Sunday, June 14, 2009

So who will support the market?

Young people 'giving up on the property dream'

Young people are increasingly falling out of love with the idea of owning their own home, new research shows, as prices remain too high for most to afford. A study of 2,000 people by the Chartered Institute for Housing, to be released tomorrow, shows that only a third of 18-to-24-year-olds now think owning a home is right for them.

Posted by quiet guy @ 08:09 AM (1584 views)
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15 thoughts on “So who will support the market?

  • Before LABOUR, just ten years ago, a person earning average wage could afford an average house.

    And LABOUR profess to be the only party who will help and assist people?

    You can pass the blame around all you want.

    They are Liars, and the entire country knows it.

    LABOUR MUST BE COMPLETELY DESTROYED AT THE NEXT GENERAL ELECTION.

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  • japanese uncle says:

    First house ownership, next car ownership, changing from M&S to ASDA, TESCO to LiDL, and so on. The world will bitterly appreciate the full-scale effect of ”When the money is gone, it’s gone’

    But don’t worry after the 75% HPC, houses will be again an affordable commodity.

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  • Bearly Legal says:

    Need to give young people “more information about alternatives” to buying? We know what the alternative is thanks, it’s renting from someone who can chuck you out of your home with two months’ notice even if you’ve been living there for twenty years.

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  • yorkshireman says:

    We are living off the blood and sweat of our grandparents and at the expense of our children and grandchildren. So much for the property “dream”.

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  • yes but that’s exactly why it is unsustainable.

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  • This generation (18-24) have been shafted by all previous ones.
    In 10 years time, when they start to get some influence in government there will be some big changes. Watch your pension!

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  • The article cited is a front page taster for a great spread inside.Ashley Seager is (like Martin Wolf and Samuel Brittan of the Financial Times ) much taken with the possibilities of LVT hence the quotes from Labour Land Campaign at the end.

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  • japanese uncle says:

    Just obtaining a roof above your head, should not be a ‘dream’ first of all. It should be a matter of course.

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  • happy mondays says:

    Maslow’s hierarchy of needs..

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  • The banks have put the UK in the word fuoked.

    Now, being a council tenant for the chavette survivors in these uncertain times is of the highest ambition.

    Not commiting to employment without a two year firm contract is also something to strive for.

    You are not witnessing a property crash here. Far from it.

    Cockroaches and rats of all kinds, thrive in a kitchen of filth and disarray. Badass housekeeping from the bankers chefs.

    IT’S GETTING TOO HOT IN THE BITCHEN KITCHEN. TIME TO DO SOME DITCHEN.

    Slippery floors and hot pans are dangerous combinations. Adios amigos!

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  • She also wants the government to consider using the tax system to prevent house prices from booming again. Sweetheart capital gains tax has been reduced to 18% and economic activities creating jobs only 50% plus the VAT every 3 months.

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  • Selfish baby boomers have turned their backs on the younger generations. Gold plated pensions and strong economic growth over the last 20 years have permitted the cruise brigade to retire in style. Of course the politicians are boomers as well.

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  • It’s not a case of baby boomers versus the rest. Plenty of those born between ’45 and ’65 are in poverty now, while some younger are in clover. It is the systemic inequalities that are the problem, not a division between young and old, Labour and Conservative, immigrants and nationals.

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  • Enough Already says:

    “Young” pensioners (those women of 60+) are the richest people I know. They are usually still “working” in public sector jobs like nursing/teaching etc (even though for most of the time they are ‘on sick leave’). They ALSO get their government old age pension ‘saved’ for them every year until they are 65 when they are given it back as a huge lump sum! This, of course, is on top of the works pension the’ll receive. Many are due to pocket about £25k on their 65th birthday. No wonder they’re on cruises.

    Meanwhile – at the other end of the scale – the young are being screwed to pay for all this and cannot even afford a home of their own. Disgusting!

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  • phdinbubbles says:

    “The biggest change in attitudes has come in the 25-to-34 age range, with a fall from 83% to 69% of respondents wanting to own their home.”

    If I had to blame any generation then it would be a significant proportion of my own (25 to 34) – as demonstrated by the figures above. Why would potential FTBs think buying a house is a worse move now than a year ago after prices have come down? – presumably because the muppet proportion don’t perceive it to be a one way ticket to making an easy pile of cash any more.

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