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Mapatasy

Bank of mum and dad set to dry up as a third of parents live in rented homes

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I have a grandfather and a great uncle that were killed during the second world war... I am told that my great uncle Patrick was tortured, quite horrifically, for a prolonged period after the war had ended and before finally being shot. Although I never knew them I respect their courage and I am very proud of them both for having faced the reality of being murdered in the hope of preserving a decent way of life for the generations to follow.

I regularly wonder how they would feel to know what scum bags their conscienceless, profit driven, baby boomer children and their friends children would turn out to be.

 

http://uk.businessinsider.com/barclays-housing-transactions-structural-decline-2017-8

http://www.cityam.com/270231/bank-mum-and-dad-set-dry-up-third-parents-live-rented-homes

Nearly a third of parents in the UK are living in rented accommodation as they struggle to get on the housing ladder

"The findings suggest an end in future to the so-called bank of mum and dad as younger parents no longer have funds for their own houses let alone for their children's. There are already signs that family lending is on the decline, as 52 per cent of those with kids said their own parents were not able to give any financial assistance"

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36 minutes ago, Mapatasy said:

I have a grandfather and a great uncle that were killed during the second world war... I am told that my great uncle Patrick was tortured, quite horrifically, for a prolonged period after the war had ended and before finally being shot. Although I never knew them I respect their courage and I am very proud of them both for having faced the reality of being murdered in the hope of preserving a decent way of life for the generations to follow.

I regularly wonder how they would feel to know what scum bags their conscienceless, profit driven, baby boomer children and their friends children would turn out to be.

 

http://uk.businessinsider.com/barclays-housing-transactions-structural-decline-2017-8

http://www.cityam.com/270231/bank-mum-and-dad-set-dry-up-third-parents-live-rented-homes

Nearly a third of parents in the UK are living in rented accommodation as they struggle to get on the housing ladder as fraudsters struggle to prop up the housing pyramid scam 

"The findings suggest an end in future to the so-called bank of mum and dad as younger parents no longer have funds for their own houses let alone for their children's. There are already signs that family lending is on the decline, as 52 per cent of those with kids said their own parents were not able to give any financial assistance"

This is more like what's going on.

Edited by TheCountOfNowhere

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3 minutes ago, Monkey said:

HTBoMADtBTL

Yah... can't chat now though... in a que waiting for some fool to smash my avo.

Don't want to get any on my new iPhone.

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Had to happen sooner or later ... aside from the fact that parental 'wealth' from house price gains is typically going to be spread between multiple children, increasingly greater numbers of older people are going to end up needing extremely expensive residential care.

Plus of course, the boom that gave the parents huge unearned gains on their property makes it massively expensive for the kids to buy property themselves.

 

 

 

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About 30-40% of families live in social housing /Housing benefit.

There is no property ladder. Never was.

House prices grow as income grow.

Change the average house = 4 time average income and youll have the housing market blow up in your face.

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18 minutes ago, spyguy said:

About 30-40% of families live in social housing /Housing benefit.

There is no property ladder. Never was.

House prices grow as income grow.

Change the average house = 4 time average income and youll have the housing market blow up in your face.

23.5m - total number of homes in England in 2015 

£28bn - estimated total public sector spending on housing in 2015-16 

1m - the number of new homes that the government aims to deliver in 2015–2020 

£5.6 trillion -  estimated total value of the housing stock in England in 2015

£1 trillion - estimated increase in the value of the housing stock in England since 2010

62% - of homes in England that are owner-occupied

20% - of homes in England that are privately rented

17% - of homes in England that are socially rented

20% - of homes in England that were ‘non-decent’ in 2014, down from 35% in 2006

71,500 -  number of homeless households in England in temporary accommodation at 31 March 2016

£20.9 billion - spending in England on housing benet in 2015-16 

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I think this image from the report says it all. Rentiers will say "look how BTL has filled a need where OO tailed off". But that is not what has happened of course. BTL has out-competed OO and pushed up prices and just look at how that BTL portion of the graph is expanding.

uk housing dwelling stock by tenure type.png

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What is the point of parents taking money out of their overpriced house in order to give to their kids to buy an overpriced house? Surely this is illogical and perpetuates the problem :lol:?

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10 minutes ago, fru-gal said:

What is the point of parents taking money out of their overpriced house in order to give to their kids to buy an overpriced house? Surely this is illogical and perpetuates the problem :lol:?

It's a Ponzi or Pyramid scheme, pure and simple.

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53 minutes ago, fru-gal said:

What is the point of parents taking money out of their overpriced house in order to give to their kids to buy an overpriced house? Surely this is illogical and perpetuates the problem :lol:?

Cant go wrong with bricks and mortar, prices only ever go up, get on the ladder early as you might miss the boat, they are hard working and will need a family home like we had, but cant save the deposit quick enough, as houses are selling in days.......

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Doesn't take much working out that the numbers of people renting will only grow into the future....

Fewer family units being made, more broken households, growing numbers of single people and children.....harder to buy on one wage now......can only rent.

People buying later in life, if they buy.

People renting all their life.

People if they buy still with outstanding mortgage debt or rent to pay well into retirement.

 

Who will end up paying all the rents and debts?;)

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1 hour ago, fru-gal said:

What is the point of parents taking money out of their overpriced house in order to give to their kids to buy an overpriced house? Surely this is illogical and perpetuates the problem :lol:?

Quite......how many would recommend that their children buy in certain very expensive areas?......could they afford to buy anyway even with a little help, what about parents that have more than one child, children that have several brothers and sisters....what about the school fees for one child let alone more than one, what pension could cover a remortgage to pay several deposits?....can barely afford to pay to get the train fare to work nowadays, hardly worth working, when the only future is working, then death......this is all getting out of hand.;)

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2 hours ago, winkie said:

what about parents that have more than one child, children that have several brothers and sisters

It's their own fault - anyone under 55 will tell you that breeding is not an affordable lifestyle choice nowadays.

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12 minutes ago, Mapatasy said:

It's their own fault - anyone under 55 will tell you that breeding is not an affordable lifestyle choice nowadays.

As I said fewer family households being formed...... perhaps we could import the shortfall?;)

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8 hours ago, AdamoMucci said:

I think this image from the report says it all. Rentiers will say "look how BTL has filled a need where OO tailed off". But that is not what has happened of course. BTL has out-competed OO and pushed up prices and just look at how that BTL portion of the graph is expanding.

uk housing dwelling stock by tenure type.png

Will be interesting to watch the graph evolve as Build To Rent Extort progresses.

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26 minutes ago, Mapatasy said:

It's their own fault - anyone under 55 will tell you that breeding is not an affordable lifestyle choice nowadays.

Sorry i'm 56 and I'm telling you breeding is not an affordable lifestyle choice !

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4 minutes ago, chicker said:

Sorry i'm 56 and I'm telling you breeding is not an affordable lifestyle choice !

LOL... fair point! ;)

Have you thought about snapping up another couple of BTLs and going on a cruise to take your mind off the stress of things?! ;)

 

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I have had a few conversations with BoMaD types. I suggest to them that if the price of houses were sensible then they would not have that gain, but also their children would be able to buy without their help and so the gain is rather holllow. What really is the gain in these circumstances? While there is no gain as such, they get incredible satisfaction from being in a superior position to hand money to their children. Kind of like a measure of their success as a parent. So lame.

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