Tuesday, August 16, 2011

Light at end of the tunnel for the Priced Out Generation

Downsizing fears haunt the over-50s who fear they must sell to cover cost of living

"Millions of over-50s fear they will be forced to sell their family home to cope with the soaring cost of living, research reveals today. One in five worry they will have to ‘downsize’ to generate enough cash to pay the bills, according to a report from Saga. They fear that the rising price of everything from domestic energy to petrol and food, as well as higher taxes and rock-bottom savings rates will squeeze them to the point where they will have to sell up." Righty-ho. They'll not get much sympathy from me, as these are exactly the people who expect young people to pay all these costs, pay for bringing up children AND to vastly overpay for a house.

Posted by mark wadsworth @ 12:49 PM (2519 views)
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22 thoughts on “Light at end of the tunnel for the Priced Out Generation

  • Can’t win can you Merv.

    At least you have your ultimate priorities still intact. Good boy!

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  • sibley's b'stard child says:

    ‘A separate survey, by HomeLet, found the number of homeowners aged between 66 and 70 who sold their houses and became tenants went up by 30 per cent last year.’

    I wonder how much of this special pleading is actually a result of canny old-biddies STR-ing before prices crash again?

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  • Millions of over-50’s obviously need an economics lesson then don’t they? Houses, like all other “assets” go up & down in value. The soaring cost of living is down to the same cheap credit that made their houses soar in value – you can’t have your cake and eat it. The smart ones will have seen it coming, sold up and pocketed the gain. The idiots probably believed Gordon Brown that the boom was going to be endless, MEW’d and blew the lot. Do they really want sympathy?

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  • ” Dr Ros Altmann, director general of Saga, which specialises in providing services for the over-50s, said: ‘People are being forced to do things that they would have never considered doing before.
    The baby boomers facing pension crisis: One in four near retirement have put nothing aside
    ‘It is impacting on their quality of life. Selling their home is not what they would have expected or wanted to do.’ ”

    FFS! Expensive housing for the priced out generation is not impacting on the quality of their lives? The over 50’s have had a life now shove over and and retire in one of those ‘dinkey’ inner city flats your generation built..

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  • this is strange really, especially as i see loads of homes for over 55’s for sale

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  • I’m with [email protected] They expect us to fund their pension and buy their houses for far more than they paid. Lets just hope that a new strain of bird flu wipes them all out in one go. And soon.

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  • inbreda,

    The boomaloomer flu is still being perfected, they just haven’t figured out that selective antidote just yet.

    ‘Our day will come, when we’ll have everything.

    We’ll taste the joy……………………………………..’

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  • ” Dr Ros Altmann, director general of Saga, which specialises in providing services for the over-50s, said: ‘People are being forced to do things that they would have never considered doing before. ”

    what like selling there house at a reasonable price.

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  • Judging by the way the red and green arrows are being used, there’s a lot of over 50s reading that article!

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  • I’m expecting a housing crash in 15 years when downsizing happens en masse among baby boomers (along side the next recession). At long last I’ll be able to afford that detached home-counties property…

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  • the daily hate mail is targetted at grumpy nimby ignorant old people who have had life too easy but still want to find some kind of trouble that they can blame someone else for. Lacing the pages of that rag with cyanide would be a good start

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  • “Many also say they are paying out more and more to help their cash-strapped children and grandchildren.”

    …and yet the seem incapable of doing the damn maths to discoverer the root cause of their problems!!

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  • Land Value Tax gets a mention in the comments section !

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  • Eternal Sceptic says:

    I do not believe the average person nearing retirement had too much control over the huge developing asset bubble. They just got caught up in the ride, just like they were trapped in negative equity back in the late 80’s early 90’s. Be more useful to lynch a few bankers instead of picking on those who happen to be a particular age group.

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  • mark wadsworth says:

    Jack C, there are a surprising number of honest and sensible comments, most of which have made the Worst Rated section. My traditional LVT barb is still languishing in positive territory – I normally make it straight to the top of worst rated 🙁

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  • Overt fogie-bashing is not a sport that wins many friends..

    ..a more constructive agenda is to use the social media to plug home the message that the younger generation has got to start voting again – and not just those of the extreme loony fringe mentality, but those of the moderate mainstream..

    Most of those who actually voted in the last general election were (I have been told..) over 60, and unless the voting profile changes, that is who the politicians will inevitably play to.

    An aside to this is that amongst the older generation, voter turnout is broadly similar for both sexes; whilst amongst the younger, female turnout is far worse than male..

    ..so next time your nearest and dearest whines about the government, ask her who she voted for at the last election..

    ..if she’s under 30, there’s a two thirds chance she didn’t bother..

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  • (but if she’s over 65, there’s a five sixths chance she did..)

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  • Ponzis work until people want to cash in.

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  • Skeptical First Time Buyer says:

    The boomers have screwed us, and we cant really sort the issues out until they are off the scene.

    Lets push for voting to be made electronic and internet based (engages the young, disengages the old). Postal votes are popular, but at the same time archaic, when do we get the internet vote?

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  • @ Uncle Tom
    All three of the major political parties will go for the baby boomer vote, so there is not really much point in voting. The political system is broken.

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  • 12. uncle tom said… Overt fogie-bashing is not a sport that wins many friends..

    I’m not here to win friends UT, and besides I still maintain that genocide would be the quickest solution 😉

    as for getting young people to vote… even if you succeed in doing that, there would still need to be a political party worth voting for, which there isn’t. We are all pretty much in agreement that any arm of the homeownerist movement would have done exactly the same thing. So what you really want is to convince the young to vote, and to vote for a looney fringe party like MW’s 😉

    and a third smiley for good measure 😉

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  • So Labour, Dave and what’s his name are not loonies.

    News to me.

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