Jump to content
House Price Crash Forum
CrashedOutAndBurned

Boomers Ride Roughshod Over The Young

Recommended Posts

Now, I've refrained form the anti-boomer talk for a long while but I'm now pretty much woken up to the fact that an unchecked concentration of wealth in the hands of the previous generation is really causing a massive social divide. Heck, you don't even have to be a high-flying professional boomer to wreak havoc...

In the last two days I found two boomers at my work happily pricing out locals in two different regions of the UK by snapping up holiday homes.

Two points about this:

1. What’s so crazy is that these boomers are not super rich brain surgeons or stockbrokers. One guy in his early 50s would earn not more than about 26k. The other may earn about £40k for thier job, single, and in their mid forties, yet lives in a sort of freshly created millionaires row (y’know, the sort of place that 20 years ago a couple of schoolteachers could live in, but now would need a stockbroker’s pay packet to afford) , it seems, due to selling a house bought for sensible money years ago in an even more HPI-ravaged area.

2. I saw a picture of the first chap’s new toy - it was hardly the typical honeysuckle-covered Devon cottage but a new-looking, breezeblocky small mews place that they used to call ‘starter homes’ in my parent’s village back in the 80s and 90s. EXACTLY the kind of thing a young rural couple on typical naff provincial wages should, by moral right, happily afford. I don’t know what he paid, but it was doubtless something stupid, way out of range for typical local FTBs. ****, the chap already had a nice house. Why the **** does he need an empty starter home in the freaking country paid for by MEW?

Now, both these people come across as nice, charming, polite. But they, and the bankers that happily back them, are utterly ******* on the dreams of the young. It’s far worse a crime than spraying a swear word on a bus shelter or making a noisy scene in the street while half sloshed. Someone should start a ‘People’s ASBO’ program where these sort of people get mailed a certificate to tell them just what effect their anti-social actions are having.

Edited by CrashedOutAndBurned

Share this post


Link to post
Share on other sites
freaking country paid for by MEW?

Nothing is paid for by MEW, MEW is just a loan. Clearly they have to actually buy the new place with their money at some point by paying back a mortgage. If that is what they want to spend their money on, then fine.

Share this post


Link to post
Share on other sites

Nothing is paid for by MEW, MEW is just a loan. Clearly they have to actually buy the new place with their money at some point by paying back a mortgage. If that is what they want to spend their money on, then fine.

Right. But MEW is another symptom of loose-lending culture. It's a cocktail of 'people who got freebies thanks to inflation now armed with cheap credit' that is now menacing young people who just want a humble, normal kind of life.

My point is, this should have been checked at some point. Punitive taxes on second homes. Restrictions on MEW. Whatever steps needed to be taken to limit this process.

There are many 'concrete over Britain' types on these boards, but a mass of new building isn't going to have much affect while there's an army of boomers at all income levels looking to hoover up even bland modern houses as weekend getaways.

Edited by CrashedOutAndBurned

Share this post


Link to post
Share on other sites
There are many 'concrete over Britain' types on these boards

The only 'concrete over Britain types' on this board are straw-men created by nimbies who want to protect their house price. There are, however, a lot of us who want to see the government out of the construction business (aside, perhaps, from setting basic safety standards).

Share this post


Link to post
Share on other sites

Now, I've refrained form the anti-boomer talk for a long while but I'm now pretty much woken up to the fact that an unchecked concentration of wealth in the hands of the previous generation is really causing a massive social divide. Heck, you don't even have to be a high-flying professional boomer to wreak havoc...

In the last two days I found two boomers at my work happily pricing out locals in two different regions of the UK by snapping up holiday homes.

So what do you suggest? A Great July Revolution?

I can never quite understand calls to stop some people buying housing on the grounds that it should be bought by some other people instead. We hardly need to undermine personal freedoms any more than they already have been. If the 'locals' in a region cannot afford to buy housing then they will often have a very easy way of fixing the problem by simply allowing more housing to be built. If they don't then no-one should be sorry for them. Besides, they would be the first to complain if outsiders stopped competing for their houses and the prices plummeted to whatever other locals can afford.

Share this post


Link to post
Share on other sites

Now, I've refrained form the anti-boomer talk for a long while but I'm now pretty much woken up to the fact that an unchecked concentration of wealth in the hands of the previous generation is really causing a massive social divide. Heck, you don't even have to be a high-flying professional boomer to wreak havoc...

In the last two days I found two boomers at my work happily pricing out locals in two different regions of the UK by snapping up holiday homes.

Two points about this:

1. What’s so crazy is that these boomers are not super rich brain surgeons or stockbrokers. One guy in his early 50s would earn not more than about 26k. The other may earn about £40k for thier job, single, and in their mid forties, yet lives in a sort of freshly created millionaires row (y’know, the sort of place that 20 years ago a couple of schoolteachers could live in, but now would need a stockbroker’s pay packet to afford) , it seems, due to selling a house bought for sensible money years ago in an even more HPI-ravaged area.

2. I saw a picture of the first chap’s new toy - it was hardly the typical honeysuckle-covered Devon cottage but a new-looking, breezeblocky small mews place that they used to call ‘starter homes’ in my parent’s village back in the 80s and 90s. EXACTLY the kind of thing a young rural couple on typical naff provincial wages should, by moral right, happily afford. I don’t know what he paid, but it was doubtless something stupid, way out of range for typical local FTBs. ****, the chap already had a nice house. Why the **** does he need an empty starter home in the freaking country paid for by MEW?

Now, both these people come across as nice, charming, polite. But they, and the bankers that happily back them, are utterly ******* on the dreams of the young. It’s far worse a crime than spraying a swear word on a bus shelter or making a noisy scene in the street while half sloshed. Someone should start a ‘People’s ASBO’ program where these sort of people get mailed a certificate to tell them just what effect their anti-social actions are having.

It's all down to timing.

These people probably bought at bottom price & have had at least 2 booms to make a huge amount. At this point in time prices are at peak.

This has been funded by people trying to get in on the act but failing & paying over the odds in the process.

If they had bought 30 odd years ago & there had never ever been the property booms in the 70s & the 80s, they would still probably been in the same position in a couple of years anyway, they are only there now due to desperate buying practises.

If house prices crash again by 30% again then gel for a while in 20 years time we will be in the same boat.

IMO house prices rise at the same rate as everything else over a period, just a little more erratically.

Share this post


Link to post
Share on other sites

So what do you suggest? A Great July Revolution?

I can never quite understand calls to stop some people buying housing on the grounds that it should be bought by some other people instead. We hardly need to undermine personal freedoms any more than they already have been. If the 'locals' in a region cannot afford to buy housing then they will often have a very easy way of fixing the problem by simply allowing more housing to be built. If they don't then no-one should be sorry for them. Besides, they would be the first to complain if outsiders stopped competing for their houses and the prices plummeted to whatever other locals can afford.

There's a glut of new 2 bed flats in my area. Yeah, they may have slipped from, say, 249k, to 225k in some instances of the last couple of years, but they're mostly cheaply built junk that look like recently erected university halls of residence. The number of new builds has gone bananas. The prices barely fall.

'Building more homes to meet demand' is simply autistic free market fairy nonsense. Most of the 'demand' comes from rampant speculation and not a shortgage of homes for people to live in. A rampant speculation that simply wouldn't have been possible had the credit industry not been allowed to run riot to cater for the needs of big US banks back in the 80s and 90s. 'Building more homes' unrestricted would lead to even more ugly, sprawling barratt dolls house estates and there's nothing to stop buy-to-letters grabbing them all.

If the rich decided to start hoovering up FTB homes to keep goldfish in, should we concrete over England to cater to their whims, or should we tell them to f-off and demand restrictions? there are already 680000 empty homes in England as it is.

emptyhomes.com

Share this post


Link to post
Share on other sites

I just read a few days ago that 70% of boomers can't afford a house either. I think the government have been spreading propaganda about the easy affordability of houses among 70% of the population. A great deal of the chronic debt problem is related to the elderly--the WW2 generation. Everyone has been screwed over but who can complain because we all voted the clowns into office.

A wise man once said: the people always get the government they deserve.

Share this post


Link to post
Share on other sites
Guest Charlie The Tramp

I just read a few days ago that 70% of boomers can't afford a house either. I think the government have been spreading propaganda about the easy affordability of houses among 70% of the population. A great deal of the chronic debt problem is related to the elderly--the WW2 generation. Everyone has been screwed over but who can complain because we all voted the clowns into office.

A wise man once said: the people always get the government they deserve.

In my area the property wealthy are not boomers. Most of them are over 65. They own the majority of all the up market property and fill the reception at the local BUPA hospital, they drive expensive cars, normally Mercs and some Rollers.

Share this post


Link to post
Share on other sites

I just read a few days ago that 70% of boomers can't afford a house either. I think the government have been spreading propaganda about the easy affordability of houses among 70% of the population. A great deal of the chronic debt problem is related to the elderly--the WW2 generation. Everyone has been screwed over but who can complain because we all voted the clowns into office.

A wise man once said: the people always get the government they deserve.

There used to be a saying when the Tories got into power at the end of the 70s: The country will have a Labour government again when it feels that it can afford one.

Every time Labour has got into power in this country they have screwed up the economy. True the property boom is global so it can't all be their fault. There was no need to wreck our pension system though.

Share this post


Link to post
Share on other sites

There's a glut of new 2 bed flats in my area. Yeah, they may have slipped from, say, 249k, to 225k in some instances of the last couple of years, but they're mostly cheaply built junk that look like recently erected university halls of residence. The number of new builds has gone bananas. The prices barely fall.

'Building more homes to meet demand' is simply autistic free market fairy nonsense. Most of the 'demand' comes from rampant speculation and not a shortgage of homes for people to live in. A rampant speculation that simply wouldn't have been possible had the credit industry not been allowed to run riot to cater for the needs of big US banks back in the 80s and 90s. 'Building more homes' unrestricted would lead to even more ugly, sprawling barratt dolls house estates and there's nothing to stop buy-to-letters grabbing them all.

I don't see how you can reconcile the level of rents with that statement. Surely, if there was plenty of housing then it would be cheap to rent a house and ignore the speculators. As it happens, rents are relatively low compared to prices, but a quick look at rightmove suggests that it still costs almost the median salary to rent a family-sized house in the SE. I do not regard that as cheap and suspect that most people would prefer to have cheap accommodation rather than empty fields. The only reason we are stuck with the current system is that NIMBYs would have no way of getting rid of the huge mortgages they took on in the expectation that the supply of housing would remain restricted by the planning laws.

If you think that houses would be affordable if only it were not for speculators, then changing the planning laws to allow more houses to be built would ensure that speculators could not make much profit, so they would go away. Are you still against?

If the rich decided to start hoovering up FTB homes to keep goldfish in, should we concrete over England to cater to their whims, or should we tell them to f-off and demand restrictions? there are already 680000 empty homes in England as it is.

emptyhomes.com

Well, they have not decided to do that just yet. Even if they did, you might have some difficulty in explaining to the existing owners that they cannot sell their property to anyone they like. I am not against planning laws, and there clearly are circumstances where it is appropriate to tell people what they can and cannot do with their land. However, telling someone "you cannot buy this house because we would rather someone else did" is not acceptable unless the alternative is that one of them would end up homeless, rather than just unable to live where they want. You did say there are plenty of houses they could live in instead?

Share this post


Link to post
Share on other sites

Right. But MEW is another symptom of loose-lending culture. It's a cocktail of 'people who got freebies thanks to inflation now armed with cheap credit' that is now menacing young people who just want a humble, normal kind of life.

My point is, this should have been checked at some point. Punitive taxes on second homes. Restrictions on MEW. Whatever steps needed to be taken to limit this process.

There are many 'concrete over Britain' types on these boards, but a mass of new building isn't going to have much affect while there's an army of boomers at all income levels looking to hoover up even bland modern houses as weekend getaways.

Oh how I agree with you. I bought a flat about 11 years ago when prices were affordable for normal young people looking to get on the housing ladder.

In the last few years flats sold in my block are being snapped up by BTL prats & rented out to 'chavs' who of course are all on the social & take great delight in making many residents life a misery with Loud music/Yobbish behaviour etc.

So the BTL's are raking in the cash on Flats that have been bidded up to stupid levels by their ilk. So instead of allowing decent people a rung on the housing level at sensible prices we have the morons of society living in them rent free (Paid for of course by all of us :angry: )

The sooner this stupid bubble bursts the better, & to think it is a Labour government who have allowed all this madness to continue & get totally out of hand.

The decent young people of today have been totally screwed by this pathetic greed :ph34r::ph34r:

Edited by LBoots

Share this post


Link to post
Share on other sites

I’ve been harping on about the ‘intergenerational divide’ for longer than most and frankly it pleases me to see posts like yours. Your housing example only scratches the surface of what is happening, as highlighted in an earlier posting.

The younger generation are suffering from the ‘Israeli effect’. By that I mean the older generation feel they deserve everything, regardless of whomsoever they shit on. Might is right, and in this case were all stymied by a government that comprises the older generation. There may be a few youngish MPs in the House but clearly they’re spineless. Despite my depressing assessment of the situation it’s fair to say that our fate lies in our own hands. The fact that life is >on average< shit for the average person under 45 is really the result of them not understanding how political the whole affair has become. Years ago Frank Fields told us what would happen if there was no tax and pension reform but we ignored him and let the post war generation whine their way into the dominant position.

The fate of all of us really lies in our own hands and its high time people stopped accepting the status quo. If that means demonstrations and even violence like that seen during the poll tax riots then its justified. Too extreme? I don’t think so, the end result for the ‘have not’s will be a miserable existence while others who own properties, work in the public sector, and who make no greater contribution to life in the UK thank your or I, will enjoy unfair benefit from fiscal policy. This is political and if predictions of peak oil are true it will become a very unstable situation.

Edited by bpw

Share this post


Link to post
Share on other sites

'Building more homes to meet demand' is simply autistic free market fairy nonsense. Most of the 'demand' comes from rampant speculation and not a shortgage of homes for people to live in.

If you believe that there is no demand, how would you explain most rental flats being occupied most of the time (and often by sharers) at high percentages of average take home pay? You could rent more cheaply in Paris or Amsterdam than Watford.

There is a shortage of housing, including the much maligned two bed flat. There is no shortage of people wanting these flats but not able to afford the mortgage or rent - look at the number of thirty somethings living in shared houses.

Share this post


Link to post
Share on other sites

quite right AJ!........There is somewhat of a shortage of housing even though this wouldn't explain why HPs have trebled in 10 years................

The credit loosening has had a greater impact on prices but this is addition the shortage ....

Share this post


Link to post
Share on other sites

I have been reading this thread with interest from 'afar' (Hong Kong actually).

It seems to me that the whole situation in the UK is one of 'the older generation taxing the younger one' - this is leading to some serious social problems & a lot of resentment.

I personally think it is true that a lot, (but not all), of boomers are now living on the earnings of the young & are living 'some where in the sun' as a result of this house price boom also at the expense of the younger generation. They are even claiming a State Pension which the young generation will probably never see themselves - again the system allows for this situation - it is not the fault of any particular generation.

I don't even think the boomers know what they are doing for the most part, (i.e. robbing their own children & grandchildren), but they have taken advantage of the situation they have found themselves in with the ability to 'tap-into' the value of property they purchased many years ago & use this to buy BTL.

As everyone on this site knows - this has caused a bidding war in property prices to such an extent now that FTB are as rare as hen's teeth & are forced to rent from the new age landlords - who are calling this their 'pension provision'.

The real source of this problem goes back to the start of low interest rates - when Japan's central bank went to a zero rate policy - this caused the carry trade when banks could borrow from Japan for almost zero and re-invest this capital else. Obviously the economics are far more complex than this - but I'm no economist!

Either way - it is a mess & if you are now aged under 35 you are pretty much done for in the UK.

The situation is what it is - your best bet now if you are under 35 is to:-

- Save as much as you can resonably afford to.

- Stay away from debt - which is just another form of slavery.

- Consider working abroad or emmigration for a few years (to save even more money).

- Wait for interest rates to rise - which will wash away all this nonsense in a few years time.

The main thing is - stay out of debt!

Good luck!

Share this post


Link to post
Share on other sites

In the late 80s if you bought a house, a couple of years later people were watching you struggle with your debts, shaking their heads & whispering "bought at the wrong time".

Now you are baby boomers robbing your young with your inconsideration & jeopardising their future.

In 20 odd years time anybody who bought a house within the last 5 years will have been 'sooooo lucky' to have bought at the 'right time'.

Cyclical IMO.

Share this post


Link to post
Share on other sites
Guest Alright Jack

I have been reading this thread with interest from 'afar' (Hong Kong actually).

It seems to me that the whole situation in the UK is one of 'the older generation taxing the younger one' - this is leading to some serious social problems & a lot of resentment.

I personally think it is true that a lot, (but not all), of boomers are now living on the earnings of the young & are living 'some where in the sun' as a result of this house price boom also at the expense of the younger generation. They are even claiming a State Pension which the young generation will probably never see themselves - again the system allows for this situation - it is not the fault of any particular generation.

I don't even think the boomers know what they are doing for the most part, (i.e. robbing their own children & grandchildren), but they have taken advantage of the situation they have found themselves in with the ability to 'tap-into' the value of property they purchased many years ago & use this to buy BTL.

As everyone on this site knows - this has caused a bidding war in property prices to such an extent now that FTB are as rare as hen's teeth & are forced to rent from the new age landlords - who are calling this their 'pension provision'.

The real source of this problem goes back to the start of low interest rates - when Japan's central bank went to a zero rate policy - this caused the carry trade when banks could borrow from Japan for almost zero and re-invest this capital else. Obviously the economics are far more complex than this - but I'm no economist!

Either way - it is a mess & if you are now aged under 35 you are pretty much done for in the UK.

The situation is what it is - your best bet now if you are under 35 is to:-

- Save as much as you can resonably afford to.

- Stay away from debt - which is just another form of slavery.

- Consider working abroad or emmigration for a few years (to save even more money).

- Wait for interest rates to rise - which will wash away all this nonsense in a few years time.

The main thing is - stay out of debt!

Good luck!

You are right, right, and right again.

The problem is the younguns are so lame. They are just letting it happen. The vehicle for this wealth transfer is the currency. It's a hot potato that should be dropped as soon as it is caught. This way, each new RIDICULOUS size mortgage, MEW, or personal loan that is created, each new bombing mission that is chartered, each new gormless civil busybody that is hired and each new money laundering QUANGO initiated won't hurt you as much. You can laugh it off.

Share this post


Link to post
Share on other sites

Why do the lazy losers on here ALWAYS blame the boomers?

House prices only went ballistic 4 years ago. This means anyone aged over 30 (today) has had a good chance to buy a house.

Also, the reason the younger people today will have to work until they are 70 odd is because PEOPLE ARE LIVING LONGER and this puts a burden on pensions. Surely you can't blame the boomers for this?

Thank the boomers (and their previous generations) for improving YOUR standard of living/healthcare and ensuring you will probably live to an older age than they will. You might want to thank them for paying for your education as well (as well as also paying for the pensions of their parents and for funding the police, roads NHS for the last 30 years etc etc)

Maybe you'd all prefer it if the boomers got 'put to sleep' so you could get early retirement and a decent pension(and a house?).

BTW when will todays newborns get to retire when we are all living into our 80s and 90s and beyond?

Most of the bears on here aged over 30 haven't got houses because they are simply cowards when it comes to the commitment of a mortgage (or maybe they are just too f%^&ing stupid/inept to ever get a mortgage)

(I'm not a boomer BTW)

Edited by Without_a_Paddle

Share this post


Link to post
Share on other sites

Why do the lazy losers on here ALWAYS blame the boomers?

House prices only went ballistic 4 years ago. This means anyone aged over 30 (today) has had a good chance to buy a house.

Also, the reason the younger people today will have to work until they are 70 odd is because PEOPLE ARE LIVING LONGER and this puts a burden on pensions. Surely you can't blame the boomers for this?

Thank the boomers (and their previous generations) for improving YOUR standard of living/healthcare and ensuring you will probably live to an older age than they will. You might want to thank them for paying for your education as well (as well as also paying for the pensions of their parents and for funding the police, roads NHS for the last 30 years etc etc)

Maybe you'd all prefer it if the boomers got 'put to sleep' so you could get early retirement and a decent pension(and a house?).

BTW when will todays newborns get to retire when we are all living into our 80s and 90s and beyond?

Most of the bears on here aged over 30 haven't got houses because they are simply cowards when it comes to the commitment of a mortgage (or maybe they are just too f%^&ing stupid/inept to ever get a mortgage)

(I'm not a boomer BTW)

Share this post


Link to post
Share on other sites

Why do the lazy losers on here ALWAYS blame the boomers?

BTW when will todays newborns get to retire when we are all living into our 80s and 90s and beyond?

(I'm not a boomer BTW)

Because it's fun :)

Nope - I've heard that predictions are that they will be the first generation ever that will have a shorter lifespan than their parent

But you speak like one :P

Edited by GCS15

Share this post


Link to post
Share on other sites

Nope - I've heard that predictions are that they will be the first generation ever that will have a shorter lifespan than their parent

Fair point, but take a good look around you next time you go shopping, especially at the supermarket. See how many people are obese and look at what is on the shelves for them to buy and look at what goes in their trolley.

Fizzy pop, crisps, cakes, pizzas, burgers and choccy ice cream.

It takes my breath away how fat some people are (and how many of them there are).

It is this section of the community that may well make that prediction come true.

That can't be blamed on previous generations. (or maybe it's a conspiracy?)

There are a lot of people who simply eat too much junk food and don't take enough exercise. It's closely linked to laziness.

Using the logic on HPC everyone is too busy 'working to pay for the boomers' lifestyle' to have time to be lazy...

Also, why is it that the average age for paying off the mortgage is falling? I last heard it was 48?.

Maybe I'm completely wrong, maybe everyone aged over 45 gets to go to huge annual meetings where they discuss the next stage in the 'plan' to swindle the younger generations.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 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%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.