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If You're Under 30, Bad Luck. You're Screwed (Very Good Dt Article)

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http://www.telegraph.co.uk/men/thinking-man/11231796/If-youre-under-30-bad-luck.-Youre-screwed.html

We’re all becoming depressingly familiar with the results of these policies. The single worst (and most easily grasped) problem is housing. Our housing market has become an in-and-out club. If you’re over 50, in addition to your primary residence, you may well own a couple of buy-to-lets which will augment your already well-upholstered pension. If you’re under 30, you’re screwed.

If you’re under 30 in London, you’re super-screwed. You’ll be in your 40s before you’ve saved enough to buy a dump in Catford. And even then it’s likely that you’ll be outbid by a buy-to-let investor or, increasingly and tragically, refused a mortgage because you’re too old.

A long list of policies across three very different governments has got us here. The “one off” sale of council houses to make us all Tories in the 1980s - over two million homes that went cheap, often criminally cheap. The bottom three rungs cut off the ladder, the proceeds pocketed and the houses never replaced. Even so, property was still cheap back then – and if the housing market was anything like a free market, we might still be alright.

However, for all their devotion to the free market, our leaders have shown no interest in allowing the housing market to function this way. Rather, each year, we build a tiny fraction of what is needed ensuring prices march endlessly upwards. We have no coherent national housing plan. Our planning system is a mess. We have artificially low interest rates. We sell homes off-plan to foreign investors and don’t build enough to house the immigrants who are vital to our economy. The result is an cruelly dysfunctional market – and one which works brilliantly for your parents.

In tandem with this, over the last few years we’ve done a great job of increasing the wage gap between age groups. Guess who low wages hurt? Not people in their 50s and 60s. In fact, they actually help older people as they as more likely to be investors and employers. So, there’s no house for you, but the people who vote can afford a cleaner for their holiday home.

Housing is the most pressing problem

Edited by Corruption

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There's never been a worse time to be young and British, thanks to the selfishness of the baby boomers and the political indifference of today's twenty-somethings

and the politicians get off scot free of blame. Even though at the general election people voted for completely different more real austere policies from the Conservatives than the UK now has.

Just saying.

Edited by billybong

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A picture of a couple of ''laughing all the way to the bank'' boomers just to add to the entertainment for Telegraph readers.

Edited by crashmonitor

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In a nutshell, they’ve shafted you financially.

Looking at his photograph and his evident age shouldn't Mr Alex Proud the writer of the article be saying "In a nutshell, WE’ve shafted you financially.

Edited by billybong

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Looking at his photograph and his evident age shouldn't Mr Alex Proud the writer of the article be saying "In a nutshell, WE’ve shafted you financially.

Alex is only 45....guess that's what living in a bedsit in Catford does to you.

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I made the mistake of reading the comments.

Yes down t'pit once they were out of nappies, walking to work 20 mile uphill both ways.

We saved and didnt spend all our money on ipods ..(though they do now)

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Yes down t'pit once they were out of nappies, walking to work 20 mile uphill both ways.

We saved and didnt spend all our money on ipods ..(though they do now)

They come out with so many boomer cliches, part of me believes many of those comments to come from government/establishment shills. :unsure:

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I agree, today's youngsters are so hard-done-by. Think of all the things they have to pay for these days that simply weren't around when we were younger. I would never have been able to save up for the deposit on my house if I'd been forced to pay for things like a mobile phone plus contract, ipad, broadband, Sky TV, clubbing evenings with fantastically expensive cocktails and so on.

+19

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Alex is only 45....guess that's what living in a bedsit in Catford does to you.

http://

en.wikipedia.org/wiki/Alexander_Proud

Alexander 'Alex' Proud is a British entrepreneur. He was born in Brighton on 14 September 1969 and educated at Tonbridge School and then the University of York, where he studied Politics. In 1998 he founded Proud Gallery, the London photography gallery, which has since grown into the Proud Group with two more galleries, a nightclub and three cabaret venues

He is indeed 45 so not representative of the youngsters in his article. As for living in a bedsit in Catford - unlikely (but not impossible of course). More likely deep into property and defending the other property VI's and politicians.

Of course he could be a tax credit entrepreneur, politician, journalist, gallery, cabaret and nightclub owner .

Edited by billybong

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I'm a boomer.

I had cheap housing, cheap utilities, cheap transport, and all manner of other things that now cost this generation a fortune.

No ipad mind, although I did spend thousands on vinyl. Which is now worth hundreds of thousands probably. Not sure my iTunes library will do that.

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Of course the Rochester and Strood by-election is next Thusday so hopefully young people will take notice of him and vote - for whoever they think is best.

Hopefully they'll bear in mind the track records of the last few decades.

Edited by billybong

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Yes down t'pit once they were out of nappies, walking to work 20 mile uphill both ways.

We saved and didnt spend all our money on ipods ..(though they do now)

Yes because a couple of hundred will make all the difference in saving a 10% deposit for a £250k-£500k London house.

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Why is the cut of under 30 ? .....

Indeed. I'm sitting 20 feet at work from a guy that is sub 30 and is doing very nicely thank you. I think the cut off is not age, but have you been handed a massive early inheritance and/or a BTL portfolio.

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The cut off IS BTL

I'm friends with a guy who bought a BTL aged 18 in 2002. He saved enough for a deposit, and now the thing is nearly paid off.

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I'm friends with a guy who bought a BTL aged 18 in 2002. He saved enough for a deposit, and now the thing is nearly paid off.

BTL is interest only. You need to practice raising an eyebrow when he comes out with things like that.

Yes, good article.

Edited by cybernoid

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BTL is interest only. You need to practice raising an eyebrow when he comes out with things like that.

Yes, good article.

I don't know the details, but I'm 99% sure it was a standard repayment mortgage of some description. He's had good tenants for years so I don't doubt it's worked out quite well for him. (Standard caveats apply)

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I agree, today's youngsters are so hard-done-by. Think of all the things they have to pay for these days that simply weren't around when we were younger. I would never have been able to save up for the deposit on my house if I'd been forced to pay for things like a mobile phone plus contract, ipad, broadband, Sky TV, clubbing evenings with fantastically expensive cocktails and so on.

+19

Where do they dream some of these expenses up from btw? "Fantastically expensive cocktails" who the hell is buying them and where? I don't know anyone who purchases "expensive" cocktails on a night out; the majority of people are buying the same bloody booze that the thicko boomers bought back in the 60s- lager and wine!

Also, broadband- costs hardly anything.

Edited by btl_hater

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Young people are screwed for one very good reason. Today 15% less of what the UK earns every year is available than was available to young people 40 years ago. 15% of gdp that should be going into wages,pensions,healthcare and public services is instead feeding the richest 1% and their overseas tax free bank accounts. Do the math,15% of UK gap is £200billion.

Of course government and their 1% controlled media mouthpieces will use scapegoats such as the boomers to blame for the situation of young people but it was government not boomers who deliberately made house prices unaffordable in order to artificially fill the gap in national earnings available to the masses after they had given an increasing share of what the country produces away to their sponsors. If you cannot see this you are sentencing yourself to more of the same.

Edited by campervanman

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