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Indy: Young People Increasingly Giving Up On Ever Owning Their Own Home

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Article: Young people increasingly giving up on ever owning their own home

<newspeak_translator>

For years the Council for Mortgage Lenders has worked tirelessly to sweet talk each new generation into taking on ever greater levels of debt in exchange for a small, crap 'starter home' in which to endure their lifetime of debt servitude. The CML describe themselves as seekers after truth and the work of their organisation as the pursuit of the answer to what cult members call The Great Question: Is there any end to the willingness of the UK populace to take on debt in exchange for the promise home-ownership?

"We've bloody done it!" announced chief Halifax debt pimp, Craig McKinlay. "This is the price level. This is the generation." McKinlay also announced plans to punish the generation in question, which he described as "worthless renter scum" by increasing buy-to-let lending in response to increased demand from "a bunch of boomer mugs my mate Osborne just tooled up with some deposits."

McKinlay explained that it wasn't just about the price levels, "What swung it, I think, is that we also managed to crush their incomes by transforming the whole economy into an idiotic bet on house prices."

</newspeak_translator>

OK, an actual quote from Mr McKinlay:

Home ownership is never going to be the right choice for everyone but we all have a right to the opportunity to own a property. We can educate people about the mortgages that are available to them, but there is still the underlying issue of needing to build more affordable homes.

We can educate you!

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Same story in the Daily Mail , some good comments but also the usual rubbish about the young today binge drinking and going on Holidays being reason they can't afford a house.

I would ask if there needs to be more house built surely as a stop gap there should be heavy restrictions but on BTL mortgages to stop landlords hoarding FTB type properties

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Halifax again. Last week from the same group research about living near a supermarket increasing house price by x%. Every weak they seem to put out some 'research'.

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"Young people are worried that if they are turned down for a mortgage it will negatively impact their credit rating," said Henry Pryor, an independent buyer. "This is what the banks need to eduate them on."

Yes Henry....in other news Sellers Increasingly Giving Up on Catching the Bubble Express, that train has sailed baby! (unless you can snag an MSE reader that is!)

Edited by dances with sheeple

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From the telegraph link and the chart titled


A wannabe buyer's biggest fears

Not a single biggest fear from that chart that house prices might be too high :lol:

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From the telegraph comments section


Correct - and expect another wave of money to raise prices even further as pensioners cash in their pots and invest them in buy-to-lets instead, starting today, thanks to another Osborne brainwave.

And yet - hilariously - Cameron will still be seen in this election season misting up about how passionately he believes in giving people the means to achieve their dreams of home ownership

The misting up bit is true and is indeed hilarious.

Mind you Milliband and Clegg aren't averse to it either.

Edited by billybong

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LOL, you know what though, the government and establishment should be very afraid.

Its easy to keep everyone compliant when they are crushed with a 25 year debt. It keeps the cattle working hard and not filling there time with political ideas or interesting books. They have to strive to be ambitious to work ever harder to buy ever more "house". no time to discuss alternative ideas.

A big load of student debt is a nice way to keep any youthful exuberance in line, getting them to pay for there own indoctrination is genius on a certain level.

However if young folk feel there is no opportunity, no hope they start having ideas. They stop caring about shyte like contemporary exclusive style and start caring more about their situation. They go on the Internets and start having ideas which are quickly shared with other young folk. Faced with working there lives in truly awful non jobs they give up and get angry and the bottom comes away from a pyramid of old people who still vote and who think someone is gonna give them 300k for there house.

I am hearing interesting things from them and its way beyond buying a stupid house. It gives me so much hope.

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LOL, you know what though, the government and establishment should be very afraid.

Its easy to keep everyone compliant when they are crushed with a 25 year debt. It keeps the cattle working hard and not filling there time with political ideas or interesting books. They have to strive to be ambitious to work ever harder to buy ever more "house". no time to discuss alternative ideas.

A big load of student debt is a nice way to keep any youthful exuberance in line, getting them to pay for there own indoctrination is genius on a certain level.

However if young folk feel there is no opportunity, no hope they start having ideas. They stop caring about shyte like contemporary exclusive style and start caring more about their situation. They go on the Internets and start having ideas which are quickly shared with other young folk. Faced with working there lives in truly awful non jobs they give up and get angry and the bottom comes away from a pyramid of old people who still vote and who think someone is gonna give them 300k for there house.

I am hearing interesting things from them and its way beyond buying a stupid house. It gives me so much hope.

Historically most revolutionary movements originate from a disenchanted middle class rather than from the bottom as might be supposed.

It's an interesting question as to what now anchors many young people into the current set up- if their work is temporary and their homes are rented we are creating a generation of nomadic people whose allegiance to the prevailing system is bound to be compromised- they no longer have any real reason to support it's stability since that stability is mostly an inertia that works against their interests.

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Working with a home life and maintaining a mortgage simply does not add up anymore ..... the problem is when you go to work you have to work with the workaholics that have taken the up that debt (open office hot desk working is the pits). I actually cannot stand the workplace anymore, part time next year, give it all up a year later and do my own thing. With the added bonus they will get less tax off me thereafter.

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Historically most revolutionary movements originate from a disenchanted middle class rather than from the bottom as might be supposed.

It's an interesting question as to what now anchors many young people into the current set up- if their work is temporary and their homes are rented we are creating a generation of nomadic people whose allegiance to the prevailing system is bound to be compromised- they no longer have any real reason to support it's stability since that stability is mostly an inertia that works against their interests.

They also have access to information in ways we could have never dreamt of. This website is pretty tame compared to some of the other views and ideas they are ingesting. They have nothing to lose too, the media portrays them as drunken ipad buying feckless morons but nothing could be further from the truth. If I talk to a 22 year old we discuss fractional reserve banking and alternative politics if I talk to 40+ i just get told about how much there house is worth. I was talking to a 16 year old the other day and he could easily hold his own on this site with his views on the economy.

While talking to him I just had this vision of young people making government obsolete not through any aggressive action or protest just because it was no longer relevant to anything they do.

It was a nice thought, I have so much hope when I talk to kids like that.

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Working with a home life and maintaining a mortgage simply does not add up anymore ..... the problem is when you go to work you have to work with the workaholics that have taken the up that debt (open office hot desk working is the pits). I actually cannot stand the workplace anymore, part time next year, give it all up a year later and do my own thing. With the added bonus they will get less tax off me thereafter.

This is exactly what I think now, I really do enjoy my job but ****** paying into the machine anymore. I get a warm fuzzy feeling every time I don't drive or don't buy useless shite or fix something so I don't buy a new one. There is no point anymore, Im a bit thick and old though took me a while to get "it," the young are clocking this concept at 16, I wish I had, I wouldn't have wasted so much time and energy on stuff that didn't matter.

We are about to have a revolution through apathy and inaction. Collapsing the whole thing through simple non participation. Beautiful, I love it.

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So Blair who was "encouraged" to resign as NuLabour PM in 2007 because of Iraq etc and just a few months before the economic collapse is starting to call the Labour shots in the media.

On the radio they were saying that Major might be throwing his opinion in soon. The Conservative PM who handed NuLabour one of the biggest majorities ever in 1997.

They're all pretty much scraping the barrel now.

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Working with a home life and maintaining a mortgage simply does not add up anymore ..... the problem is when you go to work you have to work with the workaholics that have taken the up that debt (open office hot desk working is the pits). I actually cannot stand the workplace anymore, part time next year, give it all up a year later and do my own thing. With the added bonus they will get less tax off me thereafter.

You have longer and more expensive mortgages on the one hand, and massive job insecurity on the other. Mortgages are no longer fit for purpose..I've been made redundant twice over the last six years or so..I'd be screwed if I had had a mortgage...

I've come to the conclusion that they are a good method of control..

Edited by Dave Beans

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In most other European countries it is regarded as normal to rent a better quality home than to buy an inferior quality home for a similar outgoing. It seems that the penny is dropping in the UK but that needs to go hand in hand with similar rent controls as exist in the rest of the EU.

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They also have access to information in ways we could have never dreamt of. This website is pretty tame compared to some of the other views and ideas they are ingesting. They have nothing to lose too, the media portrays them as drunken ipad buying feckless morons but nothing could be further from the truth. If I talk to a 22 year old we discuss fractional reserve banking and alternative politics if I talk to 40+ i just get told about how much there house is worth. I was talking to a 16 year old the other day and he could easily hold his own on this site with his views on the economy.

While talking to him I just had this vision of young people making government obsolete not through any aggressive action or protest just because it was no longer relevant to anything they do.

It was a nice thought, I have so much hope when I talk to kids like that.

I'm 26 and what you said rings true. I think the majority can see through the deception and lies with dinosaurs such as BBC, Sky News etc. Documentaries such as 97% owned and Inside Job lay bare the inner workings of the fractional reserve banking (which doesn't even apply in the UK) and how wealth is sucked away.

In addition, take a look at the founder of Positive Money. He's young and is campaigning to reform the monetary system like Iceland are proposing. No small task at all.

I can't speak for everyone, but personally I get the impression that a lot of young people are thinking critically are seriously questioning: "Is this working? Or should we try something else?"

I've hopefully educated an older colleague at work (Conservative voter) about the monetary system and I think it initially blew half his brains out. A few months on, and he appears to have realised what's going on.

Maybe we aren't naturally trusting. Who knows? :P

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http://michael-hudson.com/2014/04/pikettys-wealth-gap-wake-up/

Karl:...And I just wanted to finish off today’s interview with a bit of discussion on a new economic law that’s perhaps coming through, Michael. It’s called Hudson’s Law. What’s this all about?

Michael: I think the neo-Liberals have found out that – it’s essentially the Stockholm syndrome on a political scale. For years people thought that, well, in a democracy, if people are getting poorer and poorer and wealth is becoming more and more unequal, the poor are going to fight back and they’re going to elect different leaders who are going to change the tax laws and get out of their poverty. But what they found is exactly the opposite.

You have the most unequal impoverished neo-Liberal economy in Europe, Latvia that continues to vote for the neo-Liberals, putting almost the entire tax on labour, not on real estate, not on the oligarchs. And they found that the more labour is oppressed, the more emotionally depressed and frightened they become. That when workers are very badly paid they’re so frightened of losing the job, they’re so frightened of being one paycheque away from homelessness that they won’t strike, they won’t protest. They’ll just say “I’ll do whatever you say, Master”. They thought if they are obedient enough and support the rich that the rich will somehow treat them nice in a kind of patron-client relationship, such as you had at the end of the Roman Empire. And, of course, that’s not really what happens. Once the rich begin to abuse the poor and they find the poor take it, the abuse gets worse and worse and worse and that corruption of democracy is one of the political counterparts to the disparity in wealth that Piketty’s been tracing.

Karl: And so what you’re saying there is that the greater the wealth gap, the more the weak identify with the strong and they hope to really be helped out by their oppressors?

Michael: Because the wealthy become celebrities. In America, the most widely admired people are people like Donald Trump or the rich Wall Street bankers that have made their money basically through what my colleague Bill Black calls “control fraud”. They admire people who are rich, no matter how they get their richness, and basically they imagine that somehow they could get rich in the same way if only they’re obedient enough and follow the system. It’s unrealistic, but that’s psychology...

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