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Armitage Shanks

An interesting insight into how young people today fell about the boomer house price cartel

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Article appears to be deleted but comments meant I couldn't take it seriously 

"

 

Meanwhile he's in a 4 bedroom 2 bath house... with just him and his boyfriend. AND THEYRE TRUCK DRIVERS WHO ARE NEVER HOME.

the image is a bit too much after all that Turkey 

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10 minutes ago, Greg Bowman said:

Article appears to be deleted but comments meant I couldn't take it seriously 

"

 

Meanwhile he's in a 4 bedroom 2 bath house... with just him and his boyfriend. AND THEYRE TRUCK DRIVERS WHO ARE NEVER HOME.

the image is a bit too much after all that Turkey 

There is no article. Shower thoughts is a subreddit for pithy, one-liner observations. In this case, the poster is drawing a parallel between being a millennial trying to buy a home in real life and how it's analogous to being nobbled at a game of Monopoly before you even get started.

 

To me, it represents how inter-generational resentment at the housing cartel in the West is becoming a mainstream sentiment. This resentment is going to grow and grow.

 

Not sure what image you're finding a bit much!

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6 hours ago, Armitage Shanks said:

There is no article. Shower thoughts is a subreddit for pithy, one-liner observations. In this case, the poster is drawing a parallel between being a millennial trying to buy a home in real life and how it's analogous to being nobbled at a game of Monopoly before you even get started.

 

To me, it represents how inter-generational resentment at the housing cartel in the West is becoming a mainstream sentiment. This resentment is going to grow and grow.

 

Not sure what image you're finding a bit much!

Gay truckers!

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8 hours ago, Armitage Shanks said:

There is no article. Shower thoughts is a subreddit for pithy, one-liner observations. In this case, the poster is drawing a parallel between being a millennial trying to buy a home in real life and how it's analogous to being nobbled at a game of Monopoly before you even get started.

 

To me, it represents how inter-generational resentment at the housing cartel in the West is becoming a mainstream sentiment. This resentment is going to grow and grow.

 

Not sure what image you're finding a bit much!

I've often wondered if house prices will resolve when millenials lose total interest in owning property because of its lack of affordability, and then, with nobody to sell property to, the boomers will have to just give their houses away.

But then, what happens to my other view? That boomer's will have to sell their property and use it's value to pay for their care home fees.

Boomer's, or their offspring rubbing their hands at the portfolio they may inherit, may be disappointed, ultimately.

A couple of decades may be left for that to play out perhaps.

Of course a house price crash could happen sooner for other reasons, with any luck

Edited by LiveinHope

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9 hours ago, Armitage Shanks said:

There is no article. Shower thoughts is a subreddit for pithy, one-liner observations. In this case, the poster is drawing a parallel between being a millennial trying to buy a home in real life and how it's analogous to being nobbled at a game of Monopoly before you even get started.

 

To me, it represents how inter-generational resentment at the housing cartel in the West is becoming a mainstream sentiment. This resentment is going to grow and grow.

 

Not sure what image you're finding a bit much!

I expect the game monopoly is part of the problem, it used to be very popular and from a young age they learned the way to win was to buy as much property as you could as quickly as you could and owning property was the path to riches....not sure if played much now and certainly not by youngsters in any numbers..??? Tool of indoctrination??

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8 minutes ago, Wayward said:

I expect the game monopoly is part of the problem, it used to be very popular and from a young age they learned the way to win was to buy as much property as you could as quickly as you could and owning property was the path to riches....not sure if played much now and certainly not by youngsters in any numbers..??? Tool of indoctrination??

It's true, dividend bearing assets kill cash.

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I am probably a millennial. I realised home owning was a no-hoper around 2008, aged 24. I'm okay with it. I would happily rent forever if it was just possible to do it with some dignity in this country. Inheriting the family home one day would be nice but I've got more urgent concerns.

I don't understand the push to own when it is cheaper for a society to just make renting fairer than to force everyone into mortgage debt. As the German-origin comedian Henning Wehn succinctly puts it: 'Why do you all want to be owned by a house?!'

Edited by EnglishinWales

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Monopoly was  originally invented to teach georgist principles about the benefits of a land value tax. I played it on hristmas eve with my boomer dad and 22yo brother. Played like a true btler, using my experience if being on the other side - had nothing in the bank, bought everything immediately, always a dice roll away from ruin. Still won. Interestingly when my dad couldn't pay me at a couple of points he introduced a couple of rounds of QE! Basically everyone got another £500. By the end I still won, but I had outrageous sums of money. All felt a bit too close to reality...

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18 minutes ago, EnglishinWales said:

 I would happily rent forever if it was just possible to do it with some dignity in this country. Inheriting the family home one day would be nice but I've got more urgent concerns.

Agreed. I'm more comfortable with renting now than I was. I was a leaseholder once and reflecting on it, it felt odd paying a mortgage on a flat that I left empty all day to go to a job to earn the money to pay said mortgage. I want to see a mass council housebuilding programme offering more secure tenancies and BTL landlords wiped off the face of Britain.

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30 minutes ago, EnglishinWales said:

I am probably a millennial. I realised home owning was a no-hoper around 2008, aged 24. I'm okay with it. I would happily rent forever if it was just possible to do it with some dignity in this country. Inheriting the family home one day would be nice but I've got more urgent concerns.

I don't understand the push to own when it is cheaper for a society to just make renting fairer than to force everyone into mortgage debt. As the German-origin comedian Henning Wehn succinctly puts it: 'Why do you all want to be owned by a house?!'

I sit between boomer and millenial. At every time that housing was more affordable in the UK I needed to be too mobile to commit to one place. As a result I've rented for >25 years. It's been much more economical for me than owning; OK I've rented the same private property all that time. I was brought up under the 'home ownership' doctrine. But now, I've no interest in owning a home unless it becomes an affordable option.

Edited by LiveinHope

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6 minutes ago, LiveinHope said:

I sit between boomer and millenial. At every time that housing was more affordable in the UK I needed to be too mobile to commit to one place. As a result I've rented for >25 years. It's been much more economical for me than owning; OK I've rented the same private property all that time. I was brought up under the 'home ownership' doctrine. But now, I've no interest in owning a home unless it becomes an affordable option.

Are you an assured tenant? I wonder how many of these mythical creatures are still about.

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11 minutes ago, Dorkins said:

Are you an assured tenant? I wonder how many of these mythical creatures are still about.

No, AST. But not a recent BTL, landed gentry.

In one way or another, >50% of my income goes to individuals who inherited their ability to extract cash from the workers, whether I'm renting a home, land or moorings. Do I begrudge their 'luck' ?, yes, if I dwell upon it, but as landlords, they all act decently, up until now.

Edited by LiveinHope

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3 hours ago, LiveinHope said:

 

In one way or another, >50% of my income goes to individuals who inherited their ability to extract cash from the workers, whether I'm renting a home, land or moorings. Do I begrudge their 'luck' ?, yes, if I dwell upon it, 

We need a progressive land-value tax.

My old landlord is an ex-farmer who gave up his dairy farming, converted his farm buildings to flats and now lives off his tenants. It's all the same to him: cows, tenants; just things that are on his land to provide him with money.

The properties are run down and often mouldy, he doesn't follow regulations and evicts anyone who complains. It works as there's always a steady stream of applicants who can't afford to buy locally. Pretty sure he gets EU subsidies plus I suspect he is not paying tax on any of the rent money he takes neither. So he's raking it in and I bet he's not the only one.

A land-value tax would close this gap nicely. Stop subsidies and tax land held over 1 acre per family. That includes the royal family. Amount raised would probably pay the country's council tax and housing benefit bill many times over...

Edited by EnglishinWales

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4 hours ago, LiveinHope said:

No, AST. But not a recent BTL, landed gentry.

In one way or another, >50% of my income goes to individuals who inherited their ability to extract cash from the workers, whether I'm renting a home, land or moorings. Do I begrudge their 'luck' ?, yes, if I dwell upon it, but as landlords, they all act decently, up until now.

Ok, thanks. Sounds like a decent enough situation, especially as I remember you said they let you organise repairs on your own home and compensate you at market price.

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4 hours ago, sPinwheel said:

The trick to being a millennial is to take the blame for any circumstances you find yourself in. 

Freud said depression is anger turned inward. Seems overly simplistic but probably a grain of truth in it.

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6 hours ago, jackwhiteisgod said:

Monopoly was  originally invented to teach georgist principles about the benefits of a land value tax. I played it on hristmas eve with my boomer dad and 22yo brother. Played like a true btler, using my experience if being on the other side - had nothing in the bank, bought everything immediately, always a dice roll away from ruin. Still won. Interestingly when my dad couldn't pay me at a couple of points he introduced a couple of rounds of QE! Basically everyone got another £500. By the end I still won, but I had outrageous sums of money. All felt a bit too close to reality...

TV programme I saw yesterday said that these days you play with plastic rather than cash! Didn't say whether they are debit or credit cards....

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2 hours ago, Dorkins said:

Ok, thanks. Sounds like a decent enough situation, especially as I remember you said they let you organise repairs on your own home and compensate you at market price.

Grief. You have a memory. It works for me. GF and I spend very little time indoors and we're quite happy to live with a standard of decoration and fittings that many wouldn't accept as it wouldn't keep up appearances; but if people visit it's the quality of the food and the company that matters; and the food and GFs company is always good. Repairs are just the usual stuff. For example, the immersion element failed last week. I had it fixed within two days and the bill will go to direct to the landlord. On the other had, about 20 tiles fell off the bathroom wall about 3 years ago and they are still stacked on the floor; but that's simply because I haven't been bothered. It isn't like that for all the tenants, however. Some wouldn't see it as their job to arrange the repairs, and so they start a series of fiery letters that leaves them with cold water for longer than necessary. Most of these tenants do come direct from home owning or previous BTLs and so perhaps they have had different or bad experiences in the past.

Structurally, the LL doesn't know the expression of a 'stitch in time saves nine'. The back porch is about to fall off and it will take quite a bit of the roof with it. But I won't have a leg to stand on if I commission a repair until it does fall off.

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