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Shock Poll Shows 25% Of Over 50's Do Not Own A Home

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http://www.ananova.com/business/story/sm_1898831.html?menu=

Many Over-50s Don't Own Home

Nearly a quarter of people in their 50s do not own their own home and are instead renting or even living with their parents, research has shown.
Around 23% of those aged 50 and over are not in their own property, with 22% renting and 1% still in the family home, according to Alliance & Leicester.
Its survey found that 41% of these wanted to buy their own place but claimed they could not afford to.
..../

And we live in a Miracle Economy? HPI is destroying everyone's home ownership goal no matter what age group. :lol:

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http://www.ananova.com/business/story/sm_1898831.html?menu=

Many Over-50s Don't Own Home

Nearly a quarter of people in their 50s do not own their own home and are instead renting or even living with their parents, research has shown.
Around 23% of those aged 50 and over are not in their own property, with 22% renting and 1% still in the family home, according to Alliance & Leicester.
Its survey found that 41% of these wanted to buy their own place but claimed they could not afford to.
..../

And we live in a Miracle Economy? HPI is destroying everyone's home ownership goal no matter what age group. :lol:

Christ. In 15 years we will be paying said rent through taxes. I wonder what the figure for over 60s and over 70s is?

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http://www.ananova.com/business/story/sm_1898831.html?menu=

Many Over-50s Don't Own Home

Nearly a quarter of people in their 50s do not own their own home and are instead renting or even living with their parents, research has shown.
Around 23% of those aged 50 and over are not in their own property, with 22% renting and 1% still in the family home, according to Alliance & Leicester.
Its survey found that 41% of these wanted to buy their own place but claimed they could not afford to.
..../

And we live in a Miracle Economy? HPI is destroying everyone's home ownership goal no matter what age group. :lol:

Yes 'minty' on eastenders is in the same boat :D

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http://www.ananova.com/business/story/sm_1898831.html?menu=

Many Over-50s Don't Own Home

Nearly a quarter of people in their 50s do not own their own home and are instead renting or even living with their parents, research has shown.
Around 23% of those aged 50 and over are not in their own property, with 22% renting and 1% still in the family home, according to Alliance & Leicester.
Its survey found that 41% of these wanted to buy their own place but
claimed
they could not afford to.
..../

And we live in a Miracle Economy? HPI is destroying everyone's home ownership goal no matter what age group. :lol:

What do they mean 'claimed' - is it so unlikely? :rolleyes:

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What do they mean 'claimed' - is it so unlikely? :rolleyes:

How easily could a 50+ get a mortgage that's like 10 years so they'd have to pay back a fair whack - I would expect less of them to be able to buy a house than people in 20s simply because less time to pay it back. I guess some have a big pile of cash under the bed hidden from means-testing

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How easily could a 50+ get a mortgage that's like 10 years so they'd have to pay back a fair whack - I would expect less of them to be able to buy a house than people in 20s simply because less time to pay it back. I guess some have a big pile of cash under the bed hidden from means-testing

I read a similar poll taken in the US. People in their 50's and retirement--the average person had $30,000 in savings. Not enough for a deposit.

When you think about it, the boomer generation were a spending and debt accruing lot and the habit has passed down to the next generation. The former WW2 generation were more stable and saved more.

I doubt many people at whatever age have much more than about 20k in cash convertible savings. That is why the HPC will wreak havoc again as it did in the late 80's and early 90's. No back up to withstand the storm.

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How easily could a 50+ get a mortgage that's like 10 years so they'd have to pay back a fair whack - I would expect less of them to be able to buy a house than people in 20s simply because less time to pay it back. I guess some have a big pile of cash under the bed hidden from means-testing

Exactly.

But I don't believe these people have a stash of cash.

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Daily Mail:

http://www.thisismoney.co.uk/mortgages/art...mp;in_page_id=8

Baby boomers priced out

Simon Lambert, This is Money

1 July 2006

ALMOST a quarter of the baby boom generation do not own their own home with many of them unable to afford to buy.
Stephen Leonard, director of mortgages at Alliance & Leicester, said: 'Our research reveals that the affordability issue is more widespread than you'd expect and not just something that affects Britain's youngsters.
'Although those in their 20s and 30s are most affected by this problem, an
increasing
number of those over 50
are also finding it hard to afford a house.'
The study's findings come amid concerns that Britons are seriously overstretching themselves in order to purchase homes. Earlier this week Bank of England Governor
Mervyn King expressed concerns over the level of mortgage borrowing
, as it was revealed it had risen above the £1 trillion landmark figure for the first time and accounted for 42% of salaries.

So, Mervyn admits the problem but does nothing to solve it.

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http://www.ananova.com/business/story/sm_1898831.html?menu=

Many Over-50s Don't Own Home

And we live in a Miracle Economy? HPI is destroying everyone's home ownership goal no matter what age group. :lol:

7 years ago me and the Mrs were living in a caravan simply because we didn't want to pay £100K + for a 1 bedroom flat. I waited and bought a detached house in 2009 for £38K cash (ok it is in Thailand) and a flat in 2010 for £53K cash in Rugby; a repossession originally bought for £102K in 2006. As far as I am concerned the crash has already happened.

Had I just sat on the cash I would be part of the over 50's with no home statistic.

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Thank goodness Sir Mervyn has got upto speed and spotted the problem now.

Bravo and three cheers.

For sure he'll have it remedied now in the last 5 months of his 23 year stint at the BoE with the last 10 years as governor..

Edited by billybong

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The only solution that i can think of is to tax the under 50s to pay for houses for the over 50s who dont own houses.

And i have thought long and hard about this.

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some anecdotals.

Chap in his 50's glad he had a mortgage or his ex would have got the house. Turns out works dropped off a cliff, now realizes he retained debt not asset.

A musician down the pub 55+ used to work for a Uni but was made redundant, I told him the doles not that bad, but your pretty much screwed with a mortgage. Sadly he replied 'I still have £300 a month mortgage".

Friend took out a load in 2000 for a £100k property in scotland as an investment. No one could afford to rent it and it was remote. Now worth £110-120k.

59 year old lady bought a 1 bed flat £180k, still 60k to go, terrified of losing her job.

So I can believe it. Although I had always thought any 50+ would have had the mortgage paid off by now, or rented. The people who did pay it down were non middle class single guys.

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some anecdotals.

That's all about mortgages. Normal (non-HPC) folks call you a homeowner if you have a mortgage. The 25% is those who don't even have that.

For anyone facing the prospect of renting into retirement it tells you you're not alone.

And it tells us there's still a big pool of prospective late-FTBs. The ones who balance the fortunate twentysomethings and drag that famous FTB-average-age upwards.

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Christ. In 15 years we will be paying said rent through taxes. I wonder what the figure for over 60s and over 70s is?

So the taxpayer will be starting to funding all these extra rents at the same point that we're in the thick of the unpayavable interest-only mortgages turning bad.

But controlling rents in a European manner would be bad for the landlords' market, says Mr Prisk.

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So the taxpayer will be starting to funding all these extra rents at the same point that we're in the thick of the unpayavable interest-only mortgages turning bad.

But controlling rents in a European manner would be bad for the landlords' market, says Mr Prisk.

It's not just rents, it's maintenance charges and ground rents.

Pension credit is £142 a week but those charges are not paid by people claiming pension credit. If a builder running a development of retirement properties whacks those charges up taxpayers foot the higher bills. Free money for builders from taxpayers. Those claiming pension credit don't care about higher charges because they don't pay. State pension is £107 per week, pension credit tops it up to £142 then adds maintenance and ground rents on top.

Pensioners who have spent their money and not been mug enough to save to pay their own bills 1

Young people working and paying taxes 0

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It's not just rents, it's maintenance charges and ground rents.

Pension credit is £142 a week but those charges are not paid by people claiming pension credit. If a builder running a development of retirement properties whacks those charges up taxpayers foot the higher bills. Free money for builders from taxpayers. Those claiming pension credit don't care about higher charges because they don't pay. State pension is £107 per week, pension credit tops it up to £142 then adds maintenance and ground rents on top.

Pensioners who have spent their money and not been mug enough to save to pay their own bills 1

Young people working and paying taxes 0

Sounds like I need to get into the '1' camp something sharpish.

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I'm over 50 and, fortunately, I don't own a house.

We can have a whip round on hpc for you. I believe Interestrateripoff has been saving 2ps he's found on the floor in between reading his Daily Mail, so that should help...

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I wonder what effect the 50% of marriages that end in divorce have on the older generations lack of money/assets?

A lot... unless you're a divorce lawyer aged over 50.

:huh:

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Some over 50's are thanking God they don't own a house. They instead took their capital and invested in gold a decade ago and are laughing at the house ponzi.

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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% +
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      • Even
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      • up 5%



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