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The Tide Is Turning

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Boomer - "House prices have tripled because of all the demand, especially those Syrians that turn up and buy houses, its chaos. Get in quick and buy somewhere before you miss out"

We - "hmmm, the housing stock to population ratio has stayed constant in that time, maybe something else is to blame?"

Boomer - "that's just what happens with houses, they always go up!"

Us - "maybe the introduction of BTL mortgages in 1996 kicked off a boom?"

Boomer - "naah, its just houses .... can't go wrong with bricks n mortar"

Us - "London was long a poster child for the House price boom, but that was fuelled by russia and china.... they've all done a runner!"

Boomer - "i doubt it - 80% of the london new builds are sold!"

Us - "actually 80% of the flats had been reserved by chinese and russians - they've done a runner and sacrificed their small deposit"

Boomer - "i don't like your tone young man. You're just bitter because you spent all your deposit money on ipods and drugs"

Us - "a lot of new builds are worth less than when they were bought. Aberdeen crashing, SW8 oversupplied, BTL landlords being leant on by the tax man (and becoming a social pariah .... the tide is turning"

Boomer - "get off my property"

Us - "actually the bank owns most of it remember - you took out equity to build a BTL empire!"

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haha

As far as I am concerned boomers are getting fatter, older and health is failing them. The clock is ticking and the young are beginning to realise they have been shafted. The game is nearly up.

I posted this elsewhere but you might enjoy this rant.

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Boomer - "House prices have tripled because of all the demand, especially those Syrians that turn up and buy houses, its chaos. Get in quick and buy somewhere before you miss out"

We - "hmmm, the housing stock to population ratio has stayed constant in that time, maybe something else is to blame?"

Boomer - "that's just what happens with houses, they always go up!"

Us - "maybe the introduction of BTL mortgages in 1996 kicked off a boom?"

Boomer - "naah, its just houses .... can't go wrong with bricks n mortar"

Us - "London was long a poster child for the House price boom, but that was fuelled by russia and china.... they've all done a runner!"

Boomer - "i doubt it - 80% of the london new builds are sold!"

Us - "actually 80% of the flats had been reserved by chinese and russians - they've done a runner and sacrificed their small deposit"

Boomer - "i don't like your tone young man. You're just bitter because you spent all your deposit money on ipods and drugs"

Us - "a lot of new builds are worth less than when they were bought. Aberdeen crashing, SW8 oversupplied, BTL landlords being leant on by the tax man (and becoming a social pariah .... the tide is turning"

Boomer - "get off my property"

Us - "actually the bank owns most of it remember - you took out equity to build a BTL empire!"

Was this actually a conversation, did he actually say" get off my property "

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Was this actually a conversation, did he actually say" get off my property "

Naaah, just in my imagination I'm afraid .... :)

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The Boomers are the most greedy generation of the 20th and 21st Century. They had it all - free education, cheap houses, money that afforded 1 full time stay at home parent, final salary pensions.

They are the people who have stolen all of the wealth from the under 40s today.

I am late 40s so not a boomer, but not stuck in a debt trap...but my children don't have it so lucky. To me the boomers are the biggest drain on this country ever. I would not like to be a boomer in a retirement home in 20 years time.

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not all boomers are social parasites. my parents didn't get into BTL, never had a single credit card, never had a car for many years. Live frugally. Taught me the value of money. True, my mum did stay at home to raise 5 kids...but since when did that become a crime ? They weren't from the middle/south of england, where this "BTL" - make your fortune from bricks and mortar - mentality is especially strong.

The media, politicians (who make the laws remember), the banks and other property VIs. They are the architects.

Edited by Agentimmo

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when was the last time you heard someone being described as being 'greedy'? I rarely if ever hear this. Why might this be? I am pretty sure not long ago being greedy was socially unacceptable and there was a general consensus on what was greed. I don't think we have that anymore. those with the power can screw their fellow man, hoard resources to themselves and it goes uncommented upon.

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haha

As far as I am concerned boomers are getting fatter, older and health is failing them. The clock is ticking and the young are beginning to realise they have been shafted. The game is nearly up.

I posted this elsewhere but you might enjoy this rant.

:D

#1. No I'm not.

#2. Yes I can (in fact I'm sh1t hot with a knife).

#3. Guilty

#4. No we didn't

#5. N/A

#6. You're welcome

#7. Really? I blame Henry the 8th!

#8. You've never tasted my partners food. Class!

#9. Yes we can.

#10. Guilty.

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Ah it`s all the boomers fault.

I agree a large number are not to blame, but I have personally never met one who thought hpi was bad or not inevitable.

Happy to replace the word boomer with something else to represent our opponent in all of this? VIPP perhaps? (Vested interest ponzi participant)

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I blame the boomers as a generalisation, but their generation has a lot to answer for.

Many of them didn't work very hard and expected a lot in return. Every company I'm dealing with it is always the boomers about to retire on their final salary pensions from age 55 onwards, who have the worst attitude, arms folded with the words "nope" to every suggestion.

They are the first to tell their own children how they should save and get on with it like they had to...except they didn't have to, they had it far easier, it's their parents who had it tough.

They are the ones whose votes keep every government working tirelessly to prop up this ponzi scheme.

It's madness. If I were starting out now I wouldn't be able to afford the house I bought when I started out in the 90s, and I would never be able to end up with the house I have now. This is a giant social accident waiting to happen, and by the time it does most of the boomers will have passed away without a care in the world...and the young of today will be left paying their debts.

Edited by wsn03

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It's madness. If I were starting out now I wouldn't be able to afford the house I bought when I started out in the 90s, and I would never be able to end up with the house I have now. This is a giant social accident waiting to happen, and by the time it does most of the boomers will have passed away without a care in the world...and the young of today will be left paying their debts.

This reminds me of a tale from my auditing days. The client was an insurer that had blown up and was in run-off. The manager was explaining to me the difficulties of getting to grips with some of the policies they had written, explaining that you couldn't ask the guy who was responsible because "he was dead", (an example would be policies written in the 1970s which had been hit with claims relating to asbestosis which were made years later and which were still working their way through the books at the turn of the millennium). I think the point about storing up trouble which will only manifest later on is well made.

I think that you get this repeating theme about a lack of consideration of the severity or degree of a problem. People who bought in the 70s, 80s and 90s will say "it was always difficult", but are not really interested in getting a feel for whether it got more difficult or how difficult it has become. Likewise people who suggest that the increase in prices is essentially a function of a lack of supply. They don't want to go near the question the degree to which that change is explained by supply and the degree to which it is also explained by changes in credit and the growing role of the investment buyer. Yes, if all that changed was a lack of supply relative to what I think of demographic demand, prices would go higher. But how much higher? And when we look at how much higher they have actually gone, how important are the various factors?

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Late 40s so not a boomer. If you could have purchased your first home in the mid nineties I suggest you are likely sitting on some very boomer like profits. The crash between 89 and mid nineties was quite phenomenal. We need a crash like that now.

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Late 40s so not a boomer. If you could have purchased your first home in the mid nineties I suggest you are likely sitting on some very boomer like profits. The crash between 89 and mid nineties was quite phenomenal. We need a crash like that now.

Yes, very boomer like profits...luck off the scale really for various reasons. I will use that windfall to set my kids up somewhere away from this madness, I just need to work out where...but this country isn't the place for young people that's for sure.

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Late 40s so not a boomer. If you could have purchased your first home in the mid nineties I suggest you are likely sitting on some very boomer like profits. The crash between 89 and mid nineties was quite phenomenal. We need a crash like that now.

Cameron may be dodging a bullet by stepping down in 2020. History repeating.

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Another anecdotal. Just had boiler man out, said he was planning to move to a larger house but decided to stay put as is convinced market will crash in next 12-18 months. No prompting from me for him to say that. About 30, pretty normal guy, didn't seem like he followed economics etc.

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Another anecdotal. Just had boiler man out, said he was planning to move to a larger house but decided to stay put as is convinced market will crash in next 12-18 months. No prompting from me for him to say that. About 30, pretty normal guy, didn't seem like he followed economics etc.

Reminds me of the famous quote about the shoe shine boy - when even the guy who shines your shoes tells you the market is about the crash, you can guarantee it's about the crash.

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Reminds me of the famous quote about the shoe shine boy - when even the guy who shines your shoes tells you the market is about the crash, you can guarantee it's about the crash.

My feeling as well when I read that post. We can but hope.

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My feeling as well when I read that post. We can but hope.

We've seen all the signs this year, the logic of the insane numbers not being sustainable and now the MSM and the man on the street touting possible crash. I don't see what other signs are left so, if we don't get a crash this year it is going to come absolutely out of nowhere when it does come.

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