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GAL BEAR

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There are a few women in my office all wanting to take early retirement and move to the coast/country etc.

(Allright for some!).

Anyway, I heard a couple of them bemoaning the fact that their kids still have not moved out, so they can't sell up and move on themselves.

Both their sets of kids were aged between 28 - 31.

One lady said her son was actually offered 'one of these KEY WORKER morgages' but apparently

a soliciter friend of the family had advised him against it as he would still have to buy with his

g.friend to afford it and the son didn't really feel compelled to 'formalise' his relationship with her.

Both their sets of kids had looked into renting but are still paying of student debts and the Lady said she

could not bear to think of them spending all that money on rent.

The lady also said she is sick to death of friends of hers bragging about how much their homes are worth.

This lady said to me that she cannot see any benefit in having such high property prices.

This 'bubble' is having such far-reaching consequences isn't it ?

I notice that all the people in my office with younger kids brag constantly about how much their

homes are worth, but the older ones with 30 something kids are starting to see the other side of

the 'coin'.

I hope all the 30 something's all across the country decide to stay at home rather than rent for the

next couple of years, that would kill the market stone dead !!!! Of course I know this is not practical

for most people.

It is nice to hear sentiment changing a bit though.

Edited by GAL BEAR

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I had a conversation with the HR woman at work today,.. they are looking to hire in an IT network type..

Now this skill set is pretty rare.. (good ones...) but one thing she said was that the massive cost of living meant that no one who had not bought years ago would be able to live on the salaries they could offer.. and that the company could not afford to pay more.. would not..

I smiled to myself.. :)

We all know what it happeneing.. its so obvious,..

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There are a few women in my office all wanting to take early retirement and move to the coast/country etc.

(Allright for some!).

I hope that they are not hoping to move to Cornwall as prices here have blipped in Q1 and gone back up again :( The longer term trend is still down though :)

Retirement to Cornwall has killed the County

CS

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Why are their kids still paying off student debts at 28-31...... ? At that time, you could not borrow much and did not have to pay fees, so even a McJob would have paid these off living at home provided they graduated at a 'normal' age. Or did they decide to roll the debt for a while longer yet....

If they are 30 or thereabouts there's a bigger problem with these kids, they could have ridden the boom and been sat there with fat equity (declining or otherwise), it's the ones 5 years younger that should have the problems (I know some people start late, do longer courses, but the vast majority of that lot have been out of university for 7 plus years now.....)...

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Why are their kids still paying off student debts at 28-31...... ? At that time, you could not borrow much and did not have to pay fees, so even a McJob would have paid these off living at home provided they graduated at a 'normal' age. Or did they decide to roll the debt for a while longer yet....

If they are 30 or thereabouts there's a bigger problem with these kids, they could have ridden the boom and been sat there with fat equity (declining or otherwise), it's the ones 5 years younger that should have the problems (I know some people start late, do longer courses, but the vast majority of that lot have been out of university for 7 plus years now.....)...

Was the first thing you did buy a house...??

Personally I was moving round the country and gaining experience and skills..

the average ftb is 32 now..

some want more from life then immediate home and family,.. they want adventure first.

and it does not become their fault that they do not own, that is bull.. It is a huge explosive boom..

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No, but I paid my debts off whilst having those experiences.

Oh I see, it's all about adventure and life enhancing experiences then they ought to be able to suspend reality whilst they mess about finding themselves..... sorry no, that's not a grown up attitude and I stand by the comment that if you don't pay off your debts, it's not anyone else's problem if at 30, you are still messing about at home (usual caveats about the majority apply).... - they graduated at 21/22 - at what point does having experiences turn into living it up on a graduate loan and being the 30 year old in a student disco (TIC, but you hopefully get the point....).

Edited by Rachman

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Rachman,

There were a few ladies discussing this.

Think one of them had kids a bit younger than the lady who had kids around 28 - 31.

she was the one who mentioned the sutdent debts. I also got the impression there were 'general' debts as well.

It was a general conversation but both ladies seemed very concerned more from their own point of view

than their kids really, as it was holding up their plans.

I guess that if these 28 - 31 yr old kids could have had a crystal ball maybe 6 years they would have

bought property then, but who the hell thought house prices would rise so far out of everone's reach.

Most 'young people' wouldn't want to tie themselves down with a mortgage in their early twenties and most rational people would have thought "Oh, i'll be able to afford a mortage of about 70 grand in a few years when I feel ready to 'settle down'.

This housing market is just mad really, the rot has got to stop sometime, surely to God !

Was the first thing you did buy a house...??

Personally I was moving round the country and gaining experience and skills..

the average ftb is 32 now..

some want more from life then immediate home and family,.. they want adventure first.

and it does not become their fault that they do not own, that is bull.. It is a huge explosive boom..

Well said Apom !!!

I am sick of people saying "well they should have bought before the housing boom".

House prices should rise with inflation (or thereabouts) then it would not be a problem.

Wgat should happen is you see a nice little flat/house - between say 50 and 80 grand (depending on where you live obviously) then you save up a small deposit. Thats the way it should be. And that's the way it

WAS up until about 6 - 7 yrs ago.

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There are a few women in my office all wanting to take early retirement and move to the coast/country etc.

(Allright for some!).

Anyway, I heard a couple of them bemoaning the fact that their kids still have not moved out, so they can't sell up and move on themselves.

Both their sets of kids were aged between 28 - 31.

One lady said her son was actually offered 'one of these KEY WORKER morgages' but apparently

a soliciter friend of the family had advised him against it as he would still have to buy with his

g.friend to afford it and the son didn't really feel compelled to 'formalise' his relationship with her.

Both their sets of kids had looked into renting but are still paying of student debts and the Lady said she

could not bear to think of them spending all that money on rent.

The lady also said she is sick to death of friends of hers bragging about how much their homes are worth.

This lady said to me that she cannot see any benefit in having such high property prices.

This 'bubble' is having such far-reaching consequences isn't it ?

I notice that all the people in my office with younger kids brag constantly about how much their

homes are worth, but the older ones with 30 something kids are starting to see the other side of

the 'coin'.

I hope all the 30 something's all across the country decide to stay at home rather than rent for the

next couple of years, that would kill the market stone dead !!!! Of course I know this is not practical

for most people.

It is nice to hear sentiment changing a bit though.

A colleague aged around 50, kids in early 20s have a similar feeling. He desparately looking for this market to crash so that his kids can buy at reasonable prices. He himself has gone through the pains of last crash, baught in 88, so doesn't want his kids to repeat the same mistake.

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I have sympathy to an extent with recent graduates, I have no sympathy with those that sat around waiting for a bail out from Bank of Parents (and lots do).

Most of my contemporaries who waited and found themselves and had 'experiences' are now living in one bed shoeboxes with 100% mortgages. They would be 31-34. Almost without exception, they are also the people who ran up big debt at university, did not work to pay it off during holidays and the ones who had a fantastic time and did not want to grow out of it. By contrast, those who had a good time but knuckles down to debt repayments are now sat there with good houses, good jobs and are a lot more comfortable for it.

Was that maturity, or fogeyness, prudence or being sad..... ?

I find it odd that parents don't understand it's a moneygoround to a large extent, there are people who will make their own way, but if the parents get a huge windfall, where do they think it's come from and who's paying for it ?

Edited by Rachman

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Why are their kids still paying off student debts at 28-31...... ? At that time, you could not borrow much and did not have to pay fees, so even a McJob would have paid these off living at home provided they graduated at a 'normal' age. Or did they decide to roll the debt for a while longer yet....

It took me till I was 29 to finish paying my student loan back. Left uni at 22 (did 4 years), didn't earn enough to have to pay it back in the 1st couple of years. I doubt a McJob pays above the £15,000 that forces you to pay it back. Plus it's suppose to below inflation and costs more in lost opportunity costs etc.

In those 1st few years I got a loan, and got a car/suit and found a job paying crap wages, that led me to my current job position. I paid off the real loan/credit cards etc before paying Student loan over the 5 years they allowed - all 4K worth :D - But I did try and watch my pennies at Uni, had 9am lectures every morning for 4 years! 30+ hours/week, didn't touch drink for 2, and ended up with BEng that no-one wanted. :(

No-one teaches you anything about money or finance, it's only in the last 3 years I started saving and the last 18months I've gone all out. I now feel I've enough of a buffer to risk a small amount (currently 2-3 months savings) on risker investments but just wish I had had the interest in money etc as I do know 5 years ago.

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My first two years of paid work (after degree and a year of postgrad that cost me £5K in fees plus living costs) were on less than £15K. I managed to pay down £6K of my then £15K total debt. I understand the point of don't earn enough to be forced to pay, but I also saw that as "If I don't pay now, it's going to hurt me later". BUT I suppose I am a bit odd in that I had financial discipline drummed into me from being a kid on paper rounds.

I do agree there's a lot of financial ignorance or at least, the "tomorrow" syndrome to lots of grads and kids, it does NOT help them. Perhaps it ought to be compulsory in schools, but how do you make them listen ?

BTW, my missus left at 22, she was lucky enough to have parents who covered her debts, but she had no idea at all of how to pay for things, when we bought the house, she simply failed to understand the concept of interest and why it was a good idea to overpay the mortgage..... she honestly said, can't we just pay for it out of our savings accounts.....

Edited by Rachman

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I HAVE TO STAND UP FOR RACHMAN HERE!!!

Graduated at 22 and decided not to pay that debt off? They can only blame themselves for that.

Sure I'm 38 and not bought, in hindsight I could have bought and didnt, but hey shit happens.

I think the point that Rachman is making is that they may have been able to service this debt earlier but decided to piss it up a wall or go travelling. Horses for courses.

I know that when I was younger If I wanted to, and was clever enough to go to university, I would not have had to pay. This government are to blame for that! I find it unfair that this generation HAS to pay for their graduation! We never used to, why was there a sudden need to 'fleece' the people who are our future?

However, I also agree with APOM. If people in their 20's want to live a little then these are the years to do it. HPI / Student Loans / Crap Pensions. Is it any wonder that people just say "ahh F*CK IT!"?

TB

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I think you will find a lot of the money went into funding mickey mouse courses for some ridiculous ideal for 50~% of 18 year olds to go to university, which is a joke. If they did not do that, then we would a) have a lot of plumbers B) not have a whole generation of people with a degree and no skills who want to work in 'meeja' and c) the proper vocational students would have been funded and the ones who did apprenticeships would not be in debt and would have been earning since they were 18/19..... but someone voted these clowns in....

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Guest Charlie The Tramp

BUT I suppose I am a bit odd in that I had financial discipline drummed into me from being a kid on paper rounds.

Not odd at all, when you get up at 5am 7 days a week in all weathers for that £1 in wages you want to get the most out of it. I made a point of putting 10 shillings of it in a PO Savings account and every other penny was spent carefully. I will always remember that b****y bag weighed more than I did and I still was the fastest paperboy in the area. :D

BTW house prices for a two up and two down were 20x my annual wages. :(

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Guest

Also boys, before you get spouting off too much, some people do little things called FURTHER STUDY and PHDs.

Aside: Charlie, can you ask the fubra lads to DE-BUG their web site?

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Guest Charlie The Tramp
Aside: Charlie, can you ask the fubra lads to DE-BUG their web site?

I have already informed them.

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Not odd at all, when you get up at 5am 7 days a week in all weathers for that £1 in wages you want to get the most out of it. I made a point of putting 10 shillings of it in a PO Savings account and every other penny was spent carefully. I will always remember that b****y bag weighed more than I did and I still was the fastest paperboy in the area. :D

BTW house prices for a two up and two down were 20x my annual wages. :(

Charlie

They must have paid well in the South when I did my paper round (lived up North as a kid) it was only 7/6d for 6 days and 2s for Sunday

CS

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Guest Guy_Montag

I'm 29, with £3k left on my student loans. In fairness, I pay off the minimum since the interest is RPI, so it's effectivly a interest free. So the money I could be using to pay it off is going into a 7% account.

I left uni in 2000, I worked abroad for 18 months (saved most of my wages). I got back in 2003, but by then there was no way I could afford a house within 50 miles of Cambridge, where I then worked, even with the £12k I had saved while working abroad.

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Oh I see, it's all about adventure and life enhancing experiences then they ought to be able to suspend reality whilst they mess about finding themselves.....

Oh, ********. Why should the people of this country be expected to put a house above actually having a life? What is so important about a bloody house that we should all be expected to sacrifice our lives to buy one? Is that really what you think we were put on this planet for? To slave away all our lives just to keep rich bankers in a job so we can pay off the mortage at 60 just in time to retire and die?

The simple reality is that house prices in this country are way to damn expensive, and if they weren't then all these people would be able to buy houses now. The solution is simple: cut house house prices in half, or watch the adventurous kids move abroad while only the no-lifers stay here in the UK.

Which would you prefer? A country full of adventurous people, or a country of no-lifers who just want to slave away to buy a house and then die? Which do you think will be better for Britain in the long term?

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Not odd at all, when you get up at 5am 7 days a week in all weathers for that £1 in wages you want to get the most out of it. I made a point of putting 10 shillings of it in a PO Savings account and every other penny was spent carefully. I will always remember that b****y bag weighed more than I did and I still was the fastest paperboy in the area. :D

BTW house prices for a two up and two down were 20x my annual wages. :(

I used to do 3 paper rounds per day while I was at school (not joking btw). Great exercise on the old bike!

I did feel more worldly wise than my friends, and since then have always earned at least twice as much money as any of them! Highly recommended to all kids. :D

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House prices should rise with inflation (or thereabouts) then it would not be a problem.

Repayments, which takes into account today's very low mortgage rates, iare inclined to follow inflation, not house prices.

Charlie

They must have paid well in the South when I did my paper round (lived up North as a kid) it was only 7/6d for 6 days and 2s for Sunday

CS

In 1965 I got 2/6d a day, and a weekly bonus of 2/6d if I turned up every day - £1 in total.

Like Charlie, I saved half of it. I used to buy 6d post office saving stamps - they used to pay 2.5% interest per annum.

The solution is simple: cut house house prices in half, or watch the adventurous kids move abroad while only the no-lifers stay here in the UK.

How are you going to do that? Prices aren't set by a management committee, they are set by the market, and current prices are what people are paying. :)

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Guest Charlie The Tramp

In 1965 I got 2/6d a day, and a weekly bonus of 2/6d if I turned up every day - £1 in total.

I was earning that in 1957 :o so in real terms there was a paperboy`s wage crash in the 60s. You couldn`t buck market cycles even then. :D

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Was the first thing you did buy a house...??

Personally I was moving round the country and gaining experience and skills..

the average ftb is 32 now..

some want more from life then immediate home and family,.. they want adventure first.

and it does not become their fault that they do not own, that is bull.. It is a huge explosive boom..

I joined a graduate training scheme in 2000 when I graduated and was sent all over the country and the USA. I did an engineering degree which is 4 years. I am now 30. Never had an opportunity to buy as I didn't know where I was going to be until 2003 when I was well and truly priced out.

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It's still not letting me quote, but there you go.

So a Masters and a PHD . Can I ask a genuine question, is the quest for intellectual fulfilment such that it's a good idea to go do a PHD because you love the subject or because it's going to get you a better job. There's a split in the PHD and MSc people I know, half did it because they screwed up their degree and had to do it and half did it for the academic challenge - they now won't sell their soul and go work for an Investment Bank as analysts because it's selling out and they would rather whinge aobut being on £20K a year....... - so please tell me the point of that then.

The others who decide that it's not fair that they can't spend more than three years arsing around at university (because let's be honest, it's a joke life for 95% of students re: workload - in my experience the only ones who actually did more than 15hours a week were, let's be blunt, not particularly bright and were killing themselves to tread water (other than the labrats and medics who had to be there to churn the work). Plenty of time to a) drink B) socialise and grow funny facial hair and c) at least 5 months a year to bum around S America.....

But apparently three years of this is not enough and people then need a year or two off to get away from the stress of the easiest three years of their life. Pull the other one, it's got bells (handed down by generations of Ecuadorean goatherder) on.

They then want to spend the next few years not repaying the debts they have spent three years accruing and then wonder why they can't afford a house - are these people really knuckling down to reality or are they exhibiting "Have today, pay tomorrow" society........ - I am sure I sit on my side of the fence and they sit on theirs, but it does smack of a bit of a joke to suggest that those who want to enjoy themselves first then are the ones who are bleating about not being debt free and can't afford to buy anywhere to live..... [i know that some recent graduates don't fall into that category....]

Yes I have done university, academically it was a farce, the exam bit's stressful but if you have learned your stuff, you know you'll get the result you need (mostly) - yes I got my 2:1....

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Yes I have done university, academically it was a farce, the exam bit's stressful but if you have learned your stuff, you know you'll get the result you need (mostly) - yes I got my 2:1....

I'm at uni now and this pisses me off so much. If you do a moderate amount of work and are reasonably intelligent there's no way you will not get a 2:1, but it's still a lot of work to get a 1st. You could quite easily do loads of work and just miss out on a first, when you could have done no work and got the same result. It's a joke. A 2:1 is so easy to obtain nowadays that if you get a 2:2 it just shows that you're very lazy.

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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