to todays GenX govt all doing the same sh&t. This is crony capitalism at its finest and doing a good job too, getting the population back in its box as it was pre 1950's socialsim, you know the stuff, education for all, health for all, housing for all. What we now need is a modern version of this otherwise all the money earned by the majority working population will just carry on pooling at the top contributing nothing other than to pushing up house prices, buying out housing stock and owning the stock market etc. Time to start thinking and not just barking at the moon as most seem to do. I thought it was all due to the Lizard men. Or alternatively it could be incompetent Governments letting more people into the country than we are allowed to build homes. Imagine if you need permission to grow or import food? We would be starving within months. Quote Link to comment Share on other sites More sharing options...
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