iamnumerate Posted September 30, 2016 Share Posted September 30, 2016 13 minutes ago, Crumbless said: My older brother who was born 1972, went to uni came out with no debt, done his ACCA an bought a nice house and climbed the ladder with his training salary. Got divorced and was priced out so had to leave the country he now works in the Middle East and earns a large fortune as a finance director. My younger brother who was born 1978, went to uni came out with 15K worth of debt (a lot we thought at the time) done his ACCA ended up renting a room in London, had a £60K a year job but this wasn;t enough to get him anything other than a lifetime of debt for a studio flat so left the country and works in Asia as a finance director. So 2 people who the country should be doing all they can to keep buggered off largely due to being priced out. Good post. I know someone who came to London in 98 (I guess your brother did in 99 or 2000). Unlike your brother she came here to live off benefits and is still here! Quote Link to comment Share on other sites More sharing options...
Crumbless Posted September 30, 2016 Share Posted September 30, 2016 3 minutes ago, billy budd said: The Chinese, apparently: https://www.theguardian.com/cities/2016/sep/29/inside-china-passion-foreign-property-investment-uk I bet she pays no tax on the rental income, why would she. Time to stop foreigners hoovering up British assets and taking the income overseas. If you want to invest in Britain it should be in a job creating business or not at all. Quote Link to comment Share on other sites More sharing options...
Crumbless Posted September 30, 2016 Share Posted September 30, 2016 1 minute ago, iamnumerate said: Good post. I know someone who came to London in 98 (I guess your brother did in 99 or 2000). Unlike your brother she came here to live off benefits and is still here! Closer to 2002 (he went abroad for a year or so after university). Quote Link to comment Share on other sites More sharing options...
billy budd Posted September 30, 2016 Share Posted September 30, 2016 3 minutes ago, Crumbless said: Time to stop foreigners hoovering up British assets and taking the income overseas. If you want to invest in Britain it should be in a job creating business or not at all. Completely agree - unfortunately that flies in the face of the neoliberal laissez-faire consensus. Quote Link to comment Share on other sites More sharing options...
Crumbless Posted September 30, 2016 Share Posted September 30, 2016 (edited) 3 minutes ago, billy budd said: Completely agree - unfortunately that flies in the face of the neoliberal laissez-faire consensus. That neoliberal laissez-faire consensus seems to stop when ordinary Brits want to buy property in Asia, or even when big business wants to setup over there. See Tesco and the hoops it has to jump through to trade in India. They really are on a no lose bet with our leaders selling us out, no wonder Donald Trump is looking like a good bet. Edited September 30, 2016 by Crumbless Quote Link to comment Share on other sites More sharing options...
iamnumerate Posted September 30, 2016 Share Posted September 30, 2016 1 hour ago, lardboy said: I was in Ireland and 2007 was the end of the gov sponsored SSIA scheme, which paid 25% top up on regular savings locked in for 5 years. That was my first nest egg, which the unemployment (14 month total) ate up. I'd never planned to stay permanently, and seeing what happened to property when I left I'm glad I didn't. I wish that I had been able to buy when I moved there though, that would have been a nice HPI wave to ride. 2007 was a year where nowhere looked good (apart from some third world countries). I can understand your dilemma Quote Link to comment Share on other sites More sharing options...
Orsino Posted September 30, 2016 Share Posted September 30, 2016 Student debt can explain a big chunk of the difference. As this threat is showing, the real gap is not between those in their 20s, 30s and early 40s (especially in London) but between this group and the over-50s, although the report does show how quickly things are deteriorating. Many of the Gen Xers I know who did get on and up the property 'ladder' are still stuck in what Boomers would regard as a starter home and with eye-watering debts. Quote Link to comment Share on other sites More sharing options...
jfk Posted September 30, 2016 Share Posted September 30, 2016 Life events can throw up a shitpile too for the Gen X'ers Suppose I'm a Gen X'er - born 1972, uni 1991-1994 , took a year before to do work and get some money. Actually got a small grant at uni, we didn't have tuition fees but student loans came in, I finished uni (did biological/genetics), laboratory lab bench research science (so sh*t pay essentially), worked for few years, eventually I married and was in a flat. Separated / divorced a few years later and I was living like a student in a shared house in my 30s. Financially screwed by the ex, family court system and I don't have my own place and with the way the housing 'market' is I'm unlikely too... I work in IT/data science now, I'm not badly paid - but housing is totally out of my reach. The ladder has been pulled up. Quote Link to comment Share on other sites More sharing options...
iamnumerate Posted September 30, 2016 Share Posted September 30, 2016 16 minutes ago, jfk said: Life events can throw up a shitpile too for the Gen X'ers Suppose I'm a Gen X'er - born 1972, uni 1991-1994 , took a year before to do work and get some money. Actually got a small grant at uni, we didn't have tuition fees but student loans came in, I finished uni (did biological/genetics), laboratory lab bench research science (so sh*t pay essentially), worked for few years, eventually I married and was in a flat. Separated / divorced a few years later and I was living like a student in a shared house in my 30s. Financially screwed by the ex, family court system and I don't have my own place and with the way the housing 'market' is I'm unlikely too... I work in IT/data science now, I'm not badly paid - but housing is totally out of my reach. The ladder has been pulled up. High house prices make divorce so much worse. My house is worth about £100K, if prices had risen by the same as inflation it would be worth about £100K. If we got divorced we would have £300K of equity to buy 2 houses for us - very difficult. If no HPI we have say £50K to buy 2 houses for us, not easy but a lot easier than today. I am so glad divorce is not on the cards. Quote Link to comment Share on other sites More sharing options...
Crumbless Posted September 30, 2016 Share Posted September 30, 2016 16 minutes ago, jfk said: Life events can throw up a shitpile too for the Gen X'ers Suppose I'm a Gen X'er - born 1972, uni 1991-1994 , took a year before to do work and get some money. Actually got a small grant at uni, we didn't have tuition fees but student loans came in, I finished uni (did biological/genetics), laboratory lab bench research science (so sh*t pay essentially), worked for few years, eventually I married and was in a flat. Separated / divorced a few years later and I was living like a student in a shared house in my 30s. Financially screwed by the ex, family court system and I don't have my own place and with the way the housing 'market' is I'm unlikely too... I work in IT/data science now, I'm not badly paid - but housing is totally out of my reach. The ladder has been pulled up. Yes you can throw many folk who were divorced after 2002 ish into the mix, but you and I did at least did get a bite at the cherry. Quote Link to comment Share on other sites More sharing options...
crashmonitor Posted September 30, 2016 Share Posted September 30, 2016 (edited) A thread that finally acknowledges the importance of the madness that occurred between 1996 and 2006 and anything that has happened since has been tinkering at the edges as far as relative wealth is concerned between generations. You're comparing a tripling of house prices in the previous decade to about 10% growth over the last decade. So all our analysis of the present is like analysing skirmishes post Brown's nuclear wipe out. Best thread for some time and finally some honesty about why things are f**ked up Edited September 30, 2016 by crashmonitor Quote Link to comment Share on other sites More sharing options...
Guest Posted September 30, 2016 Share Posted September 30, 2016 Crumbless are you saying that both of your brothers are finance directors? Quote Link to comment Share on other sites More sharing options...
giggler000 Posted September 30, 2016 Share Posted September 30, 2016 14 hours ago, Errol said: Don't get me wrong, I despise Brown, but I don't think he is the main culprit. Nixon is, if anyone, the main man at fault. The closure of the gold window is where most of the problems started. Check out all the charts which neatly start to take off in the early 70s. Nixon - he didn't exactly get a lot of choice. Magic works until it doesn't and in this case the French attempt to convert to much paper into yellow Quote Link to comment Share on other sites More sharing options...
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