Neverwhere Posted October 31, 2015 Share Posted October 31, 2015 There will be inter generationsl conflict with the elderly (born 1970-2000) blaming the younger generations for stealing their past. Either that or the past 35 years will not have been a blip. That makes absolutely no sense whatsoever. Quote Link to comment Share on other sites More sharing options...
steve99 Posted October 31, 2015 Share Posted October 31, 2015 (edited) Assuming that the current generation of renters remain renters for life, the quick upshot is that housing benefit becomes unaffordable - how that becomes rationed will be very interesting indeed. Realistically a lot of people may find themselves working until they drop out of necessity. However things play out its hard to avoid the conclusion that many will have much lower standards of living than previous generations. I fear for how my grandchildren will get on in the future as life will get harder for them. Or.. you could be like an nephew and niece in law to me (aged 25 and 22). Have Gen X parents who bought a house in 2nd tier suburb of London in 1990 for 100k and then sold this year for 1Million (after an upgrade or two), which they gave 100k each to their kids who then used that as 70% deposit for their respective new houses out of the SE mega bubble area. The parents are retiring at the age of 48 and 49 to do some hoby business.. neither of them saved money as such, just got lucky. Story 2 Someone I know who is now stuck with 2 yachts, one he cant sell for financial demographic reasons, has 1 massive house in London, one smaller house in London (all zone 5) 2 flats in London and a flat down on the south coast, his wife has a seperate flat also up in Scotland. He is aged 71 or so now,, ie pre BBoomer and got lucky with work (his own words) one big contract bought the first big house back in the 70's, the rest was easy. He married late in life and has 2 daughters aged early 20s, both have been given one each of his flats for their birthdays so are now set for life. Both of these examples are about living the Tory ideal,, ie comming from a proper family who has money,, after all it is what all the tories know and unfortunelty much of Labour party also come from similar backgrounds now. These two lots of gen y kids will make up for what you dont have when you are older by inherriting a fortune and in the meantime living life as a stres free hobby much like the rich have always done but in these examples both lots of parents grew up as bottom end working class and just got lucky. Until there is seroius support for a more socialist minded political party then this is what we are stuck with, however with the mainstream press up to their necks in promoting property and putting down workers rights with an extreme right wing agenda and a particularly stupid population hell bent on entertainment before anything else then we are totally buggered. Edited October 31, 2015 by steve99 Quote Link to comment Share on other sites More sharing options...
Si1 Posted October 31, 2015 Share Posted October 31, 2015 Or.. you could be like an nephew and niece in law to me (aged 25 and 22). Have Gen X parents who bought a house in 2nd tier suburb of London in 1990 for 100k and then sold this year for 1Million (after an upgrade or two), which they gave 100k each to their kids who then used that as 70% deposit for their respective new houses out of the SE mega bubble area. The parents are retiring at the age of 48 and 49 to do some hoby business.. neither of them saved money as such, just got lucky. That's what's sickening about the current scenario. Savers and pension savers get f#ck all compared to property speculators of the right generation. Right for the wrong reasons. And we just have to rot. Quote Link to comment Share on other sites More sharing options...
winkie Posted October 31, 2015 Share Posted October 31, 2015 That's what's sickening about the current scenario. Savers and pension savers get f#ck all compared to property speculators of the right generation. Right for the wrong reasons. And we just have to rot. About being at the right place at the right time and born to those that were born in the right place at the right time...a touch of who you know, little about what you know and even less about how hard you work....society is not fair, and becoming ever less fair......the steps have been kicked away from beneath your feet and thousands don't yet know it. Quote Link to comment Share on other sites More sharing options...
Si1 Posted October 31, 2015 Share Posted October 31, 2015 (edited) About being at the right place at the right time and born to those that were born in the right place at the right time...a touch of who you know, little about what you know and even less about how hard you work....society is not fair, and becoming ever less fair......the steps have been kicked away from beneath your feet and thousands don't yet know it.A bloke I know, his girlfriend deliberately forgot to take the pill and got pregnant. He reluctantly did the decent thing and married her, being gifted a basic house deposit and'getting started' money from his and her families. Bought a nice 3 bed semi for a reasonable price in decent part of Reading in 1996, town he grew up in and parents grew up in. I felt sorry for him at the time thinking I hoped that wouldn't happen to me at that age.He's a nice enough bloke but not super bright. Kind of person that gives beggars abuse for not getting a job and a mortgage like him. No idea. Edited October 31, 2015 by Si1 Quote Link to comment Share on other sites More sharing options...
steve99 Posted October 31, 2015 Share Posted October 31, 2015 A bloke I know, his girlfriend deliberately forgot to take the pill and got pregnant. He reluctantly did the decent thing and married her, being gifted a basic house deposit and'getting started' money from his and her families. Bought a nice 3 bed semi for a reasonable price in decent part of Reading in 1996, town he grew up in and parents grew up in. I felt sorry for him at the time thinking I hoped that wouldn't happen to me at that age. He's a nice enough bloke but not super bright. Kind of person that gives beggars abuse for not getting a job and a mortgage like him. No idea. Just like my mentioned neice and nephew inlaws with their freebie houses.. they refer to people not wearing designer clothes as 'council flat' people 'who scrouge off the rest of us' however neither having never done real work in their lives. Quote Link to comment Share on other sites More sharing options...
Si1 Posted October 31, 2015 Share Posted October 31, 2015 Just like my mentioned neice and nephew inlaws with their freebie houses.. they refer to people not wearing designer clothes as 'council flat' people 'who scrouge off the rest of us' however neither having never done real work in their lives. Designer clothes? They won't hold on to their money for long. I can see why the left is so opposed to tax credits cuts, in the face of Cameron's hard working strivers inheriting millions off their London parents Quote Link to comment Share on other sites More sharing options...
canbuywontbuy Posted October 31, 2015 Share Posted October 31, 2015 (edited) The tories of the 80s were genuinely about aspiration. Now the tories just pay lip service in regards to aspiration, while their actions are all about shoring up circumstantial wealth. Edited October 31, 2015 by canbuywontbuy Quote Link to comment Share on other sites More sharing options...
Mrs Bear Posted October 31, 2015 Share Posted October 31, 2015 I've often wondered what will happen when all the people who are living longer finally need care homes, and there won't be any house to sell to pay the fees. I don't know what proportion of people now in care homes are paying their own fees, but all 4 in this family - my mother,my FIL and two aunts, have been self funded. Although strictly speaking state pension and attendance allowance have covered a small percentage of said funding. Quote Link to comment Share on other sites More sharing options...
Timak Posted October 31, 2015 Share Posted October 31, 2015 The thing that annoys me is inheritance tax. If I earn £1m from working for 30 years I end up with about £600k. If someone does nothing but inherits a family home in the SE worth £1m they get £1m (or will soon) In the last few years I've met some people I'd never normally associate with (completely different types of social circle) and we actually get on really well. However they are all from money no object family backgrounds. They don't sell their houses when they move they just buy a new one so they have large family homes and their "starter" homes in places like Cambridge and London. What slightly annoys me is that they don't seem to realise how fortunate they are. Even on their large incomes (circa £100k) they wouldn't be able to get near to the lifestyles they have, nowhere near. Yet even they complain that they had to use all their cash savings to pay for the renovations and that school fees are more than they thought. These are the types who have a loud political voice and access to the ministers (one just goes straight to the MP whenever they have the slightest issue, as they know them from university) and are the types who lobby for the tax free inheritance despite claiming to be lefties Quote Link to comment Share on other sites More sharing options...
Timak Posted October 31, 2015 Share Posted October 31, 2015 I've often wondered what will happen when all the people who are living longer finally need care homes, and there won't be any house to sell to pay the fees. I don't know what proportion of people now in care homes are paying their own fees, but all 4 in this family - my mother,my FIL and two aunts, have been self funded. Although strictly speaking state pension and attendance allowance have covered a small percentage of said funding. One of my relatives was self funded but had to sell her house to pay - however she only lasted 6 months Another didn't own a house (was in a tied cottage) and burnt through their savings over £16k in a few months - still going strong after 5 years at £600 a week. Although he does pay all but £5 a week of his pension towards the cost. However seeing it has shown me that we need a better system. The first relative (severe dementia) needed 24 care and help with everything, the second just needs help with moving around, mentally he is in excellent condition for 93. Yet the actual costs didn't reflect that. Quote Link to comment Share on other sites More sharing options...
Greg Bowman Posted October 31, 2015 Share Posted October 31, 2015 (edited) I've often wondered what will happen when all the people who are living longer finally need care homes, and there won't be any house to sell to pay the fees. I don't know what proportion of people now in care homes are paying their own fees, but all 4 in this family - my mother,my FIL and two aunts, have been self funded. Although strictly speaking state pension and attendance allowance have covered a small percentage of said funding. Very overstated the concept of everyone ending up dribbling wrecks at 75 and needing a care home perhaps you are unlucky but of the 10 80+ grandparents I know very well (including business partners as well) 8 still living a good life in their own own homes with lots of family visits including grandchildren (perhaps that's a key factor and sad if you didn't have kids) Two Dads went this year at 90 and 82 mine and my buisness partners Dad in Law having being properly active the week before i.e both driving. my old man in at 2.00 gone at 1000 a good way to go one my father in law would end up in a home because even though he has four children from two marriages he is a first class C*** and will reap what he sows which is also true for some people Edited October 31, 2015 by Greg Bowman Quote Link to comment Share on other sites More sharing options...
porca misèria Posted October 31, 2015 Share Posted October 31, 2015 However seeing it has shown me that we need a better system. The first relative (severe dementia) needed 24 care and help with everything, the second just needs help with moving around, mentally he is in excellent condition for 93. Yet the actual costs didn't reflect that. Your 93-year-old should probably be in the kind of flat my granny was in at that age. Self-contained, but in a building with always-on-call warden assistance and regular help around the place (e.g. cleaner twice a week). And communal facilities such as canteen, so cooking in her own kitchen was purely optional. Not what you would consider cheap, but a small fraction of the cost of a full-blown care home. Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted October 31, 2015 Share Posted October 31, 2015 (edited) Very overstated the concept of everyone ending up dribbling wrecks at 75 and needing a care home perhaps you are unlucky but of the 10 80+ grandparents I know very well (including business partners as well) 8 still living a good life in their own own homes with lots of family visits including grandchildren (perhaps that's a key factor and sad if you didn't have kids) Two Dads went this year at 90 and 82 mine and my buisness partners Dad in Law having being properly active the week before i.e both driving. my old man in at 2.00 gone at 1000 a good way to go one my father in law would end up in a home because even though he has four children from two marriages he is a first class C*** and will reap what he sows which is also true for some people Some boomers stay frozen in time. Best example, Dot Cotton. Looked about 75 when the show started 30 years ago. Now aged 86 still working and looks about 75. Even smoking 40 a day can't stop them apparently. So much for a feeding tube and a geriatric ward. Got to laught even her screen perona needs a job at the launderette, minimum income guarantee and full housing benefit not enough apparently. Well this is the BBC where unless you are a banker you are living in poverty even Staff Nurses like Charlie on 50k+ a year in casualty. Don't let those bankers grind you down while we have to get by on 50k a year. Edited October 31, 2015 by crashmonitor Quote Link to comment Share on other sites More sharing options...
winkie Posted October 31, 2015 Share Posted October 31, 2015 Less stress and debt = more life and health. Quote Link to comment Share on other sites More sharing options...
steve99 Posted November 1, 2015 Share Posted November 1, 2015 The thing that annoys me is inheritance tax. If I earn £1m from working for 30 years I end up with about £600k. If someone does nothing but inherits a family home in the SE worth £1m they get £1m (or will soon) In the last few years I've met some people I'd never normally associate with (completely different types of social circle) and we actually get on really well. However they are all from money no object family backgrounds. They don't sell their houses when they move they just buy a new one so they have large family homes and their "starter" homes in places like Cambridge and London. What slightly annoys me is that they don't seem to realise how fortunate they are. Even on their large incomes (circa £100k) they wouldn't be able to get near to the lifestyles they have, nowhere near. Yet even they complain that they had to use all their cash savings to pay for the renovations and that school fees are more than they thought. These are the types who have a loud political voice and access to the ministers (one just goes straight to the MP whenever they have the slightest issue, as they know them from university) and are the types who lobby for the tax free inheritance despite claiming to be lefties So we have a choice of Champagne socialists or Corrupt crony capitalism ? The other 80%++ of us can just bend over and do as we are told. Quote Link to comment Share on other sites More sharing options...
steve99 Posted November 1, 2015 Share Posted November 1, 2015 The tories of the 80s were genuinely about aspiration. Now the tories just pay lip service in regards to aspiration, while their actions are all about shoring up circumstantial wealth. Yes but only if you wanted to aspire to being in the FIRE sector.. the rest of us could just F.....k off. Quote Link to comment Share on other sites More sharing options...
wish I could afford one Posted November 1, 2015 Share Posted November 1, 2015 Just like my mentioned neice and nephew inlaws with their freebie houses.. they refer to people not wearing designer clothes as 'council flat' people 'who scrouge off the rest of us' however neither having never done real work in their lives. Uh oh looks like I've never done real work in my life... Quote Link to comment Share on other sites More sharing options...
PopGun Posted November 1, 2015 Share Posted November 1, 2015 I always believed that there would have to be some reversion towards affordability because, if there wasn't, we'd be returning to a Dickensian-esque society. Unfortunately, with each passing day, inadequate government policy/regulation (some would say deliberately) makes a dystopian future seems more and more likely for most, where even the veneer of social mobility and meritocracy give way in favour of usury, nepotism and control of the capital. He who controls the spice, controls the universe. +1 Quote Link to comment Share on other sites More sharing options...
PopGun Posted November 1, 2015 Share Posted November 1, 2015 So we have a choice of Champagne socialists or Corrupt crony capitalism ? Whatever it is, it's plagued this country for 40 years and needs to be killed. Quote Link to comment Share on other sites More sharing options...
Timak Posted November 1, 2015 Share Posted November 1, 2015 Whatever it is, it's plagued this country for 40 years and needs to be killed. Know your place pleb. And know you will be destroyed if you try and change anything or speak out against the status quo. Quote Link to comment Share on other sites More sharing options...
non frog Posted November 1, 2015 Share Posted November 1, 2015 I've often wondered what will happen when all the people who are living longer finally need care homes, and there won't be any house to sell to pay the fees. I don't know what proportion of people now in care homes are paying their own fees, but all 4 in this family - my mother,my FIL and two aunts, have been self funded. Although strictly speaking state pension and attendance allowance have covered a small percentage of said funding. My aunt and the missus' granny both self funded from houses with an insurance product. I understand now that these insurance products are no longer available (both these lovely ladies lived long enough to take much more out than the initial payment and any interest). With the ZIRP the money spent needs the capital in the first place and cannot rely on income from the amalgamated capital of the many generating income. I think your observation is going to be pertinent (much) sooner rather than later. Quote Link to comment Share on other sites More sharing options...
winkie Posted November 1, 2015 Share Posted November 1, 2015 The thing that annoys me is inheritance tax. If I earn £1m from working for 30 years I end up with about £600k. If someone does nothing but inherits a family home in the SE worth £1m they get £1m (or will soon) In the last few years I've met some people I'd never normally associate with (completely different types of social circle) and we actually get on really well. However they are all from money no object family backgrounds. They don't sell their houses when they move they just buy a new one so they have large family homes and their "starter" homes in places like Cambridge and London. What slightly annoys me is that they don't seem to realise how fortunate they are. Even on their large incomes (circa £100k) they wouldn't be able to get near to the lifestyles they have, nowhere near. Yet even they complain that they had to use all their cash savings to pay for the renovations and that school fees are more than they thought. These are the types who have a loud political voice and access to the ministers (one just goes straight to the MP whenever they have the slightest issue, as they know them from university) and are the types who lobby for the tax free inheritance despite claiming to be lefties Find it hard to disagree with however much I would like to.....find the same myself. Quote Link to comment Share on other sites More sharing options...
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