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House Prices Jump £14,000 Trapping Young People In Their 'childhood Bedrooms'

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The average house price in England has risen by 6.1pc in a year, according to official figures

http://www.telegraph.co.uk/finance/property/11809375/House-prices-jump-14000-trapping-young-people-in-their-childhood-bedrooms.html

Buying a home in England is now £14,000 more expensive than it was 12 months ago, despite a relatively quiet period in the housing market over the last six months.

House prices in England increased by 6.1pc over the 12 months to June, taking the cost of buying a new home to £290,000.

£290,000 - is that the new "average"?

Wasn't the average at £180,000 in 2007?

Then again, it's an Anna White article in the Telegraph....facts may not be facts

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I remember GCSE Geography and Maths questions were like this - they gave you a table of numbers and some stats and you had to form some sentences describing the information, it read just like Anna White's journalism. Bless!

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http://www.telegraph.co.uk/finance/property/11809375/House-prices-jump-14000-trapping-young-people-in-their-childhood-bedrooms.html

£290,000 - is that the new "average"?

Wasn't the average at £180,000 in 2007?

Then again, it's an Anna White article in the Telegraph....facts may not be facts

Anna White = Krusty Lite

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It's trapping people of all ages in different ways.

FtBers are trapped and it also makes it difficult for a FtBer on the first rung to move up the ladder as the rungs get further apart as prices increase. Similarly higher up the ladder lots of people are stuck in the same way.

One suspects they highlight the plight of the young because it is especially rough for adults (average age of FtBer apparently nearly 40) to have to live at home with their parents but also the telegraph is indulging in a bit of rubbing it in again - a divide and rule ploy, wicked.

Edited by billybong

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http://

www.propertywire.com/news/europe/uk-first-time-buyers-201405309192.html

30 May 2014

The average age of a UK first time buyer is 36 years old but there is variations between regions with the oldest buyers at aged 41 in the south west, new research shows.

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Although the figure is wrong

http://www.bbc.co.uk/programmes/p02rzsql

We did have a thread on this.

Thank you for the link gf3. From the bbc link the figure is only wrong according to the CML as reported on the bbc. The CML now says their previous average age figure of 37 is wrong and it's now 29 but that figure of 29 now includes all those who can't really afford to buy but get assistance from sources like BOMAD whereas the CML's previous average age figure of 37 tried to exclude such factors (other issues were also mentioned in the bbc link).

The CML now prefer their new definition that results in the lower value of 29 - a figure which has apparently remained constant for years if not decades and the CML "now regret" the 37 average age figure :rolleyes:

Further from the bbc link the number of FtBers buying without assistance was declining rapidly and in 2011 was a very small number compared to 2005 - the 2011 figure was about 25% of the 2005 number. Since 2011 likely it's got worse again.

The propertywire link I posted above referring to the MoneySuperMarket research with an average age value of 36 seems to contradict the CML making the CML and bbc's figure of 29 the wrong one (I hold no brief for propertywire I simply did a quick search on the issue) although the full basis of MoneySuperMarket's figure of 36 isn't explained in the propertywire article.

Whatever the exact average age the problem seems to be getting worse in areas with increasing house prices and it also sounds like there's still plenty of statistical jiggery pokery and political shenanigans still going on in all the figures whatever the definition and the high 30s seems to be quite likely and certainly as likely as 29 but it depends on the definition and the basis.

I did a brief search but couldn't find an HPC thread coming to any firm conclusions about average age of FtBers but if you say there is/was one discussing the issue then I'm sure that is so.

Edited by billybong

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I'm always amazed at how much people will take before they revolt. Europe/UK has evolved over generations into a nice compliant society. This has its benefits, low crime, people waiting for traffic lights etc but it also benefits the ruling elite of each country.

They do what they want and give just enough to the rest to stop them revolting. Back in 2009 I was amazed that no one did anything about their debt servitude. It was obvious who was going to get screwed - and it won't be the financial elite. I would talk to people in their 20s and as long as they could go out and drink and live in a shared "cool" flat in london with an iphone they were happy. They actually thought they would have the same life as their parents....regardless of the evidence staring them in the face i.e the state pension would be bankrupt long before they could claim, they cannot afford to save, they will never buy a house on average wages (like their parents). Its like life management was missing. They lived in a bubble thinking the government would provide taking no responsibility for their lives at all. Its pretty astounding how meek and mild the bunch of millennials are. They prefer whatsapp chat to talking to people and coffee shop middle class chat rather than politics, they barely understand the real world because life has been a series of hoops provided to them. The shock of lower living standards is going to be interesting on the psyche for this lot. They don't have the gumption to move countries like many immigrants do.

(aware I'm tarnishing everyone with the same brush with sweeping assumptions...but I'm talking about the mean of a binomial distribution of 20 somethings)

We get the government we deserve....

Edited by katchytitle

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They do what they want and give just enough to the rest to stop them revolting. Back in 2009 I was amazed that no one did anything about their debt servitude. It was obvious who was going to get screwed - and it won't be the financial elite. I would talk to people in their 20s and as long as they could go out and drink and live in a shared "cool" flat in london with an iphone they were happy. They actually thought they would have the same life as their parents....regardless of the evidence staring them in the face i.e the state pension would be bankrupt long before they could claim, they cannot afford to save, they will never buy a house on average wages (like their parents). Its like life management was missing. They lived in a bubble thinking the government would provide taking no responsibility for their lives at all. Its pretty astounding how meek and mild the bunch of millennials are. They prefer whatsapp chat to talking to people and coffee shop middle class chat rather than politics, they barely understand the real world because life has been a series of hoops provided to them. The shock of lower living standards is going to be interesting on the psyche for this lot. They don't have the gumption to move countries like many immigrants do.

I half agree with this in that they don't know they're being shafted. To be honest, I think they're already living a low standard of living. A decent standard of living (for me) must include opportunity to realise your ambitions. I don't see that happening in the UK amongst the young. Their "ambitions" are slowly becoming smaller and smaller - I think even the UK could become like Japan with many young dropping out of the "rat race" altogether because it's just too difficult to achieve even quite modest ambitions.

Contrast with Thailand (where I am now) - I'm seeing ambition fully realised for the young educated in Thailand - get educated, and in your mid 20s get a really great job, opportunity to afford a decent (detached) house, etc. Eastern seaboard has become one industrial estate after another. There's a true feeling of economic expansion here - though maybe that's because it's so visible (manufacturing).

Quite sickening to contrast the UK (a supposed 1st world country) with Thailand (a 2nd world country) and think that the young of the 2nd world country have better opportunities to live a truly decent life of ambitions fully realised (that's now how it's "supposed" to be, right?). Then again, contrast the youth of Japan (3rd richest country) and I think the youth of the UK have better opporunities for a fulfilling life than their counterparts in Japan. Funny old world.

Edited by canbuywontbuy

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I half agree with this in that they don't know they're being shafted. To be honest, I think they're already living a low standard of living. A decent standard of living (for me) must include opportunity to realise your ambitions. I don't see that happening in the UK amongst the young. Their "ambitions" are slowly becoming smaller and smaller - I think even the UK could become like Japan with many young dropping out of the "rat race" altogether because it's just too difficult to achieve even quite modest ambitions.

Contrast with Thailand (where I am now) - I'm seeing ambition fully realised for the young educated in Thailand - get educated, and in your mid 20s get a really great job, opportunity to afford a decent (detached) house, etc. Eastern seaboard has become one industrial estate after another. There's a true feeling of economic expansion here - though maybe that's because it's so visible (manufacturing).

Quite sickening to contrast the UK (a supposed 1st world country) with Thailand (a 2nd world country) and think that the young of the 2nd world country have better opportunities to live a truly decent life of ambitions fully realised (that's now how it's "supposed" to be, right?). Then again, contrast the youth of Japan (3rd richest country) and I think the youth of the UK have better opporunities for a fulfilling life than their counterparts in Japan. Funny old world.

Agreed. People don't understand money is not a store of value, it is simply relative to assets which you can buy with it. Earning 40,000 in the UK gets you bugger all in London, Earning 25,000 in Thailand probably gets you a live in maid and a house....

As I said in my note, we have bred a generation of non-self starters. The immigrants are now the ones who start businesses in the UK, they see the opportunity and delay gratification for a larger reward. We taught our children the methodology that they are always right; they can never fail because government will pick up the tab; "do any degree you feel like as there will be a job for you"; and when in doubt go on benefits and have a baby. At the other side of the coin.

(again broad brush - recognise there are people outside this description...but where is the the majority...)

Rohit

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http://www.telegraph.co.uk/finance/property/11809375/House-prices-jump-14000-trapping-young-people-in-their-childhood-bedrooms.html

£290,000 - is that the new "average"?

Wasn't the average at £180,000 in 2007?

Then again, it's an Anna White article in the Telegraph....facts may not be facts

The 290k one might be the ONS, always about 100k ahead of the Land Registry.

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I'm always amazed at how much people will take before they revolt. Europe/UK has evolved over generations into a nice compliant society. This has its benefits, low crime, people waiting for traffic lights etc but it also benefits the ruling elite of each country.

They do what they want and give just enough to the rest to stop them revolting. Back in 2009 I was amazed that no one did anything about their debt servitude. It was obvious who was going to get screwed - and it won't be the financial elite. I would talk to people in their 20s and as long as they could go out and drink and live in a shared "cool" flat in london with an iphone they were happy. They actually thought they would have the same life as their parents....regardless of the evidence staring them in the face i.e the state pension would be bankrupt long before they could claim, they cannot afford to save, they will never buy a house on average wages (like their parents). Its like life management was missing. They lived in a bubble thinking the government would provide taking no responsibility for their lives at all. Its pretty astounding how meek and mild the bunch of millennials are. They prefer whatsapp chat to talking to people and coffee shop middle class chat rather than politics, they barely understand the real world because life has been a series of hoops provided to them. The shock of lower living standards is going to be interesting on the psyche for this lot. They don't have the gumption to move countries like many immigrants do.

(aware I'm tarnishing everyone with the same brush with sweeping assumptions...but I'm talking about the mean of a binomial distribution of 20 somethings)

We get the government we deserve....

You confuse the UK with Europe. People in Europe are not the polite compliant types that exist in the UK and they don't even have unaffordable house prices either. Can you imagine what would happen here in France if house prices were like they are in the UK?

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You confuse the UK with Europe. People in Europe are not the polite compliant types that exist in the UK and they don't even have unaffordable house prices either. Can you imagine what would happen here in France if house prices were like they are in the UK?

:lol:

Can't your EU chums parachute a technocratic government into France or something? People in glasshouses CVM...

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I half agree with this in that they don't know they're being shafted. To be honest, I think they're already living a low standard of living. A decent standard of living (for me) must include opportunity to realise your ambitions. I don't see that happening in the UK amongst the young. Their "ambitions" are slowly becoming smaller and smaller - I think even the UK could become like Japan with many young dropping out of the "rat race" altogether because it's just too difficult to achieve even quite modest ambitions.

Contrast with Thailand (where I am now) - I'm seeing ambition fully realised for the young educated in Thailand - get educated, and in your mid 20s get a really great job, opportunity to afford a decent (detached) house, etc. Eastern seaboard has become one industrial estate after another. There's a true feeling of economic expansion here - though maybe that's because it's so visible (manufacturing).

Quite sickening to contrast the UK (a supposed 1st world country) with Thailand (a 2nd world country) and think that the young of the 2nd world country have better opportunities to live a truly decent life of ambitions fully realised (that's now how it's "supposed" to be, right?). Then again, contrast the youth of Japan (3rd richest country) and I think the youth of the UK have better opporunities for a fulfilling life than their counterparts in Japan. Funny old world.

Thailand is actually 3rd world

The terminology comes form the cold war;

1st World = USA and their allies

2nd World = USSR and their allies

3rd World = Everybody else

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:lol:

Can't your EU chums parachute a technocratic government into France or something? People in glasshouses CVM...

Strange isn't it that the anti EU crowd throw labels such as technocratic government around to attempt to discredit Europe whilst they themselves live in a country that is increasingly becoming a place where freedom is being eroded not by a technocratic government but by freedom itself.

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Strange isn't it that the anti EU crowd throw labels such as technocratic government around to attempt to discredit Europe whilst they themselves live in a country that is increasingly becoming a place where freedom is being eroded not by a technocratic government but by freedom itself.

Unfortunately the situation in the UK is not great but the EU? Re-running referendums, imposing governments etc.

Oh look what happens when the people of Greece make a political choice? Hello EU jack boot. Angela's way or the highway.

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Transaction volumes are low. Supply from new build is lower than required. Tax policy changes on inheritance tax are expected to reduce supply. There are also the problems of those who can't re-mortgage under MMR. The bank of england highlights these problems.

If the policy moves housing to low volume newbuild, BTL increase and inheritance of housing then there isnt really much need for estate agent services.

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Unfortunately the situation in the UK is not great but the EU? Re-running referendums, imposing governments etc.

Oh look what happens when the people of Greece make a political choice? Hello EU jack boot. Angela's way or the highway.

What happens in Europe is that countries who overborrowed are having to face up to their debts because they cannot do what the UK has done and continue the BoE sponsored HPI ponzi scheme that enables them to keep the plates spinning a bit longer but does nothing to address the basic problems of the UK economy. In the context of this thread, that is why year on year house prices are even less affordable for young people in the UK and why in the rest of Europe house prices are much lower than in the UK. Of course things are not great for young people in many EU countries who are having to deal with the consequences of debt and overborrowing but what those young people will have, unlike the UK, will be a future that is sustainable and built on sound economics, providing they stick with Angelas "Jackboot" and do not succumb to UK Ponzi.

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What happens in Europe is that countries who overborrowed are having to face up to their debts because they cannot do what the UK has done and continue the BoE sponsored HPI ponzi scheme that enables them to keep the plates spinning a bit longer but does nothing to address the basic problems of the UK economy. In the context of this thread, that is why year on year house prices are even less affordable for young people in the UK and why in the rest of Europe house prices are much lower than in the UK. Of course things are not great for young people in many EU countries who are having to deal with the consequences of debt and overborrowing but what those young people will have, unlike the UK, will be a future that is sustainable and built on sound economics, providing they stick with Angelas "Jackboot" and do not succumb to UK Ponzi.

You have convinced me - learn Greek everyone so we can live in a country with a sustainable future

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Thailand is actually 3rd world

The terminology comes form the cold war;

1st World = USA and their allies

2nd World = USSR and their allies

3rd World = Everybody else

Indeed, it's been bugging me ... 11mins in ..

Edited by Saving For a Space Ship

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What happens in Europe is that countries who overborrowed are having to face up to their debts because they cannot do what the UK has done and continue the BoE sponsored HPI ponzi scheme that enables them to keep the plates spinning a bit longer but does nothing to address the basic problems of the UK economy. In the context of this thread, that is why year on year house prices are even less affordable for young people in the UK and why in the rest of Europe house prices are much lower than in the UK. Of course things are not great for young people in many EU countries who are having to deal with the consequences of debt and overborrowing but what those young people will have, unlike the UK, will be a future that is sustainable and built on sound economics, providing they stick with Angelas "Jackboot" and do not succumb to UK Ponzi.

Are you a leftie arguing against keynesianism?

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