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Wright Stuff On Tv Moaning About House Prices And The Lack Of Hope For The Young...on Right Now

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Wright now arguing with someone that it used to be 4 times multiple of income, now its 11 times, that he had a free education, now they don't. Bang on

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I think it is becoming more mainstream for 2 reasons:

(1) People who have "done the right thing" and got good jobs and are relatively well paid are now finding the can't afford even basic housing in a lot of the country.

(2) Prices are so flipping ridiculous.

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The young have no hope. I had a free education, a sports car at 17 because as Wright pointed out insurance was affordable, and could afford a house within my first year of graduating....nothing much but I could have afforded it. Most jobs offered final salary pensions.

My daughter works harder than me, is loaded with student debt, is going to have to shell out about 2k to insure a car so uses public transport, has no chance of being able to afford a house unless there's a crash, and won't need a pension...her generation will have to work til they drop.

It's a sham, and I'm leaving this country.

Back to the show...

More talk about selfish generations and over-inflated property, but mixed in with other topics.

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I think it is becoming more mainstream for 2 reasons:

(1) People who have "done the right thing" and got good jobs and are relatively well paid are now finding the can't afford even basic housing in a lot of the country.

(2) Prices are so flipping ridiculous.

This

Generation rent is growing all the time and money that should be going into winder economy is continuing to poor into housing which is doing nothing for the country as a whole

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The young have no hope. I had a free education, a sports car at 17 because as Wright pointed out insurance was affordable, and could afford a house within my first year of graduating....nothing much but I could have afforded it. Most jobs offered final salary pensions.

My daughter works harder than me, is loaded with student debt, is going to have to shell out about 2k to insure a car so uses public transport, has no chance of being able to afford a house unless there's a crash, and won't need a pension...her generation will have to work til they drop.

It's a sham, and I'm leaving this country.

Good post. Makes the contrast very starkly.

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Wright now arguing with someone that it used to be 4 times multiple of income, now its 11 times, that he had a free education, now they don't. Bang on

The analysis is correct. What is needed is an understanding that what is needed is for young people to have what we had not for old people to have what young people now have. Levelling everyone down is not the answer unless you are one of the 1%. Once this is understood young people need to start aiming their guns at those who have caused them to have less than we had.

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The young have no hope. I had a free education, a sports car at 17 because as Wright pointed out insurance was affordable, and could afford a house within my first year of graduating....nothing much but I could have afforded it. Most jobs offered final salary pensions.

My daughter works harder than me, is loaded with student debt, is going to have to shell out about 2k to insure a car so uses public transport, has no chance of being able to afford a house unless there's a crash, and won't need a pension...her generation will have to work til they drop.

It's a sham, and I'm leaving this country.

Back to the show...

More talk about selfish generations and over-inflated property, but mixed in with other topics.

Where are you going?

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On R4 this morning, the Legal and General CEO was talking about their £15bn investment plan (using pension funds) to mass produce factory-made housing at high quality for rental. Basically, industrial scale landlording.

My first thought was "Great, an increase in housing supply, must be a good thing".

My second thought was "So this is the pensioners basically farming the young again. What chance will they have to build up their own capital".

At least an increase in the supply of rentals may release up existing supply for owner occupiers. Or maybe the new housing gets filled with new arrivals from North Africa and the taxpayers gets farmed instead.

Too cynical??

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The analysis is correct. What is needed is an understanding that what is needed is for young people to have what we had not for old people to have what young people now have. Levelling everyone down is not the answer unless you are one of the 1%. Once this is understood young people need to start aiming their guns at those who have caused them to have less than we had.

Who voted for the politicians that allowed the correct situation to come to pass?

The reality is that is the position is rebalanced towards younger generations older generations will have to give something up.

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Generation rent is growing all the time and money that should be going into winder economy is continuing to poor into housing which is doing nothing for the country as a whole

By the time that generation has enough votes to overcome the existing system, they will be too late to benefit in their own lifetime.

If I was single again, I'd be in a motorhome, no council tax, tv license or rent. Buy a bit of land (£10K/acre around here), park up, get mates to do the same, move around, fight the planners at every step. Register as travellers if you have to, anything to play the game.

A lesson I've learnt is that its actually cheaper to pay lawyers to fight planners than to pay market rents.

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The young have no hope. I had a free education, a sports car at 17 because as Wright pointed out insurance was affordable, and could afford a house within my first year of graduating....nothing much but I could have afforded it. Most jobs offered final salary pensions.

My daughter works harder than me, is loaded with student debt, is going to have to shell out about 2k to insure a car so uses public transport, has no chance of being able to afford a house unless there's a crash, and won't need a pension...her generation will have to work til they drop.

I'm 36 and graduated in the last year before tuition fees.

I moved to a prosperous city and rented a house at the age of 21.

By 23 I had bought a 3 bedroom house and a new car.

Mortgage paid off by 30.

My wife works with recent graduates and those who rent generally have a room in a house that costs more than I paid for a house. If they do drive insurance costs a fortune.

They have massive debts from uni - and not just tuition fees, they were paying £100 a week rent whilst mine was nearer £35.

If they saved really, really hard they might have enough for a deposit by 30.

The young are SO screwed.

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On R4 this morning, the Legal and General CEO was talking about their £15bn investment plan (using pension funds) to mass produce factory-made housing at high quality for rental. Basically, industrial scale landlording.

My first thought was "Great, an increase in housing supply, must be a good thing".

My second thought was "So this is the pensioners basically farming the young again. What chance will they have to build up their own capital".

At least an increase in the supply of rentals may release up existing supply for owner occupiers. Or maybe the new housing gets filled with new arrivals from North Africa and the taxpayers gets farmed instead.

Too cynical??

Not cynical enough.

The mass produced housing won't be houses or high quality.

Young people will live in noisy, cramped flats that they have no control over what so ever

If the flats ever go onto the normal market it's private LL's who will buy them.

No one wants to live like this for their entire lives unless they are in particular groups - and these groups are not the majority of young people in the UK today

Edited by Flopsy

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My daughter works harder than me, is loaded with student debt, is going to have to shell out about 2k to insure a car so uses public transport, has no chance of being able to afford a house unless there's a crash, and won't need a pension...her generation will have to work til they drop.

It's a sham, and I'm leaving this country.

Yes, a very sad state of affairs for the younger generation in this country. They really need to collectively protest at this, but they're not encouraged to question whether it is right, rather to accept that it's just "the way things are".

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On R4 this morning, the Legal and General CEO was talking about their £15bn investment plan (using pension funds) to mass produce factory-made housing at high quality for rental. Basically, industrial scale landlording.

My first thought was "Great, an increase in housing supply, must be a good thing".

My second thought was "So this is the pensioners basically farming the young again. What chance will they have to build up their own capital".

At least an increase in the supply of rentals may release up existing supply for owner occupiers. Or maybe the new housing gets filled with new arrivals from North Africa and the taxpayers gets farmed instead.

Too cynical??

The cynics are all on the other side. The corporate and banking interests seeking to implement these changes.

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Yes, a very sad state of affairs for the younger generation in this country. They really need to collectively protest at this, but they're not encouraged to question whether it is right, rather to accept that it's just "the way things are".

We've been indoctrinated by thirty-six years of bankster-driven, free market ideology to believe that privatisation and deregulation deliver optimal economic outcomes despite the complete lack of evidence to support that contention, either empirically or theoretically. Globalisation is the same neoclassical ideology but with individual agents now replaced by nation states.

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The analysis is correct. What is needed is an understanding that what is needed is for young people to have what we had not for old people to have what young people now have. Levelling everyone down is not the answer unless you are one of the 1%. Once this is understood young people need to start aiming their guns at those who have caused them to have less than we had.

So you want a HPC to the extent that your house price will crash down to wage inflation-adjusted mid-90s levels (at least!)? Or you want the younger generations' wages to magically catch up with house prices to the extent that house prices resemble mid-90s prices (never gonna happen)?

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Yes, a very sad state of affairs for the younger generation in this country. They really need to collectively protest at this, but they're not encouraged to question whether it is right, rather to accept that it's just "the way things are".

Sadly, they're more likely to protest the rights of immigrants (because it's trendy, liberal and progressive to do so) than protest against unaffordable housing. Many younger generation still look to Corbyn / Labour as the "right on" choice - yet all parties are massively for uncontrolled immigration which is hurting the younger indigenous generations (who can't complain about it, it's too uncool and racist and knuckle-dragging to do that). High house prices as a thing to protest against aren't Che Guevara enough.

Edited by canbuywontbuy

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So you want a HPC to the extent that your house price will crash down to wage inflation-adjusted mid-90s levels (at least!)? Or you want the younger generations' wages to magically catch up with house prices to the extent that house prices resemble mid-90s prices (never gonna happen)?

The cheaper the better, there is no "right" price for a house - only as low as possible.

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For anything to change a lot of comfortable older people need to acknowledge that things are now very different for the young. Far too many don't give it much thought, or they wilfully ignore the numbers and invent justifications like 'renting is more flexible', 'it was always hard', 'we didn't have iPads', 'the young go on holiday too often'. And a minority go further and see people-farming as the natural consequence of their 'hard work' - 'I'm a nice landlord', 'my tenants aren't in a position to/don't want to buy anyway'.

campervanman always makes good points, but we're a very long way from everyone working together to change the system - a lot of older people have done very well on paper from the current arrangement.

The more often the reality of modern life is pointed out to the lucky generation the better. I'm glad it's finally getting a consistent mainstream airing.

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