Tuesday, Aug 04, 2015

Does the baby boomer generation now enjoy an unfair level of property wealth?

Guardian: Homeownership: the generation that had it so good

“People can’t save for a deposit so they are forced to rent, but rents are so high they can’t ever afford to save. Rich property investors are simply rubbing their hands with glee.”

Posted by debtserf @ 11:47 AM (5508 views)
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8 Comments

1. Brickit said...

Baby Boomer bashing, again?

Tuesday, August 4, 2015 02:18PM Report Comment
 

2. icarus said...

"People cant save for a deposit so they are forced to rent, but rents are so high they cant ever afford to save. Rich property investors are simply rubbing their hands with glee"

- answer to the 'riddle' of the previous post.

Tuesday, August 4, 2015 07:29PM Report Comment
 

3. taffee said...

If things can get to this crazy stage then anything is possible including investors and speculators taking a bath
As prices fall rates and tax rise and tenants buy liquidated portfolios of btlets

Wednesday, August 5, 2015 06:17AM Report Comment
 

4. Britishblue said...

Everything goes in cycles including the rise and fall of empires. The 25 to 35 year olds that are locked out of housing, will be 30 to 35 at the next election and then 40 to 45 at the following one, with a whole stream of younger people behind them with 50k student debts and little hope of jobs that can pay for the prosperity that their parents had. Student debts are now attracting increasing levels of interest, so the young without family assets are prisoners to financialism.
This may lead to political change where popularist policies like extreme taxation on empty properties, taxing foriegners to the hilt, vast new building programmes or affordable homes become mainstream policy for some political parties. The fact that Jeremy Corbyn, who is so distance from the politicians we have seen over the last 30 years yet is lighting a lot of peoples fire is a measure of the discontent that lies beneath the surface. 'What ifs' are entirely speculative, But what if Corbyn got elected to labour leader to howls of derision, then what if there was another financial crisis in the next 4 years, that many people are predicting, QE, Greece, China, Highly inflated assets , growing disparity can only be kicked down the road so far. What if this was yet again blamed on the people and the banking elites simply got richer like they have in the last 7 years and the youth were give even less hope. If this were to all blow up, what if a more traditonal socialist agenda then had much more leverage with mass swathes of the election. Things always go in cycles and in Europe both the left and the right appeal are growing. At some point in the future a government will get elected that embarks on a massive house building programme like we had post war with Harold Macmillan. It will be a lot cheaper for them them paying private landlords in the long term. It is utter crap to say there is no building land in the UK. Having travelled from Kingston to Dover last week, there are thousands and thousands of acres. It is pure propoganda, like saying we cant build on green belt when the majoty of green belt is huge arable land that is used for growing crops rather than places of wildlife and oustanding natural beauty. The UK population denisity isnt quite what we are told. see https://simple.wikipedia.org/wiki/List_of_countries_by_population_density . Yes i know we have Scotland, etc, but we still have plenty of space for new towns and the reason for not having a mass exapnsion of housing is to keep the existing weath in housing.

Wednesday, August 5, 2015 09:41AM Report Comment
 

5. bidin'matime said...

We're all awaiting that 'Minsky Moment' - when the perceived stability leads to complacency and poor decision making, which brings its own collapse. How many of these investors will have to sell up to cope with even the slightest rise in interest rates?

Wednesday, August 5, 2015 10:12AM Report Comment
 

6. Brickit said...

Brilliant headline, generation blaming!

Does the poster know of any Baby Boomers?

Wednesday, August 5, 2015 10:25AM Report Comment
 

7. Ron Mk said...

BTL will just raise the rents.
when we cant afford more rent we can all goto the Government for a cheap rented home then......oh they have no housing stock?..or they pay the difference....oh they have no money?

When will the term 'social' housing be dropped? when a banker can afford to rent?

Already professional engineers (28~30 yrs old ) have to rent rooms to live near work (and I'm not talking in London)......crazy?
Room...not a flat or house....room.
Its way too far gone to be funny.

Free market economy?:
Support House prices
Support car prices (scrappage scheme)
Support interest rates.
Support Banks......

Wednesday, August 5, 2015 12:12PM Report Comment
 

8. icarus said...

@3 - but massive Fed-led manipulation of financial markets aimed at keeping interest rates down and the dollar up (when all the 'fundamentals' point to the opposite) will go on for a while yet since too many interests need it that way - governments (bond repayments, monetisation of new debt, US hegemony), banks (need to support the value of bonds and other securities on their books), stock markets, dollar asset holders - in addition to property investors.

Wednesday, August 5, 2015 01:18PM Report Comment
 

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