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Daily Mail - Reverts back to type...

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I know the whole article is just click bait but it really does sum up why the boomers are so utterly reviled and despised... the lack of self awareness, the arrogance, the entitlement, the complete and utter refusal to acknowledge that they had it so much better and easier than any other generation before or after them....

 

https://www.dailymail.co.uk/femail/article-6160517/LIZ-HODGKINSON-says-does-not-mind-making-hard-young-afford-house.html

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The article is click-bate yes, although the comments do show some nobbers.

At least the daily mail have picked up on the building resentment, just another sign that eventual wealth redistribution will hit the boomers hard in a few years.

 

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It doesn't really matter because it is just a matter of time before things reverse. Lets the old entitled boomers have their fun now. The more they goad the young, the nastier the result (Corbyn).

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I initially took this as a possible anti HPI article... Making out that she's a selfish landlord. The comments have me worried though. Seems they all don't care about the problems facing young people. Our society depends on young people having enough to have a comfortable life, if not then they will down Tools, Swan off somewhere better. I have a GP mate who left London because he couldn't afford to live alone and was sick of sharing in his 30s. 

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The woman is vile, pure luck on her end and was in the right place at the right time and inherited the right amount of money. Although good news she is mortgage free for her tenants at least. The comments are hilarious though so thank you - "my family own 55 houses", "walked 3 miles to the train station each morning" isn't exactly the world's longest commute, how about getting a bike? Some people are such martyrs 

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3 minutes ago, UnconventionalWisdom said:

I initially took this as a possible anti HPI article... Making out that she's a selfish landlord. The comments have me worried though. Seems they all don't care about the problems facing young people. Our society depends on young people having enough to have a comfortable life, if not then they will down Tools, Swan off somewhere better. I have a GP mate who left London because he couldn't afford to live alone and was sick of sharing in his 30s. 

Where did they go?.....did they stay within the UK or move overseas?........like shortage of beds in hospitals, is it an actual shortage of metal beds or shortage of money to pay for the extra nurses required to care for the extra people who need a bed or lack of investment in training......or lack of long-term planning, and paying more because of it?😉

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Well lets look that the facts, as they are, and the numbers, which are alwayslacking in quality and quantity.

One she's not a 'house blocker' She owns mutliple houses - she says she's not got a morgage o nthem, so well jsu thave to take her word for that.

'She says she has been buying and selling properties for profit for over 30 years'

Is not backec up by:

'How have I managed this? My first step on the solo property ladder came after my divorce in the late Eighties. My husband and I divided the so-called assets 50:50 and I moved into a large, run-down flat in Notting Hill, West London. '

and:

'In 2004 my partner died and I inherited our shared holiday flat in Worthing. Selling it, and the Hammersmith house, enabled me to invest once more. '

She made her money, like most women, by divorcing in the late 80s and her next partner dying - maybe the police want to look at that ....

' So gradually I came to own all these properties mortgage-free. '

There was no gradual abot it. One divorce One death.

' I have been shrewdly buying and selling properties for profit for more than 30 years. '

No you haven you mental bint.

On the 'kids' v oldies:

' As for millennials being poverty-stricken, if you visit any city pub or wine bar from around six in the evening, you will find it heaving with young people who think nothing of spending a week’s wages on booze. '

Absolutely not. Bullsh1t. Pubs are dead bar the one stuffed from 55+ winign and dining.

She does have various websites. They appearto be unresponsive at the moment ....

Next, returns:

' The other main reason for owning second homes is that they make better investments than getting 0.1 per cent interest on our savings at the bank. '

Total bullsh1t.

Lets looks at numbers:

' Then there is the modern designer flat, also in Oxford. In a gated development with allocated parking, it offers easy urban living with its open-plan kitchen-cum-living room. It’s probably worth around £260,000. '

'First there’s the top-floor Victorian maisonette in North Oxford. Neutrally decorated, it has three bedrooms, two bathrooms with one ensuite, a stylish kitchen-diner, vast living room, utility room, cloakroom, attic, toolroom and a huge garden maintained by a gardener.

Huge shade trees mean I wake up to birdsong each morning. Excellent schools and Oxford’s dreaming spires are nearby.

There is off-street parking, a non-stop bus service, shops and restaurants. No wonder it’s worth nearly £1 million.'

' Then there is the modern designer flat, also in Oxford. In a gated development with allocated parking, it offers easy urban living with its open-plan kitchen-cum-living room. It’s probably worth around £260,000. '

' Third is the Fifties flat in Shepherd’s Bush, West London, with a spacious living room, eat-in kitchen, large double bedroom and private balcony. There is a beautiful communal garden, Westfield shopping centre is five minutes away and Marble Arch is ten minutes by Tube. It’s worth £500,000. '

So, inc. the one she lives in, her claimed property assets are 2m.

' Three are rented out, bringing in between £40,000 and £50,000 a year (before tax), and providing a nice pension. The Oxford maisonette is my main home, where I live alone. '

What is it 40 or 50?

Lets say 45k. Lets assume shes got another income/pension.

So shes going to pay 20% tax on that 45k - so 35k.

Thats a sub 3% yield - yes ive include her OTT.

On an asset that is looking grossly over valued.

You ought to be able to get vituall tax free returns of 3-5% on a broad spread of assets and whatnot. For no effort.

 

And subject to further higher taxes.

I live alone - well... after one expensive divorce and one unexplained death what bloke (or woman - modern times n all) would risk it?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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like all mainstream media, its entire purpose is to trigger the consumer into feeling a certain way.

 

the content of the story is irrelevant, the outcome is what matters.

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1 hour ago, spyguy said:

Well lets look that the facts, as they are, and the numbers, which are alwayslacking in quality and quantity.

One she's not a 'house blocker' She owns mutliple houses - she says she's not got a morgage o nthem, so well jsu thave to take her word for that.

'She says she has been buying and selling properties for profit for over 30 years'

Is not backec up by:

'How have I managed this? My first step on the solo property ladder came after my divorce in the late Eighties. My husband and I divided the so-called assets 50:50 and I moved into a large, run-down flat in Notting Hill, West London. '

and:

'In 2004 my partner died and I inherited our shared holiday flat in Worthing. Selling it, and the Hammersmith house, enabled me to invest once more. '

She made her money, like most women, by divorcing in the late 80s and her next partner dying - maybe the police want to look at that ....

' So gradually I came to own all these properties mortgage-free. '

There was no gradual abot it. One divorce One death.

' I have been shrewdly buying and selling properties for profit for more than 30 years. '

No you haven you mental bint.

On the 'kids' v oldies:

' As for millennials being poverty-stricken, if you visit any city pub or wine bar from around six in the evening, you will find it heaving with young people who think nothing of spending a week’s wages on booze. '

Absolutely not. Bullsh1t. Pubs are dead bar the one stuffed from 55+ winign and dining.

She does have various websites. They appearto be unresponsive at the moment ....

Next, returns:

' The other main reason for owning second homes is that they make better investments than getting 0.1 per cent interest on our savings at the bank. '

Total bullsh1t.

Lets looks at numbers:

' Then there is the modern designer flat, also in Oxford. In a gated development with allocated parking, it offers easy urban living with its open-plan kitchen-cum-living room. It’s probably worth around £260,000. '

'First there’s the top-floor Victorian maisonette in North Oxford. Neutrally decorated, it has three bedrooms, two bathrooms with one ensuite, a stylish kitchen-diner, vast living room, utility room, cloakroom, attic, toolroom and a huge garden maintained by a gardener.

Huge shade trees mean I wake up to birdsong each morning. Excellent schools and Oxford’s dreaming spires are nearby.

There is off-street parking, a non-stop bus service, shops and restaurants. No wonder it’s worth nearly £1 million.'

' Then there is the modern designer flat, also in Oxford. In a gated development with allocated parking, it offers easy urban living with its open-plan kitchen-cum-living room. It’s probably worth around £260,000. '

' Third is the Fifties flat in Shepherd’s Bush, West London, with a spacious living room, eat-in kitchen, large double bedroom and private balcony. There is a beautiful communal garden, Westfield shopping centre is five minutes away and Marble Arch is ten minutes by Tube. It’s worth £500,000. '

So, inc. the one she lives in, her claimed property assets are 2m.

' Three are rented out, bringing in between £40,000 and £50,000 a year (before tax), and providing a nice pension. The Oxford maisonette is my main home, where I live alone. '

What is it 40 or 50?

Lets say 45k. Lets assume shes got another income/pension.

So shes going to pay 20% tax on that 45k - so 35k.

Thats a sub 3% yield - yes ive include her OTT.

On an asset that is looking grossly over valued.

You ought to be able to get vituall tax free returns of 3-5% on a broad spread of assets and whatnot. For no effort.

 

And subject to further higher taxes.

I live alone - well... after one expensive divorce and one unexplained death what bloke (or woman - modern times n all) would risk it?

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

I wonder if she actually realises she has to pay tax on her rental income? Perhaps she thinks that as a boomer she is exempt?

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1 hour ago, winkie said:

Where did they go?.....did they stay within the UK or move overseas?........like shortage of beds in hospitals, is it an actual shortage of metal beds or shortage of money to pay for the extra nurses required to care for the extra people who need a bed or lack of investment in training......or lack of long-term planning, and paying more because of it?😉

Up to Liverpool. But he did enrol on a tropical diseases course which will mean he might use so he can work abroad for a bit. Basically keeping his options open but doesn't necessary need to stay here. If things were better, he prob wouldn't consider it. Crazy way to treat young people 

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3 hours ago, maffo in oxford said:

Using the (very understated) rule of allowing 1% of your portfolio's value toward maintenance, per annum, that's nearly 1/2  the profit gone each year.

Is that still true?  My home has gone up 6 times since the 90s (sadly I didn't own it them ) but I would guess that the cost of maintenance has not gone up 6 times.

Also if I could magically move it to South Kensington it would be worth 10x more but the cost of maintenance would be very slightly higher.

Edited by iamnumerate

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It's just the Daily Mail delivering its regulation two minutes of hate. Tomorrow, there will be a story of an overweight lady with too many children who is in receipt of state benefits and who refuses to feel any shame about her lot in life. Cue all the green and red arrows in the comments section.

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Apparently having an income of 40k and no mortgage is no indicator of taste. I mean, pink dayglow sweaters and white jeans died with the 1980s didn't they?

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3 hours ago, iamnumerate said:

Is that still true?  My home has gone up 6 times since the 90s (sadly I didn't own it them ) but I would guess that the cost of maintenance has not gone up 6 times.

Also if I could magically move it to South Kensington it would be worth 10x more but the cost of maintenance would be very slightly higher.

For rental houses, with the extra wear and tear because of the ‘it's not mine’ attitude, most definitely.
Even redecoration, new carpets cost quite a bit, let alone new kitchens bathrooms and boiler breakdowns.

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2 hours ago, maffo in oxford said:

For rental houses, with the extra wear and tear because of the ‘it's not mine’ attitude, most definitely.
Even redecoration, new carpets cost quite a bit, let alone new kitchens bathrooms and boiler breakdowns.

But surely it is not a percentage?  If I rent out a 3 bed ex council in Hammersmith the value of the house would be a lot more than if it were in Hull, but maintenance less so.

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1 hour ago, iamnumerate said:

But surely it is not a percentage?  If I rent out a 3 bed ex council in Hammersmith the value of the house would be a lot more than if it were in Hull, but maintenance less so.

Exactly. There may in some cases be more expensive fittings in more expensive areas, but a house in London skittle coat no more to maintain than a near identical house in Birmingham despite it being twice the price. 

And my house today costs no more to maintain today than it did a decade ago despite it being about twice the cost. 

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11 hours ago, Pindar said:

Apparently having an income of 40k and no mortgage is no indicator of taste. I mean, pink dayglow sweaters and white jeans died with the 1980s didn't they?

 

Boomers are renowned for their garish and outlandish taste in clothes, some of the outfits I see them wearing are quite frankly bizarre to the point that it suggests they're suffering from some form of mental illness.

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19 hours ago, maffo in oxford said:

Using the (very understated) rule of allowing 1% of your portfolio's value toward maintenance, per annum, that's nearly 1/2  the profit gone each year.

Lol, like most landlords do any maintenance. They either don't do anything until they need to sell or leave it to the tenant to do (often at the tenant's expense!).

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10 hours ago, iamnumerate said:

But surely it is not a percentage?  If I rent out a 3 bed ex council in Hammersmith the value of the house would be a lot more than if it were in Hull, but maintenance less so.

I've found it to be fairly accurate, it takes into account local labour rates for the most part. Hull Labour charges vs City of London is going to be about 1/2 the cost 

The average house is apparently around £200k, £2k a year isn't a lot.

Edited by maffo in oxford

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1 hour ago, Rod39 said:

I've not been able to comment on this earlier as I've been too busy working paying for this boomer's pension.

 

I realise this article is clickbait designed to provoke a reaction but the whole entitled Millennials spending on iphones trope does wind me up.

 

I haven’t taken a foreign holiday for a decade. All I ask for is the stability of home ownership. The kind of stability that allows you to start a family. The kind of stability that is quite good for your mental health – by some  estimates there were 10,000 additional suicides as  a result of the recession. I graduated when unemployment was at 2.56m. It was terrifying.  My heartrate still increases walking  past the council offices where I got to be a Universal Credit guinea-pig.

 

I will perhaps buy myself a gift c. £50 for Xmas. I would be spending far more if was an owner occupier.

 

 

 

 

On the subject of iphones etc, this is a fascinating link in 1967 a TV cost the equivalent of almost £5K in today's money.

 

https://www.telegraph.co.uk/finance/economics/12007420/How-much-did-these-classic-goods-cost-40-years-ago.html

 

The only things that have got more expensive seem to be petrol, beer, cigarettes and housing (which is not really a luxury).

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2 hours ago, iamnumerate said:

On the subject of iphones etc, this is a fascinating link in 1967 a TV cost the equivalent of almost £5K in today's money.

 

https://www.telegraph.co.uk/finance/economics/12007420/How-much-did-these-classic-goods-cost-40-years-ago.html

 

The only things that have got more expensive seem to be petrol, beer, cigarettes and housing (which is not really a luxury).

And cars too.

Most of my Dads money went on cars and motorbikes.

P1ssed away.

 

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  • 144 Brexit, House prices and Summer 2020

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      • down 5% +
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