rollover Posted November 14, 2015 Share Posted November 14, 2015 (edited) Hellbent on owning property at the expense of all else, a generation is being condemned to committing a lifetime's income to servicing vast mortgage debt, says Richard Dyson. The “millennials” – those born roughly between 1980 and 2000 – are caught in a double-bind. They desperately want to own property, in part because they have seen how rich it has made their parents. But they will have to spend more in acquiring their property – as measured against their earnings – than any previous generation. They will be in more debt and for longer. The double-bind is that the huge financial commitment they make to property ownership will prevent them from building savings in other assets. Instead of being able to amass, as did their parents’ generation, a range of investments, particularly pensions, alongside their home, millennials will be fully stretched just paying the mortgage. They are staking everything on the property escalator continuing its apparently infinite ascent. And they are being encouraged by a range of factors. Their parents urge them to spend as much as they can as soon as they can. Government schemes such as Help to Buy legitimise the idea that homeownership should be everyone’s top priority. Lenders are eager participants: on Thursday the Building Society Association published a report on how more mortgages could be granted to elderly and retired borrowers. Clearly, with property costing so much relative to lifetime earnings, future generations will be servicing mortgages into their 80s and 90s. http://www.telegraph.co.uk/finance/personalfinance/investing/buy-to-let/11991741/Britains-fixation-with-property-will-impoverish-a-generation.html I think Richrd Dyson is HPC regular. Edited November 14, 2015 by rollover Quote Link to comment Share on other sites More sharing options...
billybong Posted November 14, 2015 Share Posted November 14, 2015 (edited) They are staking everything on the property escalator continuing its apparently infinite ascent. And they are being encouraged by a range of factors. Their parents urge them to spend as much as they can as soon as they can. Which implies it's probably better to spend half an hour on the internet getting upto nail bar speed (or even going the whole hog with a short NVQ course) rather than spending years in education and in training/internship earning nothing/getting in debt for many professions (or at least with the tag of profession) and eventually only at best getting a similar total income. Edited November 14, 2015 by billybong Quote Link to comment Share on other sites More sharing options...
Fully Detached Posted November 14, 2015 Share Posted November 14, 2015 I think Richrd Dyson is HPC regular. Dyson is a BTL muppet, shit scared of interest rate rises. Quote Link to comment Share on other sites More sharing options...
Bland Unsight Posted November 14, 2015 Share Posted November 14, 2015 I think Richrd Dyson is HPC regular. Maybe he's just talking his book. He clearly has some kind of connection with Paragon and the way he's made common purpose with the Property118 clowns is pretty bizarre. He may have some BTL. I notice that the Dyson has ditched the 'campaign' element that was explicit earlier. Source Quote Link to comment Share on other sites More sharing options...
rollover Posted November 14, 2015 Author Share Posted November 14, 2015 Dyson is a BTL muppet, shit scared of interest rate rises. Maybe he is out of BTL now. Quote Link to comment Share on other sites More sharing options...
dances with sheeple Posted November 14, 2015 Share Posted November 14, 2015 Please buy our "expensive" houses off us, all your peers want to, don`t be left out.......borrow borrow borrow....please! Quote Link to comment Share on other sites More sharing options...
MississippiJohnHurt Posted November 14, 2015 Share Posted November 14, 2015 Surprised to see this from the HPI monkey Dyson. He leaves the solution unsaid, but there's only one. Quote Link to comment Share on other sites More sharing options...
sPinwheel Posted November 14, 2015 Share Posted November 14, 2015 Surprised to see this from the HPI monkey Dyson. He leaves the solution unsaid, but there's only one. Pathfinder II Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted November 14, 2015 Share Posted November 14, 2015 Just a generation? Quote Link to comment Share on other sites More sharing options...
Kinky John Posted November 14, 2015 Share Posted November 14, 2015 Just a generation? Agreed .. and what's all this "will impoverish" guff .. surely it is "has impoverished." Quote Link to comment Share on other sites More sharing options...
doomed Posted November 14, 2015 Share Posted November 14, 2015 Agreed .. and what's all this "will impoverish" guff .. surely it is "has impoverished." Wait till rates eventually go up for the real fun to start. Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted November 14, 2015 Share Posted November 14, 2015 Nah Dicky, they just have to stop going out on the lash on Cristal in the Maldives three times a week, each outing a celebration of the latest plasma sceen purchase. Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted November 14, 2015 Share Posted November 14, 2015 (edited) Maybe he's just talking his book. He clearly has some kind of connection with Paragon and the way he's made common purpose with the Property118 clowns is pretty bizarre. He may have some BTL. I notice that the Dyson has ditched the 'campaign' element that was explicit earlier. Source Interesting, isn't it. See my Twitter exchange some months ago for Dicky's defense of the (nominally conservative minded*) indefensible. Guess the Ed has had a word.. *Well I've yet to encounter a mainstream Swiftian political movement, but given Dyson's employment as a scribbler for a blue rag it seems only fair to pitch his stance against that line of thinking. Edited November 14, 2015 by Cry and Regret Quote Link to comment Share on other sites More sharing options...
Dorkins Posted November 14, 2015 Share Posted November 14, 2015 (edited) Agreed .. and what's all this "will impoverish" guff .. surely it is "has impoverished." Yeah, it's a weird bit of cognitive dissonance, the failure to accept that expensive housing has already impoverished a generation and is not just some hypothetical future event that maybe might happen one day. I think there's an implicit assumption among many older observers that Generation Y are somehow living in ageless stasis, stuck frozen in their early 20s just waiting for this temporary crisis to pass so they can resume the standard Boomer life trajectory. In reality the oldest members of Generation Y are already in their mid 30s and are way off the Boomer trajectory and getting further off it every year. They are having to make decisions like whether to have children in insecure private rentals or buy an overpriced newbuild flat and try and squeeze a family in there while hoping that maybe one day they'll be able to buy something more suitable or maybe just not have children at all. Yet the conversation in the newspapers (and their comments sections) never moves on and just talks about the priced out "young" as if they were all still in their early 20s and going out on the lash most nights. Edited November 14, 2015 by Dorkins Quote Link to comment Share on other sites More sharing options...
Motor_Blade Posted November 14, 2015 Share Posted November 14, 2015 And the alternative is what exactly? Impoverish yourself paying the rent (someone else's mortgage) instead? Quote Link to comment Share on other sites More sharing options...
billybong Posted November 14, 2015 Share Posted November 14, 2015 Just a generation? +1 Quote Link to comment Share on other sites More sharing options...
billybong Posted November 14, 2015 Share Posted November 14, 2015 Agreed .. and what's all this "will impoverish" guff .. surely it is "has impoverished." +1 Quote Link to comment Share on other sites More sharing options...
Si1 Posted November 14, 2015 Share Posted November 14, 2015 And the alternative is what exactly? Impoverish yourself paying the rent (someone else's mortgage) instead? Dur? Quote Link to comment Share on other sites More sharing options...
Guest TheBlueCat Posted November 14, 2015 Share Posted November 14, 2015 What does he mean, will? It already has ffs! Quote Link to comment Share on other sites More sharing options...
pl1 Posted November 15, 2015 Share Posted November 15, 2015 (edited) Which implies it's probably better to spend half an hour on the internet getting upto nail bar speed (or even going the whole hog with a short NVQ course) rather than spending years in education and in training/internship earning nothing/getting in debt for many professions (or at least with the tag of profession) and eventually only at best getting a similar total income. Been saying this for some years now. If you have a daughter aged 18+, she could do a lot worse then getting knocked up and having a couple of sprogs then going the pro single mum route. She'd earn an equivalent of £40k a year, get a property in a land with a biblical housing crisis rent-free, probably be entitled to 60% right-to-buy discount in that same land, be able to look after her kids when she is young with lot's of energy, spend her days as she pleases safe in the knowledge she is getting £150 a week tax credits & CB & income support and free rent, free dental, first dibs at all the closing down sales during the week etc. Yes, that's what I'd advise you to tell her. *********************************************************************************************************** This is the best quote on the article. Douglas Carswell has been pretty tough on immigration but what can he do? He's 1 in a sea of 649 pro immigration MP's. Net immigration at over 300,000 per year, every year, from now until doomsday. Into already the most densely populated country in Europe - England. We now have 5% of the whole of the population of Poland; that's without Romania, Bulgaria, Somalia, Pakistan, etc. etc. etc. How on Earth does anyone imagine that the law of SUPPLY AND DEMAND can somehow be ignored? Endless housebuilding is going on in the South where I live, and believe it or not, traffic congestion is reaching saturation levels. Believe it or not, the NHS is failing to meet targets, due to "an increasing number of admissions". And the madness continues, without ceasing. What surprises me most is Carswell's complete lack of action in his unique position as the only MP representing the one party committed to stop the madness. When the NHS figures are released, he should be at the governments throat. Instead, we hear nothing from him. Edited November 15, 2015 by pl1 Quote Link to comment Share on other sites More sharing options...
billybong Posted November 15, 2015 Share Posted November 15, 2015 Just Carswell's presence in the House of Commons speaks volumes. He doesn't have to say anything. Quote Link to comment Share on other sites More sharing options...
oracle Posted November 15, 2015 Share Posted November 15, 2015 (edited) Been saying this for some years now. If you have a daughter aged 18+, she could do a lot worse then getting knocked up and having a couple of sprogs then going the pro single mum route. She'd earn an equivalent of £40k a year, get a property in a land with a biblical housing crisis rent-free, probably be entitled to 60% right-to-buy discount in that same land, be able to look after her kids when she is young with lot's of energy, spend her days as she pleases safe in the knowledge she is getting £150 a week tax credits & CB & income support and free rent, free dental, first dibs at all the closing down sales during the week etc. Yes, that's what I'd advise you to tell her. *********************************************************************************************************** This is the best quote on the article. Douglas Carswell has been pretty tough on immigration but what can he do? He's 1 in a sea of 649 pro immigration MP's. we know a song about that don't we??..listen to the lyrics https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=video&cd=1&cad=rja&uact=8&ved=0CB0QtwIwAGoVChMIhtivvYqSyQIVSOwUCh0Rqg1w&url=https%3A%2F%2Fwww.youtube.com%2Fwatch%3Fv%3Dco6WMzDOh1o&usg=AFQjCNGqpj_VN3osK1RMOZW8Uw5WQvXSIA or would you prefer something by crowded house? Edited November 15, 2015 by oracle Quote Link to comment Share on other sites More sharing options...
Killer Bunny Posted November 15, 2015 Share Posted November 15, 2015 Surprised to see this from the HPI monkey Dyson. He leaves the solution unsaid, but there's only one. Except it's #banHTB. Not what you were thinking i imagine. Quote Link to comment Share on other sites More sharing options...
The Knimbies who say No Posted November 15, 2015 Share Posted November 15, 2015 The byline to the piece displays open contempt for the young. 'Hellbent'. You just cannot win. Don't want to pay inflated prices? Lifestyle choice, you deserve to get screwed by BTL. Want to buy? You are risking impoverishing yourself, you moron. Just a paper trying to shape opinion towards the idea that people should rent from rentiers. Trouble is, increasingly, fewer people are willing to listen. Quote Link to comment Share on other sites More sharing options...
Rave Posted November 16, 2015 Share Posted November 16, 2015 Just Carswell's presence in the House of Commons speaks volumes. He doesn't have to say anything. Are you having a laugh? The ***** blocked me on twitter last year when I called him out on opposing a new development in Clapton. I work hard and I'd buy there but he doesn't want me. Pathetic false classical liberal arsehole. Hoping to meet him at a Leave rally so I can tell him to go ****** himself to his face. ****. Quote Link to comment Share on other sites More sharing options...
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